The Build, Measure, Learn Loop is one of the most popular strategies for business and product development. More and more startup owners are choosing to implement this method. So, why is it this popular and what exactly is it?
Build / Measure / Learn Loop
This method is used as part of the Lean Startup process. As an approach to business, it has a strong focus on smart, efficient work, rather than simply working harder. As a result, it is possible to shorten the product development period, through a combination of testing, research, and recorded results. When applying this method, the product release should be preceded by numerous tests, as well as the creation of a working prototype. This will enable test customers to recognize the product and compare it to their own requirements and expectations. After evaluation, subsequent versions can take this feedback and use it to improve the final article or service. These opinions can also form a solid basis for outlining your marketing actions, as well as your logistic and distribution efforts as well.
How Does This Method Work in Practice?
First of all, it is necessary to create a prototype of the product with the most important features. Then, it should be tested by a group of people who can share their opinions about it. These opinions form the fundamental basis of any following improvements, as they highlight any areas where the product could be better. Subsequently, the next step is to define the parameters and features which require improvement. After implementing these changes, the product should be tested again. The opinions gathered here will provide an evaluation of the product’s progress. Depending on the results, the product can be considered complete or subsequent testing ‘loops’ can be considered.
This pattern gives businesses a way to constantly improve the final product. It can be used before the final release, yet it is also effective when an article or service is available on the market already. This strategy should be planned wisely, as holding a product back for too long can risk damaging its attractiveness and desirability on the market.