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Product Development from GLS

How do you assess products and what data they use to do this? ​ How do you continually assess products and judge/direct product development?  ​ it would be interesting to see what business models they see underpinning each type of product and how this effects it’s overall success? Realistic approach to product development for start ups Approach for developing products Slide Notes
  • User Journey
Use draw.io to create these flowcharts. Essential place to start when thinking about how your product will be utilised by an end user. If this takes into account the end user, how does this interface with business practices? E.g. business efficiencies to create/run the business?
  • Database fields
Chance to put field names etc into an excel doc to help options selections that a user could select. Helps inform final design and function of the information/product flow before you get carried away with the final design and making it look nice
  • Draft Designs
Create a draft design of PP that includes what the fields should look like and what they should include. Be very clear and descriptive to designers and developers (so that they create something to spec and on cost)
  • Design and branding guidelines
Get the branding, typeface, buttons, colours, icons, alerts etc across the whole platform. Make sure every element of the product creation is “unified” so that if something needs to be changed in the future it can be replaced simply and en-mass rather than individually on each page
  • UX/UI
User experience (UX) – how do customers feel about your product, it’s the logic flow of the product/website etc User interface (UI) – pure design about creating a product that works well Few businesses separate the two
  • Development
Normally pay for developers etc. £25-£30 per hour. Often best to go to Eastern Europe.
  • Testing and 8. Bug fixing
Includes test functions of the website, features, products etc and then work out ways of fixing it. Got to try and find ways of breaking the site/product. You need to go through test simulation and capture test results. You should always try to do this across different platforms, devices etc Often businesses don’t pay people to do this but should. Testing scenarios and bug fixing should be a mixture of end users and experienced testers. Potentially 10% of totally product development budget.
  • Always copy good design elsewhere. If you can trail integrations of external tools then integrate it until it becomes cost effective or unfit for purpose
  • Site terms to check with internet based services: search terms, bounce rate, where they click, what browsers they are using, google analytics, google tag manager etc
  • Hotjar is a really powerful tool to understand how someone is using your website.
  • “Fold line” things need to be above the fold line
  • Lots of VCs ask for access to the google analytics page
  • Also a way of identifying your sales funnel
  • 3-5% conversion rate on e-commerce sites
  • How do you spend the minimum amount of money to inform how you spend money in the future on advertisements etc? Key question!
  • Normally 70-80% of users are on mobiles, but its 50/50 for PLL
  • Stage 6 is the only highly technical stage and the one that everyone jumps too. Try to get early stage SEs to focus on stages 1-5.

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Product Review Self Assessment

StatementStatementIndicator/ Support areaIndicator/ Support area1155
GOOD PRODUCT: 
I have a product or service that serves a benefit or solves a problem for a customer.GOOD PRODUCT: 
I have a product or service that serves a benefit or solves a problem for a customer.Customer feedbackCustomer feedbackMy product/service consistently gets 1-3 star reviews on Google/Trustpilot etc.
I rarely have customers review my products/services in the public domain
I often get returns/refund requests or negative feedback/complaints about my product/serviceMy product/service consistently gets 1-3 star reviews on Google/Trustpilot etc.
I rarely have customers review my products/services in the public domain
I often get returns/refund requests or negative feedback/complaints about my product/serviceMy product/service consistently gets 5 star reviews on Google/Trustpilot etc.
I have a large number of repeat customers
I rarely get complaints/negative feedback/returns/refund requestsMy product/service consistently gets 5 star reviews on Google/Trustpilot etc.
I have a large number of repeat customers
I rarely get complaints/negative feedback/returns/refund requests
GOOD PRODUCT: 
I have a product or service that serves a benefit or solves a problem for a customer.GOOD PRODUCT: 
I have a product or service that serves a benefit or solves a problem for a customer.Understanding target customer  
 
(NB: the target customer could also be a beneficiary)Understanding target customer  
 
