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Crafting the Business Case with Nick Coster
 

Crafting the Business Case with Nick Coster

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Global Product Management Talk on Crafting the Business Case with Nick Coster of brainmates

Global Product Management Talk on Crafting the Business Case with Nick Coster of brainmates

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    Crafting the Business Case with Nick Coster Crafting the Business Case with Nick Coster Document Transcript

    • Transcript from May 2/3, 2011 Crafting the Business Case Global Product Management Talk with Nick Coster http://www.prodmgmttalk Subscribe: http://bit.ly/gHIWcO FB: http://on.fb.me/fcNFn8ProdMgmtTalk Never participated in a twitter chat? FAQs - http://bit.ly/i88OuC Join us in 18 minutes!ProdMgmtTalk See a list of all the twitter chats: 378 and growing! Twitter Chat Schedule - Google Docshttp://bit.ly/dJVfHkProdMgmtTalk Get ready! Join us at http://tweetchat.com/room/prodmgmttalk which automatically appendshashtag prodmgmttalk #prodmgmt #prodmgmttalkProdMgmtTalk Today’s questions for Crafting the Business Case with @nickcoster of @brainmates discussionhttp://on.fb.me/fHS7F1gander2112 Geoffrey Anderson Listening to Metallica to get my typing fingers ready!cindyfsolomon My followers: Pls join me Global Product Management Talk on twitter http://bit.ly/eC3D09 CraftingBiz Case w/@nickcosterProdMgmtTalk Welcome @piplzchoice @joshua_d @gander2112 Awaiting @brainmates and @nickcoster onskypeProdMgmtTalk Welcome to the Global Product Management Talk! Please introduce yourself and where you’retweeting from to the group!ErikaLAndersen Hi...signing in from Salt Lake City, UT to #prodmgmttalkjidoctor coming to you from @Mpls, where yes, there was snow flurries today, for the weekly #prodmgmttalkpiplzchoice Gregory Yankelovich Hello to everyone from the East side of SF Baygander2112 Geoffrey Anderson Here in the 80F Tucson sungander2112 @jidoctor @Mpls Not to make you jealous, but should be 97F by Wednesday ;-)RhodaBernstein Greetings from the Twin Cities in Minnesotanickcoster Hello everyone. It is great to be here to talk about the different faces of the business casebrainmates And hello from the brainmates team in Sydney.rcauvin Roger L. Cauvin @nickcoster Hi Nick! Looking forward to your thoughts on business cases Sponsor Opportunities! http://bit.ly/gF0Tt3
    • Transcript from May 2/3, 2011 Crafting the Business Case Global Product Management Talk with Nick Coster http://www.prodmgmttalk Subscribe: http://bit.ly/gHIWcO FB: http://on.fb.me/fcNFn8Macmyday Jorg Gday from Sydneybdoctor Barry Doctor Barry from Minneapolis is here for #prodmgmttalkcindyfsolomon Welcome @bdoctor @Macmyday @rcauvin @RhodaBernsteinKirstenLester Kirsten is here from Dallascindyfsolomon Friends - I overused the @prodmgmttalk handle sending invitations today, so Im tweeting from myown handle across bay from San Francisco!Macmyday Jorg A bit lazy for an intro today, so I let my profile speak http://j.mp/j44hXewapolanco W. Alejandro Polanco Hey all. Alex P from sunny So Florida.cindyfsolomon Welcome @KirstenLester - having some tech issues - @nickcoster will be with us asapcindyfsolomon Today’s questions for discussion http://on.fb.me/fHS7F1prodmgmttalk Our format: Questions for discussion are discussed one at a time with Q# preceding question, A#your answerprodmgmttalk Intro @nickcoster building products and services that delight the buyer and the usergander2112 Hopefully not as severe tech issues as #sony lately ;-)cindyfsolomon Intro @nickcoster Nick has been developing and managing products for over 13 yearsprodmgmttalk @nickcoster developed a deep understanding how different technologies fit together with customeruse.prodmgmttalk Intro @nickcoster co-founder brainmates passionate about benefits of putting customer beforetechnology & building products & services that delight buyer & user.nickcoster Hello everyone! I am looking forward to your questions and insightsprodmgmttalk Here we go! Q1 What is the main purpose of the Business Case?Macmyday Jorg A1 Justifying the investment to the business Sponsor Opportunities! http://bit.ly/gF0Tt3
