[Startup online] Slide Session 2: Product Development
Great!Let’s build aProduckAnd try not to end up with a Prosuck :D
Who will use it?Make clear who are your target customers.Don’t say “every one who is single”Should say:2,5M singles, living in big cities,having internet access,age 22-27, young officers & “rich” students
What can it do (for me?)Make clear the benefit it brings to the userMy product, [name], can help you to [benefit]With [unique approach]Eg:My product, Noi.vn, can help youto meet with potential datesBy offering 5,000 offline events/year
How does it make $$$?Make clear the numbers.Eg: the basic service is free, but if you want to use premium features, it cost $1/month Show to investor: 10% paid of 500,000 members = 50K x $1 =$50K/monthIf it’s free, please estimate ARPU via AD salesEg: we’ll make 500M/month via ADs with 500,000 members. ARPU = 1,000VND
AskBring that mockup with you everywhere.Ask. Ask. Ask:Ask what?Do you need it? Why not?Do you like it? Like what most?Will you pay for it? How much can you afford?
BenchmarkingStudy similar models in other country & in Vietnam.New-to-the-worldNew-to-the-countryNew-to-the-target segmentLearn how it grows, how it dies,how it make $$$
Develop itOkay. Great. Let’s do itMake a draft plan (ask the developers) for product developmentStand by side, make sure they don’t getany shits more than your storyboardTake care of the UI, UX
Test itMake sure it runs.It it’s still buggy, don’t show demo to the investors.Alpha version = cannot runBeta version = still cannot runUse focus group to test.Watch their behavior & gather feedbacks
FeedbackAsk your mum.Don’t ask your teacher or the coders.Gather feedback based on the MAIN PROBLEM, the UX, UI.Don’t listen to experienced users demanding new features.You’ll kill them all later
ScalabilityIt runs well with 10 people.What about 10,000? 1,000,000?This is the critical part to make the business BIGMySpace died when it grows too fast.This is also to ensure the investors thatyou can multiply it, brings to other markets …
User interface (UI)Make it look beautifulEven it sucks inside, very few investors can read the code :DThink of a beatiful girlDon’t know how smart she is, but you’ll want to continue talkingto her much more than an ugly one, rite?
User experience (UX)This could make or break your product.EASYMake sure it’s easy to understand, easy to use,follow all the guidelines.UC: User contextNokia lession
Ongoing developmentFor sure you’ll need to enhance your product a long the way.Read the support@... email daily.Kill the un-needed functions(that YOU thought it was great)If you end up having 1 or 2 buttons on the home screen,congratulations!
That’s enough bull$$$1. Focus2. Talk to mama3. Make $$$4. Simple