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Finance’s Role in Pricing

Pragmatic Marketing

Finance should NOT set prices. Finance cares a lot about pricing because they focus on profitability. But finance should NOT set prices. Here’s the problem: Finance people do not know the value of their products. However, finance people can play an important role in pricing. Margin guidance: Finance knows what investors or owners expect in terms of overall margin.

What Will Product Management Be Like In 5 Years?

PM Hardcore

Understand where you and your company are in terms of finance-related product management ratios. The future is hard to tease out, but here’s what will happen in product management’s future. (CC CC 2.0 by PunkToad). Earlier this year Janna Bastow of ProdPad put out a call for opinions on the future of product management. I quickly responded then. Or managed to!).

What’s the ROI of Innovation? – David Binetti

Mind the Product

Currently, David helps organizations innovate faster with less risk through Innovation Options, a valuation framework he created that gives entrepreneurs a product-friendly yet finance-approved answer to the eternal question: “What’s the ROI?” You make a plan, and go to finance to get some resources, and they ask you this agonising question.

Developing as a Product Manager

Mind the Product

You’ll be solving challenges that will go to the heart of your business such as finance, mergers / acquisitions and your cultural set up. There are no guides to Product Management. As Ken Chin points out, the best way to learn about Product Management is to speak to people who have been doing it for longer than you. Your first steps as Product Manager. Senior Product Management.

The Ideal Product Marketing Candidate for B2B

High Octane Product Management

and/or business function (HR, IT, Finance, etc.) Wealth made simple: news and articles from IRC Wealth. This sample product marketing job description just might ruffle a few feathers. First, it’s not your typical “get the product off the shelf” job description. Second, there may be people in product marketing roles that don’t meet the requirements. Don’t sweat it. It’s a job description for the “ideal” candidate, and we all know how that goes. It’s like finding your dream home in the perfect neighborhood at a bargain price. It’s a needle in a haystack. where products are used.

B2B 75

You either ROI or die

Street Smart Product Manager

Double entry system… Finance is not much funner… In fact, it can downright make your head spin… Liquidity. Let’s face it: Accounting is boring as isht. Assets. Liabilities. Cost basis. Accrual. Cost principle. Risk tolerance. Asset allocation. Dollar cost averaging. Capital asset pricing… Eh? As a product manager, why in the world would you […]. The post You either ROI or die appeared first on Street Smart Product Manager. Business Cases Product Management

Let’s Stop Talking About Human Error: It’s Your Product

Mind the Product

Emma, who otherwise enjoys kayaking and reading sci-fi, manages the one-person finance office. What if I said that there was no such thing as human error, only poorly designed products? Ok, park your pitchfork. Let’s approach this slowly, starting with Emma. It’s pay day in the small firm and hope is running high. She oversees collections, salaries and leave. The area goes quiet.

Selling Vs. Learning

Mironov Consulting

You can decide that your product managers don’t go to trade shows unless they are speakers; don’t routinely jump onto sales calls without two days’ notice and solid briefing by the account team; let Support manage defect escalations; don’t write most tests or user documentation; aren’t responsible for generating raw P&L data that should come from Finance. To help close.

How to Build Great Products in the AI World

Mind the Product

We have moved on from the age of agriculture, steam, oil or finance to the age of technology, as Azeem Azhar showed us at ProductTank London. What does technology do to society? When technology and human ingenuity gets together, everybody in society profits. If you look at graphs of GDP / capita over long time periods (850 years+), the trend is always upwards. AI is a blanket term. Why now?

It’s time to get your Ph.D. in Sales Comp

Product Beautiful

Our next stop was Finance. We scheduled a meeting with someone that Finance identified as the “Genie of Sales Compensation.” A few years ago, I was working for a large company here in Austin. This company had recently acquired a series of software startups and was attempting to integrate them into their larger hardware portfolio. Then, everything went wrong. And you know what?

The Dirty Dozen Roadmap Roadblocks

Product Powers

You've got to get your development, sales, marketing, finance and other stakeholders involved early so it becomes their plan, not just yours. A good product roadmap is one of the most important and influential documents an organization can develop, publish and continuously update. It’s the one document that steers the entire organization in delivering on the company strategy. It's key to success, and yet many organizations struggle to produce effective roadmaps. In fact, many organizations don’t create one, even to publish internally. What Is a Product Roadmap? No Buffer.

Let’s Fire a Few of Our Customers

Mironov Consulting

Our sales team gets paid to bring in individual deals – huge ones, if possible – and Finance has probably forecast this one into next quarter’s revenue. As product managers, we worry about market results – not just successfully shipping stuff on time , but growing our product’s revenue, user base and engagement. More is better, and much more is much better. Up and to the right! Sound Byte.

