If we had the perfect handbook for everything, life would have been so much sorted. So, let’s talk about what you and many more startups can do in today’s market. There are so many untapped areas where you can excel by capitalizing the early phase. The question arises, where is that unexplored region? Well, this is where NASSCOM comes into picture.
For any individual who is planning an entrepreneurial venture or has already taken a plunge into the stormy world of entrepreneurs will be familiar with NASSCOM Product Conclave that was held in Bengaluru on 26th October 2016 with the purpose of getting Indian and Global leaders, investors and budding entrepreneurs under the same roof.
The event saw many big names who have excelled in their individual businesses. There were many sessions that were held that imparted knowledge to entrepreneurs and made them confront the perils of being in the market and how to safeguard against them.
“Scaling the product involves self-expression, E-commerce and good customer support. Branding the product goes with fan communication, media agencies and communication channels”
As NASSCOM has always been about aiding startups and providing a platform to them, there were many sessions that were conducted keeping the same idea in mind and as an entrepreneur, I had my own takeaways from the session that were held in the two day event.
Building Global Products from India
- To make the product fit in the market, efforts should be put in.
- Service oriented products need clear definition of the organization’s responsibilities.
- Be customer centric.
- Customer driven product growth and the road map.
- Push sales needed for small ticket-size products.
- Base large-ticket size products and solutions close to the customers.
If there is geographical distance between you and the customer, then building trust is very crucial. Some key ways to build trust are:
- Provide Insurance: Done by Fusioncharts, by creating a licensing model that included source code.
- Authority Figures: Getting a famous client or partner on board. Done by Robosoft, by pointing to Apple as a client.
- Association: Associating with large players. Done by Uniphore, to crack a deal by showcasing backing from large VC investors and their financial strength.
Culture has its own crucial role in sales and product ideation. People from various backgrounds come up with phenomenally dynamic product ideas.
The Ultimate Survival Strategy
“Never ask what people want, just give it to them”, Steve Jobs.
The challenges and opportunities for designing and marketing products in India —
India represents a huge opportunity and we should use it to the best of its abilities, take risks and be bold to take up the design space and as opposed to India, China has 70%-80% self-furnished vehicles. Government must take up the responsibility to help talent to grow out of there shell in India. Roadblocks for a good design should be removed for succeeding in the global market and for doing that skill development is essential.
The Future of App growth: Driving Conversions beyond the install
Think beyond installation, emphasize more on what user does after the installation and analyze it. Captivate the audience with creatives of the app. Since videos are time exhaustive many companies hesitate but the fact that videos have an 80% more conversion rate and should not be avoided. Select a target audience from your previous lot to re-engage and get customers to fill their profile via moderate reminders.
Experiment, analyze and iterate:
- Don’t wait for the best design.
- Use best created design and iterate on the go.
- Invest in good analytic tools.
- Get a host of intelligent data.
Product Management during War and Peace Session
- Peace time is like preparing for War time and you must be at war to achieve peace, said Sridhar Iyengar, Vice President, Project Management, Zoho. While war time is about taking quick decisions, peacetime is about long term planning.
- Sentamu Bhattacharya, SVP, Delhivery, emphasized that during the War time, product managers must be like water and fill the cracks. Matrix prioritization and taking quick decisions are major things during war time and at the end it is a mind game.
- The ability to run a lot of small experiments and learning from them is important during tough times. During tough times the product manager should focus on the customer needs. Product managers should also listen to their intuition along with data analysis.
- A product manager should be creative and adaptable to both wartime and peacetime.
- A product manager should be a problem solver, creative and should have a very strong personality.
Crux of this event was to provide stage to the brightest breeds of Indian entrepreneur who can take a few lessons on how to be street smart, have a knack for being a good product manager, how to create a product keeping in mind the global standard of the world market and how to keep their vision dynamic with innovation. NASSCOM product enclave has been a game changer for startups, the guiding light which imparts valuable knowledge to the crowd in need of it.