The Cost of a Bad Product Strategy

ProductPlan

We spend lots of time praising the savvy strategic moves of winning products and companies. But for every success story, there’s a graveyard of failed products laid low by bad product strategies. A bad strategy is hard to overcome. Those are slogans, not strategies.

The five stages of product strategy

ProductBoard

This is the story of how organizations evolve to pursue a clear product strategy in increasingly effective ways.

What you should consider when developing a product strategy

Craft.io

This blog has already addressed the different stages of Product Development Strategy. This time, we’re turning our attention to the various elements needed to formulate the right product strategy for your enterprise. Why you need a product strategy.

Why We Fail: What I Learned From 5 Years with Friends, Netflix’s Social Strategy

Mind the Product

I write a lot about product strategy, and use Netflix as an example so that others can learn from the company’s success and failure. As a strategy, social makes sense. Product leadership requires optimism. Netflix’s Friends (Born 2004, died 2010).

Building a Product Startup Within an Agency

Mind the Product

Every product comes with a tumultuous ‘origin story’. Ours is still unfolding, but I’ve been reflecting on what building a product business within a service agency has brought to the tale. Six months later we began building our first software product.

The ABCs of Product – Melissa Perri on The Product Experience

Mind the Product

Melissa Perri is the product manager’s product manager – she’s able to do the job, explain it, and teach you how to do it better. Why good product people fail (sometimes). The Product Experience is hosted by Lily Smith and Randy Silver.

Close Your Eyes and Imagine a Strategy. Let Me Guess: Got Nothing?

The Product Coalition

Close your eyes for a minute and imagine a strategy. In Michael Porter’s books, or anywhere else, I haven’t been able to find many examples of what a strategy should look like. Here’s a proposal: open any book on strategy and go to the Index. Lookup “Strategy, an example of”.

My Biggest Takeaways?—?Being a Product Manager at an Early Stage Startup

The Product Coalition

Being a Product Manager at an Early Stage Startup In my previous article , I reflected on a few things that I would tell myself if I could travel back in time and the concept of “three waves of changes.” Unlike other roles, product managers are “enablers”.

Marketplace Thinking – Christopher Nheu on The Product Experience [Rebroadcast]

Mind the Product

Shout out: thanks to Aussie product guru Adrienne Tan for the recommendation. The Product Experience is hosted by Lily Smith and Randy Silver. Lily enjoys working as a consultant product manager with early stage and growing startups and as a mentor to other product managers.

Sleeping Giants – Nandini Jammi on The Product Experience

Mind the Product

Nandini Jammi started out in product marketing and growth, but after the US elections in 2016 her career took an unexpected turn when she joined Sleeping Giants, an organisation that aims to make bigotry and sexism less profitable.

Product Growth = People Growth by Nilan Peiris

Mind the Product

This rapid growth hasn’t been achieved by paid marketing; product evangelism has been the biggest driver of growth. NPS has often been touted as a metric to help product teams understand advocacy, and it’s a metric used at Transferwise too. Product Growth = People Growth.

Vision vs. Strategy

svpg

In recent articles on keys to product success and the alternative to roadmaps I have highlighted that if you want the benefits of product team empowerment and autonomy, then you need to provide each team with the necessary context in which to make good decisions. I’ve explained that the context typically needs to be the product vision, and a specific set of outcome-based objectives for each team (OKR’s are an effective way to do that). Product Vision.

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Some Strategy Mistakes I’ve Made

The Product Coalition

This is Part 3/18 in the series “How to Build an Innovative New Product or Company” on the topic of over-investing in the “4 Steps to Develop a Strategy” I was introduced to a medical device company recently. A company like this has a product and a unique technical insight.

The Power of Experience Mapping by Gerard Dolan

Mind the Product

Gerard Dolan is a Customer/User Experience and Product Design Consultant. Gerald explains that while his focus is now on front-end strategy his background is in marketing and he has worked with corporate entities, startups, and companies in the software and advertising industries.

Taylor Wescoatt – Being the First Product Manager

Mind the Product

In working at Seedcamp and helping over 100 startups understand product thinking, Taylor Wescoatt has learned some valuable lessons he’d like to share, together with some real-world examples to drive the point home! Being the first product manager at a startup typically means being the 10th or 15th employee, and recognizing that – although product management has both tactical and strategic components – you’ll initially be more focused on tactics.

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Build the right thing

Inside Intercom

This week I gave a talk at The Next Web on the importance of your product strategy when scaling a company. When I speak to startups, I am often asked, “What is the one thing?” They’re all important because they work together to help build a successful product.

Sleeping Giants – Nandini Jammi on The Product Experience

Mind the Product

Nandini Jammi started out in product marketing and growth, but after the US elections in 2016 her career took an unexpected turn when she joined Sleeping Giants, an organisation that aims to make bigotry and sexism less profitable.

Product Operations Dashboard

Product Management Lessons from the Trenches

You reach out to all department heads and request to get data for your analysis: Marketing team for data on campaign conversion, customer support for data on call volumes, account team for data on customers feedback, product data for usage, etc. What is a product operations dashboard?

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Growing up Lean: Lean Strategies for Maturing Products

Mind the Product

Building an MVP and launching a product is actually the easy part. The Product Lifecycle. We all know the product lifecycle chart. Product Lifecycle. But in reality, it’s not where most product managers spend their time. Step 1: Set your product vision.

