Shifting markets usually constitute a shift in product strategy for most organizations. For some, the current market climate presents a world of opportunity and for others it’s an exercise in survival. In either case, there are three key aspects of product strategy that matter most. The Playbook:
Product presentations and demos can be the determining factor in winning or losing a sale. In many cases, it comes down to the credibility of the presenter more than the capabilities of the product. From a buyer’s perspective, the psychology goes something like this: “If you can articulate my issues in the exact manner I do, your product must be great at handling them.” Think back to a sale you lost when you clearly had the superior solution, or a sale you won when you clearly didn’t. Case closed! The presenter is the difference. Follow three simple guidelines to differentiate with credibility and boost your win rates. The Playbook: […]
When do most Product Managers start thinking about the product launch?
Many wait until the development process is nearing the end before bringing other departments into the fold. Sure, you copy them on project updates and milestone progress (which they probably never read). But you’re too busy writing requirements, tracking development progress, reviewing designs and answering questions. Finding the time to involve the rest of the company to the extent necessary for launch success is difficult. The Playbook:
If you’ve ever been asked to produce a product feature ROI, you know what a mind numbing exercise it is. In most cases it’s a fool’s errand. Here’s the deal: most products and features are usually integrated and target the same markets and same customers. If that’s the case, think about how much additional revenue you can generate in each market segment by increasing the business value via additional features. While it’s easy enough to estimate the cost of building features, there’s simply no practical way to determine the revenue impact at that level of granularity. The Playbook: Go macro on your feature ROI: […]
When you combine strategic and tactical requirements, you can end up with a bowl of spaghetti or a layer cake. The layer cake approach makes the relationship between strategic and tactical requirements simple for everyone to understand and, believe it or not, a more appetizing dish for the masses. The Playbook:
Segmenting markets is the most important thing your organization can do because it answers the question, WHO are our target customers? In other words, your market segments are the basis for all critical decisions because they form the common bulls-eye that focuses all product, marketing and sales activities to common customer needs and goals.
Market segmentation is especially important when quantifying new product ideas because it doesn’t force you to rely on sales forecasts or sales commitments which are highly volatile. When your target markets aren’t clearly defined (segmented), every product idea looks like a great opportunity because, on the surface, it has unlimited potential. The Playbook: […]