Building a product strategy
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This document outlines an approach to building a product strategy in three parts: trend driven, strategy driven, and problem statement driven. It then provides an example product vision and roadmap for a business solution to optimize company dynamics in business-to-business and business-to-consumer trade. The roadmap spans 2020 to 2022 and includes initiatives around digitalizing supply and demand, working smarter in consumer-driven supply chains, and distribution and supplier integration. Workshops are proposed to help identify market trends, build out a market map linking strategic levers to initiatives, and conceptually assess new product ideas through an innovation template. The goal is to define a vision and strategy through customer quotes and a future press release imagining successful results in 20
Building a product strategy
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- 4. 4© How do we build a product strategy? 1. Trend driven 2. Strategy driven 3. Problem statement driven
- 5. 5© How we plan to deliver Product Vision - NAME We want to offer the leading business solution for xxxxxxxxx. We want to enable these companies to successfully transform into valuable service providers that can stand out in a connected and consumer driven supply chain 2020 2021 2022 Optimizing company dynamics in B2B and B2C trade – An efficient and reliable backbone for a successful trade business. Digitalizing supply and demand - Optimizing the flow of goods and services in commerce, distribution and procurement. Working smarter together in a consumer driven supply chain - Participate on a scalable business community for demand and supply from persons, organizations and objects. Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Managing planned returns & trade-ins One off drop ship delivery Product charges on sustainabili ty and packaging. Digital Order Picking Reduce financial risk via down payments Online sales via B2B eCommerc e/ Catalogue / mobile sales Optimizing eCommerc e processing via market places (Bol / Amazon /Blokker a.o.) Optimizing Multi channel eCommerc e processing via EDI/ Web shops/ Physical Shops Distribution integration: Fulfilment services and Shipping Supplier integration: products, prices and procureme nt Identify and connect business partners in the community Share product and services (data) with business partners. Supply chain platform where supply and demand meet and collaborate. Q-to-C and P-to-P. Identify and connect business partners in the community Core product strategy ThemesInitiatives
- 6. 6© How do we build a product strategy? 1. Trend driven 2. Strategy driven 3. Problem statement driven
- 9. 9© Market trend template Plans Product • Key feature • Key feature • Key feature Product • Key feature • Key feature • Key feature Product • Key feature • Key feature • Key feature Market Trend • Problem Statement • Problem Statement • Problem Statement Market Trend • Problem Statement • Problem Statement • Problem Statement Market Trend • Problem Statement • Problem Statement • Problem Statement Market Trend • Problem Statement • Problem Statement • Problem Statement Release 1 Release 1 Release 1 Release 2 Release 2 Release 2 Release 3 Release 3 Release 3 Concepts Ideas 2020 2023 Pivot point Pivot point
- 13. 13© Workshop – Setting the vision On the worksheet (select “Tools”): 1. Define 3 market trends that could drive your market in the next 1-3 year timeframe. 2. What evidence or anecdote supports your market trends? 3. How should products and services develop to address those market trends? What time frame? What structure? 4. Write the market trends and product improvement ideas up on the market trend template. The purpose of this workshop is for delegates to develop and articulate a view of the future trends that are likely to drive their market and articulate that view back to the rest of the group. 15 minute taster: Help Learning Tools
- 14. 14© Market trend template Plans Product • Key feature • Key feature • Key feature Product • Key feature • Key feature • Key feature Product • Key feature • Key feature • Key feature Market Trend • Problem Statement • Problem Statement • Problem Statement Market Trend • Problem Statement • Problem Statement • Problem Statement Market Trend • Problem Statement • Problem Statement • Problem Statement Market Trend • Problem Statement • Problem Statement • Problem Statement Release 1 Release 1 Release 1 Release 2 Release 2 Release 2 Release 3 Release 3 Release 3 Concepts Ideas 2020 2023 Pivot point Pivot point
- 15. 15© Trend Identify market trends that you believe will impact your market over the next five years Risks and opportunities What risks or opportunities do these trends Present? Ideas What product ideas do you have to address the trends, risk and opportunities? Risk and opportunity template
- 16. 16© Market trend template Plans Product • Key feature • Key feature • Key feature Product • Key feature • Key feature • Key feature Product • Key feature • Key feature • Key feature Market Trend • Problem Statement • Problem Statement • Problem Statement Market Trend • Problem Statement • Problem Statement • Problem Statement Market Trend • Problem Statement • Problem Statement • Problem Statement Market Trend • Problem Statement • Problem Statement • Problem Statement Release 1 Release 1 Release 1 Release 2 Release 2 Release 2 Release 3 Release 3 Release 3 Concepts Ideas 2020 2023 Pivot point Pivot point
- 17. 17© How do we build a product strategy? 1. Trend driven 2. Strategy driven 3. Problem statement driven
- 18. 18© Linking vision to strategy levers Strategy levers Where are we today Where do we want to be Customer experience Churn reduction and x-sell / up-sell SAAS infrastructure Market and customer insight Service revenue
- 19. 19© Tarigo Market Map – Training upsell and x-sell Existing Markets Existing Products New Markets Existing Products New Markets New Products Existing Market Extended Solutions Existing Market New Solutions India Public courses • CPM • Leadership S. America Public courses • CPM • Leadership 7 day post training discounts on other offers Focused messaging based on courses taken CPM – Leadership – consult – online – inhouse Remodel product plan in line with CA for stickiness Subscription pricing model for corporates Partnership with learning providers (QA, C&G, etc) Thought leadership papers and conferences Masterclasses to core market • Pricing • Lifecycle • Launch • Leaership • Messaging • etc Consultancy as a product e.g. Launch review Certification Online Training (PMC) X 4 in each region in 2019 2020 Investigate opportunities in adjacent teams – PO, Mktg, Sales
- 20. 20© Workshop – Building the market map On the worksheet (next pages): 1. Write down the strategy levers for your business 2. Starting with existing markets and product, step through the market map 3. Be ready to present your results The purpose of this workshop is for delegates to build out a vision that links strategy levers to product initiatives 15 minute taster: Help Learning Tools
- 21. 21© Tarigo Market Map – Training upsell and x-sell Existing Markets Existing Products New Markets Existing Products New Markets New Products Existing Market Extended Solutions Existing Market New Solutions Strategy levers 1 2 3 4 5
- 22. 22© How do we build a product strategy? 1. Trend driven 2. Strategy driven 3. Problem statement driven
- 23. 23© Concept assessment How do product managers approach new ideas?
