7 value attributes of your product

Breakthrough products are driven by a complex combination of value attributes that connect with people’s lifestyles. If you are conceiving a new product, you must conduct a value opportunity analysis that evaluates the current state of products against seven major attributes of value, in the market where the new product requires significant improvement. This is an essential step in any new product development. Failure to thoroughly and thoughtfully complete this phase will have a negative impact down the line. Read the full post HERE

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Economics of your startup

Usually entrepreneurs describe their products & services as they see them. It’s important to describe them from your customers’ point of view. Look the difference between features and benefits of your product/service, and think about them. You need to build features into your product so that you can sell the benefits. You also need to think hard and strategize on what after-sale services you will be giving? Some examples can be delivery, guarantee/warranty, service contracts, support, follow-up, and refund policy. Read the full post HERE

Product Strategy

A successful product must connect with the personal values of targeted customers. A product experience includes the expression of the product and the interaction with the product. The three main ingredient of any product are, 

  1.  Usefulness of the product that enhance or ease some activity or process
  2.  The product is easy to use and remains consistent in use throughout its expected life
  3.  Desirability of the product.  

Read the full article here

Pricing Strategy for your Startup

Pricing your products/services is not only a key to your sales success but also for the health of your Startup.  Both high and low prices than optimum will hurt your business. High prices in the beginning may throw you out of the game, and low prices will cost you more. So you must charge enough to make a profit while being in the game. A well thought-out pricing strategy takes some effort but is worth the time spent.

Read the full article at: http://www.stratessence.com/blog/pricing-strategy-for-your-startup/

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