5 Machine Learning Lessons for Product Managers

Mind the Product

What does it mean for us as product managers? We all use AI or machine learning (ML)-driven products almost every day, and the number of these products will be growing exponentially over the next couple of years. What does it mean for us as product managers?

How To Cross the Strategy-to-Execution Chasm

The Product Coalition

Most companies fail in execution, not strategy. Defining strategy the right way can close the gap. Culture Eats Strategy for Breakfast.” Why Defining Product Strategy is Hard Strategy Overload One of the challenges with the word “Strategy” is that it is an overloaded term.

Finding Your Product's Critical Event(s)

Product Management Lessons from the Trenches

Finding Your Product’s Critical Event(s) By now you have most likely heard the phrase “build it, they will come”. There is an App for that”) and simply building a product doesn’t guarantee a successful business. growth startup-lessons product-management product-strategy product

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Define the Formula that Drives the Business

Product Management Lessons from the Trenches

My passion for building businesses and products started years ago when I had the opportunity to co-found my own start-up. We built a product that many loved and could see the potential in, but at the end couldn’t scale it into a successful business.

How important is product management for your startup?

The Product Coalition

Are you trying to wrap your head around the role of product management and why it is important for the venture? Still confused about the concept of product management? What is Product Management? It is the cornerstone of product management.

Product Discovery or Product Delivery: How do you Decide?

Mind the Product

What’s the fundamental difference between product discovery and delivery or execution? The degree of uncertainty should determine whether you need to run product discovery or whether you can begin to deliver a solution to your customer. appeared first on Mind the Product.

Required reading for marketplace startups: The 20 best essays

Andrew Chen

The current generation of marketplace startups has been incredibly successful. We look at a lot of marketplace startups at Andreessen Horowitz @a16z – and we fund a lot of them! Product strategy for marketplaces.

Making things people want

Inside Intercom

The products they hire to solve these problems change all the time. If you’re building a new product, it’s because you believe you can create a better solution that people will want to use because it delivers a better outcome.

Truth needs to be told?—?startups fail because CEOs have lousy bosses

The Product Coalition

startups fail because CEOs have lousy bosses Why do startup fail? you’ll find hundreds of articles, most pointing to the same reasons: No market need Ran out of cash Team problems Pricing/product/business models issues Competition One small problem I have with these reasons.

Making Smarter Decisions with Mental Models by Andy Ayim

Mind the Product

In this keynote from #mtpcon London, product leader and business builder Andy Ayim talks about how mental models can help us to make different types of decisions. It has an inclusion agenda that focuses on who is not in the room – who’s not able to influence decisions or build products.

Serve Fewer Markets. Win More Deals.

bpma ProductHub

Reprinted with permission from the Product Management and Strategic Marketing Blog. The top challenge most product companies face is finding the best market for their product. Let’s review a couple of scenarios: Scenario one – company has an existing product portfolio.

What To Expect as a PM from Startup to Scale Up, to Corporates (Part 3 of 3)

The Product Coalition

In my last blog, we talked about being a PM in a Startup and PM at a Scale-Up. As a Product Manager in a corporate, you’ll have access to a wealth of resources in the forms of research, data, brainpower, time, and money. Use insights, data, and forecasts to build your product strategy.

What Happens When you do User Discovery After Market Traction

Mind the Product

Among other things, it was soon clear that we’d fallen into a common trap for startups and new products. Whatever your feelings about prescription drug marketing, Merck understood the need to reposition the product so it was tailored to the motivations of a different segment. We launched UserMuse with what we believed to be a deep understanding of our primary market: product managers at B2B software companies.

How Compare and Contrast Decisions Lead to Better Product Outcomes

Product Talk

This past week I was in London speaking at Mind the Product. As usual, the Mind the Product team hosted a phenomenal event. When Mind the Product releases the video, I’ll add it to this post. Like many product teams, we had some tough challenges to address.

Innovation is Broken by Janice Fraser

Mind the Product

These programs are great for changing attitudes but they have all failed to deliver the hypergrowth products that their parent companies crave – because the parent organisations don’t know what to do with the output from them. What is the point of innovation?

Where does your product team fall on the strategy maturity curve?

ProductBoard

This is the story of how organizations evolve to pursue a clear product strategy in increasingly effective ways.

What we can Learn from Electric Scooter Companies like Lime and Bird

Mind the Product

South Park devoted an episode to making fun of the hype before the product was released. And that’s a hugely important lesson for startups and product managers alike. So let’s stop thinking great products can only come from great engineers or great designers.

How Atlassian built a $20 billion dollar company with no sales team

Inside Intercom

When you think about how “traditional” enterprise-focused firms – think Microsoft, Oracle and IBM – sell software, it usually follows a well trodden formula: negotiations, long sales cycles and a “checklist” of features demanded by decision makers who seldom use the products they buy.

The Dark Side of Product KPIs

The Product Coalition

Why can data generated KPIs limit your product? Product KPI is defined so we can measure how well the new feature works or resolve an AB testing. That’s why it is only natural that when we come to set the KPI for a new product or feature, we start by looking at the data.

A Roadmap Doesn’t Have to Lead to Broken Promises

Mind the Product

” “Why don’t I see anything planned for product Y next year? For many product people, this is the nightmare scenario of sharing their product roadmap. Boston startup InsightSquared has developed a culture of transparency.

Third-Party Software Integration: Best Practice, Perils and Pitfalls

Mind the Product

Product management teams often ask themselves if third-party integration is right for their software product roadmap. The thinking is that you should integrate with products such as Salesforce and Slack, because you never would want to try to build those sorts of products by yourselves.