Implementing the Build Measure Learn cycle involves three key steps:
Build The first step is to build a Minimum Viable Product (MVP). An MVP is a simplified version of your product that includes only the essential features needed to test your hypothesis. The goal is to create something quickly and cost-effectively to gather real-world data from customers.
Measure Once the MVP is built, the next step is to measure its performance. This involves collecting data on how users interact with the product. Metrics to consider might include user engagement, retention rates, and conversion rates. It's essential to use key performance indicators (KPIs) that align with your business goals.
Learn The final step is to analyze the data collected during the measurement phase to draw insights. This learning process helps you understand whether your hypotheses were correct. Based on these insights, you can decide whether to pivot or persevere with your current strategy. The learnings gained from this step will inform the next cycle of building.