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In The Lean Product Playbook: How to Innovate with Minimum Viable Products and Rapid Customer Feedback, Dan Olsen provides a comprehensive guide to creating successful products through a structured, iterative process. Here are 20 insightful quotes from the book, offering valuable advice on achieving product-market fit and delivering exceptional customer value.
Building great products is hard. We’re all familiar with the sobering statistics about the high percentage of new products that fail.
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The main reason products fail is because they don’t meet customer needs in a way that is better than other alternatives.
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The Lean Startup movement begun by Eric Ries has helped popularize the idea of product-market fit and the importance of achieving it.
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The Lean Product Process consists of six steps: Determine your target customers, Identify underserved customer needs, Define your value proposition, Specify your minimum viable product (MVP) feature set, Create your MVP prototype, Test your MVP with customers.
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Achieving product-market fit is about meeting customer needs in a way that is better than the alternatives.
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In order to capture value, you must first create it.
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Separating problem space from solution space helps clarify our thinking and ensures we address real customer needs.
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The problem space is where all the customer needs that you’d like your product to deliver live.
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Problem space includes any customer pain point, desire, job to be done, or user story.
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Identifying your target customers and their underserved needs is the foundation for achieving product-market fit.
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A value proposition is a promise of value to be delivered and a belief from the customer that value will be experienced.
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To define a compelling value proposition, you need to understand the importance of different customer needs and how satisfied customers are with the existing alternatives.
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An MVP is the minimum amount of functionality that your target customer considers viable, providing enough value.
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When building a new product, avoid building more than is required to test your hypotheses with customers.
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You can gain faster learning with fewer resources by testing your hypotheses before you build your product.
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A strong UX design is crucial for creating a product that is both usable and delightful for customers.
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Iterating through the hypothesize-design-test-learn loop helps you achieve higher levels of product-market fit.
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Qualitative research helps you create, test, and improve your hypotheses for the lower layers of the Product-Market Fit Pyramid.
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To create the most value for customers, you use the importance versus satisfaction framework to identify their important but underserved needs.
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Pivoting to a more promising opportunity may involve changing one or more of your fundamental assumptions.
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These quotes offer a glimpse into the wealth of knowledge and practical advice contained in The Lean Product Playbook. Dive deeper into its pages to fully leverage the Lean Product Process and unlock the potential to create products that truly resonate with customers.
Citation: Olsen, D. (2015). The Lean Product Playbook: How to Innovate with Minimum Viable Products and Rapid Customer Feedback. Wiley.
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