No. of participants: 52
Mr. Priyank Ahuja very smoothly took our students through the concept of Product and Product Management with examples of Instagram and the devices we use to log in to online sessions. Further, through comparison between roles of Project Manager, Program manager, Product owner and Product manager he clarified to us the difference between them.
At this point he moved on to the strategies implemented and adopted at different stages of PLC. He highlighted a few astonishing facts like:
a. If an organisation fails to launch a product successfully at the first instance itself, it incurs cost equivalent to 6 times the original cost to re-launch the product.
b. 8/10 times once a product reaches a saturation point, it falls down into decline stage.
He cited an example of those iPhone users who stand in a line even at midnight 12 to purchase it on the day of its launch to explain the concept of Innovator customers in the Technology Adoption Cycle along side the PLC. We were told about the Chasm stage which falls between the Introduction and Growth stage. This stage in his view is very critical because this is the stage where the product takes a flight to the growth stage. He made a remarkable statement of: “Your complete business model is Solution being offered as a Product.”
He explained that to introduce a product first identify where is it that you want to hit: the pain level of the customer or do you want to provide ease of accessibility to the customer or offer a product at a price point. Alongside this analysis, an organisation then needs to identify the risks associated with the product offering.
Only after giving his insights on all the above, he moved on to talking about the 5 key metrics of Acquisition, Activation, Retention, Revenue and Referral for Product Management.
Lastly, he spoke about Product-Market fit and Pricing Techniques. He stated the following steps to create Product-Market fit:
1. Find a sizeable market
2. Identify a problem worth solving
3. Develop a Minimum Viable Product to solve it
4. Find a business model to support it
5. Test, Measure, Learn
6. Repeat
Pricing Techniques:
1. Promotional Pricing
2. Psychological Pricing
3. Premium Pricing
4. Bundle Pricing
5. Freemium Pricing
6. Economy Pricing
7. Penetration Pricing