There are good product managers, and then there are great product managers. What’s the difference? Both good and great product managers (PMs) are more than competent when it comes to the basics, but our research has shown that the top 1% of product manager goes beyond the basics and also do the following: Market Validation: […]
Product Development
Our Products Are Becoming Commoditized!
It seems every product, regardless of how complex, is destined for some level of commoditization. In virtually every industry, we look at products and solutions that were very complex. These require great product knowledge and extensive work with the customer to help them understand the product and its application. Over time, as products get greater […]
10 Strategies to Cover New Product Development Costs
The “valley of death” is a common term in the startup world, referring to the difficulty of covering the negative cash flow in the early stages of a startup, before their new product or service is bringing in revenue from real customers. I often get asked about the real alternatives to bridge this valley, and […]
MVP: What It Is and Why It Matters
Minimum Viable Product (MVP), if we ask our trusted friend Techopedia, it is defined as “The version of a new product a team uses to collect the maximum amount of validated learning about customers with the least effort.” The term first came about in the early 2000s thanks to SyncDev CEO Frank Robinson. It then gained viral traction […]
9 Ways to Spot an Opportunity for a New Business
As an advisor to startups and entrepreneurs, I often hear the myth that all new businesses must start with a great idea. I have to disagree. I believe the best entrepreneurs start by finding a large opportunity, and only then use good ideas to capitalize on that opportunity. The best opportunities are recognized from painful […]
Paradox of Product Persistence
Paradox: On one hand, to keep a business healthy you have to be able to cut mediocre products. On the other hand, some successful products require sticking to them for a long time, stubbornly, to get either the product or the marketing right. Take a minute and think about it, and you’ll find examples of […]
Why You Should Use 3D Printing for Your First Prototype
Even for smart entrepreneurs with a great new product idea, an extensive business background, and a spot-on sales pitch, the manufacturing process can be unfamiliar and even a bit intimidating. Don’t be confused, however, into thinking that your first steps into manufacturing need to be difficult or expensive. Step one of any manufacturing cycle should […]
Go Agile with a Product Innovation Platform
Disruption is afoot in the manufacturing industry. But you already know that, whether you focus on consumer products or industrial applications. You also know that customer demands are shifting, production tools and techniques are evolving, and products are getting smarter. You know quite a bit, it seems. But do you know how to stay ahead […]
Pricing Strategy Guide for Product Businesses
It’s obvious that the price of your products have a lot to do with the profitability of your business. Exactly how to price products in a way that maintains or increases your profitability is a little less obvious. Here are the first two steps toward developing an effective pricing strategy for your small business. Do […]
Successfully Launch a New Product with Practical Strategies
If you’re planning to launch a new product, you have to keep many different factors in mind. It obviously helps to have a great product, but there’s a lot more to it than that. You have to make sure there’s a strong demand for your new product. You also have to create a strategic new […]
