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New Product Strategy

New Product Strategy

How to increase your chances of building new products customers will buy

Jonathan Gowins

March 04, 2017
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  1. New Product Strategy How to increase your chances of building

    new products customers will buy Presented by Jonathan Gowins
  2. ◉ Consultants ◉ Executive leadership ◉ Product management ◉ Sales

    ◉ Customers ? Where do new product ideas come from?
  3. “ “Startups fail when they are not solving a market

    problem… We had great technology, great data, great reputation as a thought leader, great expertise, great advisors, etc., but what we didn’t have was the technology or business model that solved a pain point in a scalable way.” – Treehouse Logic
  4. ◉ Urgent, pervasive, and customers will pay for it1 ◉

    An unmet need that is important to the customer, but poorly satisfied2 ? 1. Pragmatic Marketing 2. Jobs-to-be-Done theory, Clay Christensen What is a market problem?
  5. “ “Customers are not buying your product, they are hiring

    it to get a job done.” - Clay Christensen
  6. Market Need (Job to be done) Blockbuster People want to

    rent DVDs Hollywood Video People want to rent DVDs Netflix Should have asked “why?” People want to be entertained
  7. ◉ Everyone list market problem(s) (or unmet needs) on stickies

    ◉ Consolidate stickies into similar groups ◉ Everyone puts a dot on the problem they deem most important ◉ Prioritize and select top need(s) ! Exercise: Define Market Problem
  8. The business goals you hope to achieve by solving the

    market problem ◉ “Achieve a gross profit margin of 60%” ◉ “Be #1 in the _______ market” ◉ “Allow users to complete _______ in under two minutes” ◉ “Increase NPS by 20%” ? What is an enterprise need?
  9. “ “Features and services are outputs. The business goals they

    are meant to achieve are outcomes.” – Jeff Gothelf, Lean UX
  10. ◉ Everyone list business goal(s) on stickies ◉ Consolidate stickies

    into similar groups ◉ Everyone puts a dot on the goals they deem most important ◉ Prioritize and select top goal(s) ! Exercise: Business goals
  11. Elevator pitch: For (target customer), who (customer need), PRODUCT NAME

    is a (market category) that (one key benefit). Unlike (competition), PRODUCT NAME (unique differentiator).
  12. For consumers, who want to be entertained, Netflix is a

    media rental service that offers a massive library of content. Unlike Blockbuster, Netflix removes the physical hassle from the rental experience.
  13. ◉ Place a paper representing each section of the elevator

    pitch on the wall ◉ Every person writes their proposal for each section of the pitch and sticks it on the relevant paper ◉ Everyone puts a dot on the one sticky for each section they deem most important ◉ Prioritize and finalize the elevator pitch after group discussion ! Exercise: Elevator pitch
  14. Part 1: Based on your elevator pitch, list out what

    you believe to be true (assumptions) ◉ Have everyone write assumptions on stickies and put them on the wall. ◉ Everyone gets seven dots. Put them on the seven riskiest assumptions. ◉ Prioritize. These are the assumptions you will want to test first. Part 2: Write a hypothesis statement for each assumption “We believe [this statement is true]. We will know we’re [right/wrong] when we see the following feedback from the market: [qualitative feedback] and/or [quantitative feedback] and/or [key performance indicator change].” ! Exercise: Assumptions
  15. ◉ I believe my customers have a need to _______.

    ◉ These needs can be solved with _______. ◉ My initial customers will be _______. ◉ The #1 value a customer wants to get out of my service is _______. ◉ The customer can also get these additional benefits _______. ◉ I will acquire the majority of my customers through _______. ◉ I will make money by _______. ◉ My primary competition in the market will be _______. ◉ We will beat them due to _______. ◉ My biggest product risk is _______. ◉ We will solve this through _______. ! Jeff Gothelf, Lean UX Assumption examples
  16. “ “You perfect results. What I can promise you is

    that you won’t get it right if you don’t commit to keep trying.” – Clay Christensen, How Will You Measure Your Life?
  17. Credits Special thanks and credit to the following: ◉ Presentation

    template by SlidesCarnival ◉ John Walen, Brilliant Experience ◉ Pragmatic Marketing ◉ Clay Christensen ◉ Jeff Gothelf, Lean UX