    • Transcript from May 2/3, 2011 Crafting the Business Case Global Product Management Talk with Nick Coster http://www.prodmgmttalk Subscribe: http://bit.ly/gHIWcO FB: http://on.fb.me/fcNFn8Macmyday Jorg A1 Outlining the background, drivers, path to achievement, revenue & cost expectations (andprobably more I forgot right now)KirstenLester A1: For justification, prioritization, visibility = reasons for biz casegander2112 Geoffrey Anderson A1: A BC is a document that identifies an opportunity, and a plan for attack.paulalexgray Hello all - Im joining #prodmgmttalk to chat product managementbdoctor Barry Doctor A1. to prioritize the investmentsnickcoster A1) The purpose of the business case is to faciliate decision makingVFigatelix @ProdMgmtTalk having internet issues should be able to join soongander2112 Geoffrey Anderson A1: It should be the "What" the "How", the "Why", and also include the risks.Often the first step in a 7step PLCKirstenLester @gander2112 So a bizcase includes the go-to-mkt plan? How much detail is appropriate?paulalexgray A1: I think a business case should quantify and qualify an opportunity in context of expected returnvs. costjidoctor agree w/ @gander2112 & @KirstenLester combined: to justify the investment, outlining a plan w/ priortieswapolanco W. Alejandro Polanco A1: as @macmyday stated: justify the investment. But also #prodmgmt tool tosell your idea/concept to key stakeholders.cindyfsolomon RT @Macmyday: A1 Outlining the background, drivers, path to achievement, revenue & costexpectations (& probably more)nickcoster A1) It does this by communicating the minimum required information to make that decision to thedecision makerswapolanco @gander2112: A1: It should be the "What" the "How", the "Why", + include the risks. Often the firststep in a 7step PLCjidoctor @KirstenLester i dont think the biz case includes the gtm plan, but should have a straregy incl, as part ofthe justification Sponsor Opportunities! http://bit.ly/gF0Tt3
    • Transcript from May 2/3, 2011 Crafting the Business Case Global Product Management Talk with Nick Coster http://www.prodmgmttalk Subscribe: http://bit.ly/gHIWcO FB: http://on.fb.me/fcNFn8cindyfsolomon @nickcoster - what is the dif betw biz case & Marketing Requirements? biz case preceeds MRD?nickcoster A1) as @bdoctor says, it is used to determine what resources to spend and when.gander2112 @jidoctor @KirstenLester I think in a new market/tech/product realm, it needs to have some GTMcomponentjidoctor a1 @nickcoster , but that minimum info level varies depending on org environment. must know that topreceedthefairdesmondo Damian Fawkner A1.2 provide th decision makers wth info 2 make a go or no-go decision 2either develop or worthy of more investigationcindyfsolomon Q1: so biz case is for prod innovation vs. new product devel?bdoctor Barry Doctor RT @nickcoster: A1) It does this by communicating the min required information to makethat decision to the decision makerswapolanco W. Alejandro Polanco @gander2112 Not sure about "wide" audience. The BC is part of kickoff. Dontwant too many cooks in the kitchen at the outset.gander2112 Geoffrey Anderson Biz Case is before MRD. Bizcase is concise, precise, and targeted. MRD iscomprehensive, and much longer (usually)Macmyday Jorg A1 An aside: A biz case is the one thing (I believe) that ProdMgmt and ProjMgmt have in commonVFigatelix Veronica Figarella Hello Im joining the talk today!@cindyfsolomon @nickcoster The first stage of the BC will determine if it is even worth exploring the MRD further.KirstenLester Unfortunately for most orgs/processes, the biz case is incl in the MRD. Most of the time decision isalready made.jidoctor@cindyfsolomon: Q1: NO! a biz case is for BOTH prod innovation & new product devel, at all effortsgander2112 Geoffrey Anderson @wapolanco @gander2112 At first the BC isnt wide, but later in the project, it willbe seen by many, and must speak to them 2bdoctor RT @gander2112: Biz Case is before MRD. Bizcase is concise, precise, and targeted. MRD iscomprehensive, and much longer Sponsor Opportunities! http://bit.ly/gF0Tt3
