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1. Do not clutter around with Customer Requirement and Product Requirement – Doremon did well in Bangladesh and built a loyal following. The localization followed by letting the marketing organization define Doremon in Hindi. However, if they were trying to build an innovative product that will meet the needs of a wide range of consumers, then this approach will rarely result in the desired product. This is why top product managers often come from the engineering ranks; they understand what is possible, and when they see an unmet need they can often envision new and innovative solutions.
2. Do not unsettle Innovation with value – Innovation without a clear purpose is technology looking for a problem to solve. There are numerous products available today simply because technology now allows them, not necessarily because they solve a real problem, or solve the problem better than other solutions. Imagine the rain room, just that instead of stopping the water from falling on you, sucked the air from around you, asphyxiating you, not very good. but then imagine this solution in the area of nano technology, the possibilities are infinite. Engineers care a great deal about the technical challenge itself, and the particular technologies that they get the opportunity to learn and use. However, if the engineering team is provided with a clear vision and product strategy, and if the engineers are provided the opportunity to see the customer problems directly, then they can often come up with innovative solutions to very real problems and breakthrough products can result.
3. Do not disorient Features with Benefits – It is very easy to get absorbed with the specifics of the features that make up the product, rather than the benefits that those features provide. The product’s value proposition speaks to the benefits, not the features. The target market must be deeply understood, and the people in that
market must perceive that the product solves a real problem. The most common reason for poor value proposition is that the product is just not solving a significant enough problem. It may be that it is an interesting technology still looking for the right application, or it may be that the product is valuable and useful, just not to the people in the target market. It is also possible that the product is ideal for the target market, and very economically priced, but the messaging is so complicated that the value is lost in the haze.
4. Do not unhinge Building the Right Product with Building the Product Right – When most people talk of doing a good job creating a product, they think of whether
or not a good process was followed, and whether the project completed on schedule and within budget, and met the quality goals. These are essentially issues around
building the product right – doing a good job on the execution of the product. Unfortunately, this doesn’t say anything about whether or not the product that was
built has any value or will actually be paid for by real customers – in other words, did the product team build the right product?
5. Do not Stump Good Product with Good Business Model -There have been countless good products that couldn’t sustain a business. It is not enough just to develop a good product. In a product company, the product needs to sustain the business. A good product must be in support of, and aligned with, the company’s business model. Sometimes this can be difficult.