Want Business Success?|Use Minimum Effective Dose

By: admin | 30 Sep 2014

Using Minimum Effective Dose to create business success.

Time is Short

And creating business success often depends on your product or service being both as effective as possible and constantly improving.

However.

It can be a challenge to consistently make what you do better and more useful for your customers.

Not all planned improvements blossom the way we planned. Some don’t work or don’t create the increased benefit we expected so we have to go back to the drawing board.

It seems to me there are two main ways to improve what we do:

Option A

Create a grand plan of improvements for what the product might need long term. Then attempt to factor in features that may become useful based on what we think when we originally write the plan.

Or…

Option B

Listen to what our customers say about our product. Create a single small change to bring about a clear benefit based on this feedback. Get the users reviews about the improvement, evaluating its benefits. Then build on this small success with a series of further small successes designed in the same way.

Which would you choose?

For me?

With its short innovation cycle, Option B with its many rapid iterations and evaluation based on real feedback is provably more effective than Option A with its grand plans as it creates more useful improvements quickly based on real customer feedback.

“No plan ever survives first contact with the enemy”

Dwight D Eisenhower

In his book The 4 Hour Body Tim Ferris introduced me to the idea of the Minimum Effective Dose (MED), which means, the smallest change that needs to be done to facilitate positive impact.

And it is this idea of MED that underpins the strategy of rapid iterations. Taking many small steps while constantly checking we are heading in the right direction.

An additional bonus is that by keeping an open and frank conversation open with our clients, we understand what they want and what they think of us. If markets are only conversations this can only be a good thing and Minimum Effective Dose facilitates this

“Anything beyond the Minimum Effective Dose is wasteful”
Tim Ferris – 4 Hour Body

6 Steps to Radical Business Success:

  • Get feedback from clients and audience about possible improvements to your products and services.
  • Make list of their suggestions taken from the feedback.
  • Choose the simplest to initiate
  • Enact the improvement.
  • Review the impact by sharing it with your clients and audience.
  • Repeat.

This process can help you make best use of your social media channels helping you to start and maintain conversations with your followers without direct selling.

What do you think, could you make use of this process with your business?

Image from “Keattikorn” at Freedigitalphotos.net