Behind Every Great Product

svpg

Between working with the co-founders on the strategy, validating concepts with the users, assessing the analytics, driving features and functionality with the team, and working with finance on the new business model, marketing on acquisition, and the warehouse on fulfillment, you can imagine the workload Kate faced on a daily basis. You can start with the typical concerns: The finance staff was very worried about the revenue consequences of moving from a license model to a subscription model. Article: Behind Every Great Product. The title is not important; the work they do is.

Apple’s new AirBag–and other innovation insights for product managers Sep 30, 2016 - The Everyday Innovator – Resources for Product Managers and Innovators

Product Innovation Educators

Need to radically change a product experience – learn from Yahoo Finance rebellion. The product management team for Yahoo Finance spent the last 18 months conducting user research and learning how to improve Yahoo Finance. Any changes to the popular Finance service would be a big deal – it had been 7 years without a significant UI update. fnsrDIUWhTg. Weekly Roundup

What makes effective decision making so challenging for product managers?

Mind the Product

Why should product managers be under any more pressure to make sound decisions than finance managers or sales and marketing teams? How can a product manager make effective decisions about the direction of their product? How do they adequately weigh up all the variables to select the best solution from the available options? The pressure is on to get it right. The theory’s great, but….

B2C 51

Pricing Foundations

The Product Bistro

If you interact with finance teams, they often will refer to the marginal contribution, and this is what they are implying. One topic that seems to trip up both new and experienced product managers is the process of pricing. As a recent post highlights, the most important lever we have in our bag of tricks to influence the profitability of our products and business, is the price. Yet, establishing a good price, and holding variance to a minimum is a top concern of the product management function. This is one area where an MBA degree can be beneficial to the product manager. CM = P - V.

TEI 096: Conjoint analysis for product managers- with Brian Ottum, PhD - The Everyday Innovator – Resources for Product Managers and Innovators

Product Innovation Educators

An example is where the developers say, “Hey, we could put 10 different features on this new product but the marketing people and the finance people said we can only afford three.” This episode is about market research – what’s in your toolbox for conducting consumer and market research? Does it include Conjoint Analysis? Well, if not, it will after you listen to this episode.

How to Win with Superior Decisions

Product Powers

You can only do so many things, given limited finances and time. Have you ever worked at a company where the CEO or some other executive changes the priorities every week? Where no one can get anything done because they are constantly switching gears? Or maybe you’ve been stuck on a project that seems like it will never end because there are always “just a few more things” needed for it to really take off. I certainly have and I’ll bet most of you have as well. Here's how WRAP works: W - Widen Your Options. Should we acquire this company or not? on launch.

TEI 092: Innovation mantras from R&D-with Dana A. Oliver - The Everyday Innovator – Resources for Product Managers and Innovators

Product Innovation Educators

As they grow and get bigger, the innovative people begin to move out and more finance people come in. Research and development is tightly coupled with product management and innovation. To learn how an R&D person thinks about innovation, I talked with Dana A. Oliver, who has 30 impressive years of experience in R&D groups. He has also written two books. What is your first mantra?

Creating ideal customer profiles

Under10 Playbook

I discussed the numbers with finance. Analyzing past results to drive future successes may be the most important goal for today’s product leaders. You know the worst thing that can happen with a new product? You get some customers. Not none. Not a lot. Just a few. And now you have a bad idea that must be supported and maintained and explained. We killed it. “I just told you.

The Best Product Managers are Great Communicators

bpma ProductHub

People from finance, marketing, operations, sales, engineers. Interviewed by Oksana Reznichenko. Dinneen Grably graduated from Bridgewater State University with B.S. in Business Marketing and started her career as a press attaché and assistant director in communication for the Massachusetts Secretary of State at State House in Boston. Signup closes Friday February 24 at noon. Learn more.

Structured Visits – Cross Functional Team

The Product Bistro

Finance – the finance team is often responsible to track development costs before launch, and the profitability of the sales ramp. Our last post was an overview of what is a structured series of customer visits, and a high level overview. This next post in the series will dive deeper, and discuss the importance of structured customer visits being cross functional. Even though structured customer visits are technically “ marketing ” research, for them to be valuable requires that many of the key groups in the organization are involved. The Planning. Visit Team(s).