    • Transcript from May 2/3, 2011 Crafting the Business Case Global Product Management Talk with Nick Coster http://www.prodmgmttalk Subscribe: http://bit.ly/gHIWcO FB: http://on.fb.me/fcNFn8jidoctor agree w/ @bdoctor & @gander2112 , biz case should come before MRD, to determine if effort should bemade.gander2112 True, and unfortunately. If I had a $ for ... @KirstenLester: Unfortunately most orgs/processes, biz caseis incl in the MRD.Prodmgmttalk Q2 Are there any other outcomes that the Business Case addresses?KirstenLester @bdoctor u have right approach = Bizcase is concise, precise, and targetedErikaLAndersen RT @jidoctor: agree w/ @bdoctor & @gander2112 , biz case should come before MRD, todetermine if effort should be made.wapolanco RT @gander2112: Biz Case is before MRD. Bizcase is concise, precise, and targeted. MRD iscomprehensive, and much longergander2112 Beware of Bis Dev opportunities w/o Biz Casewapolanco W. Alejandro Polanco @gander2112 agreed there!bdoctor Biz case should have minimum amt of info to prove case.rcauvin Roger L. Cauvin #leanstartup folks use a "business model canvas" to convey hypotheses & assumptions in abusiness case. http://bit.ly/iudhOknickcoster @KirstenLester If they are in the same document it is OK, bu the thinking behind the Biz Case shouldprecede the MRD thinking.cindyfsolomon Q2. Got it - in a start-up "initial" Biz case is presented to VCs. @nickcoster says theres difstages/phases of biz caseKirstenLester A2: Bizcase preps depts that rqmts phase is imminent, so start thinking about what we r toaccomplishrcauvin Interested in what @nickcoster thinks of the business model canvas. http://bit.ly/iudhOkgander2112 RT @jidoctor: a2: biz case could "subtly" point out weaknesses/strengths w/i org, to help w/investment decisionbdoctor Biz case is NOT a complete biz plan for the product Sponsor Opportunities! http://bit.ly/gF0Tt3
    • Transcript from May 2/3, 2011 Crafting the Business Case Global Product Management Talk with Nick Coster http://www.prodmgmttalk Subscribe: http://bit.ly/gHIWcO FB: http://on.fb.me/fcNFn8cindyfsolomon Welcome @gnosisarts @wapolanco @rcauvin @jidoctornickcoster A2) Readers should know the "story" behind the Business Opportunity. Including the target market andthe problem to be solved.KirstenLester @nickcoster I agree, is SHOULD b b4 MRD. Its just an unfortunate observation for most orgs Ivebeen part of= exec mandatesErikaLAndersen RT @bdoctor: Biz case is NOT a complete biz plan for the productgander2112 A2: Biz Case should highlight upside, downside, opportunity cost, impact to org, "Why we win" andwhat the comp. is up toVFigatelix Q2: A BC is an equivalent to a lab and helps us decide if the idea is really an opportunitynickcoster A2) It must be clear how both the market will benefit (and exchange value) and how the business plansto extract that value.jidoctor yes, @nickcoster, story shld be known, but might not be - biz case should stand on its own w/o having totell whole backstorycindyfsolomon A2: "story" who its for, what problem solving, how benefits biz dovetails w/@joshua d talk onstorytelling http://bit.ly/kNYywEgander2112 A2: A BC should have a summary of the VoC efforts, and how the opportunity fits into your corecompetencyrcauvin W/ a business model canvas, business case is concise & is eleborated w/ explicit assumptions to be testedincrementallywapolanco This is key. BC needs to be a concise exploratory kickoff RT @bdoctor: Biz case is NOT a complete bizplan for the productKirstenLester @nickcoster well said... clear how both the market will benefit (and exchange value) & how the bizplans 2 extract that valuenickcoster A2) As the BC evolves it will also include the anticipated costs of addressing the opportunity.VFigatelix Q2: BC can also we one of the check points in a go/ no go decision Sponsor Opportunities! http://bit.ly/gF0Tt3
