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Nurture Talent organised StartupYatra with the aim of connecting entrepreneurs with Gurus who have been there done that. 7 sessions hosted by experts from ixigo, Indiamart, IHO, Value360, Delhivery, Payu and 5ideas were hosted by respective CEOs and founders in their offices. This presentation contains Aloke Bajpai's insights for startups on product management.
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Product Management
It all starts with a vision
The Classical Approach What’s Wrong With This?
Concept/ Seed Round
Product Development
Alpha/Beta Testing
Launch/ 1st Ship
Product Development
- Create Marcom Materials - Create Positioning - Target market
identification
• Hire PR Agency • Early Buzz
• Create Demand • Launch Event • Branding
• Hire Sales VP • Hire 1st Sales Staff
• Build Sales Organization
Marketing
Sales
• Hire First Bus Dev
• Do deals Business Development
Build It And They Will Come
• Only true for life and death products – i.e. Biotech Cancer Cure – Success is binary and issues are
development risks and distribution, not customer acceptance
• Not true for most other products – Software, Consumer, Web – Issues are customer acceptance and
market adoption
An Inexpensive Fix
Focus on Customers and Markets from Day One
How?
Company Building
Customer Discovery
Customer Validation
Customer Creation
Customer Development is as important as Product Development
Concept/ Bus. Plan
Product Dev. Alpha/Beta Test
Launch/ 1st Ship
Product Development
Customer Development Heuristics
• Stop selling, start listening • There are no facts inside your building, so
get outside • Develop for the Few, not the Many • Earlyvangelists make your company
– And are smarter than you • The goal for release 1 is the minimum feature
set for earlyvangelists • Test every hypothesis – be data driven
Rapid Prototyping
1. Whiteboard Drawing 2. The Paper Mock 3. Wireframes 4. Functional Mocks 5. Code
Change is the only constant
Growth= Iteration
Choosing the character
42.3%
16.9% 14.6%
26.1%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
A B C D
A the most preferred choice…leads the pack with 42% voting for him
People who chose D (26.1%)…sample 182 Stylish, smart, smiling and good personality. Young, clean and cool….local lad!
Looks intellectual, learned (beard), elderly, mature
Reasons for choosing A: looks knowledgeable, specs add intelligence. Reliable, Genuine & Experienced. Traveler and prepared as other add-ons
Looks happy, local (cap),
approachable
Loop in feedback early
Loop in feedback early
Involve Users in MVP Validation
Tools for Quick Iterations
1. Interact with real users !! 2. Fivesecondtest.com 3. Usertesting.com 4. Optimize.ly (A-B Testing) 5. Google Analytics / Chartbeat 6. Clicktale / TeaLeaf 7. Webengage (Feedback management)
Quantiative Analytics
• Google Analytics • Chartbeat • Flurry • Set goals / events • Monitor bounce rates • Observe funnels
Qualitative Analytics • Measuring Happiness • How do my users behave ? What do they spend
their time looking at ? Why do they do what they do ?
• User Interaction / Behaviour (Clicktale/UserFly) • Net Promoter Score • Surveys (on-site / off-site) • Social actions on the website (Likes/Shares) • Social Media Mentions / Sentiments
NPS Example
Qualitative Analytics
The HEART Framework • Happiness
– User attitude, qualitative metrics, perceptions • Engagement
– Behavioral signals, Depth of Interaction, Frequency, Clicks • Adoption
– % Users who adopt new product / feature, “Get” the product • Retention
– Returning users / Churn • Task-Action
– Efficiency, Error Rates, Time Taken, % who complete a specific goal – Specific metrics / signals critical for your product’s success
A Few Things to Remember
1. Everything you launch needs a hypothesis 2. Set Daily, Weekly, Monthly Targets for your
metrics for hypothesis validation 3. Be willing to throw stuff out - test “what can
we remove” 4. Don’t plan assuming success 5. Pivot, Pivot, Pivot
Further Reading