Most Valuable Product (MVP)
"What is your hot dog?"- a very strategic question
Imagine wanting to open a hot dog stand. You know just teh right corner. The corner is busy full of people and you see that at lunch you would be successful.
Now you decide to formulate your strategy. You can not decide which one would be better:
Strategy 1 is to offer a hot dog with just hot dog, ketchup, and mustard.
Strategy 2 is to offer a hot dog with 10 different condiments(relish, exotic seasonings, bbq, melted cheese, etc.)
You can argue for either strategy. You could make a case that sells one over the other.
However, there is only one answer. Strategy 1 is the only answer. Why?
You always have to ask yourself what is my most valuable product that I am offering to my customers. In this example it is the hot dog. That is what you need to focus on. Give your customers the best hot dog at a great price.
You can even argue that the ketchup and mustard are extra and should be eliminated since they are not the MVP. You would be correct but the expectation is that most people would expect the minimum condiments. In a sense that is your MVP Plus product- an improvement on the MVP but not an excessive move away from the MVP like the 10+ condiments.
Today's question is:
"What is your MVP Plus product?
Most Valuable Product
- starting a hot dog stand with all extras
- starting a hot dog stand with just hot dogs
"What is your hot dog?"- a very strategic question
Imagine wanting to open a hot dog stand. You know just teh right corner. The corner is busy full of people and you see that at lunch you would be successful.
Now you decide to formulate your strategy. You can not decide which one would be better:
Strategy 1 is to offer a hot dog with just hot dog, ketchup, and mustard.
Strategy 2 is to offer a hot dog with 10 different condiments(relish, exotic seasonings, bbq, melted cheese, etc.)
You can argue for either strategy. You could make a case that sells one over the other.
However, there is only one answer. Strategy 1 is the only answer. Why?
You always have to ask yourself what is my most valuable product that I am offering to my customers. In this example it is the hot dog. That is what you need to focus on. Give your customers the best hot dog at a great price.
You can even argue that the ketchup and mustard are extra and should be eliminated since they are not the MVP. You would be correct but the expectation is that most people would expect the minimum condiments. In a sense that is your MVP Plus product- an improvement on the MVP but not an excessive move away from the MVP like the 10+ condiments.
Today's question is:
"What is your MVP Plus product?
Most Valuable Product
- starting a hot dog stand with all extras
- starting a hot dog stand with just hot dogs
No comments:
Post a Comment