Product For Legacy Companies

svpg

Scaling from a small IT cost-center team serving their colleagues in finance and marketing, to a substantial profit-center technology team serving your customers. NOTE: This article is from the foreword to the new 2nd Edition of The Art of Scalability by Marty Abbott and Michael Fisher. I’m reprinting it here because quite a few people have written me asking how to get their old-style company to start behaving more like a modern technology-powered business. Perhaps your company began as a brick-and-mortar retailer, or an airline, or a financial services company.

How to Deal with Unresponsive Stakeholders

Folding Burritos

We’re talking about people or groups whose buy-in and collaboration are essential to make certain things happen: executives, sales, finance, legal, marketing, etc. As Marty Cagan puts it , managing stakeholders is probably the least favorite part of our job as Product Managers. It is, however, something we need to constantly keep on our radar, specially those of us working for larger organizations. A stakeholder is any individual or group that can affect or is affected by your project or product. By this definition, the product’s end users are also stakeholders. Step 1: Talking.

The Product Manager’s Survival Guide

The Product Bistro

To fully embrace the product (whatever it is), to understand the finance, the operational/deployment efficacies, and the sales channel. Last month, at the SVPMA ‘s monthly meeting it was a treat to have Steven Haines, a luminary in the field of product management to conduct a cross functional product team meeting role play. A cool touch indeed. The Layout of the book.

Fintech and Shotguns

Mind the Product

In the finance tradition, interfaces are essentially all graphs designed for financial professionals ( not general consumers), and they are all backwards-looking. Be Ready To Ignore Tradition. In this case, there are actually two traditions that Scot highlights. In addition, it’s worth being ready to ignore tech traditions. Be Guided By Nature. Wrangle Regulation. Embrace Diversity.

What's the venn?

Under10 Playbook

Or is it finance and customer and something else? I've seen a bunch of variations on the Venn diagram for product management. Is it the intersection of tech and UX and requirements? In my experience, new product ideas come from the intersection of market needs with new technology capabilities--and new products also need to generate profit for a business.

Why Companies Don’t Focus on Pricing

Pragmatic Marketing

Finance people care because they are worried about the profitability of the company. Pricing is the most powerful of all of the marketing mix levers. Depending on gross margin, a 1 percent improvement in pricing can lead to a 10 percent increase in profitability. Yet, many companies don’t have a company-wide effort for price management. Let’s look at several explanations. Pricing is hard.

From Development to Product Management

Under10 Playbook

The great thing about product management is you work across all parts of the organization—development, marketing, sales, services, support, finance, and the executive team. A reader asks: What should I know about moving from a developer role to product management? First, congratulations! You’re about to see the world in a whole new way. The who and the what.

Three Reasons to Shift From Horizontal Products to Industry Solutions

High Octane Product Management

The culture has been built around product revenue and profitability and finance struggles with shifting the financial reporting structure to a vertical market view. Wealth made simple: news and articles from IRC Wealth. Making the shift from horizontal products to industry solutions boils down to differentiation…not just the marketing and messaging variety but adding product capabilities specific to key industry segments that deliver exponentially more value than generic one-size-fits-all products or services. Competition / Commoditization. Technology Shift. That won’t change!

Take a process retrospective

Under10 Playbook

Work with your finance team to do a retrospective on the business planning and financial modeling processes. A key element of many agile methods is the retrospective. After each iteration, the team comes together to discuss what worked and what didn’t, and to brainstorm ways to improve the process. But let’s take it further. Did you have the right team members involved? RACI.

Time for a product retrospective

Under10 Playbook

I discussed the numbers with finance. One of the greatest challenges to team success is the inattention to results.—Patrick —Patrick M Lencioni, The Advantage: Why Organizational Health Trumps Everything Else In Business. You know the worst thing that can happen with a new product? You get some customers. Not none. Not a lot. Just a few. We killed it. They keep engineers busy.

It helps when we all work for the same company

Under10 Playbook

So hiring one guy in Canada creates additional workload for development, marketing, product management, finance, support, and others. In college, a fraternity brother recommended I take a ROTC class—he promised me an “A” and I’d also get to fire a rifle. And after struggling with Cost Accounting, I really needed the grade!) One thing I remember is, during WWII, each soldier was supported by 8 non-combat soldiers. For every soldier with a rifle, there were 8 with clipboards. However, by September, his tanks were lucky to be counting advancements in yards.

Product Metrics: Identifying Opportunity and Inefficiency

Under10 Playbook

Finance or Accounting teams are tasked with identifying value at the top line level. On the business side of product management, an area that typically gets short shrift is the creation, measurement and review of metrics related to a product effort. In many companies, Product Management organizations focus on leading and launching product-specific initiatives. Value achieved. If no, why not?