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Build Measure Learn
The Build-Measure-Learn loop is a method used to build the right product. Coined in the "Lean Startup" book by Eric Reis, the loop enables rapid experimenting, in the sole purpose of achieving market fit. In other words, it is a powerful system to validate assumptions concerning a product you set out to deliver. Breaking down the loop, it consists of the following parts:
Idea
Each loop starts with an idea that will supply business value to some users. Such idea must be consisted of a vision for a product - which will direct you at what to build, and a metric that will point out to whether your assumptions about the business value were correct.
Build
To validate your idea, you set out to build a Minimal Viable Product (MVP), combined with predefined metrics (one is preferred), whose purpose is to validate your theory, and help you decide whether you should preserve or pivot.
Measure
This stage is focused on collecting data & metrics from the MVP.
Learn
Next, using the data collected, a decision has to be made, whether or not your product is used by users and so you should preserve, or whether users are not interested in the product, and as such you must pivot. The learn phase is therefore ending with an idea (either how to expand the product, or how to pivot from the original product), applicable for the next Build Measure Learn loop.
More Information:
Why Build, Measure, Learn – isn’t just throwing things against the wall to see if they work – the Minimal Viable Product The Build-Measure-Learn Feedback Loop