Lean Experimentation is the discipline of approaching hypothesis testing like a scientist. At the highest level the steps to lean experimentation includes:
- Defining your hypothesis that you want to test, in the format listed above
- Define your Minimum Viable Product (MVP) - remember, this can be a napkin sketch and is almost never a real "product" for the first go-around.
- Define the experiment: This is the actual interaction with your experimental subject to get them to do the action you want them to do
- Define the duration: Experiments should be time boxed (3 days... 2 weeks...) so know you areyou are collecting data for that period of time
- Define the currency: State the action you are trying to extract from your subject - it can be a 15min call, an email, or actual money. Something that is important to them that they value. This is the single most important concept of using lean experimentation for venture validation - if none of your subject will not give you what you want them to give you, you need to get back to the drawing board and rethink your strategy.
- Define the threshold: State what results you expect to see at the end of your experimental period.
For example: You could offer to do an infosession about a new product or service. Your MVP is a landing page with a lead form for that new product or service. Your experiment is to put out a call to action to a list of 50 people via email to get people to sign up for the infosession. The duration can be 1 elapsed week. The currency is the email signup. The threshold can be 25% of people sign up for your infosession.
There you have a concrete experimental design that does not take a lot to implement, and it will give you valuable data based on an action the potential subject undertakes.