Posts Tagged ‘product management’

Would your customers be "very disappointed" if they couldn't use your product?One of the things I do for my clients is help them connect to their customers, validate a market need and refine their product to meet that need. The only way to do this is by communicating with those customers, whether it is through a survey, interviews, or personal visits. I emphasized the need to communicate with your customers last week in the post “Top five benefits to startups who talk to customers.

Today I’d like to focus in on a very specific question you should be asking your customers, “How would you feel if you could no longer use [your product name]?” This is a question that you should ask every customer according to Sean Ellis, and I agree. Sean specializes in customer development and provides similar services to what I offer some of my clients. I have found his blog to have excellent advice.

He asks that question with the following options:

How would you feel if you could no longer use [product]?

  • Very disappointed
  • Somewhat disappointed
  • Not disappointed (it isn’t really that useful)
  • N/A – I no longer use [product]

His assertion is that if 50% of your customers answer this question “Very disappointed” that you are well on your way to having a “must have” product. This is a very interesting assertion as it is a fairly simple litmus test. That said, I think Sean is right on the mark when he advocates asking these type of questions of your customers and working toward a product your customers cannot live without.

Top five benefits to startups from talking to customersSeems like a simple mantra, but it is amazing how often it doesn’t happen. Here’s a quick test. How many people on your leadership team, say director level and above, have communicated with a customer or prospect this week? If your answer is zero then you ought to be worried.

Customers are like high paid consultants with specialized knowledge and connections in the industry you sell into, deep familiarity with your own and likely your competitor’s products, and hands on experience with the problem you are trying to solve. To top it all off, they won’t charge you anything to help you make your product better. Why wouldn’t you talk to them? (more…)

16
Nov

Do startups need VPs?

written by Scott Olson

I came across a link to a segment of a talk given by Steve Blank this weekend on VentureBeat titled “Start-ups have no room for VPs.” In it was this short video segment where Steve explains why startups shouldn’t look like “junior versions of large companies.”

Steve is compelling when explaining why the model used by larger organizations simply doesn’t work with startups. VPs aren’t VPs, they are on the “customer development team.” The job is not scaling an organization in a startup. The job is validating the market need, refining the product, and ultimately establishing a repeatable sales process that has been proven to be successful.



I have been thinking about this a lot this weekend and find myself conflicted. (more…)

Last week I posted a blog titled “Yes your product is differentiated … so what?” A friend of mine who read the post pointed me to an excerpt from a book by software provider 37signals titled “Getting real“. The entire book is available online for free and is endorsed by no less than Seth Godin who writes:

“Every once in a while, a book comes out of left field that changes just about everything. This is one of those books. Ignore it at your peril.”

(more…)

Yes, your product is differentiated ... so what?Every VC, or venture angel has heard it. Maybe you’ve even said it. In answer to the question “who’s your competition?” The simple answer comes back:

“We don’t have competition.”

Why do entrepreneurs say this? In this fast paced world, if you have a good idea meeting a real market need, the chance of you having no competition is zero. Are we just stupid? No. The problem is we get fixated on our differentiation and we feel like no one solves this problem the same way so we really don’t have competition. This kind of thinking is a big problem in more than one way.

The first problem is simply that it isn’t true. If you don’t have competition you don’t have a market. If it is a big enough problem, your customers are likely already solving it themselves and the people who solved the problem at a company will be your next competitors.

The second problem is that fixating on your differentiation can kill your company if you are not careful. In a country that embraces individuality and standing out, competitive advantage and differentiating is often the first thing we think of in startups. You just need to make sure that before you become the red tulip in this picture, that your market isn’t only for yellow ones. (more…)

Win/Loss Analysis - Strategies For Getting Participants When You LoseYesterday I posted the results from my recent win/loss analysis survey. Today I thought I would share a question I got from a client who is engaging me to conduct a number of win/loss surveys this quarter. The question they had was whether they should provide an incentive for the companies where they had lost the deal to participate in the interview. My answer was no, that it is best if this is simply worked in as the conclusion of a sales deal. I will explain more below.

The rational for the question was a good one. How can you get people who have elected not to use your company’s products or services to agree to commit 30 minutes or more of their time to engage and discuss the reasons they did not select your offering? Here are some suggestions for engaging with your losses. (more…)

It seems so simple, and yet so few startups really take the time to do it well. The most basic and fundamental step for any new company, or an old company introducing a new product for that matter, to take is to intimately understand the pain of their customers. Too often early stage companies and product initiatives get caught up in the uniqueness and sophistication of their technology. Developing unique technology with a sustainable competitive advantage is very important, but it is secondary to developing technology that your customers critically need and will pay for. Take a moment and see how you answer the following questions:

  • Do I understand my customer problems intimately and what costs they incur because of those problems?
  • Do I understand why they haven’t solved those problems to date, i.e. would the cost of solving it simply be too high?
  • What is the profile of customers who have this pain? Is the profile applicable to a large enough market to support my financial plan?
  • Have I actually validated my pricing assumptions beyond my first customers? Customers where you have a close relationship, or a very unique problem may skew your perception of what a valid price may be.
  • Do I understand how my product may change operational work flows and may impact existing employees jobs?
  • Can I develop an ROI (even if it is conceptual) for my product?

If you have answered yes to these questions then you are ahead of the game. I really like what Steven Gary Blank has to say about this topic in his book “Four Steps to the Epiphany”. What this boils down to is that you MUST spend time with your ideal customers beyond your close contacts. It is critical that you interact regularly to validate customer pain, test your product concept and refine your product plan accordingly.

10
Jun

Marketing Site #4 – ProductMarketing.com Blog

written by Scott Olson

This is a blog hosted by Pragmatic Marketing focused on the strategic role of product marketing and management.

Those who know me well know that there is a personal connection to this domain as I started and ran the company productmarketing.com back in the internet bubble days and ended up selling this domain to Pragmatic Marketing when we had to close the doors on the company. I was always impressed with Pragmatic Marketing’s process and training for professional Product Managers.

As an admitted Apple fanboy, I’ll post a link to their latest blog entry showing the dominance of the iPhone in available mobile applications.

Stay in the loop!

subscribe to posts
Would you like to keep up to date on new MindLink Marketing content? Look no further.
Just click the orange RSS icon to the left and subscribe using your favorite feed reader.“

twitter

Follow us on Twitter!