Eric Ries pioneered the idea of Build-Measure-Learn in his book, "The Lean Startup." It is a learning and feedback loop for establishing how effective a product, service or idea is, and doing this as quickly and cheaply as possible.
Follow these steps to use the Build-Measure-Learn feedback loop:
Step 1: Plan your experiment: learn, measure and build – including developing a formal hypothesis.
Step 2: Build a minimum viable product, and test it.
Step 3: Measure the results against your hypothesis to decide whether you can develop a viable business around your product.
Step 4: Learn from your results, and decide whether to persevere or pivot.
Then, cycle back to the beginning, and keep on going around the loop as you develop your product.
The biggest advantage of this technique is that it minimizes the risk and cost of creating products or services that no one wants, and helps you to "zero in" on something that customers will embrace.
source: https://www.mindtools.com/pages/article/build-measure-learn.htm
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