How To Use The Minimal Viable Offer To Create A Compelling Product Offer

In this article, we will cover…

1. 3 Types of Risk in Product
2. Mitigating Value Risk
3. The Pitfalls of The MVP
4. Defining your MVO statement

One of the frustrations of my client work was that every sales call followed the same pattern:

Somebody comes along with some idea they are super-excited about. They are convinced it will be “the next big thing”.

So they’ve already decided to run before they can walk, committing €100k to developing a custom-built app & 3–6 months just to get a basic proof of concept, with no team or strategy or nothing in place even if the concept does work out! …


In this article, we are going to cover:
1. My entrepreneurial journey
2. Why I approach product & business differently
3. 7 actionable lessons learnt along the way that will help you become a better product leader & entrepreneur

When I was planning this article, I found myself wondering:

When does a business really start?

Should I start counting from the day I spent £15 to incorporate my company?

Or the day I spoke to my first target customer?

Or validated there was interest in what I was offering?

Or, in fact, only when I made the first sale?

When I talk about my journey bootstrapping a business from zero to profitability in 4 months, the “4 months” part of it is not really accurate, you see. …


Nowhere to Hide

For the last 8 years, I have specialised in working with early-stage startups. Teams of 3–30 people focused on pursuing Product-Market Fit — essentially, just getting the business off the ground.

For the last year, I have worked as a solo-founder in the product management space.

In small, early-stage teams — and even more so when you found a business by yourself — the stakes are extremely high. The task of achieving any form of Product-Market Fit — where we start to see organic traction & customers who love the product — is very hard. …


Nowhere to Hide

For the last 8 years, I have specialised in working with early-stage startups. Teams of 3–30 people focused on pursuing Product-Market Fit —essentially, just getting the business off the ground.

For the last year, I have worked as a solo-founder in the product management space.

In small, early-stage teams — and even more so when you found a business by yourself — the stakes are extremely high.

The task of achieving any form of Product-Market Fit — where we start to see organic traction & customers who love the product — is very hard.

Everybody must be world-class at what they do. …


And a 3-Step Process for Creating Alignment, Autonomy & Impact That We’ve used to Move From Idea to Profitability in 4 Months

Whether you are working on an existing product, or developing a new one, just pause for a second to answer the following question:

What’s your unique product insight?

All great companies have one unique product insight - that thing that drives almost everything they do as a product team - yet most companies fail to understand why having a unique product insight is so important.

They get the basics all wrong.

They look at the competition and try to base decisions off of what the competition is up to:

Which features do they have? What can we copy? What should we not bother with? How do we do a better, more simple, more enjoyable, more fill-in-the-blank version of them? …


Scrum is, as Scrum.org proudly points out, the “de-facto standard for how teams deliver software”.

It is blindly followed by 12m+ adherents on a daily basis, but where did it all start? And why is it potentially preventing your product from achieving Product-Market Fit?

For those new to product management, a little bit of background on Scrum:

In the early 2000’s, the concept of “Agile software development” — usually just termed Agile — emerged as a response to the traditional approach to software development, where features were defined, documented, then delivered months — or years — later looking nothing like what was planned. …


The term “Product/Market Fit” is too often used as just a buzzword. It conjures up some vague idea of building a “good” product, whatever that may mean.

Yet Product/Market Fit — actually, the lack of Product/Market Fit — is arguably the most important concept to both understand & to act upon in order to make your product a success.

Whether you are a founder, UX Designer or Product Manager, a lack of Product/Market Fit probably lies at the heart of all your current frustrations:

Lack of autonomy, lack of purpose, building features that you don’t feel make sense & with no idea of what the value of what you are building is for your customers & for your business. …


And a 3-step process for creating alignment, autonomy & impact.

Whether you are working on an existing product, or developing a new one, just pause for a second to answer the following question:

What’s your unique product insight?

All great companies have one unique product insight — that thing that drives almost everything they do as a product team — yet most companies fail to understand why having a unique product insight is so important.

They get the basics all wrong.

They look at the competition and try to base decisions off of what the competition is up to:

Which features do they have? What can we copy? What should we not bother with? How do we do a better, more simple, more enjoyable, more fill-in-the-blank version of them? …


Scrum is, as Scrum.org proudly points out, the “de-facto standard for how teams deliver software”. It is blindly followed by 12m+ adherents on a daily basis, but where did it all start? And why is it potentially preventing your product from achieving Product-Market Fit?

For those new to product management, a little bit of background on Scrum:

In the early 2000’s, the concept of “Agile software development” — usually just termed Agile — emerged as a response to the traditional approach to software development, where features were defined, documented, then delivered months — or years — later looking nothing like what was planned.

It was a mess, with developers sitting — frustrated — at the end of the factory line.

In 2001, a group of developers got together to determine how to make software better, coming up with 4 key principles outlined in The Agile…


Scrum is, as Scrum.org proudly points out, the “de-facto standard for how teams deliver software”.

It is blindly followed by 12m+ adherents on a daily basis, but where did it all start? And why is it potentially preventing your product from achieving Product-Market Fit?

For those new to product management, a little bit of background on Scrum:

In the early 2000’s, the concept of “Agile software development” — usually just termed Agile — emerged as a response to the traditional approach to software development, where features were defined, documented, then delivered months — or years — later looking nothing like what was planned. …

About

Henry Latham

We Fast-Track PMs & POs to Head of Product at www.prod.mba | Author of https://amzn.to/32255MX | Thrive Global, Guardian, UX Planet, etc.

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