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Using Product Management Canvas

Using Product Management Canvas

The Product Management Canvas, is a strategic management and entrepreneurial articulation tool. It allows you to describe your product. It can also be used as a checklist by a Product Manager to ensure they have considered all aspects of Product Planning. For an ever evolving product, it can also be used to communicate the current state to various dependent functional teams. It serves different purpose from a Product Model Canvas or Roman Pichler’s Product Canvas.

Dinker Charak

May 28, 2017
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  1. http://www.ddiinnxx.com/product-management-canvas/
    PRODUCT
    MANAGEMENT CANVAS

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  2. http://www.ddiinnxx.com/product-management-canvas/
    KEY
    ASPECTS
    • The Product Management Canvas, is a
    strategic management and
    entrepreneurial articulation tool
    • It allows you to describe your product
    • It can also be used as a checklist by a
    Product Manager to ensure they have
    considered all aspects of Product
    Planning
    • For an ever evolving product, it can also
    be used to communicate the current state
    to various dependent functional teams
    • It serves different purpose from a Product
    Model Canvas or Roman Pichler’s Product
    Canvas
    2

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  3. http://www.ddiinnxx.com/product-management-canvas/
    WHERE DOES THE
    PRODUCT MANAGEMENT
    CANVAS FIT?
    Where should the Product Management Canvas fit in Product Development life cycle?
    3

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  4. http://www.ddiinnxx.com/product-management-canvas/
    Elevator Pitch
    Product Backlog
    (Lean) Business Model
    Canvas
    High Level Product
    Strategy
    Product Management
    Canvas
    Epics
    Stories
    Go Live
    Value Delivered Review
    4
    Reprioritize Features
    Rethink Design, Tech and Business Features
    Reimagine Solution and Business Plan

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  5. http://www.ddiinnxx.com/product-management-canvas/
    KEY
    ASPECTS
    5
    • Using Elevator Pitch & Product in a Box, we describe the
    product we want to build. However, no product exists in a
    vacuum and is part of an ecosystem. We then layout the
    Product Ecosystem that enables the key product. The product
    is then described using the Product Management Canvas.
    • A Product Management Canvas then informs the process
    of Epics. Adding a business case to these we arrive at
    a Product Backlog. Each item in the Product Backlog can lead
    to one or more stories. When these stories Go Live and the hit
    the market, in the spirit of build-measure-learn, we learn and
    periodically do the Product Backlog Grooming.
    • The Elevator Pitch & Product In A Box, (Lean) Business Model
    Canvas, High-Level Products Layout and Product Management
    Canvas are explained in the blog post above.
    • Epics, Product Backlog, Stories and Build-Measure-Learn are
    standard terms that are described as part of the Agile
    process.
    • I think this sits one step before Roman Pichler’s Product
    Canvas and used to plan and describe a product, rather than
    track the agile product creation/development.

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    SECTIONS OF THE
    PRODUCT MANAGEMENT
    CANVAS
    A short note of each section and what goes in there
    6

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    7

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    IDEA
    8
    • We start with describing the original problem or
    opportunity that the product addresses. It can be a unique
    need, a dormant need (we are creating the market)
    or aspiration (of the user/customer) that needs to be
    addressed.
    • Once the above is stated, it is important to connect it what
    the idea of the product and state how it addresses the
    above.

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    MARKET
    9
    • Start by stating the market size (defined as the market
    volume or the market potential). VCs will want this to be a
    very big number. Big enough to accommodate you and all
    your competition.
    • The state the market opportunity your product
    addresses from the whole market size. This should be a
    more realistic number that should allow you sufficient
    growth so as to allow you to give investors a good rate of
    return.
    • A product never exists in a vacuum. There is an ecosystem
    of partners that enable it. We should note all key partners
    (data suppliers, data consumers, channels, SDKs and so on).
    • What’s fun without any competition? It is important to note
    competition and track them. If you have analysed
    competition in detail, you can add the link to that document.
    My thoughts on how to do Competition Analysis.