(NB: the target customer could also be a beneficiary)I don’t fully understand the problems that my target customer faces.
I am unsure about who my target customer is, so I don’t know if my product/service serves a benefit.
I haven’t conducted any research or testing with my target customer.I don’t fully understand the problems that my target customer faces.
I am unsure about who my target customer is, so I don’t know if my product/service serves a benefit.
I haven’t conducted any research or testing with my target customer.Through interviews/design workshops/focus groups with my target customer I fully understand the problems that my customers face and how I can solve them
I tested my product/service with my target customers before full roll out and had excellent feedback.Through interviews/design workshops/focus groups with my target customer I fully understand the problems that my customers face and how I can solve them
I tested my product/service with my target customers before full roll out and had excellent feedback.
GOOD PRODUCT: 
I have a product or service that serves a benefit or solves a problem for a customer.GOOD PRODUCT: 
I have a product or service that serves a benefit or solves a problem for a customer.Communicating the social impact of my product/serviceCommunicating the social impact of my product/serviceMy target customer is not aware of the social impact of my product/serviceMy target customer is not aware of the social impact of my product/serviceMy target customer fully understands the social impact of my product/service and this is a reason they buy it.My target customer fully understands the social impact of my product/service and this is a reason they buy it.
GOOD PRODUCT: 
I have a product or service that serves a benefit or solves a problem for a customer.GOOD PRODUCT: 
I have a product or service that serves a benefit or solves a problem for a customer.Competitor analysisCompetitor analysisI don’t know who my main competitors are.
I haven’t conducted any research into my main competitors
My product/service can’t be differentiated from some of my competitorsI don’t know who my main competitors are.
I haven’t conducted any research into my main competitors
My product/service can’t be differentiated from some of my competitorsI conducted thorough research into competitors’ products/services to understand their limitations before developing my own solution.
My product has a clear USP (unique selling point) to differentiate it from competitorsI conducted thorough research into competitors’ products/services to understand their limitations before developing my own solution.
My product has a clear USP (unique selling point) to differentiate it from competitors
GOOD PRODUCT: 
I have a product or service that serves a benefit or solves a problem for a customer.GOOD PRODUCT: 
I have a product or service that serves a benefit or solves a problem for a customer.Product developmentProduct developmentI don’t proactively ask for customer feedback
When I do get customer feedback, I don’t use it to improve my productI don’t proactively ask for customer feedback
When I do get customer feedback, I don’t use it to improve my productI continue to develop my product/service based on customer feedback. I run annual surveys, interviews, focus groups etc.
I have worked with product designers to improve my product offering in line with customer feedbackI continue to develop my product/service based on customer feedback. I run annual surveys, interviews, focus groups etc.
I have worked with product designers to improve my product offering in line with customer feedback
GOOD MARKET: 
There is a big enough market demand for my product or service to scale my impactGOOD MARKET: 
There is a big enough market demand for my product or service to scale my impactSales growthSales growthMy sales have not grown significantlyMy sales have not grown significantlyI have had significant sales growth year on year.I have had significant sales growth year on year.
GOOD MARKET: 
There is a big enough market demand for my product or service to scale my impactGOOD MARKET: 
There is a big enough market demand for my product or service to scale my impactExcess demandExcess demandI struggle to find enough customers
I don’t get enough demand to meet the capacity of my organisationI struggle to find enough customers
I don’t get enough demand to meet the capacity of my organisationI have a waiting list of customers
Website data shows I don’t meet demand as I keep running out of products.I have a waiting list of customers
Website data shows I don’t meet demand as I keep running out of products.
GOOD MARKET: 
There is a big enough market demand for my product or service to scale my impactGOOD MARKET: 
There is a big enough market demand for my product or service to scale my impactTrendsTrendsMy product/service was popular with customers but current trends are moving away from thisMy product/service was popular with customers but current trends are moving away from thisCustomer trends are moving towards the product/service that I offer
Google Analytics shows that a large number of potential customers are searching for my product/service and these numbers have been growing over timeCustomer trends are moving towards the product/service that I offer
Google Analytics shows that a large number of potential customers are searching for my product/service and these numbers have been growing over time
GOOD MARKET: 
There is a big enough market demand for my product or service to scale my impactGOOD MARKET: 
There is a big enough market demand for my product or service to scale my impactFollowers/ supportersFollowers/ supportersI don’t have a strong following on social media, so find it difficult to judge if there is a big enough demand for my product/service.I don’t have a strong following on social media, so find it difficult to judge if there is a big enough demand for my product/service.I have a strong and active social media following
I have a large email list, people stay on my mailing list and the emails I send have a high open rate/click through rate
Traffic to my website is high enough to generate the sales I needI have a strong and active social media following