    • Transcript from May 2/3, 2011 Crafting the Business Case Global Product Management Talk with Nick Coster http://www.prodmgmttalk Subscribe: http://bit.ly/gHIWcO FB: http://on.fb.me/fcNFn8gander2112 @nickcoster Does the BC evolve, or does it spawn a business plan (or MRD)?nickcoster We break the BC in to 4 stages to deal with the problem of an evolving doc. Each supports differentdecisions.cindyfsolomon Q3 What is Product Managements role in the development of the the Business Case?ErikaLAndersen RT @gander2112: A2: A BC should have a summary of the VoC efforts, and how the opportunityfits into your core competencyMacmyday Jorg Big picture is needed RT @nickcoster A2) Know the "story" behind biz opp. Including the targetmarket & problem 2b solved.ErikaLAndersen @nickcoster What are the 4 stages?jidoctor @gander2112 the biz case should have the right info for mkt, it might be #VOM efforts and not #VOC - beclear on distinctionKirstenLester A3: In lieu of exec sponsor willing to write, PM to write, but still need exec sponsor to push to execlevelscindyfsolomon @ErikaLAndersen @nickcoster you caught it Erika! Made note for Nick to expand on 4 stages!nickcoster A3) Product Management needs to own the outcome of the business case, since they will be measuredagainst it on implementationgander2112 @jidoctor @gander2112 Good point on the distinction between Voc and VoMVFigatelix Q3: PMs are and Prod Mktg are fundamental in BC input - arent we the market and customer experts?(or wannabe)piplzchoice Gregory Yankelovich @jidoctor Is #VOM defined as Voice of Market?#VOCwapolanco @gander2112 @nickcoster Parts of the BC (mkt need research) will give you a foundation for the MRDnot necesarily evolve to itgander2112 A3: #prodmgmt is the principal architect of the Biz Case, but needs much collaboration to get themessage/story/data in placecindyfsolomon Note to @prodmgmttalk: schedule talk addressing distinction between Voc and VoM Sponsor Opportunities! http://bit.ly/gF0Tt3
    • Transcript from May 2/3, 2011 Crafting the Business Case Global Product Management Talk with Nick Coster http://www.prodmgmttalk Subscribe: http://bit.ly/gHIWcO FB: http://on.fb.me/fcNFn8Macmyday @VFigatelix Not just can, but must ;)rcauvin @nickcoster Dangerous to look at business case as fixed. It should be assumed to be wrong and requireincremental revision.gander2112 A3: As PM, I get some flimsy BCs tossed my way to flesh out. We are a first smell testnickcoster A3) The PM should always be involved in the BC development but the inputs will come from all over thebusiness.ErikaLAndersen Seconded. RT @cindyfsolomon: Note to @prodmgmttalk: schedule talk addressing distinctionbetween Voc and VoMcindyfsolomon @jidoctor Does the market itself (VOM?) have a distinct voice?nickcoster @rcauvin Ahh the Agile business case!! Thanks Roger.gander2112 @nickcoster re: wide inputs needed - I call this "breathing our own exhaust" A bad practicegander2112 I would think of it as a superset RT @cindyfsolomon: @jidoctor Does the market itself (VOM?) have adistinct voice?ErikaLAndersen RT @rcauvin: @nickcoster Dangerous to look at business case as fixed. Assume wrong and requireincremental revisionErikaLAndersen RT @gander2112: @nickcoster re: wide inputs needed - I call this "breathing our own exhaust" Abad practicercauvin @nickcoster Need to identify & test the assumptions of the business case early & revise accordingly.jidoctor @gander2112 vom is not necessarily a subset of voc, but the voc is more likely to be a subset of vom.VFigatelix @nickcoster can you please tell us about the agile BC?gander2112 My problem with changing/evolving BC is that selective amnesia seems to be common, and#prodmgmt gets blamed for deviationsnickcoster @gander2112 "breathing our own exhaust" - this should not be the key driver of the BC, but should stillbe considered Sponsor Opportunities! http://bit.ly/gF0Tt3
