6 min read
August 25, 2022
Ep. 266
Agile
Description:
This week, Dan Neumann and Justin Thatil are joined by Eric Lindgren to discuss the concepts of MVP (Minimum Viable Product) and MMP (Minimum Marketing Product) and the differences between them.
In this episode, they explore an example of a successful brand that started the simplest way possible and became a multimillion-dollar success a decade later!
Key Takeaways
Eric shares the story of Honest Tea, which grew into a multimillion-dollar company. They started with the MVP (making tea at Eric’s home to sell later), and ten years later, Coca-Cola bought forty percent for forty-three million dollars.
What is the simplest way to get to the market fast? Start with the minimum to get on the market and test your idea.
It is crucial to shift from an existing platform to a new one with the minimum risk possible.
What is the difference between MVP and MMP?
MVP: We are unsure if there is a market for this product, who will buy it, and how they will respond to it; for that, you put together a business hypothesis.
MMP: What is something that the market will really adopt broadly?
There is a considerable risk in taking the Big Bang approach to a project.
An integrative and incremental approach seems more effective than redoing the entire ERP system before going live. Grow a system organically instead of trying to do it all at once.
A Team must ensure they know whom they are solving a problem for to focus on what matters most.
Mentioned in this Episode:
Watch Flamin’Hot Documentary
Want to Learn More or Get in Touch?
Visit the website and catch up with all the episodes on AgileThought.com!
Email your thoughts or suggestions to Podcast@AgileThought.com or Tweet @AgileThought using #AgileThoughtPodcast!
Share this content
Dan Neumann
Principal Enterprise Coach
undefined Articles
Dan Neuman is the Director of the US Transformation and Coaching practice in the Agility guild. He coaches organizations to transform the way they work to achieve their desired business outcomes.
With more than 25 years of experience, Dan Neumann is an experienced Agile Coach with a deep knowledge of Agility at the team and organizational levels. He focuses on achieving business outcomes by shifting both mindset and practices, resulting in a disciplined, yet practical approach to solving problems.