What you don’t Measure, you can’t Improve!

I met Kiran Jethwa in SIPACON. He seems a very knowledgable person. So we did a catch up yesterday. I got lots of interesting concepts from him and feel like to share with you.

For example: Triple bottom lines. It is Profit, People and Environment.  Profit refers the basement for Entrepreneurs and business. People refers to what value you can bring to other people or society. Environment refers to what’s the impact do you bring to environment. I think most Entrepreneurs focus on the first two lines. But with the environment getting worse, it is timeto think about what we can do for our children on everything we do now.

Carbon Footprint, I’ve never heard this term before either. It refers to how many carbon you consume per year , means you impact to the enviroment as a person. Here is an interesting website to calcuate it. Very interesting calculation!

Also, he mentioned that most high tech companies are focus on profits and productivity. There are actually three types of products in the world: Cancer Killer, Ispirin and Sugar Candy. Cancer killer is something people need definitely. Since without it, they will die. Ispirin helps to kill the pain, but doesn’t solve the problem. Sugar Candy refers to something funcy or makes your happy, like Luxary products. We all agree that social media falls into this category too. But being a startup, maybe it is more valuable to make Cancer killer or at least Ispirin, don’t focus on sugar candy.

Green Tech is a buzz recent years, but I am too dummy to figure out what’s really included. Finally I got it clarified by Kiran, it includes Energy Efficiency, Engergy management, Energy Storage, Renewable Energy and Smart Grid. Sounds interesting! I fell like that’s the direction I should go next step.

I like Kiran’s thought on Education, he said Education makes your mind think structurely, knows how to solve problem. That’s really true. Think about how many knowledges you learned in school and how many you are really using today! Guess what we learn is not important, how we learn it make a difference!

Final thing I wants to share is the product life cycle. Since I am working on Product strategy recently, Kiran Jethwa’s blog has a full product life cycle there. I believe you know the cycle already, but it will be interesting to see the best practice part and compare it with your company. Oh, I like his quote too:

What you don’t Monitor, you cannot Measure! What you don’t Measure, you cannot Improve!

plc

Product Life Cycle
Description
Common Problems
Best Practices
Concept Phase Product is still just an idea
  • No answer to “Is this a viable business?”
  • No market problem. Build it and they will come mentality
  • No market research, segmentation or sizing
  • Identify a market problem. Days of “Build it and the customers will come” are long gone
  • Conduct market reserach to determine market size, market segments, potential beta customers, prelimnary competitive landscape
Product Strategy Ok, it’s a potential money generating business. Now what?
  • Sometimes this phase is completely missed
  • Engineering team does not understand the business case for the product
  • Perform an objective analysis of market size, risk, financial model and get management and sales buy-in.
  • Make Buy vs Build vs Partner decision.
  • Customer Validation: Engage usability team and create a prototype / wire-frame. Solicit customer feedback.
  • Generate MRD detailing the market problem, market size and the product vision and mission.
  • Create a resource plan and product roadmap
Product Development Building the product
  • Long development. Market window of opportunity lost
  • B2B: Over-engineering. ALL bells and whistles prior to shipping
  • Engineering / Design team don’t know what to build
  • Implement Agile product development methodology
  • Define measurable milestones
  • Implement a Beta Program
  • Generate adequate requirement specifications – Less is more
Go-To-Market The product is built. How do you go to market with it?
  • No product sales
  • Sales team does not understand customer problem and how the product solves it
  • Consistency throughout all collateral
  • Implement PR, Social Media Marketing and other lead generation campaigns to build momentum
  • B2C: Acquire required certifications
  • Sales & Support Readiness campaign -
    • Market Definition – customer segments, strategic customers, tactical customers, customer persona
    • Sales & Support Tools – datasheets, roadmap, website, training, presentations, pricing sheet, competitive analysis & positioning, demos, reference accounts, case studies, feature / benefits, FAQs, Release Notes
Maintenance Phase The product is a cash cow. How do you maintain it?
  • Irate customers
  • Competition stealing customers away
  • Costly and delayed fixes to customer problems
  • Pro-actively keep in constant contact with customers -
    B2B: Regular management review meetings
    B2C: Regular meetings with channels
  • B2B: Customization should be only at configuration or API levels. Avoid multiple customized code-lines for different customers
End of Life Take the product out of the market
  • Customers caught by surprise
  • Plan for product EOL atleast a year in advance
  • Create a product transition roadmap for customers
  • Inform customers and work with them to transition them to the new product (internal or external) well ahead of EOL

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