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The Critical Role of ProductStrategy When Money Is Scarce (Part 2 — Rounds A, B, and Later) When you start selling your product, you feel great, but that doesn’t last for too long. A productstrategy is often the missing link that would convert your efforts into actual revenue. Here is how it works.
The Critical Role of ProductStrategy When Resources Are Limited (Part 2 — Rounds A, B, and Later) When you start selling your product, you feel great, but that doesn’t last for too long. A productstrategy is often the missing link that would convert your efforts into actual revenue. Here is how it works.
In my first official product role, which I got to after managing large dev teams and a business-related role, I managed alone a product with a developmentteam of ~40 people. One of the first things I did, for example, was to work with the salespeople on how to sell the product.
Photo by Tolga Ulkan on Unsplash When I joined Twiggle as their first VP Product I was the thirteenth employee. Along with the founders (the CEO and CTO), most of the employees in the company at the time were developers. Little did I know that creating a solid productstrategy takes such a major chunk of the product leader’s time.
A good productstrategy helps you to acquire happy customers and retain them over time. On your way there, there are many potential weak links that can prevent it from happening. Here is how productstrategy helps you overcome them. At this point, the importance of the process is very clear.
It took me time to understand that I need to present myself as a product leadership coach and productstrategy expert rather than a consultant. One other misunderstanding that was much harder for me to explain was related to how people understood the word ‘product’ in what I do.
It didn’t mean that there was no competition (which is usually a very bad sign), but that the traditional search engines weren’t it. It impacted everything from the depth of the underlying technology to the product itself, the go-to-market strategy, and the entire business model. But our real competition wasn’t there.
Photo by Oleg Magni from Pexels Educating the market has a bad reputation. The reason that educating the market is considered a bad idea lies in the context: the term “educating the market” usually comes up right after the problematic claim that “they just don’t get it”. Each level requires a different marketing strategy.
Product requirements are there to help the team understand what you want to build. Whether you write them in detailed documents or share them briefly and verbally with the team, it’s easy to go directly to the bottom line and give clear instructions. For the team to be successful, they always need to see the bigger picture.
for good and bad. primarily focused on productteams, helping them be great at the discovery work that is at the heart of what they do Leadership coaching?—?focused Marty said that anyone in the productteam needs to get coaching, including the leaders themselves. A group of experts still doesn’t make a great team.
Photo by Oleg Magni from Pexels Educating the market has a bad reputation, and rightfully so. The reason that educating the market is considered a bad idea lies in the context: the term “educating the market” usually comes up right after the problematic claim that “they just don’t get it”.
As such, it cannot be limited to include only the product-related parts like features and product KPIs. As a product leader who is creating this roadmap, you need to treat it as a compass and plan not only for your team and the technology team but rather as the direction that the entire company needs to go in.
On the on-site interview day, one of the interviewers asked me the following question: if you had all of Google’s resources and no other constraints, which product would you develop? My answer was: I would develop a voice interface for the computer (it was before the smartphone era). I was really afraid of this question.
I sent the team to watch my time management lecture (if you don’t speak Hebrew or prefer reading there is an English summary here ). This question developed into a long, in-depth discussion on time management for product managers. One of the first topics that came up (it always does) is time management.
It brings product practices into the sales funnel and calls for your involvement in each and every step (as you should be doing regardless). It gives you the visibility you always wanted and requires real cross-team collaboration. The general process of product-led growth starts with mapping the customer journey?
By the way, it wasn’t like I was thinking to myself: “I feel bad, let’s try Facebook because they are supposedly the solution”. the value that they gave smaller teams who were their initial design partners isn’t the same as the one that they gave larger companies who became their customers in later phases. Now, what about your product?
With everything you have to do every day, it is so easy to neglect strategy. But much like code, your productstrategy also requires maintenance. So your product serves the existing customers (who keep wanting more stuff), but perhaps new customers are not coming as smoothly. Because your customers aren’t product leaders.
Only three things happen naturally in organizations: friction, confusion, and underperformance. In my first job in product management, I was based in DC and my developers were based in California. Instead, I flew to LA once a month and stayed for a week of developmentteam meetings. Product management in Marketing.
When you talk about best principles of product management, I’m afraid you’re going to give me lots more to do. Often, product management teams are trying to do too much. Instead of being product managers, we should be problem managers. When I talk with executive teams, it’s clear what keeps them up at night.
In one of my early career roles, I was brought into the company as a developmentteam leader with a very specific task they wanted me to lead. As a good product-leader-to-be (although I didn’t know it at the time), I asked them why did they want to do it, and then performed market research to understand the problem better.
Listen below: This episode features Matt Bilotti , product manager at Drift. Matt recently co-authored an ebook with Drift’s CEO, David Cancel, called “ Burndown: A better way to build products.” The ebook explores the Burndown framework that Drift’s productteam has adopted for productdevelopment.
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