Published on January 24, 2014
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Today’s Speaker Moderator: Hector Del Castillo, AIPMM Presenter: Linda Merrick, CPM, ACPM, SPC Pivotal Product Management +1-425-806-6982 | 866-647-5397 email@example.com www.pivotalpm.com © AIPMM 2014 www.aipmm.com
The Missing P: PRODUCT Linda Merrick Pivotal Product Management LindaM@PivotalPM.com
What’s so different about “product”? “A project is by definition an endeavor to reach specific goals at a certain point in time with limited resources. It is temporary by nature. The goal of product management is not to reach a certain goal or deadline, but simply to keep the product in the market as long and as profitably as possible with limited starting resources. Before these starting resources are gone, the product should earn enough money to feed itself and grow.” Jens Coldewey | Apr 23, 2013 http://blog.cutter.com/2013/04/23/project-culture-product-culture-and-gaming-theory/ Emphasis mine © 2013 Pivotal Product Management, LLC 8
Project vs. Product © 2013 Pivotal Product Management, LLC 9
Short-term vs. Long-term Thinking • Project Manager: That’s going to be a problem down the road – but somebody else’s problem, not mine. • Product Manager: How will it affect profit to fix it now, vs. fix it later? • Project Portfolio Manager: How do I maximize value within this year’s budget? • Product Portfolio Manager: How do I invest to maximize value across our strategic horizon? © 2013 Pivotal Product Management, LLC 10
Whose job is it to think this way? – Which stakeholder is responsible for product/application strategy? – Which stakeholder owns the budget? © 2013 Pivotal Product Management, LLC 11
Two concepts missing from Project/Program/Portfolio Product Life Cycle Product Strategy © 2013 Pivotal Product Management, LLC 12
PRODUCT LIFE CYCLE © 2013 Pivotal Product Management, LLC 13
Sales/Value Product/Market Life Cycle Stage of product life cycle Introduction © 2013 Pivotal Product Management, LLC Time Growth Maturity Decline 14
PRODUCT STRATEGY © 2013 Pivotal Product Management, LLC 15
Align Development with Business Strategy • Product managers do this as core function • If you don’t have them, then you need to send folks to live and learn the business (why Product Owners were invented) 16 © 2013 Pivotal Product Management, LLC
Elements of a Product Strategy Statement Primary objective Key strategy for achieving the objective Target segments (or user groups) Target competitors (or alternatives) Positioning (how you’ll be better than alternatives) Marketing mix (4Ps) Required resources and functional programs © Pivotal Product Management, LLC 17
3. Cash Cow 2. Star • Identify customers & requirements • Innovate to meet market requirements & differentiate 1. Question Mark • Product & process development • Customer reaction Low Market Share High Boston Consulting Group Growth-Share Matrix High © Pivotal Product Management, LLC • Keep costs low • Control business relationships • Hold share & margins 4. Out to Pasture • Improve profit by cutting costs &/or gaining customers • Low innovation, plan for retirement Market Growth Low 18
PLC Stages & Strategies for Internal Applications Sales Volume (Revenue or Units) PLC Stage Introduction Growth Maturity Decline Time Phase Introduction Growth Maturity Decline Customer Goal Validate planned benefits Maximize benefit Minimize TCO Replace it Product Basic/MVP Build toward “complete” Reduce issues, steady state Dated, unstable, un-supported platforms Investment Enough to prove value Maximize value Maximize ROI Don’t spend any more! Prioritization Highest business value in least time Next level business value Stability, supportability Critical bugs only Launch Strategy Pilot: educate, validate Full roll-out, fast adoption, frequent updates Update only as needed to meet customer goal None! © 2013 Pivotal Product Management, LLC 19
Sales PLC Stages & Strategies for Commercial Products Profit Introduction Growth Customers Innovators Early Adopters Middle Majority Laggards Customer Goal Competitive edge via risk Safety, pain avoidance Safety, pain avoidance and a good price Don’t want it, regardless Marketing Objective Awareness/ trial Market share Maximize profit Retire/replace Product Basic Extensions Full line Best sellers Price Intro/skimming Penetration Competitive Maintain profit Distribution Selective Broaden Extended Profitable only Promotion Targeted; educate Broader; differentiate Sustaining; loyalty Minimize From Kotler, Marketing Management Maturity Decline Time PLC Stage 20
Different Strategies Imply Different Roadmaps Strategy: Lowest environmental impact. Tactic: Bike – 55 min. Route: Burke-Gilman Trail © 2013 Pivotal Product Management, LLC Strategy: Fastest.(year-round). Fastest Tactic: Car – 20 min. Route: I-5/Sand City Way I-5/Lake Point Way 21
Edge Strategic Roadmap Features Themes Key Dates Q2 ’13 Q3 ‘13 ALA June 24 Q4 ’13 Q1 ’14 AASL Nov 14 Q2 ‘14 ALA, June Take Assessment (Soft Launch) Share Results, Act, Incorporate feedback Compare Results (National Launch) Assessment Update 2014 National Launch • Take Assessment • View/Print Scores, Recommendations, Action Items • Executive Tools • Sharing permissions • SSO Adobe Connect • Peer comparison reports • Scale to 2000 • Implement new version • UX enh. • Year-to-year comparison • Scale to 5000 Maturity Growth Introduction © 2013 Pivotal Product Management, LLC 22
Conclusion • Taking a broader view sets more realistic expectations for short- and long-term budgeting • Aligning application strategy with business strategy delivers most effective use of scarce resources © 2013 Pivotal Product Management, LLC 23
Pivotal Product Management Linda Merrick, CPM, ACPM, SPC Mara Krieps, CPM, ACPM, PMP 2006 & 2007 AIPMM “Excellence in Product Management Education” award winners 2009 “Top 100 Women in Seattle Tech” by TechFlash Combined 40+ years in PM and Marketing Working product managers Advisors and former instructors, UW Software Product Management Certificate Program © 2013 Pivotal Product Management, LLC We deliver product management skills assessment, training, consulting and coaching for greater product success. 24
Q&A Moderator: Hector Del Castillo, AIPMM Presenter: Linda Merrick, CPM, ACPM, SPC Pivotal Product Management +1-425-806-6982 | 866-647-5397 firstname.lastname@example.org www.pivotalpm.com © AIPMM 2014 www.aipmm.com
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The Missing P: PRODUCT Linda Merrick Pi t lPivotal Pd tProduct MtManagement LindaM@PivotalPM.com
The Missing P: PRODUCT Presented by Linda Merrick. Watch the Full-Length Session Video. Stage: Project Program & Portfolio Management. Session type: Talk
Project, Program, and Portfolio management are necessary, but not sufficient in most organizations. The missing element? A Product perspective.
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