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Why do Products Fail?

June 15, 2020

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This is important!

Why do Products fail?

...because they don't solve problems.

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Strategically Understanding a Company

Before building a product an understanding of the business is necessary. This is broken into three categories: What product are we building? How do we know if our product is good? What else has been, is being, and will be built? 1. What Product are we Building? Is it an existing product or is a brand new product? Why Does the the Company Exist? Start with Why Examples are mission statements Apple Example: "Think different" campaign "here's to the crazy one's “With everything we do, we aim to challenge the status quo. We aim to think differently. Our products are user-friendly, beautifully designed, and easy to use. We just happen to make great computers. Want to buy one?” What value are you adding to customer's lives? The fundamental mission to a business cannot be "to make money". Revenue is validation that company is doing the right thing for its customers. “As a product manager, keeping the company’s

Creating an Opportunity Hypothesis

How to quickly and cheaply filter out ideas that won't help you. “At the end of the day, very few companies fail because their technology doesn’t work. Companies fail for lack of customers.” “in a startup no facts exist inside the building; only opinions.” ” - Steve Blank Lean Startup “is focused on helping companies be successful by quickly and iteratively determining what customers want, building something that fills only that need, validating the solution, and repeating.” WHAT'S YOUR GOAL AND HOW DO YOU WANT TO ACHIEVE IT? The very first thing to do is establish your goal for the next product development lifecycle. Examples include, new customers, improve revenue, growth, customer satisfaction? Next, how do you achieve the high-level goal with an actual product? Are you going to iterate an existing product or build a new product? Iterating an existing Product Translate high-level business goals into a product goal Focus on what changes can be mad

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Why do Products Fail?

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