Product Management Best Practices

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

Product management is an ongoing process of analyzing the market and monitoring customer needs.

Here are some best practices for implementing product management at your startup:

Focus on your customer and not your product.

If every discussion with a customer starts with your product then you limit the feedback from the customer.

Start with the customer’s challenges to learn more and generate new ideas.

Create a mental model for the customer you are researching.

What is the problem they must solve and what is their workflow?

This opens up new applications for your product.

Observe the customer and their workflow to understand the problem better.

New applications often take a different approach in problem solving.

Capture the customer research into a form that everyone can access and contribute.

Organize the customer research into meaningful structures so one can make sense of the data and can generate potential solutions.

Set up collaborative meetings to review the data and brainstorm ideas for solutions.

Propose solutions for the rest of the team to review and comment on.

Involve the entire organization in customer research to get the best ideas.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_________________________________________________________

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Product Experience Best Practices

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

Product experience is the customer's journey with the product from adoption to trial to ongoing usage. 

This is separate from the customer experience which includes interactions with the company including buying the product, training, support, and more.

The better the product experience, the better the overall customer experience which results in lower churn and higher retention rates.

Build into the core product all the key elements such as purchasing the product, unsubscribing, support, training, and community.

The product becomes the central hub for the customer.

Use the product to train the customer about how to use it in particular new features.

Build access to support into the product so the user can share key information with the support team.

Design in metrics to capture the customer’s use of the product and make it available to the developers for product roadmap decisions.

Use it to capture feedback from the customer such as new product feature suggestions and complaints about current functionality.

The product is the ideal place for onboarding, training, and monitoring the customer’s experience with the product.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

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_________________________________________________________

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Product Differentiation Features

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

In product development, there are several types of features.

These include basic requirements, nice to haves and differentiators.

The basic requirements are table stakes. 

All products in the space have those features and customers expect them to be there.

These are must have features.

Then there are the nice to have features.

These are features the team found interesting or a customer or two requested.

They are not critical to the use of the product but it’s a nice plus.

Finally, there are differentiators.

These features add value and they help your product stand out from the competition.

These are the ones to push from a product management position as customers don’t necessarily ask for those features.

You must prioritize these on the product roadmap and overcome objections from the team who want to stick with the basic requirements.

It’s the differentiators that help you win new customers and stand out from the crowd.

Review your product roadmap for these features to make sure enough differentiators are making it into the roadmap.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_________________________________________________________

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Product Adoption Steps

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

Product adoption is the process of increasing the customer’s awareness of the product so they try and then buy the product.

Product adoption increases revenue and retention and reduces churn. 

There are six stages of adoption as follows:

Awareness -- the customer becomes aware of the product and its capabilities.

A strong brand helps generate awareness.

Interest -- the customer finds something interesting about the product.

Interest usually comes from the specific problem they are trying to solve.

Evaluation -- the customer tests the product to see how it works.

Customers often try competitor products at the same time for comparison purposes.

Trial -- the customer signs up for a trial run of the product.

Trials are often free for a limited time.

Activation -- the customer signs up to use the product ongoing.

Customers should see immediate benefits when signing up.

Adoption -- the customer makes the product a part of their workflow. 

Build tools to facilitate the customer through these steps.

Remove friction from the process so customers can more easily engage the product.

Understand the customer journey of your product to build out this program. 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_________________________________________________________

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Before Product Development

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

To ensure you are developing the right product for your target customer ask these questions first:

What are you losing customers over?

If customers choose another product because you don’t have a specific feature then this is worth putting into the product.

What are competitors doing that keeps you awake at night?

If the competition is working on features that you don’t have then this may be a candidate to include in your next product upgrade.

Have customers been asking for it for sometime now?

If you have customers that have asked for a feature but you haven’t put it in, then this is something to prioritize.

Do customers add this feature into your product by themselves?

If you have customers who hack a feature into your product, then it’s important to do this for them.

Can you sell them on the proposed feature?

If you have customers buying the product because they want to use that feature, then prioritize building it for them.

The rule is sell it first, build it second.

If you can’t sell it in the first place, you don’t need to build it in the second place.

Consider these questions in prioritizing the features to build into your product.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_________________________________________________________

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Product Research Practices

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

Most founders talk to ten or twenty prospective customers and then start building their product. 

It takes a minimum of fifty customer discussions to understand the problem and how to solve it.

If you know the space and come from the industry you’ll be in a better position to research it.

If you are new to the space then it’s best to recruit a domain knowledge person to join the research team.

