StartupTalky

Tag: product development

  • How to Launch Your MVP in the Market the Right Way?

    The idea of launching an MVP has erupted significantly in recent years, it’s a standard procedure both for entrepreneurs and formed tech giants. However, like most ideas that become popular, there’s a lot of misconception.

    So let us start from the basics.

    What is MVP?
    Things You Should Know Before Creating MVP
    How to Launch MVP?
    Examples of MVP Launch
    Advantages of MVP Launch

    What is MVP?

    The MVP is the edition of a fresh model that enables your group to gather the most authenticated knowledge about consumers with the minimum effort. It is a tiny product with three essential aspects:

    • It is either used or purchased by folks.
    • It is simple to use.
    • Using the resources at our disposal, we could send it as we want it.

    Things You Should Know Before Creating MVP

    To create an effective MVP, you must first identify the purpose.

    User Section

    A team of members sharing related attributes. It is critical to determine who the merchandise is for, and who this isn’t for. A popular brand blunder is to try impressing all and risk appealing none.

    Issue

    Don’t try to solve all of your issues in one go; instead, tackle them one at a time. It’ll assist you in focusing on one primary problem that irritates clients the most. Once you’ve resolved that issue for people, you could move on to more issues.

    Workaround

    After you’ve settled on the issue, you would like to fix, you may come up with more creative solutions. It is critical to narrow down to a viable solution. Focus on the appropriate alternative and what it’ll involve then you can get input rapidly without wasting a lot of money.

    Limited User Interface

    This implies that your MVP must be sellable and usable. You must determine and draw a line between an item that can be utilized and an item that folks will use. Test on your own and with your group to determine what is suitable for rollout.

    How to Launch MVP?

    Thorough Analysis

    Before you begin, you must recognize the issue and its quick fix. You’ll respond to a series of queries, including:

    • What issue is your MVP supposed to fix?
    • What types of customers will be ready to buy?
    • What are the currently available solutions?

    Recognise and Prioritize Elements

    This part focuses on the elements you are including in your item. You must create your product edition and outline the elements you want in it. After that, you must prioritize them. At this point, you’re probably to have one key focus element that communicates the product’s essence.

    Tactic Selection

    You should determine what type of MVP you’ll use. It could be a no-product, item replica, or a single-feature MVP. Your decision must be built on the concept that needs to be authenticated as well as the tools accessible.

    Identifying Critical Success Factors

    Before you begin developing your MVP, you must decide how you’ll assess it. Create a list of implementable measures and success factors that you’ll monitor.

    Create a Storyboard

    It’s a necessary step to list your attributes and create the product roadmap. It is made up of four main parts: an aim, actions, user stories, and tasks. It’s a useful tool for identifying the benefits and drawbacks of your product.

    Launch MVP

    It’s time to put your MVP out and get some input from your first users. Focus on keeping track of the critical factors when evaluating the success of your MVP. The primary goal is to assess your product with actual humans. Even if it failed, it’s a good indication that you should manoeuvre and concentrate on fixing various types of user problems.

    Examples of MVP Launch

    Following are the types explained by using examples.

    User-facing Workaround

    Consider Zappos. The pioneer hoped to see if consumers purchase boots without first trying them on. It wasn’t possible to shop online back then. He merely shot the boots he planned to sell, and if a buyer placed an online order, he’d go purchase the boots from the shop and dispatch them, which worked well.

    Targeted User Section

    Consider Tinder. The app was created because you feel at ease approaching people if you realize they would like you to. Because social media sites primarily linked you with folks you already knew, a gap existed in exploring someone else.

    Its app stepped in to fill the void and calm the mind. They’ve got an opt-in system that shows you another party is willing to talk to you and, in most cases, the geographical area is close by, making you feel completely safe.

    Key Issues and Use Instances

    Consider Airbnb. San Francisco hosted an excellent design summit. The group planned to give inexpensive lodging during this situation and uploaded the information online. So they focused on a key issue and use the instance: “San Francisco summit invitees.”

