Mahajan emphasizes the importance of solving the right problem at the right time to break the product death cycle. He shares his own experience with his startup, where a product they developed for a large multinational company failed because the company's priorities changed. He concludes that understanding the core fundamentals and truly grasping customer pain points is crucial for successful product design and development.
Key takeaways:
- Prashant Mahajan, a veteran product manager and founder and CEO of Zeda.io, discusses the common issue of product failure, stating that even products that don't fail often don't meet their target KPIs or customer needs.
- He refers to this as the 'product death cycle', a cycle where products struggle to gain traction despite being built based on customer feedback.
- Mahajan suggests that companies can avoid this cycle by better understanding their customers' pain points and developing products that solve the right problems at the right time.
- He shares a personal experience where his startup built a product for a large multinational company, only for the company to change their priorities after the product was developed, highlighting the importance of truly understanding customer needs and priorities.