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    CUSTOMER
    SEGMENT
    10
    • Identifying if the product is B2B or B2C is sometimes
    obvious. But going one level deeper is important. (does my
    B2B target Startup, SME, Business Houses, MNC, etc. or
    does my B2C target BPL, LMC, MC, UMC, HNI, etc.) is
    important.
    • Does my B2B target Startup, SME, Business Houses, MNC, etc. or
    does my B2C target BPL (Below Poverty Line), LMC (Lower
    Middle Class), MC (Middle Class), UMC (Upper Middle Class), HNI
    (High Networth Individuals), etc.)?
    • Also important is to identify Early Adopters, Influencers,
    Recommenders and Innovators who try something new.

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    BUSINESS
    VALUE
    11
    • Large organisations that create a lot of products need to
    ensure that there is a product – organization fit. This
    would involve making sure that it fits in tot established
    ecosystems, reuses tools used, etc and does not create
    whole parallel infrastructure requirements.
    • The product – market fit is very important and needs to be
    articulated crisply.
    • There are many revenue models available and many times
    the same product will have multiples of them. State the
    considered revenue models in this section.
    • Cost Analysis is a complex task but having a broad idea of
    the cost of producing the product that reflects the pricing
    model is recorded. Even when the aim is to invest in seeding
    the product, it is important to state and communicate the
    revenue – cost ratio.
    • It is important to state the key Regulatory &
    Compliance items. These should not slip through cracks of
    day-to-day tasks.

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    FEATURES
    12
    • It is important to state the value propositions / USP and
    communicate it uniformly. Not every differentiation is a USP,
    nor should it be. Along with USP, the other key
    features that set us apart, make usage simple or make us
    better than competition should also be noted.
    METRICS • We all talk about success metrics. But before a product is
    successful there are some metrics that are minimal a
    product should achieve. These should not be ‘not meeting
    success metrics’, but independent ones.
    • Eg: while achieving an MAU of 1M is the success for your
    chat app, the number of messages exchanged is not
    growing at the same rate as user adoption is a failure
    metric.
    • Failure metrics are important as they tell us how key
    hypotheses could be wrong and it is time to reassess them
    and re-learn and re-build.
    • Viability metrics are good to have to make sure we are on
    track to success.

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    EVANGEL-
    ISM
    13
    • Product evangelism is, as Guy Kawasaki put it years ago,
    “selling the dream.” It’s helping people to imagine the
    future, and inspiring them to help create that future.
    • Many things need to fall into place for an Evangelist to be
    effective. This section offers a checklist of essential items
    need to enable an evangelist.
    • This includes an elevator pitch, relevant content generation
    is a content strategy to keep it updated,
    uniform terminology across all departments and
    collaterals, SEO strategy so content is geared to show up in
    right searches, right brand assets, and social media
    presence.
    • Using all possible social networks is not the right approach.
    Choose and state ones that are relevant to the product, the
    audience and manageable by the team.

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    VISUAL
    IDENTITY
    14
    • This section offers a checklist of essential items need to
    establish a visual identity.
    • Product name, logo, icons, brand playbook,
    presentation/docs/stationery templates, product docs
    templates, Social Network assets (cover picture, etc.)
    and display ads assets.
    GO TO
    MARKET
    • This section offers a checklist of essential items to formulate
    an effective go to market strategy.
    • In the case of a new product, time of launch is an
    important date/period. Product Manager should initiate and
    collaborate in the launch strategy & related collaterals,
    describing sales and product delivery
    channels, positioning & promotion strategy, identify and
    help reach out to decision
    makers, influencers & recommenders, sales
    collateral, marketing collateral, user support
    docs and training collaterals.
    • Often a product leads to changes in processes and people.
    The product manager has to think about a change
    management template.

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    KEY
    RESOURCES
    15
    • Stating key resources is important as it allows a product
    manager to track them. This includes licenses (eg: SSL
    licenses as anybody can forget to renew on
    time like this, this and this), 3rd party
    platforms like SDK, analytics tools, etc.
    RISKS • State the known shortcomings and assumptions made.
    This helps plan the build-measure-learn better.
    • Product managers need to be paranoid about the product
    getting disrupted. Disruption Readiness is important to
    consider by identifying processes and methods that can be
    all be replaced in one go.

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  16. http://www.ddiinnxx.com/product-management-canvas/
    THE PRODUCT
    MANAGEMENT CANVAS
    Get the PDF version here: http://bit.ly/get-pmc
    16

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  18. http://www.ddiinnxx.com/product-management-canvas/
    THANK YOU
    Dinker Charak • www.ddiinnxx.com • @ddiinnxx

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