Incubation India works as technology partner for startups and SME's. We provide end to end services for startup teams to build and manage their technology aspect of their products. We work closely with them to:
- Identify the problem addressed, in measurable terms
- Identify the right solution and feature set, with metrics that quantify success
- Identify the target audience
- Build the features in phases with initial target for a MVP (Minimum Viable Product)
- Launch it to target audience
- Track usage and make improvements, while working towards meeting the metrics that make the product successful
- Manage all aspects of product functionality to achieve business outcomes
- Manage the technology aspects of development and maintenance
We build, manage and enhance their IT products - systems / applications for managing sales, service or marketing activities. We build robust Operational/Business Support Systems (OSS/BSS), which we call Products, to manage customers, partners and even employees. These Products could include web portals or mobile apps for their customers, employees or even partners. Some of the transactions, but not limited, that these Products handle are lead management, invoicing, online or offline payments, orders, measure employee performance, partner performance, etc.
For a product to be successful, having the right problem, measuring and tracking its metrics are critical. If this sounds a bit greek to you, you can read more about Products below..
What is a Product?
Product includes all the non human-capital aspect of your core business.
Lets understand this better. Lets say you are an online ecommerce marketplace which allows sellers in selling their goods to end customers via your website.
So you will have a customer facing website, a vendor facing application through which they can add or modify their goods listed on your website, an msite for customers vising your website on browser of their phone, an android and iOS application for users to install. And then there is a software through which you manage your vendors, their listings, payments, invoicing, etc.
Each of these is a product - the website, the mobile app, the backend application - everything!
Product is what helps you run your business. And a lot of times, good products can make the whole difference in the success of a business. Think of a wrong product - your system does not helps you raise the invoice on time or inaccurately. Think of its implications. Or your vendors are not able to upload their listings on your website!
Products are critical for success of your business. Especially if technology is or can be an enabler in usage or helps in scaling up.
What is Product Management?
Product Management involves all the aspect of building and maintaining the product. We are strictly talking about products in the digital domain. For such products, product management includes:
- Understanding/analyzing what features to be built
- Detailing the features, the exact UI elements, the process behind, the users involved. Each specific has to be nailed down.
- Getting it built from developers. Involves writing requiement that developers can understand. Testing and Validation.
- Making the features available to customers.
- Monitoring usage to understand if usage is as planned or something has gone wrong.
- Managing the overheads of having systems, tools, hiring developers, product managers, software licenses, online servers, databases, security, maintaining version of code, fixing bugs, end user training if needed, etc.
- Google Adwords, SEO, Email Campaigns, SMS Campaigns
Most of these aspects of product management involve a good grasp of technology and the dynamics. Typically, a lot of startup founders may be new to these. We come to resue and take care of these activities till the core team can run it on their own.