Definition of product management How do you create successful products and new businesses ventures through effective use of product management? Let me start with asking the following questions: I’ve spoken with tens of people in multiple industries and have determined that there isn’t a unanimous understanding of or answer to the these questions. I’ve seen...
What is Total Addressable Market Let’s say you’re a product innovator with a great idea for a startup. Or you’re a product manager working on a potential opportunity that your group can pursue. Through disciplined qualitative and quantitative research with potential customers, you’ve continued to validate your idea. You’re convinced that there are key...
Importance of understanding user needs The quote above by Henry Ford is used often in business and strategy discussions. But it can also be misinterpreted in the context of product innovation and management. A lot of product teams treat this as a suggestion that we don’t need to talk to customers because they don’t truly...
A Ferrari doesn’t work as the car of choice for a suburban family of 6 and a rich celebrity will most likely not buy a regular Hyundai. Facebook is used by 68% of people in the age group of 50-64 years, however, the usage of Instagram (which is also part of the Facebook family of...
If you’re a product innovator or a marketer, especially in a new space, you need to have a passionate and sustained obsession with researching and understanding your target users. Why and when do we need quantitative research When you begin to validate your opportunity hypothesis, getting to know your users’ needs (including the latent ones),...
95% of 30,000 consumer products launched each year fail. https://hbswk.hbs.edu/item/clay-christensens-milkshake-marketing Let’s imagine you have an idea for a new product or service innovation. If you want to give yourself the best show at succeeding, you MUST “front load” on the opportunity and problem analysis effort as much as possible. Here are some steps you must...
Anything that won’t sell, I don’t want to invent. Thomas A. Edison. People don’t want to buy a quarter-inch drill. They want a quarter-inch hole! Harvard Business School Professor Theodore Levitt Why is market and user research necessary? From inventing light bulbs, changing names of football teams, to testing out reception of Super Bowl commercials, to deciding features in a new car...
Elon Musk founded SpaceX, but he had no prior experience in building rockets. Neither did he come from the auto industry when he started Tesla. But he ended up creating two of the most exciting product companies of the modern world. Your reasons for choosing a new industry could be any of the following. Perhaps...
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