This will speed up the process of understanding the basics of the industry.

It also helps in contacting potential customers for interviews and discussions.

In the discovery phase you’ll want to hear not only about the problem to be solved but also about the customer himself.

Ask questions such as how did you find the solution you are using now?

How did you choose this solution over other solutions?

What was unique about the product that led you to choose this one?

How important is the product in your overall workflow?

Look at the problem through the customer's eyes and with empathy for the customer.

Place yourself in as the customer and ask how else you can solve the problem.

It takes a substantial amount of time with customers to understand their problems and how it fits into the overall workflow. 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

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Product Lifecycle Management

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

The product goes through various stages over the life of the product.

So the role of the product manager will vary throughout the lifecycle of the product.

Here’s a list of stages to consider:

Planning -- the product manager spends time with customers and industry experts to understand the market.

A deep understanding of the market and customer needs is required.

Design -- the product manager spends time with the developers designing the product.

An understanding of the basic technology is required.

Building -- the product manager spends time with the development team building the product.

Project management skill to implement the technology is required.

Testing -- the product manager spends time with beta customers and lead users testing the product.

A knowledge of the customer and their application is required.

Launch -- the product manager spends time with initial customers promoting the product.

Marketing skills and promotion are required.

Maintenance -- the product manager spends time with new customers identifying new features to build into the product.  

Project management skills are required to keep the product moving forward.

The product manager’s job spans from research to building to selling the product. 

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Product Challenges

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

There are many challenges in developing, launching and maintaining a product. 

Here’s a list of challenges to consider:

Choosing what product to build.

Look for customers with unmet needs and build for them.

Choosing your ideal customer.

The ideal customer is the one you chose with unmet needs.

Understanding customer requirements.

You need to talk with fifty customers to fully understand their needs.

Building the minimum viable product.

You should be able to build it in less than six months and sell it in six months.

If you cannot build it in that timeframe, then you are scoping it too large.

Finding product/market fit.

Look at the customer’s work to see what else your product should be doing for them.

Building the follow on product.

Look at the support issues coming in from the first product and use that as a basis for the second product.

There are many challenges in product development but these are the most common ones to look for.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

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MVP Mistakes

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

In starting a business there comes the time to build the minimum viable product.

The most common mistake is planning a grand vision for the initial product.

The MVP will be much smaller than the vision.

MVPs often gather customer feedback on the usefulness of the product but not the actual careabouts of the customer. 

This often generates superficial feedback.

There needs to be more in depth research with the customer to spec out a final product.

Many try to take the MVP and with some additional work turn it into the first product.

This is typically a mistake because the findings from the MVP change not only the product but also how to position and monetize it. 

This requires an entire re-do of the product itself.

The MVP should validate your value proposition.

Your value proposition often changes after talking with numerous customers.

Finally, it’s important to use the MVP to test the key assumptions behind the business.

This includes the size of the market, how to execute it, and how much you can charge for it.

Avoid these mistakes in your MVP process. 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

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Minimize the MVP

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

Many founders brainstorm a grand vision for their product.

While vision is a must have, realize you’ll need to start small.

Raising too much funding early in the business will cost the founder unnecessary dilution.

In building the MVP think minimum and not maximum.

Keep the team to a minimum.

Focus on the core problem.

Solve a piece of the problem and not the entire thing.

Put a deadline on the time to build to provide boundaries to the MVP.

Calculate the cost to maintain the product in addition to building it.

Design it so you can add more features later such as a software interface that allows for additional features.

Consider how it fits into your user’s workflow and exactly what it must do.

Check with your proposed initial customers to see if they would buy what you plan to build.

Building a new product is hard so it’s best to break it down into phases and steps.

Consider these points for building your MVP.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

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What Is Product Management

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

Product management drives the development, launch, and ongoing support of the product.

Here’s a list of duties and responsibilities:

Research the market and customers for the proposed product.

Identify the customers' key care abouts and pain points. 

Size the potential market for the product. 

Develop a position in the market for the product given the competition.

Test the market with minimum viable products and test use cases.

Drive the development of the product by building out the features in a logical order.

Develop a roadmap for the life of the product.

Refine the vision for the product and its role in the market.

Continually review the product and refine the goals for it.

Product management is a strategic function in the business.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

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Product Roadmap

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

The product roadmap lays out the vision of the product at a high level.

It shows where the product is going and what must be done at each stage.

It’s a visionary goal to share with potential investors and customers.

In building your product roadmap consider the following:

Each version of the product should have a goal.  