    They hoped to find a solution that was tailored to that particular use case. Shortly, three guests expressed interest in spending for this bare-bones service. This backed up the business overview that prospective buyers would be ready to pay to reside at another’s house instead of a hotel.

    Streamlined Features

    Consider Spotify. Previously, the music business was experiencing challenges. Because of file-sharing websites, some folks paid for songs. Two Swedes recognize that this will never work.

    So their initial plan was to make a free streaming app and monetize it through advertisements. How did it fare against rivals? The pioneers noticed that most startups were putting their money into fancy sites and apps before even putting their concepts to the test.

    Spotify’s team tried something new. They developed a minimum viable product in the form of a computer app with one central aspect: song streaming. Later, they gave the choice for people to pay a monthly fee in exchange for an ad-free interaction and other attributes, and this journey enabled them to test their concept while maintaining their costs low.

    Advantages of MVP Launch

    Resources Savings

    By incorporating MVP, you can find a balance between supplying core aspects and remaining cost-effective. It also allows for the handover of a user-friendly item in a particular timeframe and is simple to execute.

    Understand Your Crowd

    It enables you to discover more about your customers’ perceptions of the item, allowing you to design and optimize what you could handle about it.

    Enhance Progressively and Stepwise

    MVP is critical in assisting you to create a basic edition that includes the key aspects and reveals it to the consumer to gather input and optimize it. It helps you organize your muddled thoughts and frame them in an orderly fashion.

    Conclusion

    Starting your MVP Inception point must no longer be as daunting. It doesn’t have to be flawless! To create it, follow the instructions and tactics outlined. It is a method that allows startups to learn a lot about their customers by using a viable prototype without wasting precious time and money.

    Thank you for your time.

    FAQs

    How to launch the MVP of a startup?

    Conduct Market Research, Conduct Customer Research, Create A Product Roadmap, Conduct User Testing, and launch the product.

    What is the MVP approach?

    MVP is launching a minimum viable product to gather the feedback of the consumers to build a much better product.

    What should an MVP look like?

    An MVP should be small, fast and cheap and should not create a negative impact.

  • How to Create an Effective First Product Roadmap?

    A product’s success depends upon a shared vision that finds its approval from all the internal and external parties involved. If you have ever been a part of the product development process, you will agree with this statement, regardless of your role. There are multiple stakeholders, like developers, users, sales, marketing, and suppliers involved in product development. They all need to commit to a common plan and align their work to make it a hit.

    When represented in a visual format, this product plan is termed as a roadmap. In simple terms, it is a plan of action that brings all the teams together around the short and long-term goals associated with the product. An effective roadmap tells the story of the vision, priorities, direction, and product progress. The roadmap acts as a guiding document that the teams track and revisit to stay on the course.

    It also helps them understand if there are any gaps from their side and comes in handy in resolving conflicts between the stakeholders. More than anything, the roadmap acts as a reminder of the final goal. In this article, we will talk about how to create an effective roadmap for your first product. So let’s dive into this.

    How to Make Your First Product Roadmap?
    Presenting Your Roadmap

    How to Make Your First Product Roadmap?

    If you are given a new role as a product manager and have been asked to complete the crucial task of developing a product roadmap. You already have a high-level understanding of the product, what it should achieve, and by when it needs to be delivered. All you need to do is to represent this information in a visual format.

    You could be working on the release of a new product or upgrades to an existing one. One thing that you must remember is that product roadmaps evolve over time. However, the underlying vision should not change at any point.

    How far out do businesses plan their roadmaps?
    How far out do businesses plan their roadmaps?

    These are some steps while creating the roadmap of a product:

    Define a Strategy

    During the product development and subsequent stages, your stakeholders will often have to reflect upon the “whys”.

    At such times, you will have to bring their focus to why you are building the product. It is what will define the strategy and the vision of your goal.

    It can help you further to answer the following questions if you are struggling to define a clear strategy:

    • Why are you building a new or enhancing an existing product?
    • What are you hoping to achieve through this product?
    • How is your creation going to help the users?

