The big product idea – where it all begins
I have come across several startup projects during this pandemic and thought it would be good to share some insights. We all have ideas and think we know how it should be executed. Whenever I catch up with a close family member and share a few beers, we talk about startup ideas and wonder how great it would be if we could pull it off. I must admit some of it is just pie in the sky. How do we then proceed with that idea and don’t just throw money down the drain?
Time to spill the beans on making the perfect product
Here’s your three-step process for turning a dream into a real product:
- Everything is created twice, first in mind then in reality. Have a vision statement.
- You cannot manage what you cannot measure. Define success measures.
- Success is the progressive realization of a worthy goal or ideal. Validate continuously.
The product vision statement
For: «target customer» Who: «needs» The: «product name» Is a: «product category» That: «product benefit. Reason to buy»
Unlike: «competitors» Our product: «differentiation or value proposition»
A simple, clear and concise vision statement helps you and others understand what the product idea is and whether it is going to stack up against other solutions out there. Follow the format given above and it will help you start off on the right foot.
How to define product success
Great! You are ready to hire some developers and start executing. Have you thought about how you will know whether the right functionality is being delivered? You need to define what your objective is and how you will know whether you have met that objective. Objective and Key Results format created by Andy Grove is a useful tool. Another way is to define a goal for a quarter and the metrics i.e. success criteria to determine if the goal has been met.
Continuous product validation
In this digital age, product development i.e. Execution has become easy due to availability of cloud services i.e. Software as a Service, Infrastructure as a Service, Platform as a Service, Development as a Service?, * as a service. This allows ideas to be tested and developed quickly. As you can imagine there might be others out there thinking of developing a similar product.
To test your idea, you need to launch quickly. Change is the only constant these days and the availability of the * as a Service allows us to pivot when needed without too much effort. Quite a few founders fall into the trap of spending too much effort on defining a solution without knowing whether there is a market for their product. It is OK not to have a “normalized” database or not to know exactly how the users will interact with the system.
Take an iterative approach and release early and often. Measure the response from your users and learn from them.
Did you just think of a product idea while reading through this blog? Create your vision statement and define success measures. Get in touch and let us turn your idea into reality through continuous deployment and validation.
You wake up in the morning, you turn off your alarm, and as you lie there in bed, you check you facebook, your Instagram, your WhatsApp, your Twitter, your texts, your emails and then the news. Then you go to the bathroom, you use the toilet, brush your teeth, take a shower, get dressed and then head for the kitchen. You drink some coffee and eat breakfast. Maybe you watch the news or check your emails again. It’s the same routine you follow everyday.
A way of evaluating progress when all the metrics typically used in an established company (revenue, customers, ROI, market share) are effectively zero
Eric Ries (author, The Lean Startup)
- Is there anything more important that User satisfaction?
- Our hypothesis is that if everyone on all sides of the 3-sided marketplace are satisfied, then this will result in positive financial outputs.
Our metrics are advanced rating systems where we measure true satisfaction of all users.
How does satisfaction correlate to cash?
Digital Village runs project
We are developing a matrix that is again derived from Lean Startup (page number) that measures a users wants and needs is relation to the different experiences the business offers.
|Interactions with others
|Interaction with DV (platform tech etc)||30/100||85/100||50/100|