Who is it for and why are we building it?

Align the team with each version of the product which will change from one stage to the next.

Include marketing for product upgrade launches based on major changes in the product. 

Target new customer segments with new releases.

Use the product in sales meetings with large prospective customers to help close the sale as some customers are looking to the roadmap to make a buying decision.

In product development the product roadmap guides architecture decisions.

It shows what requirements may be needed in the future that should be put in place at the architecture level.

Features that don’t make into an upcoming version of the product can be done in a future version. 

The product roadmap can be used as a competitive advantage.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

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Product Management Tools

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

Product management requires many skills and tasks to complete.

There are tools that help accomplish these tasks.

Here’s a list of tools to consider:

User tracking and analysis – there is embedded software that tracks and analyzes user behavior. 

This tells you what part of the product users spend the most time on and what they don’t.

Roadmap tools –these tracks features and interdependencies between features and creates roadmap slides to foster collaboration.

This helps in the planning process in which multiple parties must come to agree.

Customer survey tools – these are online surveys that gather customer feedback.

This provides feedback for planning roadmaps.

Project management tools – these tools track the project by developer and function.

This helps in tracking the development of the project in the case that the product manager is also the project manager.

A/B testing software – these software tools turn features on and off for specific users.

This helps in running A/B tests.

Heatmap tools – these tools track the user through a user session.

This shows what the user saw and where they went through the product.

Flowchart tools – this helps build flowcharts for mapping the customer journey.

This shows what the customer must do to complete their job and how the product helps them at each step.

Customer feedback and idea capture – this captures feedback from the users and prospects.

This helps in developing future versions of the product.

Consider these tools for your product management work.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

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Product Management Skills

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

Product management requires several skills to succeed.

Here’s a list of skills to consider:

Communication skills -- the product manager communicates verbally and in writing with prospective users, customers, developers, and management.

This comes in the form of planning the product, gathering feedback on the current version, and proposing next step features.

Collaboration skills -- the product manager must align the objectives of several competing groups to come together.

This comes in the form of finalizing the specifications of the product, prioritizing features to include, and how to position the product in the market.

Technical skills -- the product manager must be able to understand the technology behind the product and its application.

This comes in the form of writing case studies, identifying new features to build, and talking with customers about feedback on the product.

Business skills -- the product manager must be able to perform basic business skills such as market research, analysis, and projections.  

This comes in the form of crafting a forecast for the product, analyzing customer usage, and calculating profit and loss on a product line basis.

These are the basic skills needed for product management. 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

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Product Management in the Launch

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

The product manager plays a key role in the launch of the product.

Before the launch the product manager prepares sales and marketing.

This includes product training, competition analysis, and website content.

The goal of the launch is to establish an initial set of customers and grow the user base.

After the launch the product manager guides customer support to resolve user issues with the product.

This requires making updates to the product to fix critical issues.

The product manager works with the developers to define an upgrade plan for the product showing what features to include in each version of the product.

In addition, the product manager looks to increase revenue from the product through more users and upsells.

Also, reducing churn in the product.

The product manager aligns the product goals with the company’s strategic goals.

This includes building a loyal following among customers that burnishes the brand of the company.

The ultimate goal is to find product-market fit with the customer in which demand outstrips supply.

The product manager function changes over time and throughout the life of the product.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

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What Is a Certified Fraud Examiner

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

A certified fraud examiner (CFE) is a professional with credentials in fraud detection, deterrence, and prevention.

A CFE performs fraud examinations and reviews compliance.

They gather evidence, capture statements from the persons involved, generate reports, and testify to the findings. 

They coordinate the investigation with the authorities and work with them to recover the missing funds. 

In addition CFEs can design anti-fraud programs. 

Many work as compliance specialists with companies.

Companies hire CFEs to identify causes of fraud and recover losses.

CFEs run fraud examinations to see if fraud occurred, who was responsible and how much money was stolen.

Actions from a fraud investigation begin when a complaint is filed.

The defendant is given a time frame to respond to the allegations.

Financial fraud is defined as an intentional act resulting in financial misstatements.

Examples include improper revenue recognition such as fictitious revenue. 

Fraud investigations take up to two months to run. 

Consider using a certified fraud examiner in your case.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_________________________________________________________

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How To Recover From a Bad Investment

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

If you invest long enough you’ll make a bad investment.

Here are some causes for a bad investment:

Overpaying for the startup through too high a valuation.

Making a snap decision on just a few factors such as the team or the market.

Failing to perform thorough due diligence.

