Product Development - Founder Institute
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The document outlines key principles and strategies for developing a compelling product vision and effective product development strategies. It emphasizes the importance of customer focus, attainable goals, differentiation, and long-term potential while detailing steps like market research, defining roles, and using product roadmaps. Additionally, it introduces concepts such as gamification, minimal viable products, and the need for flexibility in response to market signals.
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Product Development - Founder Institute
- 1. Product Development Alex Gault Small World Ventures [email protected] November 2, 2021
- 3. Product Vision 4 principles which determine a compelling, sustainable product vision statement 1. Be customer-focused 2. Your vision must be attainable. If it’s too challenging, you’ll have a hard time rallying your team to achieve it. 3. Differentiation: Your vision should highlight why your product is different from your competitors. 4. Factor in the long term potential and opportunities
- 4. Product Vision: Examples To organize the world’s information and make it universally accessible and useful. - Google To create a better everyday life for the many people. - IKEA To capture and share the world’s moments. - Instagram To accelerate the world’s transition to sustainable energy. - Tesla Evolving the way the world moves. - Uber
- 5. Product Development Strategy Steps for creating a product development strategy Market research ❑ Identify an initial target audience: needs and preferences. ❑ Competition: Determine strengths, weaknesses, opportunities and threats (SWOT analysis). ❑ Identify social, economic and technology trends that will possibly influence your target customer base and industry. Finalize your business model ❑ Ensure that the product or service match a projected return on investment (ROI) and your business goals. Set actionable metrics which will provide insights as development proceeds.
- 6. Team: Roles & Responsibilities Function Responsibilities Product Management ❑ Set product vision & strategy ❑ Plan & deliver releases ❑ Collect & curate new ideas ❑ Define new product features User Experience ❑ Conduct user research ❑ Build user story maps ❑ Create wireframes, mockups & prototypes ❑ Perform usability testing Function Responsibilities Analytics ❑ Integrate data sources ❑ Research market trends ❑ Understand user journeys ❑ Reveal user behaviors & pain points Product Marketing ❑ Research the competitive landscape ❑ Define buyer personas ❑ Create and coordinate launch plans ❑ Craft positioning and messaging
- 7. Product Roadmap Benefits of a Roadmap ❑ Transparency, accountability and ownership ❑ Highlights objectives and goals ❑ Information sharing (internally and externally) ❑ Workflow prioritization (enabling efficient resource allocation) A high level plan which displays workflow and milestones of the product development pipeline, and which enables tracking of scheduled work.
- 8. Tips for Building a Product Roadmap ❑ The roadmap must be goal-oriented. ❑ Actively collaborate with team members and other stakeholders to ensure buy-in. ❑ Ensure accountability, by adding measurable goals, KPIs, dates and assigned stakeholders. ❑ Estimate people and skills required for each feature and milestone. ❑ Review and update the roadmap on a regular basis.
- 10. Product Design: Gamification Consider gamifying the user experience • Objectives: Provide users with clear guidelines regarding what they need to achieve to receive a reward. • Rewards: When rewarded, users feel happy and experience less stress. • Competition: Pushes users to perform better, engage more fully, without trying to impede other users. “It's kind of an open secret among tech designers that the most cutting-edge user experience work tends to come from the video game industry.” - Julie Zhuo, former VP of product Design, Facebook
- 11. Minimal Viable Product (MVP) An MVP is version of a new product which allows you to collect the maximum amount of validated learning about customers with the least effort. The challenge: Figure out the smallest amount of product features and capabilities necessary for release, and then to slowly add more functionality as needed.
- 13. Minimal Viable Product - Plan Pick approximately 1,000 people who are likely to love your product, and design an end-to-end experience that you believe match their interests. Picking a narrower audience means that you can truly test your vision and product strategy without compromise.
- 14. Scenario Planning: Pivot Early-stage teams get fixated on new products that everyone has come together to build to the point they ignore warning signs in the market and miss the potential to build a different product of more value. A pivot is when a startup breaks with its core focus and changes direction in a fundamental way
- 16. Eric Ries ❑ http://www.startuplessonslearned.com/ ❑ The Lean Startup Scott Belsky (Chief Product Officer, Adobe) ❑ http://www.scottbelsky.com/ Julie Zhuo (Former VP of Product Design, Facebook) ❑ https://lg.substack.com/archive?sort=new ❑ https://medium.com/the-year-of-the-looking-glass Ryan Hoover (Founder, Product Hunt) ❑ https://www.ryanhoover.me/ Nir Eyal ❑ Hooked: How to Build Habit-Forming Products Ken Norton ❑ https://www.bringthedonuts.com/ Resources