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Why Your Customer Isn’t Using That Feature
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Creating new features for your SaaS product is exciting. We hope that what we’re spending time building will be loved by everyone, but far too often it isn’t. On this topic, have you experienced any of the following? When it comes to conversations about further developing your product, customers will make a lot of feature requests. This…
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An Exercise in Pricing Your Product: Measuring the Impact of the Expensive Problem
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Establishing pricing for your product business can feel like a real guessing game, but it shouldn’t be that way. Most product companies do not go about pricing their products the right way. In the process of selling your product have you ever experienced any of the following? If so, you’re not alone. This happens to everyone building…
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The Definition of Insanity (In The Product World)
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There are countless pitfalls to watch out for when trying to build a successful product business. Some are obvious, while others most certainly are not. One of the least obvious pitfalls to watch out for is something called the capability trap. Have you ever found yourself trying a product strategy that seemed to work previously that…
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Get Good At Being Green
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In the world of building product businesses, being an expert is a disadvantage. If you consider yourself an expert in your craft, think long and hard about your answer to the next question. When was the last time you were wrong? If it’s been awhile, then you may be experiencing a symptom of a larger…
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Base Your Product Strategy On a Problem NOT an Idea
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Many product businesses are born from ideas NOT problems. This is one of the reasons why the vast majority (9 out of 10) of product businesses fail. Why does this matter? It’s simple – if you start with an idea, it may not solve a problem and if your product business doesn’t solve a problem then…
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Why You Need to Listen to ALL of the Feedback From the Market
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Polaroid was a very early success story of high-tech in America. When it came to photography, Polaroid developed a dramatically different experience from the next best option at the time, which included taking photos and storing them on reels of film only for them to be developed days or weeks later. With a Polaroid camera, you could…
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What the Chernobyl Disaster Can Teach Us About Building a Great Product
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Less than two months before the nuclear disaster at Chernobyl, the Ukrainian Minister of Power proclaimed that odds of such an event happening were 1 in 10,000. Experts believed that such an event wasn’t possible. Clearly they were wrong. To build a successful product business, you must become an expert in all things industry related.…
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How Sunk Costs Can Sink Your Product Business
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You are in charge of developing a new type of car. The project will cost $5 million dollars to develop. After you’ve spent $4 million dollars and made 80% of the progress, news comes out that a better car has just been brought to market, rendering your car all but obsolete. What do you do at this…
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Why We Build Products Around Many Customers (and Not One)
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Do any of these sound like your product company? In the world of building SaaS businesses, it’s actually quite easy to find yourself in one of these situations. When the requests for new functionality start pouring in, it can be hard to say no. However, if you don’t, your backlog will quickly become an unmanageable mess. …
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Why Your Busy Team Isn’t Getting Much Done
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Everyone at this product company is always busy, but we keep falling short of our goals… I call this the ‘hamster-wheel’ problem. Everyone on your team is busy doing lots of stuff, but you’re not getting any closer to the success you need for your product company. This problem happens when you and your team…
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