{"id":16407,"date":"2019-05-07T13:37:40","date_gmt":"2019-05-07T13:37:40","guid":{"rendered":"https:\/\/productcollective.com\/?p=16407"},"modified":"2019-06-17T03:30:38","modified_gmt":"2019-06-17T03:30:38","slug":"playing-to-your-advantage-when-building-a-new-product","status":"publish","type":"post","link":"https:\/\/productcollective.com\/playing-to-your-advantage-when-building-a-new-product\/","title":{"rendered":"Playing to Your Advantage  When Building a New Product"},"content":{"rendered":"<p><strong>The following insights were gleaned from a presentation at INDUSTRY given by Rohini Pandhi of Square&nbsp;<a href=\"https:\/\/twitter.com\/rohinip?lang=en\">@RohiniP<\/a>.&nbsp;<\/strong><strong>Download <a href=\"https:\/\/producttactics.com\/vol1\/\">Product Management TACTICS eBook<\/a> for more.<\/strong><\/p>\n<p>Just like a game of chess, getting to product-market fit takes a series of strategic steps and focused execution (along with a little bit of luck). Rohini shares best practices for iterating on your product, eliminating tempting distractions, and building value that resonates with your customers.<\/p>\n<p>The most important quality of a Product Manager is to take a lot of data from multiple sources and turn that information into a usable tool. It\u2019s all about prioritizing. If everything is a priority, nothing is a priority.&nbsp; Of course, the types of data and the actual sources that are most valuable will vary from company to company.&nbsp; So it\u2019s important to establish a framework, but one that works for your business.<\/p>\n<p>When you actually start building a new product, though &#8212; don\u2019t be afraid to fail.&nbsp; In fact, failing will often help ensure that you don\u2019t become fragile.&nbsp; Being fragile causes you to have a bias to not change.&nbsp; The problem with this, though, is that the world doesn\u2019t stay the same for long.&nbsp; It\u2019s important to keep iterating and taking different approaches to adapt with the world.&nbsp; If you can be open to the possibility of failing, though, you can take the chances that are necessary.&nbsp; If you do fail, your lack of fragility will allow you to dust yourself off and just keep going.<\/p>\n<p>When you are marketing your new product, pay attention to the world your customers live in.&nbsp; Communicate your benefits in ways that your customers are used to.&nbsp; For instance, Square noticed that many of their corporate customers were used to paper invoices.&nbsp; They sent these invoices via mail.&nbsp; So, when creating a product marketing strategy for Square\u2019s invoice product &#8212; it didn\u2019t simply have an approach that included web and social marketing only.&nbsp; It actually created physical marketing one-sheets.&nbsp; Why?&nbsp; Square\u2019s customers were used to living in this \u201cpaper world\u201d when it came to invoices.<\/p>\n<p>When onboarding customers for your new product, use a funnel strategy to get customers, keep customers, and grow usage. Create a timeline for how you want customers to come into contact with your product at every stage you can imagine.&nbsp; When did they first even learn about your product?&nbsp; When did it catch their interest?&nbsp; When was a purchase decision made?&nbsp; All of this should be included in a robust funnel.&nbsp; Square\u2019s funnel strategy involves building awareness, onboarding, driving engagement to keep the customers around, and promoting referrals.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The following insights were gleaned from a presentation at INDUSTRY given by Rohini Pandhi of Square&nbsp;@RohiniP.&nbsp;Download Product Management TACTICS eBook for more. Just like a game of chess, getting to product-market fit takes a series of strategic steps and focused execution (along with a little bit of luck). Rohini shares best practices for iterating on [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":16465,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Playing to Your Advantage When Building a New Product - Product Collective | Organizers of INDUSTRY: The Product Conference<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/productcollective.com\/playing-to-your-advantage-when-building-a-new-product\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Playing to Your Advantage When Building a New Product - Product Collective | Organizers of INDUSTRY: The Product Conference\" \/>\n<meta property=\"og:description\" content=\"The following insights were gleaned from a presentation at INDUSTRY given by Rohini Pandhi of Square&nbsp;@RohiniP.&nbsp;Download Product Management TACTICS eBook for more. 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Rohini shares best practices for iterating on [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/productcollective.com\/playing-to-your-advantage-when-building-a-new-product\/\" \/>\n<meta property=\"og:site_name\" content=\"Product Collective | Organizers of INDUSTRY: The Product Conference\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/productcollective\" \/>\n<meta property=\"article:published_time\" content=\"2019-05-07T13:37:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-06-17T03:30:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/productcollective.com\/wp-content\/uploads\/2019\/03\/Screen-Shot-2019-05-07-at-9.36.55-AM.png\" \/>\n\t<meta property=\"og:image:width\" content=\"898\" \/>\n\t<meta property=\"og:image:height\" content=\"523\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Paul McAvinchey\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Paul McAvinchey\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/productcollective.com\/playing-to-your-advantage-when-building-a-new-product\/\",\"url\":\"https:\/\/productcollective.com\/playing-to-your-advantage-when-building-a-new-product\/\",\"name\":\"Playing to Your Advantage When Building a New Product - Product Collective | Organizers of INDUSTRY: The Product Conference\",\"isPartOf\":{\"@id\":\"https:\/\/productcollective.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/productcollective.com\/playing-to-your-advantage-when-building-a-new-product\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/productcollective.com\/playing-to-your-advantage-when-building-a-new-product\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/productcollective.com\/wp-content\/uploads\/2019\/03\/Screen-Shot-2019-05-07-at-9.36.55-AM.png\",\"datePublished\":\"2019-05-07T13:37:40+00:00\",\"dateModified\":\"2019-06-17T03:30:38+00:00\",\"author\":{\"@id\":\"https:\/\/productcollective.com\/#\/schema\/person\/f34ceda9eb6237e864633ca033061c0b\"},\"breadcrumb\":{\"@id\":\"https:\/\/productcollective.com\/playing-to-your-advantage-when-building-a-new-product\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/productcollective.com\/playing-to-your-advantage-when-building-a-new-product\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/productcollective.com\/playing-to-your-advantage-when-building-a-new-product\/#primaryimage\",\"url\":\"https:\/\/productcollective.com\/wp-content\/uploads\/2019\/03\/Screen-Shot-2019-05-07-at-9.36.55-AM.png\",\"contentUrl\":\"https:\/\/productcollective.com\/wp-content\/uploads\/2019\/03\/Screen-Shot-2019-05-07-at-9.36.55-AM.png\",\"width\":898,\"height\":523},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/productcollective.com\/playing-to-your-advantage-when-building-a-new-product\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/productcollective.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Playing to Your Advantage When Building a New Product\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/productcollective.com\/#website\",\"url\":\"https:\/\/productcollective.com\/\",\"name\":\"Product Collective | Organizers of INDUSTRY: The Product Conference\",\"description\":\"For people who build, launch and scale world-class software products.\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/productcollective.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/productcollective.com\/#\/schema\/person\/f34ceda9eb6237e864633ca033061c0b\",\"name\":\"Paul McAvinchey\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/productcollective.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/productcollective.com\/wp-content\/uploads\/2020\/12\/PLnHr3Hu_400x400-150x150.jpg\",\"contentUrl\":\"https:\/\/productcollective.com\/wp-content\/uploads\/2020\/12\/PLnHr3Hu_400x400-150x150.jpg\",\"caption\":\"Paul McAvinchey\"},\"description\":\"For over 20 years, Paul has been building and collaborating on digital products with fast-growing startups and global brands, including AOL and WMS Gaming. 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