    Prioritize the Ideas

    When the initial conversations start and also during the product development stage, multiple ideas will pour in. Moreover, there will also be suggestions from your customers that you would want to incorporate. You don’t have to include every suggestion, but some of these could be worth your time. The best way to incorporate them into your roadmap is by prioritizing and ranking them. This way, you will focus on what matters and make your roadmap and vision more objective.

    Define the Product Features

    Your product features tell your stakeholders what it is that your product will look like. It is also what aligns your development team with your vision. You can also include other associated information that may help them in fine-tuning the solution.

    Plan the Releases

    Any roadmap is incomplete without a timeline. It gives direction to all the stakeholders involved. It is advisable to break down the timelines into multiple releases for better efficiency. This way you’ll be aware of the deadlines and it will boost your productivity so that you can finish the work on time.

    Presenting Your Roadmap

    Your stakeholders have varying interests, and a single roadmap may not answer the questions they may have. To align everyone with your vision, you will want to show them something of their interest. It could mean creating a different view for every party. Here is how you can do it:

    The Higher-Ups

    The leaders will be keen to know about the high-level vision associated with the product. The leaders will need to understand how the product fits into the larger scheme of things at the organization.

    Product Development Team

    The development team needs to know every minute detail of the product. For instance, the team will need a comprehensive list of the features, requirements and release dates and others. It will help them in prioritizing their work to meet the given deadlines.

    Marketing and Sales

    These are the teams that engage the customers and are in touch with the market pulse. They will need to understand how your product will make the lives of your customers easy to create a sales pitch.

    Support

    Here is a team that experiences pressure after every new release. Since the team will be getting more customer queries, they will need to prepare themselves for the critical features and enhancements. They will be more interested in the dates and the associated training for their staff.

    The Evolution Of Your Roadmap

    With time, your roadmap will evolve as you may add new features or change the timelines along the way. To incorporate these changes, you must first prepare yourself to embrace them. At times, you will realize that a feature is taking more effort than you had anticipated. At other times, you may receive some information from your analytics team that may need some changes in your product plan. Ensure that you send the revised roadmap to all the stakeholders so that everyone is on the same page. The ultimate goal should be to deliver a high-quality product that brings some value to the customers.

    Conclusion

    A carefully-drawn roadmap is not just another document. It is the basis of your product’s success. Getting the best product owner certification can help you build better roadmaps and propel the organization to success. When you make a roadmap after considering all the crucial information, it will help you align your stakeholder and also prioritize more effectively.

    FAQs

    What is a product roadmap?

    A product roadmap is the basic structure of the goal, vision, direction and the progress of a product.

    What are the steps of creating a product roadmap?

    Some of the steps of creating a product roadmap are:

    • Define a Strategy
    • Prioritize the Ideas
    • Define the Product Features
    • Plan the Releases

    Who creates the product roadmap and releases it?

    Product managers are the one who creates product roadmap and releases them.

  • Top 5 Best E-commerce Development Companies in India 2022

    ‌‌‌‌E-commerce platforms have created a new market. It is not just a different method of purchasing products, it has become an essential part of every business. Everyone is looking to get connected with digital platforms and to have a digital store. This allows for better options and better services than the traditional methods.

    But to create a digital platform or e-commerce service is the main task. It is a true headache, to begin with, the making process of an e-commerce platform by yourself. The best option for this is to hire some professionals for better work. E-commerce development service is now a well-developed field. There are many better options out there ready to outsource and start the work process.

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    1. Alakmalak
    2. SynapseIndia
    3. Angular Minds
    4. Infinijith apps and technologies.
    5. TechMagnate

    Top Five Indian E-commerce Developing Service Providers are:

    1. Alakmalak

    Alakmalak Website
    Alakmalak Website

    Alakmalak company was founded in 2006 by Kapil Khambholja. Alakmalak is a Gujarat-based technology company giving out multiple services in the same field. Alakmalak has been in the business for a good amount of time and with the passing time, they have only evolved as the best team.

    The mission of Alakmalak is to provide small and medium e-commerce businesses with the facility of having their website, mobile application, and web application as per their need with the least cost. They work to provide a good platform to business owners so that they can grab the attention of their targeted audience. With this step, the dreams can then be turned into reality.

