Smart Factory

Launching a successful product/service has been more demanding than ever in the recent times. Customers are tough to please than they used to be before. Customers are not happy just with their needs being met, they want to be delighted. Companies are required to pay more attention than ever to be able to make the customer fall in love with the product/service they are launching else you have a chance of becoming an unknown like many. The paradigm has shifted from a Minimum Viable Product (MVP) to an MLP (Minimum Lovable Product).

For automakers, the MVP is to make a reliable car that can transport humans from point A to point B. The MLP will be adding more delighters like safety, autonomous driving, heated/cold seats, alloy wheels, connected cars, in car entertainment etc. most of the previous gen delighters becomes a necessity on the next gen.

Building these lovable product starts with an intense focus on the end user, it’s not just about what problem they are trying to solve; it’s about understanding these people, what they do, how and why they do it. Forbes ran an article stating, “Big Data is Overrated Compared to Human Ingenuity”. This human centric approach will have to be a part of a company’s DNA to build successful Products/Services.

Now coming to “the How”.

Strategy connects the vision to the tactics which will help you execute

Vision- WHY– Changes Rarely

Strategy- WHAT -Changes every 6 to 18 months

Tactics- HOW -Specific features – can change with every release.

Developing a Product:

One of the most important things a product manager must do before defining the strategy is to understand the culture of the company that makes the product. As

someone said, “culture can eat strategy for lunch”.

Once you understand the culture>> or; perform a gap analysis>> put a change management plan in place.

A good strategy always starts with deep understanding of your customers, your business, and the market.

Phase 1: Discover your potential customers

Phase 2: Determine the MLP Phase 3: Design and Implement Phase 4: Product Marketing Phase 5: Launch

Phase 6: Train users/retain

Phase 7: Post Launch Analysis/Re-Invent

Phase 8: CELEBRATE

Throughout these phases document the strategy so people can refer to it on their own time, find the format that works for you and your team

Communicate. Repeat, Repeat.

Minimum Lovable Product is here to stay, lets deliver our products/solutions/services in a way our customers can fall in LOVE with them and we will WIN often.