How to create a product that people will buy?

how to create a product that people will buy?


After finishing my Indian Institute of management Kozhikhode’s Executive Management Programme, I was really looking forward to applying the knowledge and the skills. One of the areas that sounded interesting to me was product management. So, I enrolled into Indian school of business’ product management programme.

Currently, I am going through it, and I have been super excited from the new learnings. While I was doing research on a topic, I ran into a YouTube video from Harvard innovation labs by speaker Michael Skok about value proposition. I loved the learnings from it and if you are interested in product that not only sells but also resonates with your audience? Then you will love the learnings I am going to share here.

1. The Cornerstone of Success: Importance of Value Propositions

Compelling value proposition is the secret sauce, which is a solution that solves a problem that’s valuable for your customers. This factor itself is the heartbeat of your business!

2. Tailoring Your Value Proposition: Know Your Audience

It is critical to know who is facing the problem you are resolving i.e. target audience who will be benefited most by this solution. Understanding your target audience is like having a GPS for your business journey. By pinpointing their specific needs, you can craft a value proposition that hits the mark.

3. Crafting Winning Value Propositions: Frameworks

I really admire the 4Us framework shared by Michael in the video. Its great way to verify if a problem is worth solving in the form or product or a service. Ask if a problem you are trying to solve meets the criteria of one of the Us as below:

  • Unworkable– e.g. the challenge faced by new iPhone users when the device first launched. Users struggled with activating their phones and accessing iCloud services for contacts and calendars, leading to widespread dissatisfaction leading changes within Apple and in industry.
  • Unavoidable– e.g. the impact of the COVID-19 pandemic, which led to widespread adoption of masks and health safety measures, demonstrating how certain health challenges are unavoidable.
  • Urgent-e.g. the menopause problem in mid-age women, which was being driven by one of the groups as innovation project in the video, for women undergoing the symptoms its urgent.
  • Underserved-e.g. the Kenyan coffee market, where Kenyan consumers, particularly those with lower incomes, could not afford Kenyan coffee products and had to resort to cheaper alternatives. This situation indicated a gap in the market where the local population’s needs for affordable, quality coffee was not being met.

So, if answer to the U question(s) is yes, then it’s a problem worth solving.

4. Tapping Into Hidden Desires: Latent and Aspirational Needs

Another important aspect deals with latent needs of the customers as an example iPad which started as a nice-to-have product but gradually became a must-have product hence discovering and understanding the latent and aspirational needs can transform your product from a want to a need.

5. The Ecosystem Effect: Dependencies and Integration

Understanding your customer’s existing ecosystem is crucial e.g. when we think about EV (electric vehicles) we must also consider its dependency on availability and accessibility of charging stations. The convenience and practicality of having an EV is significantly diminished, if there is no network of charging stations. Therefore, customer may not opt for EV (buying or renting) due to such concerns, especially for long trips.

6. Standing Out in a Crowded Market: The 3D Breakthrough

Achieve market differentiation with a 3D breakthrough – disruptive, discontinuous, and defensible products. That’s how you break through the noise and capture attention. Disruptive innovations fundamentally change market dynamics, making products more accessible. Discontinuous innovations represent significant technological leaps, creating new markets or altering existing ones. Defensible products have a sustainable competitive edge, often through unique technology or strong brand identity. This strategy is pivotal for companies seeking leadership and innovation in their industries.

7. The Ultimate Test: Evaluating Business Viability

Finally, does your value proposition have legs? Assess its viability with the ‘gain/pain ratio,’ this is an important evaluation tool for product viability, balancing customer benefits (gain) against costs or difficulties (pain).

A successful value propositions typically offers high gains compared to pains, therefor enhancing customer appeal. This ratio guides product design, focusing on enhanced benefits and minimize drawbacks in it. It’s most helpful in decision-making regarding prioritization of features, pricing strategies, and marketing. More focus on maximizing user benefits while addressing potential inconveniences. This is crucial for businesses to develop products that customer would love and resonate with, ensuring greater customer satisfaction and product adoption.

Call to Action

Inspired to turn your idea into a success story? Share your thoughts or ask questions in the comments below. Let’s start a conversation and keep the innovation train moving!


Reference : https://youtu.be/q8d9uuO1Cf4?si=ekys7Py8V9cxVFle

Conversational AI Platforms of 2024

conversational AI


In the dynamic world of digital customer service, AI conversational platforms are redefining how businesses interact with their customers. Last year we witnessed remarkable advancements in this field, with platforms offering unprecedented levels of personalization, efficiency, and user engagement. In this blog post, we’ll explore the top 11 AI conversational platforms that are leading the charge in transforming customer experiences.