    The prices given by Alakmalak to their customers depend upon three conditions. They either provide a single rate for the complete package depending upon the requirements. They can also provide an eligible person as a part of the team for required work. Or they can charge based on hourly patterns depending on the requirement of work.

    Some of the services provided by Alakmalak are:

    • Website development
    • Logo designing
    • Application development
    • SEO services

    2. SynapseIndia

    SynapseIndia Website
    SynapseIndia Website

    SynapseIndia is one of the top-level e-commerce development companies founded by Shamit Khemka in 2000. It is a UP-based company known to provide end-to-end solutions.

    SynapseIndia has its vision set as to be a world-class web development company with full trust and respect from its clients to provide IT-related facilities. They work together to provide their clients with a good IT platform so that they can use the platform for innovation and earning profits.

    SynapseIndia is also known to provide flexible payment plans to support the customer’s growth. The payment plans given by them are hourly development plan, fixed-cost development plan, man-month development plan.

    Some of the services provided by SynapseIndia is:

    • Website development
    • Mobile App development
    • E-commerce solutions
    • Cloud solutions
    • Software development

    3. Angular Minds

    Angular Minds Website
    Angular Minds Website

    Angular Minds was founded in the year 2011 by Sagar Mahajan. It is a Maharashtra-based software company. Angular Minds is known to provide end-to-end software-based solutions to its customers.

    The main aim of the team is to work towards understanding the client’s needs and then align themselves with the client’s needs. They work as a client-driven platform keeping the needs of clients as their top priority.

    The mission is to provide the best available and innovative facility to the customers so that they can easily connect with their audience for a better future.

    They are known to provide three types of payable services depending upon the client’s requirements. The fixed-time engagement model allows the clients to get one fixed amount as their fees after negotiating with all the requirements.

    The next option is a dedicated team engagement model, it allows the customers the leverage of having their dedicated team working with them for their own needs only. The last option is the hourly billing engagement model, it works on an hourly basis and needs to be calculated in the same way.

    Some of the services provided by Angular Minds is:

    • Mobile app development
    • Web development
    • AWS cloud services
    • E-commerce development

    Is Outsourcing Software Developers a better choice?
    Outsourcing brings many advantages to SaaS development. The offshore SaaS development process is now smoother than ever with qualified product developers.
    StartupTalkyRishabh Rathi

    4. Infinijith apps and technologies

    Infinijith Website
    Infinijith Website

    Infinijith is a full-stack web application development company started in the year 2014 by Karunamoorthy Karuppanan. Infinijith technology is an Indian company set up in Tamilnadu. They are known to provide custom-based web development projects within the promised time with full dedication and commitment.

    The vision of Injinith is to work together as a team for the benefit of customers’ required services. They use cutting-edge technology for innovation and modernizing enterprise digital applications as their mission.

    Infinijith provide the best customer services in different ways such as a dedicated project manager, global support, annual maintenance plans, etc. They also provide different payment plans for different services such as single vendor platform code, multi-vendor platform code, and customized solutions.

    Some of the services provided by Infinijith are:

    • Full-stack Development
    • Mobile app development
    • Software testing
    • E-commerce solutions

    5. TechMagnate

    TechMagnate Website
    TechMagnate Website

    TechMagnate is an IT company providing multiple services on a single platform. It was founded in the year 2006 by Sarvesh Bagla in New Delhi. TechMagnate is an award-winning company best known for its search engine optimization techniques and social media marketing.

    TechMagnate is a leading digital marketing company with the mission to provide the best customer growth by the use of digital excellence. The vision seen by the team of TechMagnate is to deliver transformational growth by the means of digital excellence for almost 200 customers by the time limit of 2024.

    TechMagnate is known to have several package plans available for their customers depending on the needed facility. They can offer complete customizable plans and also some specific services depending upon the requirements of the clients and their needs.

