Insights for Growth
Product Advisory and Consulting: Overview
Building a good and scalable product is the dream of many founders. And rightly so as the good product allows the founder to serve a large customer base at scale and accrue the riches of his / her effort in a short period of time. However, building and scaling a product takes time, effort, and skill; and start-ups (and sometimes established enterprises) often need external help to fine-tune their Product Development and Go-To-Market strategies.
Read on more to understand how Flument’s advisory services can help start-ups (and enterprises) achieve and improve product traction in a structured manner.
Attain and Maintain Product Traction over a long duration!
Product-Market-Fit, means being in a good market with a product that can satisfy the market.
– Marc Andreessen
Product-Market-Fit (PMF) is one of the most discussed topics in the start-up world. Whether you are building a new product or raising funds for scaling the business, most founders (and investors) are keen on achieving Product-Market-Fit, as early as possible. But sometimes things that look easy are difficult to achieve, and building product traction can often frustrate the best founders and product managers.
Being in a good market, requires deep understanding of the customers problems. Building a good product invariably requires a good knowledge of the technologies (and processes) to solve the customer problem. Sometimes there are customer problems, that cannot be solved with present technologies. And sometimes though technologies are available, the market is too early (or late) for the product to gain traction. To build a product that can satisfy the market, and generate returns for the enterprise, usually requires lot of thinking & effort.
Need for Expert Advisory for Building and Scaling Products
Various statistics have affirmed that 9 out of 10 start-ups fail. Of this approx. 30% start-ups fail even after raising Series A. Why is it that many start-ups that go through multiple rounds of due diligence and fund-raise, and that are overseen by competent engineers and managers failing to make the cut?
The most prominent reason for Product & Start-up failures, was attributed to lack of Product-Market-Fit and Product Traction.
However, PMF is not a static event. If you look around, the world’s best products are always in a state of PMF, reaping the benefits of customer acceptance and market adoption for a long period of time. Flument’s PMF Advisory helps companies to attain Product-Market-Fit in a faster time-frame and maintain PMF over a long duration of time.
Flument’s Product Advisory Framework
After studying scores of successful start-ups, and leveraging years of experience in product development, go-to-market, and sales & marketing domains; the Flument team has developed a framework to achieve product traction in a structured manner. The below diagram summarizes Flument’s approach to product development and building product traction.
By constantly validating product hypothesis and ongoing traction against relevant parameters, this framework can help both start-ups and enterprises attain and maintain product traction in a measurable and transparent manner.
Some highlights of the Flument Product Advisory Framework
We have summarized some of the highlights of the Flument framework below.
❖ Start Product Development, ONLY after validating market need. Through our quick and in-depth market assessments and customer surveys, Flument can help your team avoid expensive reworks / pivots at a later stage.
❖ Visualize your product and take early feedback from all stakeholders. We provide advisory and help founders and product managers finalize product UI-UX that helps in faster customer adoption among the target segments. However, for product teams with shortage of UI-UX resources, we offer design consulting services through our experienced designers, who are adept at creating screen-to-life mock-ups and wireframes. These mock-ups can generate excitement and anticipation, among your internal stakeholders and external customers; but also help in gaining valuable feedback before you embark on product development.
❖ Continuously test the Value Proposition, Channels, Pricing and Monetisation with relevant metrics. Through our Scorecards and Benchmarking tools, we help Founders and Product teams continuously test and fine-tine important product and go-to-market aspects, for faster customer adoption.
❖ Complete Product Development in a structured and time-bound manner. We offer advisory services on feature planning, product road maps, development process etc, to help product teams deliver outstanding products that delight target customer segments.
❖ Execute Product Marketing Collaterals, and GTM Strategies to scale the product. We also offer advisory and execution services in creating and refining product-marketing collaterals including sales decks, case studies, web articles, explainers etc.
Talk to us for more details!
Flument’s Product Advisory can help your enterprise with the right inputs and insights for managing product traction from inception to maturity.
Please contact us with your requirement, and our team will then set up an exploratory online meeting, to take you through Flument's Advisory and Consulting engagement models.