Mindbowser. Inc organized this panel discussion.
The focus of the discussion was on ways how to brew magic beans in your product.
The participating panelists were:
Background:
You want your product to be the best it can be, and adding the right ingredients can help make that happen. There are many different things that you can do to find the right ingredients and brew them right. This can make a huge difference in the overall quality of your product.
In this panel, The industry-leading entrepreneurs and innovators discuss what their magic beans were and how they found them.
Chetana started with, “ The main challenge is the difference in the mindset. Service has a different mindset than a product. In the service space, once a service is given, your job is done, and you can forget about it, But when it comes to a product, it is more about the product’s life cycle. Finally, it comes to the customer, their positive feedback and retention are more important in the product space.”
Abhimanyu answered, “One thing we did, which was very different than a lot of companies even starting today, is we didn’t start product development for a very long time. We were talking to the customer. We went to several labs and hospitals in Pune.
We spent three to four months identifying the problem and what optimal product to build. Even after that, we pivoted the entire product three times in the next year. We started from scratch each time because we felt that it was not solving the problem.
Spending that time and exploring is how we decided to settle on a product. That’s how we found our Magic Bean.”
Satish said, “Knowing Your Customer is the biggest challenge in any product. I call it KYC. I use it to talk to my people. Knowing your customer is the biggest challenge as well as the biggest opportunity. Because if you know your customer better than your competitors, then you are the one who is going to lead the market.
Especially in B2B where multiple decision-makers are involved in the buying decision, you want to know each of these customers very well.”
Related Read: 8 SaaS Marketing Metrics That You Need To Track For Customer Success
Satish said, “The real challenge, especially in India, is to get the anchor customer. Today when we sell the product in the enterprises, you need that anchor customer who gives the validation and the trust in the ecosystem. If this guy is using it, that means the product is legitimate.
So my advice is yes, let’s go build the product, but let’s get that anchor customer who breaks that perception issue, the trust issue and the validation issue, and then once that is in place, I think a lot of things are in place.”
Jayesh replied, “Of course, the American customers. Because they understand, they are more mature in terms of a market. The US is more mature than India. So getting customers in India is also not very hard. But getting them to pay is much harder.”
The world has changed a lot over the last century, and in the past twenty years, two of the biggest changes we’ve seen have been the Internet and the mobile phone. These two technological revolutions have changed how we communicate, connect and do business.
However, as things have changed, as entrepreneurs, we still need to find new ways to reach customers, connect with clients and promote our business. We still need to find new ways to succeed. We still need to find and brew Magic Beans.
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