Keeping things high & tight..
I am a frugal guy, much to the dismay of my kids. I have been using Harry’s razors because I like the design & the blades are not too costly. Unfortunately, Captain Cheapskates still uses the blades far beyond their suggested lifespan. Recently, I bumped into an article about safety razors and this checked a few boxes for me.
- Super cheap blades (a penny a piece)
- Heavy metal razor
- A chance to add a little more “shaving zen” time to my morning.
Down the online research rabbit hole I went…reading a bunch of articles about different styles, brands, handle lengths. Then on to forum discussions about how “aggressive” each model was (no idea what that means, but sounds scary). I was drawn to the REALLY nice German brands that weighed in between $50-100 USD. This felt like a pretty big commitment for something I didn’t know if I would really use or like….I paused with my finger over the checkout-button What is the ROI on this fancy pants razor?
I backed up and started to look at what is the least costly setup I could get to just TRY this out. I found a $15 model (that even came with 5 replacement blades) and I took the plunge. So far I have REALLY liked it. The blades are great, and I only use them for a couple of days before I drop in a fresh one. Turns out I am really liking this $15 razor and it is luxurious using a fresh blade whenever I feel like it. I will see if I can squeeze Santa for a fancy one sometime in the future.
I have used the same general methodology in software design when it comes to new features. Most times there is a dream version of a new feature that is totally seamless and integrates with EVERYTHING. Usually there is a more basic version that could launch that might not have calendar integration, text alerts and in-app messaging, but it does WORK. This is a Minimum BUYABLE Product.
Example: you want to give customers a way to purchase private coaching when they reserve a gym for basketball practice.
Ideal solution would let the customer select a coach from a vetted list of coaches. Each of these coaches would have an account on the system that includes some sort of account for them to received payment into. When your platform processes the payment it sends the coaches money (minus the service charge), sends the coach and alert they have a booking, makes the booking on the calendar so they don’t get double booked….and on and on. This idea sounds like a good one, but is going to take a lot of work to launch.
Minimum BUYABLE version
During checkout you present the customer a simple link “Need a coach?” this goes to a directory page of coaches in the area. You can then track how many customers actually click the link, and you can follow up with the coaches and find out if they are getting consistent bookings from your facility.
Now you are able to test your IDEA out in real life before you make a huge development commitment. Most products have direct business impact and at the end of the day can be tied directly back to revenue. If you can get SOME money handed over for a new feature then you have some concrete behavior to use as you budget your future roadmap.
User interviews are great for research and getting solid insights on users expectations, but users are big giant fibbers when they are asked to estimate anything about their own behavior.
They might SAY they will pay for something, but until somebody hands over some actual currency (be it the folding kind or the attention kind) you don’t really know for sure. Give them a chance to put their money where their mouth is in real life as quickly as possible.