-: Hello, and welcome to part two
of the products video lecture.
So, the next thing I want to talk about
is the minimum viable product.
So, this is a model that helps you think about
how can you get started, get some information,
and get some revenue at a very low risk, low cost.
What's the minimum amount that you can do?
The minimum viable product that you can get,
those two things, money and information,
that help you get started, and that help you build,
that help you get better at what you do.
So, again, what you want here is to get
a lot of information and a good amount of money
with the least amount of effort, the least amount of risk.
And here is a website that says more.
So, this gets you into a cycle,
where you can start small and build and get better
at what you do, and continue to make money,
but the key thing is to keep learning
and getting better and better at what you do,
and to improve the product or the service as you go.
Again, here, that it delivers value and lets you learn
about what's valuable here, what do folks like,
and to get some money back, as well.
So, again, you want to maximize revenue information
and minimize cost, effort, and time,
so think about for your business, what would this be?
How would you start small?
What's a low-risk way that you can
get something onto the market
so you can make a little bit of money,
gain a whole lot of information,
but not cost a lot of money, time, and effort?
Next, I wanted to talk about a very well-known model of
how do folks adopt new innovation over time,
and this goes back very long ago, 1960s,
but it's still in use now.
And thinking about that there's a bell curve here
of the number, so on the y-axis here
is the number of people who are adopting it,
and in the x-axis is time.
So, you can see in this model that there will be
a very small amount that like new things,
that want to try new things,
and then that will lead to a greater number
of early adopters,
and then once it really starts to gain speed,
then there will be a much larger amount
where people start to see it,
they see others that have and they do it,
onto the late majority,
where already more than half have adopted it,
but these folks are the next like,
"Yeah, this is a real thing,"
and then the final are the laggards,
those that are the last to adopt.
So, here's a few thoughts on each group.
The first ones really like to take risks.
They like new things.
They don't mind ignoring norms, being the first ones.
The early adopters are,
they often become the opinion leaders,
sort of the spokespeople people for it,
and then the key here is to make that jump,
where you get the two really large parts of the bell curve,
the late, the early and late majorities,
and then last are the ones,
the early majority are the ones
that sort of really legitimize it,
that they're the ones that are like,
"Hey, this is out there, lots of people are doing it,"
you know, "it's safe, it's normal now."
The late ones, they're sort of waiting to see
what others do, that they tend to be a bit more skeptical,
maybe reacting to social pressure,
and then the last ones are the laggards.
And in many ways, they're sort of forced to adopt.
So, I was, in many ways, a laggard of a smartphone.
I was one of the last ones to get one.
I still tried to use a flip phone,
and it reached a point where just to sort of operate
normally in our society, I had to have one
or really wanted to have one.
Didn't want to be that much of an outlier,
and in many folk cases, too,
the laggards are folks that are lower
in socioeconomic status
and are sort of very risk of worse in this way.
So, you can see that this also lines up
with the product life cycle,
where you see that all products have a life cycle over time,
where they sort of start slow, they really gain speed,
they have a time of maturity,
and then the last one is its decline.
Once it's sort of outlived its usefulness,
outlived its lifespan, it's not, you know,
it's been maybe replaced by something that's better,
and then sales start to drop off.
So, here are just some thoughts
about how you can think about the four P's
in each of these four stages,
so feel free to pause it and read this.
Pause and read this.
And this
And this.
And in some cases with the decline,
it may reach the point where it's just not worth it anymore,
and it's time to sell, to discontinue,
and like that.
So, you can see here is sort of these two models
lined up of over time,
how the innovation diffusion and product lifecycle line up.
So, that is the end.
Thank you for watching.