Product Strategy for Startups (english) #GoogleLaunchpad #StartupWiseGuys

Endless amounts of products are offered to the market, that nobody asked for. A well shaped product strategy is fundamental to enable building something, that people actually need or want.

This talk illuminates how a propper product strategy looks like and what the crucial success factors are. How it helps translating business goals and vision into product design and business model, that take customer needs and market affordances into account.

#ProductStrategy, #ProductMarketFit, #MinimumViableProduct, #MVP, #JobsToBeDone, #JTBD, #LeanStartup, #LeanProductProcess, #ProductLifecycle, #RiskiestAssumptionTests

Transcript

1.   PRODUCT STRATEGY FOR STARTUPS  GOOGLE LAUNCHPAD, VILNIUS DECEMBER 12. 2019 @BENNOLOEWENBERG
2. Source: Yuicero
3. Source: Bloomberg Sole product feature can easily be superseded manually …
4. Source: Otto Waalkes – Tomatobrotomat … resembling a 1970s joke about a huge & completely useless food processor
5. Sources: Juicero, Nestlé Lock-in business model like coffee caps …
6. Sources: Kale&Me, Yuicery, Dean&David … ignoring a market with a plethora of alternative offerings
7.   PRODUCT FAILURE  “There are thousands of products out there  that nobody asked for.  How can we make sure we build something  that people actually need ?” Source: Holger Eggert
8. not feeling like it due to weak right wrist joints   ?
9. Photo: Benno Loewenberg  MARKETING CANNOT FIX STATEGY 
10. @BennoLoewenberg  DE-TERMINATION  Product Strategy ≠ Product Management Product Strategy ≠ Product Roadmap Product Strategy ≠ Planning read: does NOT equal
11.   PRODUCT STRATEGY  “A system of achievable goals & visions  to align & focus team & tasks around desirable  outcomes for both your business and your customers.” “It is influenced by external variables such as  customer needs & market affordances.” Sources: Melissa Perri & Vince Law
12. Graphic: @BennoLoewenberg Key Features Differentiators Business Model Product Roadmap Vision Market Customer Needs PRODUCT DESIGN BUSINESS GOALS PRODUCT STRATEGY
13. Graphic: Ash Maurya (commented) Value Proposition Outcome: What you are doing Purpose: What you aspire to be
14. Your Mission Your Vision The Jobs That You Build For The Product You Build Measure & Improve Staying Lean Graphic: Des Traynor (commented) so it does not become a bloated “solution”
15.   »TO TEST IF YOUR PRODUCT IS NEEDED,    STUDY THE JOB THAT IT DOES«  Source: Des Traynor
16.   VAGUE ASSUMPTIONS  “I’ve experienced this problem, so others must also” “We’ve already got funding, so it must be a good idea” “We’re almost ready to launch so it’s a bit late to go back  to research” Source: Dyhana Scarano
17.   POSSIBLE QUESTIONS  ¿ What is the overall goal related to a certain problem   a person is trying to achieve ? ¿ Is that problem worth solving ? ¿ How do people solve this problem today ? ¿ How might we solve this problem for the user   and how much of the overall goal ? Source: Tony Ulwick
18.   TESTABLE HYPOTHESIS  Based on the insights you observed Write a statement that is testable [as a prototype] Make predictions of what you think the outcomes will be Source: Dyhana Scarano
19. Your business has many hypotheses Are consumers currently doing this? Can I create a product that will improve upon it? Can I address the market successfully? T E S T E D B Y Evidence of investment T E S T E D B Y Product Market Fit for your MVP Analytics for Marketing Experiments T E S T E D B Y Graphic: Des Traynor
20.   »FIND YOUR PRODUCT-MARKET FIT,    BEFORE YOU RUN OUT OF MONEY«  Source: Florian Hofmann That. Is. All.
21. Graphic: Lean Startup Co (commented) Product Strategy lives here
22.  PROCESS  Source: Benno Loewenberg aft. Lean Product Process 1. Determine your target customer 2. Identify unserved customer needs 3. Define your value proposition 4. Specify your Minimum Viable Product feature set 5. Create your MVP & test it with customers 6. Iterate to improve Product-Market Fit Product Strategy lives here
23. Graphic: Manoj Ranaweera   VALUE WITH EACH ITERATION  Minimum Viable Product
24.   ONLY DESIRABLE IS VIABLE  Graphic: Cooper & Vlaskovits Minimum Desirable Product
25. Graphic: Seema Chawla (commented) Minimum Viable Minimum Desirable Minimum Usable Innovative / New
26.   »STRATEGY DOESN’T JUST HAPPEN«  Source: Pragmatic Marketing
27. Graphic: Melissa Perri
28. Graphic: Melissa Perri & Mike Rother (commented) We can only see this far now
29. Graphic: Melissa Perri & Mike Rother (commented) next
