How a Successful Minimum Viable Product (MVP) is Like a Skateboard
Extend My Runway has successfully wrapped-up the first delivery of its MVP. Here’s what we learned, how it will shape our 2021 product development, and the value to utility token buyers and the EMR ICO. Do check out our Ethical ICO white paper.
“Stop building a Rolls Royce and start with a skateboard.”
- Sage advice from Les Buckley
Extend My Runway’s (EMR) MVP successfully wrapped up on December 15. We launched our Digital Nudging Network with a global semiconductor firm and ran 25 digital nudges over 25 days. Here’s a bit about what we learned.
Can You Really Impact Behaviours in 60 Seconds a Day?
You bet you can! Not only is behavioural economics, or “nudging” as it is commonly known, changing behaviours during COVID, at tax time, or when credit card bills are due but it’s also broadly useful in the business arena.
The image to the left kicked-off our MVP and recipients were given a nudge designed with a “fresh start” frame presented as a headline alongside this image. Participants were then asked, in only a couple short sentences, to select one commitment from a list they created the previous week.
Simple. 86% of the audience responded and subsequent nudges built on this fresh start.
How will the MVP Shape EMR’s 2021 Product Development?
The list of insights or take-aways is robust. Using a digital workspace (e.g., Mural or Miro - like tool) and breaking people into small groups, we were able to capture very fine details that will guide our next steps.
- What’s the actual reading pattern? Answering this question enables us to adopt a jujutsu approach and leverage existing behaviours to enhance nudge consumption.
- What resonated? In many ways the MVP was a giant A/B test and we started drafting broad in-bounds and out-of-bounds markers about what recipients prefer and what they avoid (or, what works and what doesn’t).
- Where does our time actually go? This is a cost question, and discovering where to focus and reduce our delivery costs is a great takeaway.
These are but three kinds of takeaways and rest assured the hard data reveals many more.
For example, we structured our database by using benchmarking assessment data, peer-reviewed research insights, self-reported data and more. Preliminary differences in data — currently framed as questions for further study — emerged.
How Does This Benefit the EMR Token Community and the ICO?
We will now advance from a skateboard to a bicycle.
Discussions are underway for the second and longer iteration of our MVP. Having gathered data and teased-out some useful insights, the EMR token community and anyone joining our ICO this December now has assurance that we are ready to hit the ground running.
What we build post-ICO will be guided by actual in-market experience and in-depth feedback.
And that brings me back to the quote at the start. EMR is ready to build the next version of our MVP and advance from a skateboard to a bicycle.
And meanwhile, post-ICO, we will take the additional insights from the second iteration and start building our COReTEX Ai engine that will serve as the backend for our Digital Nudging Network. All data communications will be secured on blockchain.
Experience-based, data-driven, iterative, and organic. That’s how we are building our data-driven platform at Extend My Runway.