Life of a Business Principal in Consulting

When we create a new product, Product managers always grapple with the problem of when to take the product for customer validation. Taking it too soon would be the prospects are not interested in what is being demonstrated. Taking it too late means that we could be grossly wrong and any feedback that comes could not be that valuable. Another problem is taking it to all the prospects might lead to unsatisfactory  comments on how the product is still not complete. How do we manage thing timing issue? A simple concept of minimum viable product could help us understand when is the right time to start the demonstrations. Minimum viable product is the core product that satisfies the needs of a chosen subset of the target audience. It has just enough for us to focus on a subset of prospects, validate understanding and move on. What it is not MVP is often misunderstood as a the bare minimum of a product that can be developed. This understanding is incorrect. The e...

How would you decide what is the best business model for your product? Deciding on the right business model is very important for the product. It does not necessarily mean what is the price of your product. There could be no price for your product - though that is a myth. For example, we think google or Facebook is free. However, we are never the customers for Google or Facebook. It is the advertisers that are its customers. What we need to figure out when we decide on a business model are as follows: Who is my target audience? Who is my customer What is the price. How is the support model going to work Who are my partners While we do not absolutely need to price a product, we need to understand how we would make money. For example Open ERP does not price its product. However, its product is not the ERP software but really the hosting, service and training that it offers. While pricing is an important part, what is more important is in realising who is you...

How do you do your job as a product manager every day if you do not know what problems you have set your product to solve? One of the most important tasks of a product manager it to catalog problems that prospects / target user base faces. Just follow the steps and you can get really good at it. Step 1: Listen to potential users When you go out to meet people - either potential users or potential customers - you need to listen to what they speak. If you are really good, write it down as soon as possible as you keep listening. That is just step 1. Step 2: Look at what they do As they keep talking, chip in once in a while and ask them what they do and why they do what they do. While this might seem an innocuous question, it is the most powerful question and has enormous power. Reason: You are going to get actions from the customer. Step 3: Listen carefully to the one key thing that they say they are actually looking for. When customers actually demonstrate to yo...

What is in it for your customer and user to buy and use your product? While we all would have answers for this question, we need to understand what the users think of our product. When we started our product, this is what we came up with: We were all excited and would roll our tongues and try to convince our prospects that this is the business value that it was providing. Turns out we were wrong. While we are providing these value adding aspects in our product, these are not the real “ BUSINESS " values. Notice that the word business is in bold. What they really wanted was a simple web page that tells them how their business is doing without jumping through hoola hoops. The biggest business value for saving time on doing mundane calculations. They did not want to manually consolidate sales of 3 stores every month or every time they needed to take a decision. Once you have captured the business value, how would you track how you are doing on that business val...

Getting leads for a new product is very critical. It helps keep the momentum and helps us get initial feedback. When we design a new product and have a functional prototype ready, we typically do one round of testing and demonstration within our organisation and collect feedback. What matters more is the feedback from our prospects - potential users. When we have a functional prototype ready, we have 2 paths to choose from: Start a web-site , have some information and quickly get leads from the page Go out on the field and interact with potential users and prospects, demonstrate the application While we see a lot of product teams and startups doing the first one, It is the second path that matters till the product goes to beta. Taking a product to beta is a big task. Taking our example, we took 2 prototypes and 8 months to even start alpha and our beta is in 18 months with 2 customers. While all teams are tempted to have inbound leads, the problems there are In-b...

When I started out in the team, I was tasked out with coming out with a plan so that we can demonstrate the product with real data. The idea was to demonstrate it to our prospect with their own data and win them over. However, when I started working, I found out that what we lacked was not a plan but a vision. I quickly put together a one day workshop with our team and our product owner. When we started talking, we talked about several things and figured out that we needed a plan of various proportions. We needed a plan that could help us one the following: Provide a focus for the long term with near term focus on just one thing Help us talk to prospects on what we are going to do Help us decide on when we would need to focus shift on which function - Engineering , sales etc We also did a quick “Product in a box” exercise so that all of us in a team can practice and imbibe the elevator pitch. We needed this since we had to do this pitch at several levels - Inter...

It may seem insignificant but forms a very important part of both the product placement as well as marketing for the product. We have been hunting for names for more than a month now and just have a working title for the product. The problem with the working title is It is way too long it is not easy to remember It does not contain the essence of the product We have the following criteria for a product name Easy to spell and remember Relevant to the product space Should have been used by any other relevant software product While we have enough suggestions that cross the first 2 criteria, we hit the block on the third one.

The biggest task of the product manager is to find your target audience. Typically it is a very tight rope walk. You define it too narrowly and you would struggle to generalize the product later. You define it too broad and you would struggle to satisfy a lot of people and the product might not take off at all. There is this awesome post by Dave Mcclure on why Niche target segment works. Blog link here . What he says is mostly right and that is what we did as well. We did it mostly by accident. We had to define our niche because we could only talk to those kind of retailers and get data from them to start developing the data. It did have its upside. We were very clear on what we wanted to develop and we are slowly talking to retailers and adding more scenarios. As we are doing this, we are also talking to a slightly different set of retailers. This helps us incrementally build our product while also generalizing the existing features. In our case, we did not fin...

What is the difference between a prototype and a product? I will try to summarise this based on our experiences and understanding. When we started building out this product, we did not have access to real data or to real customers. So we did the next next thing. We stubbed out the data. We presented the application on NRF, Big Show and received feedback from prospective users. Prototype#1: No real data and no real customers. Just functionality We received a real data set form a prospect and started out to develop based on the data set. What we missed out were the real-time scenarios based on the data. We showcased the prototype and received the next set of feedback. Prototype#2: Real data but not real-time scenarios. Functionality with limited scenarios. Once we understood the business of the customers and what they do, what they want, we continued building the prototype and now have a product with 2 customers. Product: A base-lined prototype that handles a ...

Being a business analyst is probably the easiest part of the product manager. I did not start out as a product manager and the role evolved naturally. When I started my role in the product team, the following questions kept coming back. Why are we doing this product? Is there enough need out there and do we know what returns we would get? Do we know who we are building for and what are we building? While these are innocuous questions that can be posed to a business analyst working on any IT project, what differed was there were no one person or team we could pose these questions to to arrive at answers. We could also not design workshops in case there were multiple stakeholders to arrive at these answers. I ended up doing the following and slowly what I started doing defined the role that I had taken up. I started doing market research to understand what are the market segments available for my product Visiting retailers and trying to understand their pain points h...

I work as a Lead consultant at Thoughtworks and my role is usually called Business Analyst. This post is entirely about hoe I ended up becoming a Product Manager. Like what Steven Haines tells in this book: “THE PRODUCT MANAGER’S DESK REFERENCE”, Product Manager is an accidental profession. "You may have backed into Product Management from another field or business discipline.” I landed this position because of the following reasons: We are a services company. No one was interested in a product team. No one was sure what to do as a Business Analyst in the product team No one was convinced that this specific product would be successful. I ended up getting the job and was left to figure out what to do in the team. I was to be the business analyst trying to line up functional work for the product engineering team I have to manage the team - with respect to the team members and make sure I plan for the functional work to complete I was to interact with our current...