I want it all…but do I really want it now (Developing a Minimal Viable Product for your offering while keeping the moonshot in mind)

The first few lines of my favorite Queen song go like

“I want it all
I want it all
I want it all
And I want it now”

The passion to do everything right the first time and win the game comes all the competitive sports that I have played through my lifetime. However, when it comes to curating ideas into products one has to be balanced between thinking of your favorite song vs being realistic on what you really need.

A term used very often in the product management space is “Minimal Viable Product” which I think is the most misunderstood term across Product Managers, Agile teams & Start-up founders. Each team member has their own view of what an MVP might look like or must include. On a lighter side, I have seen teams building MVPs for a web platform being building a login page with a successful login with nowhere to land 😊.

One of the biggest dilemmas for a Product Manager or a Start-Up founder is how to define a MVP and build a product which is not only viable but valuable for the end consumer as well. The key is to be able to identify the real value but at the same time does not end up killing your passion around where you want the product to eventually land as you are the one who knows the potential of your offering

Defining a product backlog: The 5-step approach on how to go about defining a product backlog and identifying a good starting point:

· Everything but the kitchen sink: Your backlog should contain everything to start with. No idea is a bad idea till you determine the cost/value of implementing it.

· Building the right foundations: Identify what foundational bits your product requires and don’t compromise on it. You don’t want to be going back to basics later on and changing them so tag them as a non-negotiable list of backlog item which even you can’t change without a good reason. Example: you might be building something tactically on your app but don’t want things like the underlying data model to be tactical as its always challenging

· Engage everyone: As a product manager you would want to define and own the backlog to include everything you want but remember you are not the only one. Engage your team particularly technology counterparts who can help you add tech related wish list as well.

· Consumer-first mindset: Always think of the end consumer on what benefit they get out it rather than your desire to include a feature. Identify a few personas who would be your early adopters and put yourself in their shoes to see how to go around it

· Hate the word but let’s get on to prioritization: There are many prioritization techniques and ChatGPT will do a better job at sharing them with you but pick one & apply onto your backlog of work. One of the popular techniques is MoSCoW (Must have, should have, could have, and won’t have) so just get on with it if you don’t want to be very scientific around this to come up with an initial prioritization view.

Arriving at MVP: I am sure you have heard of the proverb “Well begun is half done”. The good news is that you are half done 😊

Starting with your initial prioritization view, here is a way you can arrive at MVP in no time. Remember ‘V’ in ‘MVP’ is not just viability it is value as well. Let’s get started with the backlog and apply the following lens:

· Get your ducks in a row: Set your foundational requirements aside to ensure that you get your house in order for a stronger buildup of your offering

· Turning one dimension view into a matrix: MoSCoW ratings or equivalent are a great starting point but is a one-dimensional view of the requirements and can be expanded further by adding another dimension of persona on it which gives a wide angle of view of which requirement is important for which consumer

· Keep it real: Falling in love with the problem is a desired trait for a founder or a product manager but often the problem as one gets carried away in the name of building every feature needed. Make it real by conducting market research, exploring competitor offerings to look at things which can wait

· Honey, it’s all about money: Sizing of requirements is always a good idea about how much do you want to spend for your that initial launch/roll-out of the product. The love for your problem sometimes goes away looking at how much you need to shell out to build it and forces you to think alternatives

· Getting Started: Enough of thinking & evaluating what to do & what not to do. It’s time to kick-off your product development but the need continuously iterate & refine doesn’t go away

With this, you get a good starting point on your journey towards defining the Minimum Viable Product (MVP) for your product. For further insights in this space, stay tuned for upcoming articles that will cover topics such as tracking product progress, evaluating agility, and ensuring alignment with strategic objectives.