    • Transcript from May 2/3, 2011 Crafting the Business Case Global Product Management Talk with Nick Coster http://www.prodmgmttalk Subscribe: http://bit.ly/gHIWcO FB: http://on.fb.me/fcNFn8piplzchoice @jidoctor how do you distinguish between WoM and VoM?ErikaLAndersen Missing out. RT @gnosisarts: Thanks, Cindy. Im not actually joining in #prodmgmttalk, I was onlyRTing to my followers :-)gander2112 @nickcoster @gander2112 It is why I live the "validate" everything life. re: Breathing our own exhaustnickcoster @rcauvin Agree. good opening for the 4 BC stages discussion.gander2112 Has anyone ever been asked to create a BC ex post facto? Really bad practice.cindyfsolomon Coming up! @nickcoster giving us the 4 Business Case stagesrcauvin @VFigatelix #lean uses "agile business cases". Its about testing business hypotheses iteratively much asdevs test software.bdoctor RT @nickcoster: @gander2112 "breathing our own exhaust" - this should not be the key dvr of the BC, butshd still be considrdrcauvin @nickcoster We are waiting with bated breath to hear about the four stages :-)Macmyday Just the way I see it @nickcoster RT A3) PM should always be involved in BC dev but inputs will comefrom all over the bizVFigatelix @rcauvin thanks!cindyfsolomon RT @nickcoster: Stage 1 Biz Opportunity Very high level Opportunity assessmnt Who is target Mkt,what prblm, what value?ErikaLAndersen Yes! RT @cindyfsolomon: Coming up! @nickcoster giving us the 4 Business Case stagesjidoctor #prodmgmttalk crowd: pls be patient, twitter is really really slow tonight (is there other news to discuss?)nickcoster Stage 1 - Business Opportunity - Very high level Opportunity assessment . Who is the target Mkt, whatprblm, what value?bdoctor ive got too many product ideas in hopper to evolve BC - prioritize is more impt to max investmentsnickcoster Stage 2) Draft BC - match Bus Opp to company strategy. describe business / revenue model, validate busOpp with rigor. Sponsor Opportunities! http://bit.ly/gF0Tt3
    • Transcript from May 2/3, 2011 Crafting the Business Case Global Product Management Talk with Nick Coster http://www.prodmgmttalk Subscribe: http://bit.ly/gHIWcO FB: http://on.fb.me/fcNFn8gander2112 @nickcoster Does your stage 2 include mapping to competencies/capabilities?nickcoster Stage 1 and 2) do not contain solutions or costings. Just opportunities and problem descriptions.rcauvin @nickcoster Yes, important to align products with larger corporate strategy and product lines.bdoctor @gander2112 ex post facto is like rewriting historycindyfsolomon RT @nickcoster: Stage 2) Draft BC - match Biz Opp 2 comp strategy. describe biz / revenue model,validate biz Opp w/ rigorjidoctor @nickcoster seems these r more the 4 elements of biz case, & not stages. execs want info faster than 4iterations on a propKirsten Lester RT @nickcoster: Stage 1 Biz Opportunity Very hi-level Opp assessmnt Who is target Mkt, what prblm,what value?nickcoster Stage 3) Preliminary Business Case - Follows MRD and some solution design. Used to select from costedsolution alternativesErika Andersen RT @wapolanco: Amen! RT @bdoctor: Too many product ideas in hopper to evolve BC - prioritizemore impt to max investmentsgander2112 But it happens too often. Usually with broken processes RT @bdoctor: @gander2112 ex post facto islike rewriting historynickcoster Stage 4) Baseline BC - final approved version that initiates implementation, launch and post launchoperations.KirstenLester RT @nickcoster: Stage 1 and 2) do not contain solutions or costings. Just opportunities and problemdescriptions.cindyfsolomon RT @nickcoster: Stage 3) Preliminary Biz Case - Follows MRD & some solution design. Use 2 selectcosted solution alterntvgander2112 MRD before stage 3? RT @nickcoster: Stage 3) Preliminary Business Case - Follows MRD and somesolution design Sponsor Opportunities! http://bit.ly/gF0Tt3