I have a large email list, people stay on my mailing list and the emails I send have a high open rate/click through rate
Traffic to my website is high enough to generate the sales I need
GOOD MARKET: 
There is a big enough market demand for my product or service to scale my impactGOOD MARKET: 
There is a big enough market demand for my product or service to scale my impactKnowing size of target marketKnowing size of target marketI don’t know the size of my target market
I don’t have a target market, anyone could buy my product/service
I think ‘everyone’ is my customer and am unable or unwilling to segment this further.I don’t know the size of my target market
I don’t have a target market, anyone could buy my product/service
I think ‘everyone’ is my customer and am unable or unwilling to segment this further.I know that there are several target markets for my product/service and I understand the size of each oneI know that there are several target markets for my product/service and I understand the size of each one
GOOD MARKET: 
There is a big enough market demand for my product or service to scale my impactGOOD MARKET: 
There is a big enough market demand for my product or service to scale my impactCompetitor analysisCompetitor analysisThere are no other companies offering a similar product/service to me so I struggle to gauge demand based on past sales
I haven’t done a competitor analysis so don’t know what else is on the marketThere are no other companies offering a similar product/service to me so I struggle to gauge demand based on past sales
I haven’t done a competitor analysis so don’t know what else is on the marketThere are other companies offering a similar product/service that have a sustainable turnover levelThere are other companies offering a similar product/service that have a sustainable turnover level
GOOD MARGIN: 
My product or service is at a price people are willing to pay which makes sufficient marginGOOD MARGIN: 
My product or service is at a price people are willing to pay which makes sufficient marginCostsCostsI work out the cost of raw materials for each product and then add a % margin
The price I charge doesn’t cover the costs of production/delivery
I don’t know how to price my service as I haven’t worked out the costs of delivery
I don’t make enough margin to cover my fixed costsI work out the cost of raw materials for each product and then add a % margin
The price I charge doesn’t cover the costs of production/delivery
I don’t know how to price my service as I haven’t worked out the costs of delivery
I don’t make enough margin to cover my fixed costsI have priced my product/service in a way that covers all the direct costs of production/delivery and contributes enough to the fixed costs of the organisationI have priced my product/service in a way that covers all the direct costs of production/delivery and contributes enough to the fixed costs of the organisation
GOOD MARGIN: 
My product or service is at a price people are willing to pay which makes sufficient marginGOOD MARGIN: 
My product or service is at a price people are willing to pay which makes sufficient marginCustomersCustomersMy prices are higher/lower than what my target customers are willing to pay
The price I charge varies depending on my customers’ budgets
I haven’t conducted any customer research to understand what people are willing to payMy prices are higher/lower than what my target customers are willing to pay
The price I charge varies depending on my customers’ budgets
I haven’t conducted any customer research to understand what people are willing to payI have conducted customer research to fully understand what my target customers are willing and able to pay for my product/serviceI have conducted customer research to fully understand what my target customers are willing and able to pay for my product/service
GOOD MARGIN: 
My product or service is at a price people are willing to pay which makes sufficient marginGOOD MARGIN: 
My product or service is at a price people are willing to pay which makes sufficient marginCompetitionCompetitionI haven’t researched the prices that my competitors chargeI haven’t researched the prices that my competitors chargeI have researched the prices that my competitors charge and know where my prices sit in relation to theirs.I have researched the prices that my competitors charge and know where my prices sit in relation to theirs.
Selling online is the right way for me to reach my target customersSelling online is the right way for me to reach my target customersRoutes to marketRoutes to marketI sell my products/service offline, I presume I’ll be able to sell them online, but I don’t have evidence to back it up
I haven’t conducted any market research to understand the best way to reach my customers so I don’t know if selling online is right for my business
I get the majority of my customer leads via offline channels
Competitors that sell similar products/services primarily sell offlineI sell my products/service offline, I presume I’ll be able to sell them online, but I don’t have evidence to back it up
I haven’t conducted any market research to understand the best way to reach my customers so I don’t know if selling online is right for my business
I get the majority of my customer leads via offline channels
Competitors that sell similar products/services primarily sell offlineI already sell the majority of my products online
I have conducted market research and fully understand how to reach my target customers, and selling online is a key way to do this
Most of my customers find me via online channels
Competitors that sell similar products/services primarily sell onlineI already sell the majority of my products online
I have conducted market research and fully understand how to reach my target customers, and selling online is a key way to do this
Most of my customers find me via online channels
Competitors that sell similar products/services primarily sell online

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Downloadable Resources

  • [Start up product development and tracking](/product/assets/Start-up product development and tracking.pptx) PowerPoint