1. SurveySparrow: Redefining Conversations

SurveySparrow’s no-code chatbot is a game-changer in the AI conversational space. This platform stands out for its natural conversation style, enhancing customer experiences. Key features include an AI survey builder, conditional logic branching, and real-time data analysis, making it a top choice for businesses looking to improve customer engagement.

2. IBM Watson Assistant: The Complete AI Solution


IBM’s Watson Assistant is a comprehensive conversational AI platform, designed to enhance brand loyalty and transform customer experiences across various channels. Its seamless bot-to-human agent transition, voice capability, and predictive analysis features make it a robust tool for personalized customer support.

3. Feedyou: Tailored AI Solutions

Feedyou offers distinct AI solutions for HR, sales, and customer support teams. Its no-code platform, powerful analytics, and data security make it ideal for businesses seeking to streamline processes while maintaining high levels of customer satisfaction.

4. Replicant: Voice Conversational Mastery
Replicant specializes in voice assistant capabilities, efficiently handling customer queries through voice interactions. Its quick response times and real-time call monitoring set it apart in the market, providing businesses with an efficient tool for customer communication.

5. Cognigy: Global Customer Engagement
Cognigy’s platform excels in handling diverse customer demographics and languages. It offers human-like digital agents and scalable solutions, aiming to improve overall customer satisfaction with its detailed analytics functionality.

6. ConvyAI: Omnichannel Customer Experience

ConvyAI stands out for its omnichannel approach, ensuring seamless customer experiences across various channels. Its features include context-aware transitions, personality customization for bots, and the ability to serve a large number of customers simultaneously.

Refer: https://youtu.be/-wE_1zn6XwY?si=QpoJyomgArB3TKSu

7. ServisBOT: AI and RPA Combined

ServisBOT integrates AI with robotic process automation to offer a unique customer interaction experience. It allows for multiple bot deployments and supports a variety of AI engines, catering to different business needs.

8. Senseforth.ai: Industry-Specific AI Models

Senseforth.ai boasts industry-specific AI models, catering to sectors like banking, insurance, healthcare, and more. Its powerful NLP capabilities and comprehensive bot store make it a versatile choice for businesses looking for tailored AI solutions.

Refer: https://youtu.be/wutRAonU3O0?si=sxdqSofjpmXvzhNm

9. Amazon Lex: The Power of Amazon’s AI

Amazon Lex, part of Amazon’s Alexa ecosystem, offers a robust platform for creating conversational interfaces. Its deep learning technologies, seamless integrations, and high-grade data security make it a formidable player in the conversational AI market.

10. Microsoft Bot Framework: Integration at its Finest

Microsoft’s Bot Framework is known for its extensive integrations within the tech ecosystem. It provides scalable solutions, enterprise-level data security, and a range of cognitive services, making it a go-to choice for businesses in travel, banking, and entertainment.

11. Avaamo: Advanced AI Technologies

Avaamo utilizes the latest in neural networks, speech synthesis, and deep learning. It’s known for its quick deployment, enterprise-grade security, and the ability to handle complex conversational AI needs.

Conclusion:
The AI conversational platform landscape in 2024 is diverse and innovative. Businesses seeking to enhance their customer interaction and engagement have a plethora of options, each offering unique features and capabilities. From voice assistants to no-code chatbots, these platforms are at the forefront of revolutionizing customer service and engagement. Embracing these technologies is key to staying competitive and delivering exceptional customer experiences in today’s digital world.

Investment Philosophy of Warren Buffet

Warren Buffett, often hailed as one of the greatest investors of all time, has a set of investment principles that have guided his decisions and led to remarkable success. Understanding these principles offers valuable insights for anyone looking to navigate the complex world of investing. In this blog post, we’ll explore Buffett’s key investment strategies and delve into some compelling case studies that exemplify his approach.

The Tenets of Buffett’s Investment Philosophy

  1. Value Investing: Buffett’s cornerstone principle is to focus on companies that are undervalued compared to their intrinsic worth. This strategy involves meticulous analysis to find stocks trading for less than they are fundamentally worth, a tactic ensuring long-term value.
  2. Long-Term Perspective: He advocates for a long-term investment horizon, steering clear of short-term market trends and speculation. This approach is grounded in patience and the understanding that real value compounds over time.
  3. Strong Business Fundamentals: Buffett prioritizes companies with robust profit margins, efficient operations, and solid financials. A strong financial foundation is key to weathering market volatility.
  4. Competitive Advantage: He prefers businesses with a sustainable competitive advantage, or a ‘moat,’ which helps them stay ahead of the competition. This moat is a protective barrier against market forces.
  5. Quality Management: The importance of competent, trustworthy management cannot be overstated in Buffett’s strategy. He looks for leadership that acts in the best interest of the company and its shareholders.
  6. Pricing Power: Businesses that can increase prices without significant loss of market share are attractive to Buffett. This power indicates a strong brand and customer loyalty.
  7. Risk Avoidance: A cautious approach towards excessive debt and high operational risks characterizes Buffett’s strategy. He avoids industries prone to uncertainties.
  8. Reinvestment of Profits: Companies that effectively reinvest their profits for growth catch Buffett’s eye. This reinvestment is a sign of a company’s commitment to long-term success.
  9. Simplicity: Investing in businesses that are easy to understand allows for better decision-making and risk assessment.
  10. Shareholder-Oriented Companies: Buffett prefers companies managed in the interests of shareholders, indicating a business that values investor returns.