    • Transcript from May 2/3, 2011 Crafting the Business Case Global Product Management Talk with Nick Coster http://www.prodmgmttalk Subscribe: http://bit.ly/gHIWcO FB: http://on.fb.me/fcNFn8VFigatelix RT @nickcoster: Stage 3) Preliminary Business Case - Follows MRD and some solution design. Used toselect from costed solution alternatives.cindyfsolomon RT @nickcoster: Stage 4) Baseline BC - final approved version initiates implementation, launch andpost launch operations.nickcoster Each stage has requires a different decision to be made to proceed.VFigatelix RT @nickcoster: Stage 4) Baseline BC - final approved version that initiates implementation, launch andpost launch operations.KirstenLester RT @nickcoster Stg 3) Prelim Biz Case - Follows MRD & some solution design. Used to select fromcosted solution alts.ErikaLAndersen @gander2112 @bdoctor: Is it typical to keep BC versions as it progresses?cindyfsolomon RT @nickcoster: Each stage requires a different decision to be made to proceed.gander2112 How much on the GTM here? or is this later in dev process? RT @nickcoster: Stage 4) Baseline BClaunch and post launchgander2112 This sounds like PLC not strictly BC RT @nickcoster: Each stage has requires a different decision to bemade to proceed.KirstenLester RT @nickcoster Stage 4) Baseline BC-final approved version that initiates implementation, launch &post launch operationsVFigatelix @ErikaLAndersen @gander2112 @bdoctor I do, I keep versions of the BC to address temporary amnesia=DErikaLAndersen GTM? RT @gander2112: How much on the GTM here? or is this later in dev process?jidoctor @nickcoster still believe you can do all in 1 to meet needs of audience (execs), w/ 4 diff you will loseattention & supportKirstenLester RT @nickcoster: Each stage has requires a different decision to be made to proceed.gander2112 @ErikaLAndersen @gander2112 GTM = Go to Market –VFigatelix @gander2112 What is PLC please? Sponsor Opportunities! http://bit.ly/gF0Tt3
    • Transcript from May 2/3, 2011 Crafting the Business Case Global Product Management Talk with Nick Coster http://www.prodmgmttalk Subscribe: http://bit.ly/gHIWcO FB: http://on.fb.me/fcNFn8jidoctor @nickcoster classic #prodmktg: know thy audience. execs dont have that must time. they work faster.nickcoster @gander2112 Draft BC stage initiates MRD and product design funding. Without this costs are difficultto estimate.ErikaLAndersen GTM = Go to Market, right?gander2112 RT @VFigatelix: @gander2112 What is PLC please? - PLC = Product Life Cyclegander2112 @nickcoster @gander2112 Got it, a lifecycle of BC/MRD/Business Plan thencindyfsolomon Lots of info & context from @nickcoster. Looping back to Q4: What information is contained in aBusiness Case?KirstenLester @jidoctor @nickcoster MOST parties wont read, unless invested in some way, if you are lucky. notsure of FOUR stagesjoshua_d RT @gander2112: My problem with changing/evolving BC is that selective amnesia seems to be common,and #prodmgmt gets blamed for deviationswapolanco @nickcoster @gander2112 Draft/first iteration of BC gives insight into initial costs and MRD foundationbdoctor @ErikaLAndersen I dont usually version the BC - treat em & street them - just enough info 2 qualify project- Save them? YESnickcoster @jidoctor These are not really diff Docs, just clear development stages towards the Baseline BC.#prodmgmttalkgander2112 A4: The problem. A proposed Solution. Who will buy it. Why we want to do it. Why we CAN do it. Whywe Should do it.bdoctor Agreed! RT @KirstenLester: @jidoctor @nickcoster MOST parties wnt read, unless invested in sum way, ifU R lucky.KirstenLester @bdoctor @ErikaLAndersen Most bz cases for partnered services are LOIs, turn biz case ... one &donecindyfsolomon So the stages are iterations towards arriving at the baseline - a simple statement requires complexthinking Sponsor Opportunities! http://bit.ly/gF0Tt3