Here are some tips for how to recover:

Let it go and move on.

Don’t let a bad startup investment get you down.  

Remember, it happens to the best of us.

Reflect on what went wrong and where did you make a mistake.

Reassess your process. 

What should you change to not make the same mistake again?

Finally, don’t beat yourself up.

Look to the future and remember the lessons learned from this experience.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_________________________________________________________

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How To Manage Retaliation

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

Retaliation is when a manager takes adverse actions against a whistleblower.

This could be in the form of termination, reduction in salary or loss of benefits.

Retaliation laws make it illegal for a manager to retaliate against an employee who blew the whistle.

This includes potential, current and past employees.

Retaliation claims are separate from whistleblowing claims.

There are retaliation laws around each area of the business including fraud by employers, securities fraud, federal fraud and more.

You must prove that the whistleblower laws apply to your case. 

That the manager knew about your activities.

That your manager took adverse action because of it.

That you suffered from adverse actions.

One can claim adverse actions by the manager by either direct or indirect evidence.

Anti-retaliation laws vary depending on the type of fraud in question.

Time limits range from a few days to up to six years depending on the situation.

Each state provides a different path for filing for retaliation claims.

It’s best to use an attorney to navigate through the complex laws.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_________________________________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

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How To Keep Your Job After Whistleblowing

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

Keeping your job after whistleblowing can be a challenge. 

Consider these steps to protect yourself:

Retain an attorney to advise on the legal ramifications.

Keep notes about calls, meetings, actions, and any retaliations from managers.

Keep a copy of your performance reviews, work policies and procedures.

Capture evidence and keep it in a secure place offsite from work.

Make note of your treatment compared to the company policies.

Consider remaining anonymous before whistleblowing if that’s an option.

Find out if others are aware of the fraud and want to do something about it.

They could be witnesses in a trial case.

Retaliation claims have time limits so maintain awareness of those.

There are many protections to whistleblowers but it’s best to protect yourself with these steps.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_________________________________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

Check out our other podcasts here: https://investorconnect.org/ 
For Investors check out: https://tencapital.group/investor-landing/ 
For Startups check out: https://tencapital.group/company-landing/ 
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Best Practices for Whistleblowers

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

Many people have become whistleblowers.

Here’s a list of best practices based on their experience:

Find a lawyer before you become a whistleblower.

Choose one carefully after proper research and one that works on a contingency basis.

Maintain anonymity throughout the case and for as long as possible.

Gather as much information as you can about the case before submitting it.

Set aside time for the process as there will be many calls and meetings.

Keep the case confidential and don’t talk with anyone other than your attorney and the authorities about it.

It’s important to move quickly on cases as evidence can disappear.

The longer you wait the harder it will be to make the case stick.

Don’t let the size of the company or the status of the perpetrator dissuade you from blowing the whistle.  

Most often you have a strong case and the authorities have tools to bring about justice.

Consider these points in your whistleblower case.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_________________________________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

Check out our other podcasts here: https://investorconnect.org/ 
For Investors check out: https://tencapital.group/investor-landing/ 
For Startups check out: https://tencapital.group/company-landing/ 
For eGuides check out: https://tencapital.group/education/ 
For upcoming Events, check out https://tencapital.group/events/  

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What You Should Know About Whistleblowing

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

Whistleblowers provide information to the authorities to help stop fraud.

Here’s what you need to know about whistleblowing:

There are multiple laws around whistleblowing so you should know the relevant laws for your situation.

Whistleblowers are portrayed as downtrodden outcasts by the media which is rarely the case in reality.

There’s no guarantee that your claim will win even if fraud actually occurred.

It’s best to use an attorney to file the claim and shield your identity from the public.

Whistleblower laws have statute of limitations so it’s important to know those limitations in your case.

Anyone can be a whistleblower and not just US citizens.

The laws continue to change and develop in this area so it’s important to keep up to date with the latest rules.

Winning a whistleblower case can provide monetary rewards which have increased over the past years.

Consider these points for any fraudulent activity you see.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

Check out our other podcasts here: https://investorconnect.org/ 
For Investors check out: https://tencapital.group/investor-landing/ 
For Startups check out: https://tencapital.group/company-landing/ 
For eGuides check out: https://tencapital.group/education/ 
For upcoming Events, check out https://tencapital.group/events/  

For Feedback please contact info@tencapital.group   

Please follow, share, and leave a review.

Music courtesy of Bensound.

• Website: Roots Funding Inc
• Email: m.judge@rootsfundme.com