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(F24) PMF Session 2

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12 views

(F24) PMF Session 2

Uploaded by

mk4845
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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CORE OCT 2024

PM Fellowship
Product Strategy & Roadmapping
Objective: Learn how to create a product strategy aligned with business
goals and develop an actionable product roadmap.

COREATCU.COM
CORE OCT 2024

Agenda
Product Strategy Basics
Product Lifecycle
Creating a Product
Roadmap
Metrics for Product Q&A with Obi: Google APM,
Success Co-Creator Critica
Let’s see which telephone is better...
Basics of
Product Strategy
VISION VS. STRATEGY, IMPORTANCE OF PRODUCT STRATEGY, KEY ELEMENTS
Product Vision vs. Strategy
Product Vision: specifies the What and Why of the product.

Product Strategy: elaborates How to realize the vision with a specific approach,
and provides a roadmap showing a timeline for executing the strategy.

The product vision is an inspirational statement describing an end state. It describes


the goal to be achieved by your product. The product strategy, on the other hand, is
an actionable document that outlines how to achieve your goal.
EXAMPLE OF PRODUCT MISSION

"Airbnb’s mission is to create a world where anyone


can belong anywhere and we are focused on
creating an end-to-end travel platform that will
handle every part of your trip."

Describes how the product facilitates this overarching state


without defining any specific solution
EXAMPLE OF PRODUCT STRATEGY

The product strategy behind Apple’s iPhone is characterized by a relentless focus on


innovation, differentiation, and customer-centricity.

Since 2007, has consistently introduced groundbreaking features and


technologies that have redefined the smartphone industry.
Prioritizes user experience and design excellence, consistently delivering products
that are intuitive, aesthetically pleasing, and easy to use.
Part of a broader ecosystem that includes complementary products and services
such as the App Store, iCloud, and Apple Watch.

Anticipate customer needs, differentiate themselves from competitors, develop


broader ecosystem.
The product strategy should not go too deep
into solutions, as solutions are best worked out
in a continuous discovery process of how to
solve the given problems.
Importance of a Solid Product Strategy
Clear direction
Resource optimization
Market relevance
Customer satisfaction
Competitive advantage
Risk mitigation
Adaptability
Key Elements of a Product Strategy
Understanding the Market
Gather data and insights on industry trends, competitor
offerings, and customer preferences to understand the
market landscape.
Identify market gaps, emerging opportunities, and potential
threats to inform your product strategy.
Continuously monitor market changes, customer behaviors,
and competitor actions to adapt your strategy accordingly.
Identify Target Customers
Develop detailed profiles of your ideal customers based on
demographics, psychographics, and behavior patterns.
Divide your target market into distinct segments with similar
needs or characteristics to tailor your product and messaging
effectively.
Validate customer pain points, desires, and preferences
through surveys, interviews, and user testing to ensure
alignment with your product offering.
Set Clear Objectives and KPIs
Establish clear, measurable objectives that align with your
product vision and business priorities.
Select KPIs that track progress towards your goals, such as
revenue growth, customer acquisition, or user engagement
metrics.
Set realistic timelines and milestones to track progress and
ensure accountability within your team.
Develop a Unique Value Proposition
Identify the primary pain points or challenges your target
customers face and how your product can address them.
Identify what sets your product apart from competitors and
communicate these unique selling points effectively.
Develop clear and concise messaging that articulates the
value your product delivers to customers and resonates with
their needs and desires.
How would you build a product strategy?
Product Lifecycle

IMPORTANCE, STAGES OF A PRODUCT LIFECYCLE


What is a Product Lifecycle?
A product life cycle is the length of time from a product first
being introduced to consumers until it is removed from the
market.

Informs management of how its product is performing and


what strategic approaches it may take: From how it spends
resources, which products to push, how to allocate staff time,
to what innovations they want to research next.
Stages:

Introduction Growth Maturity Decline


Introduction
The introduction phase is the first time customers are
introduced to the new product.
Marketing is focused on making consumers aware of the
product and its benefits.
Companies often experience negative financial results at this
stage (Low sales, high marketing).
Growth
Product becomes more popular and recognizable.
Invest heavily in advertising if the product faces heavy
competition.
Refine its product by improving functionality based on
customer feedback.
Increased sales and higher revenue, however, due to
competition you may also need to decrease prices and
experience lower margins.
Maturity
Most profitable stage, the time when the costs of producing
and marketing decline.
Deciding how to innovate product or introduce new ways to
capture a larger market presence (getting more feedback
from customers).
Competition is at the highest level.
Strive to have product exist in this maturity stage for as long
as possible.
Decline
Product sales begin to drop due to market saturation and
alternative products.
May decide to revamp the product or introduce a next-
generation, completely overhauled model.
May choose to re-enter the product life cycle by introducing
the new version to the market.
Creating a
Product Roadmap
SHORT-TERM VS LONG-TERM GOALS, PRIORITIZATION FRAMEWORKS, COMMUNICATING TO THE
STAKEHOLDERS
Types of Product Roadmaps
Visionary/Company Product Delivery Customer-Focused

Overall long-term
Detailed plan of the Used to communicate
strategy of the product
timeline and product product changes and
features new features directly to
The highest level of
the customers
product roadmap
Used to communicate
the execution plan to
Quick communication of
the product
the main direction of the
developement team
company to key
stakeholders
Imagine you are releasing an MVP of an AI app that helps companies
automate the recruiting process of interns...

Choose one type of a product roadmap and outline how it would look
like for your product
Short-term VS Long-term Goals
Short-term:
Immediate priority/objective (few weeks to few months)
Include quaterly sales targets, urgent customers issues, or
launching new features
Crucial for achieving quick wins and maintaining
momentum
Long-term:
Define the strategic direction of the product (few years)
Focus on sustainable growth, innovation, and market
leadership
Agile Methodologies
Clear Priorities
Measurable Targets

Balancing Short-Term &


Long-Term Goals
Adaption and Iteration

Resources Allocation Wise Resource Allocation


Prioritization Frameworks: MoSCoW
Must-have
Should-have
Could-have
Won’t-have
Imagine you are releasing an MVP of an AI app that helps companies
automate the recruiting process of interns...

Use MoSCoW framework to identify what you should prioritize a month


before the release
Metrics for Product Success
KPIs OKRs North Star

Key Performance Objectives and Key A single metric that's


Indicators Results the most important
indicator of a
Quantifiable metrics that Objectives: specific company's product
help businesses track and clearly defined success and long-term
and measure their goals growth
progress
Key Results: how the
Can be financial, goal's progress is
customer, or process measured or monitored
related
Introducing Obi
OBI OKOLI

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