Case Studies of Buffett’s Strategy in Action

GEICO: Buffett’s investment in GEICO showcases his value investing approach. Initially perceived as an expensive stock, Buffett recognized its potential, especially with its direct-to-consumer model that significantly lowered costs. His early investment and eventual acquisition of GEICO highlight his ability to spot undervalued companies with high growth potential.

See’s Candies: The acquisition of See’s Candies in 1972, at $25 million, underlines Buffett’s focus on quality and brand strength. With its strong brand and customer loyalty, See’s Candies had the pricing power, a key attribute Buffett looks for in an investment. This investment has since generated substantial returns, illustrating the power of investing in quality businesses.

Nebraska Furniture Mart: The purchase of a stake in Nebraska Furniture Mart in 1983 emphasizes Buffett’s preference for businesses with solid fundamentals and a strong local reputation. The company’s impressive growth trajectory and foundational business principles align perfectly with Buffett’s investment philosophy.

Conclusion: Lessons from Buffett’s Approach

Warren Buffett’s investment principles are a blend of discipline, patience, and a keen eye for value. His strategies emphasize long-term growth, fundamental strength, and intrinsic value over short-term speculation. By studying these principles and case studies, investors can glean valuable lessons on building a successful investment portfolio.


Note: The information provided in this blog post is for educational and informational purposes only and should not be construed as financial advice.

Exploring Google’s AI Revolution: Bard and Gemini Unveiled

AI

Google has recently introduced two groundbreaking generative AI models: Bard and Gemini. In this post, we’ll delve into their features, capabilities, and potential impacts on our digital world.

Google Bard: Conversational AI Redefined

CNET Highlights-Bard
  • LaMDA-Powered Brilliance: Bard is an experimental conversational AI, deriving its intelligence from LaMDA. It’s designed to blend extensive world knowledge with the sophistication of Google’s language models.
  • Simplifying Complexities: Imagine explaining NASA’s latest discoveries to a 9-year-old; Bard does this effortlessly. Its ability to simplify intricate topics makes it a game-changer in AI communication.
  • Lightweight yet Powerful: Initially employing a less resource-intensive model, Bard ensures scalability and extensive user engagement.
  • Integrating AI in Search: As part of Google’s vision, Bard enhances search functionality, paving the way for a richer, more interactive information retrieval experience.
  • Future Prospects: Bard is set to evolve with inputs from developers and creators, signaling a dynamic future for conversational AI.

Google Gemini: A Multimodal AI Phenomenon

  • A Multifaceted Marvel: Gemini, Google’s most versatile AI model, excels in processing and integrating diverse data types – text, code, audio, visuals, and video.
  • Optimized for Versatility: Available in three variants – Ultra, Pro, and Nano – Gemini is tailored for tasks ranging from complex computations to on-device applications.
  • Benchmark-Breaking Performance: Gemini Ultra has made headlines by surpassing human expertise in language understanding and excelling in numerous academic benchmarks.
  • Enhanced Multimodal Reasoning: With its nuanced understanding of mixed data types, Gemini is adept at tackling intricate subjects, making it a potent tool in fields from science to finance.
  • AI with Responsibility: Google’s commitment to ethical AI development is embodied in Gemini, undergoing rigorous safety and bias assessments to ensure responsible deployment.

Integration and Accessibility

  • Empowering Bard with Gemini: Bard will harness Gemini Pro’s advanced reasoning abilities, marking a significant upgrade in conversational AI.
  • Bringing AI to Smartphones: Google’s Pixel 8 Pro will be the first to feature Gemini Nano, enhancing functionalities like summary generation and smart replies.
  • Availability to Developers: Google is opening the doors for developers to access Gemini through its AI Studio and Cloud Vertex AI, fostering innovation and creativity in AI applications.

Conclusion

Google’s Bard and Gemini are not just advancements in AI; they represent a leap towards a future where AI seamlessly integrates into our daily lives, enhancing how we interact with technology. As these models evolve, we anticipate a transformation in the AI landscape, offering unprecedented possibilities in various sectors.