30. Graphic: Melissa Perri & Mike Rother (commented) MVPs !
31. Graphic: Melissa Perri
32. Source: Roman Pichler   NOT CARVED IN STONE   Check your product strategy on a regular basis. Due to changes of relevant factors such as: + Product performance + Internal changes + Competition + Trends
33. Sources: Pichler & Maurya   PUT IT TO THE ACID TEST   Validate your product strategy on a regular basis: 1. Choose the most “unknowable” (aka riskiest assuption) 2. Determine how to best address it 3. Conduct the activity to do so 4. Validate if to continue, to alter strategy or to stop
34. Graphic: @BennoLoewenberg aft. Moore, Pichler & Sisney PRODUCT- MARKET FIT LAUNCH END OF LIFE EARLY MARKET MAJORITY MARKET REJUVENATION  LIFECYCLE  TIME DEVELOPMENT The Chasm
35. Graphic: @BennoLoewenberg aft. Lex Sisney  STRATEGY  PILOT IT NAIL IT SCALE IT RENEW IT MILK IT OR KILL IT TIME DEVELOPMENT PRODUCT- MARKET FIT
36. This is the lofty, futuristic goal for where your company or division is heading. Think long term. Product Strategy Canvas VISION In will be time frame Company, division Vision statement CHALLENGE TARGET CONDITION CURRENT STATE The first big goal to tackle on your way to the vision. Think in terms of user journeys, ideal states, objectives and KPIs that relate to the product lifecycle. In order to reach our vision, we need to by . measureable objective time frame In order to reach our Challenge, we first need to measureable objective This is a smaller, measurable objective that teams can start exploring today. What’s the status today as it relates to the target condition? After measuring, we know our current state is measurements of current state Source: Melissa Perri – Product Strategy Canvas
37. TARGET GROUP Which market or market segment does the product address? Who are the target customers and users? NEEDS Which problem does the product solve? What benefit does it provide? PRODUCT What product is it? What makes it stand out? Is it feasible to develop the product? BUSINESS GOALS How is the product going to benefit the company? What are the business goals? VISION This work is licensed under a Creative Commons Attribution-ShareAlike 3.0 Unported License THE PRODUCT VISION BOARD EXTENDED What is your purpose for creating the product? Which positive change should it bring about? COMPETITORS Who are your main competitors? What are their strengths and weaknesses? REVENUE STREAMS How can you monetise your product and generate revenues? COST FACTORS What are the main cost factors to develop, market, sell, and service the product? CHANNELS How will you market and sell your product? Do the channels exist today? www.romanpichler.com Template version 05/17 Source: Roman Pichler – Product Vision Board
38. Source: Frahm et. al. – The Product Field
39. Source: Blank & Osterwalder – Value Proposition Canvas
40.   THE USER PERSPECTIVE COUNTS  “Talk to your users – build and test for actual users and for real context of use” ( friends and family are not your users ) Source: Benno Loewenberg
41. Source: Smalt
42. Source: Smalt
43.   DON’T LOVE THE SOLUTION  “Success is not delivering a feature;  success is learning how to solve the customers problem” “Don’t [try to] find customers for your product,  find a product for your customers.” Sources: Mark Cook & Seth Godin
44. Source: Alice in Wonderland
45.   KNOW WHAT TO GO FOR  “Have a vision of what the future looks like.  Have belief in your product strategy,  and then build a product based on that.” Source: Des Traynor
46.   »RESEARCH IS 75 % OF STRATEGY«  Source: Tara Hunt
47.   VALIDATE, VALIDATE, VALIDATE  “The strategy should emerge from the insights   and the insights come from in-depth research.   Just throwing tactics at the wall   to see what sticks is risky business” Source: Tara Hunt
48. What is Customer Jobs? What is a Job to be Done (JTBD)? A Job to be Done is the process a consumer goes through whenever she evolves F FI IG GU UR RE E 5 5. . T TH HE E D DE ES SI IG GN NE ER RS S A AT T I IN NT TE ER RC CO OM M ( (I IN NT TE ER RC CO OM M. .C CO OM M) ) U US SE E T TH HI IS S I IL LL LU US ST TR RA AT TI IO ON N T TO O S SH HO OW W W WH HA AT T I IS S, , A AN ND D I IS SN N’ ’T T, , I IM MP PO OR RT TA AN NT T T TO O C CU US ST TO OM ME ER RS S. . Graphic: Intercom (commented) THIS is what your biz makes  !
49.   OFFER BENEFITS, NOT FEATURES  “People don’t buy products;  they buy better versions of themselves.” “Customers don’t want your product,  they want what new behaviors it enables.” Sources: Samuel Hulick & Alan Klement
50.   BENNOLOEWENBERG   LINKEDIN / TWITTER  @