    Some of the services provided by TechMagnate is:

    • Social media marketing
    • Digital marketing
    • Website development
    • Content management system

    Best No Code Development Platforms for E-commerce and Online Stores
    Best no-code development platforms for E-commerce and Online Stores with pricing and features including Shopify, SquareSpace, Wix, Swell, and Big Commerce
    StartupTalkyAnsh Mehrey

    Conclusion

    E-commerce development is an essential part of business planning. It is very important and needed to have a well-planned e-commerce platform. It can be in the form of websites or a mobile application depending on the customer’s demand. To have them prepared by a professional is the best option to go with. There are multiple companies offering e-commerce development services in India.

    FAQ

    Which e-commerce platform is best in India?

    Amazon India, Flipkart, Alibaba, and Myntra are some of the best e-commerce platforms in India.

    Who is an e-commerce developer?

    An e-commerce developer works within an e-commerce platform to develop solutions to grow the business.

    How much does an e-commerce website cost in India?

    The charge for creating a website is nearly Rs. 3000 to Rs. 7000 for a small or medium-sized website.

  • Product Development & Innovation for Food & Beverages Industry

    Spokesperson Mr. Mihir Mehta, SVP of Ashika Capital shares his insight on the Product Development and Innovation for F&B Industry as follows –

    In one of my previous articles I had mentioned that “Roti, kapda aur makaan” are probably the most basic human needs and in the order as well, Roti takes precedence over other needs. Since centuries, the F&B business has been conducted in various forms, shapes & sizes and has seen significant phases of evolution in the last few decades. In my humble opinion, the business of food is quite interesting because not only is it a renewable/incessant business, it is equally dynamic and challenging and mostly on a daily basis. Some recurrent challenges like maintenance of quality & hygiene, product storage, supply chain management etc. are a part of the daily challenge diet of a F&B entrepreneur. That being said, F&B as an industry has seen considerable experimentation & implementation when it comes to aspects like products, distribution models, business models, supply chain management & storage etc.

    In terms of product development & innovation, the F&B industry offers an extensive opportunity especially in a country like India wherein the diversity of cultures, cross-cultural practices, cultivation & inclusion of diverse raw materials, rapid adoption of novel products etc. propel the need and pace of product development.

    Product development and innovation in F&B
    Mihir Mehta, SVP, Ashika Capital

    In my humble opinion, F&B players could look at some of the under-mentioned thoughts in order to focus on consistent and sustainable product development –

    Discovery of unexplored cuisines at scale

    Undoubtedly, India is a land of many cultures, practices & food cuisines. At the time I invested in an emerging food services entity The Bohri Kitchen, I was pleasantly surprised to see the reception garnered by the brand in a short time. One tangible reason behind the virality of this brand was the resurgence of a cuisine that had been limited to the households of a specific community. The conceptualization and scaling of Bohri food products created a whole new ecosystem of raw material vendors, kitchen staff, food experts etc. for this cuisine. In the past as well, the growth of brands like Rajdhani, Soda Bottle Opener Wala etc. is a testament to the success of a novel or latent cuisine when built to scale.

    Creating a robust R&D ecosystem within the organization

    While the larger F&B operators do spend considerable resources on creating and strengthening their R&D teams, most mid-sized players have not been able to supplement their R&D in the most effective manner. More often than not, we see that newer entrepreneurs and entrepreneurs who have achieved a comfortable scale, are focused solely on optimizing their supply chain for the existing products and achieve a competitive cost profile. Quite obviously, it is a necessary and the prudent thing to do but de-prioritizing new product research & innovation in product development has long-term consequences in form of plateauing demand, decline in brand recall, slower inorganic growth etc.

    Implementation of an actionable customer feedback channel

    Well, this may sound like a normal thing to do in order to spur efficient product development but we are often surprised to see inaction & unorganized processes on this front. Yes, it is true that different customers carry different opinions about the products as well as processes and it may get difficult for F&B operators to identify & assimilate the right feedback. However, it is essential that companies follow a streamlined process to receive and implement customer feedback in order to maybe run trials of new products and have a set of customers who could be the right sounding board when it comes to new product development. The significance of a customer sounding board is undebatable and having a consistent & reliable sounding board is critical to ensure that the product development process does not suffer slowdown at any point.