- 24. 24© Concept assessment What is it? What problem does it solve? Who does it solve the problem for? How is the problem being solved today? Does it fit with our business model? Is it a growing market? What does the opportunity look like five years from now? Who else competes in this market and how are we different? What are the key risks? How large is the opportunity? How do product managers approach new ideas?
- 25. 25© • 15 minutes • Small group • Content not style Problem statement-driven vision
- 26. 26© SMALL MARKETS LARGE MARKETS Concept assessment Huge market size = Huge opportunity or Huge competitors or Lack of segmentation
- 27. 27© Concept assessment Competitor unique selling points How else could clients meet this need? Who else competes in this market? What are their USPs? • Product • Service • Support • Reach • Reputation • Etc. What are our USPs?
- 28. 28© Workshop – Concept review The purpose of this workshop is for delegates to think about early concept assessment and attempt it for a product or service idea. For an idea (next page):- 1. Step through the innovation template 2. Attempt to answer each question for a specific product or service. 3. Present it back to the rest of the group. 15 minute taster: Help Learning Tools
- 29. 29© Defining your vision through quotes Define your customers • Name 5 key customer who’ve bought it • Use different sectors • Use different elements of the buying chain Write the press release Per customer think about • Top 3 reasons they bought • Why you were better than the competition • What makes you special Follow the 4 rules • Write it post launch • Start with the customer • Be brave and clear with your goals • Describe the principles of success Articulate clear, measurable results you’ve achieved, including financial, operating, and market share results Describe why the product is important to customers (or other key stakeholders). How did the customers’ experience improve? Why do the customers care? What delights customers about this new service? Outline the principles used that led to success. Identify the hard things accomplished, the important decisions, and the design principles that resulted in success. Discuss the issues that needed to be addressed to achieve success It’s the year 2023
- 30. 30© Workshop – Future press release The purpose of this workshop is for delegates to describe their future product today, imagining what customers will say, how YOUR COMPANY will benefit and how they achieved success Imagine it’s 2023, your product has been in market for 9 months. Its is proving very successful. Write a press release that: 1. Describes why the product is important to customers (or other key stakeholders). How did the customers’ experience improve? Why do the customers care? What delights customers about this new service? 2. Articulates clear, measurable results you’ve achieved, including financial, operating, and market share results 3. Outlines the principles used that led to success. Identify the hard things accomplished, the important decisions, and the design principles that resulted in success. Discuss the issues that needed to be addressed to achieve success 15 minute taster: Help Learning Tools
- 31. 31© How do we build a product strategy? 1. Trend driven 2. Strategy driven 3. Problem statement driven
- 32. 32© How we plan to deliver Product Vision - NAME We want to offer the leading business solution for xxxxxxxxx. We want to enable these companies to successfully transform into valuable service providers that can stand out in a connected and consumer driven supply chain 2020 2021 2022 Optimizing company dynamics in B2B and B2C trade – An efficient and reliable backbone for a successful trade business. Digitalizing supply and demand - Optimizing the flow of goods and services in commerce, distribution and procurement. Working smarter together in a consumer driven supply chain - Participate on a scalable business community for demand and supply from persons, organizations and objects. Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Managing planned returns & trade-ins One off drop ship delivery Product charges on sustainabili ty and packaging. Digital Order Picking Reduce financial risk via down payments Online sales via B2B eCommerc e/ Catalogue / mobile sales Optimizing eCommerc e processing via market places (Bol / Amazon /Blokker a.o.) Optimizing Multi channel eCommerc e processing via EDI/ Web shops/ Physical Shops Distribution integration: Fulfilment services and Shipping Supplier integration: products, prices and procureme nt Identify and connect business partners in the community Share product and services (data) with business partners. Supply chain platform where supply and demand meet and collaborate . Q-to-C and P-to-P. Identify and connect business partners in the community Core product strategy ThemesInitiatives
- 33. 33© Garry Avery [email protected] 0044 777 377 9760 Thanks!!!