    • Transcript from May 2/3, 2011 Crafting the Business Case Global Product Management Talk with Nick Coster http://www.prodmgmttalk Subscribe: http://bit.ly/gHIWcO FB: http://on.fb.me/fcNFn8KirstenLester @nickcoster Are you saying BC is a staged process, not a doc?rcauvin For what should go in a business case, check out http://bit.ly/iPXUPg. #prodmgmttalk (Early access code islean2010.)bdoctor & talk ROI RT @jidoctor: @nickcoster classic #prodmktg: know thy audience. execs dont have that musttime. they work faster.nickcoster A4) Target Marget. The problem or need that is unsatisfied in the target market. The value of theresulting opportunity...gander2112 Sounds like it evolves to a full biz plan RT @KirstenLester: @nickcoster Are you saying BC is a stagedprocess, not a doc?VFigatelix @jidoctor @nickcoster stages do not have to happen separately, but they explain "logically" how tobuild the BCcindyfsolomon @KirstenLester LOIs? laughter on investment?ErikaLAndersen Or staged process to create doc? RT @KirstenLester: @nickcoster Are you saying BC is a stagedprocess, not a doc?wapolanco A4: problem/opportunity, proposal, audience, competition/alternatives/threats, cost.jidoctor @mickcoster @KirstenLester @VFigatelix yes-a logical bld following staged process, not staged docapproach, to the biz casecindyfsolomon Q5 What is the best way to get started writing the Business Case?gander2112 Very good summary! RT @wapolanco: A4: problem/opportunity, proposal, audience,competition/alternatives/threats, cost.bdoctor Staged process? I guess that my BC stops at first draft - attn span of audience at risknickcoster A4) ... competitor landscape, Link to business strategy, issues and risks of delivery, Advantages gained,financial return.VFigatelix Q4: BC should contain a credible number that reflects the size of the opportunity Sponsor Opportunities! http://bit.ly/gF0Tt3
    • Transcript from May 2/3, 2011 Crafting the Business Case Global Product Management Talk with Nick Coster http://www.prodmgmttalk Subscribe: http://bit.ly/gHIWcO FB: http://on.fb.me/fcNFn8gander2112 A4: Dont forget a competitive landscape. Getting sniped sucks.rcauvin #prodmgmttalk A5) Start with the candidate problems to be solved.rcauvin RT @gander2112: A4: Dont forget a competitive landscape. Getting sniped sucks.bdoctor YES RT @VFigatelix: Q4: BC should contain a credible number that reflects the size of the opportunitygander2112 A4 - Every BC I have done has an IRR and an NPV analysis too.wapolanco @cindyfsolomon Identify and articulate the problem with as much detail as possible without diverting.jidoctor agree w/ @gander2112 & @wapolanco : problem/oppty, proposal, audience,competition/alternatives/threats, cost.=simple & sweetVFigatelix Q4: should explain how you got to that "number" that makes it a worthy opportunitygander2112 Cant over state this. TRUE RT @VFigatelix: Q4: BC should contain a credible number that reflects thesize of the opportunitywapolanco @gander2112 @wapolanco Thx!rcauvin @gander2112 Competitive and problem landscape should be central to positioning and the larger businesscase.ErikaLAndersen RT @gander2112: A4 - Every BC I have done has an IRR and an NPV analysis too.bdoctor I use that # to prioritize RT @VFigatelix: Q4: BC should contain a credible number that reflects the size ofthe opportunityVFigatelix Q4: Show the reasoning behind your number and show it out loud - it should get execs attention veryquicknickcoster A4) The overall BC should tell a compelling story that convinces the decision makers that the investmentis worthy.leanbot @rcauvin: folks use a "business model canvas" to convey hypotheses & assumptions in a business case.http://bit.ly/iudhOkKirstenLester RT @ErikaLAndersen: RT @gander2112: A4 - Every BC I have done has an IRR and an NPV analysis too Sponsor Opportunities! http://bit.ly/gF0Tt3
    • Transcript from May 2/3, 2011 Crafting the Business Case Global Product Management Talk with Nick Coster http://www.prodmgmttalk Subscribe: http://bit.ly/gHIWcO FB: http://on.fb.me/fcNFn8VFigatelix @bdoctor I use that # too but also add strategic value and complexity of implementation forprioritizationrcauvin For which single idea or theme will your product stand in the mind of prospects? BC should answer thatquestionwapolanco @VFigatelix exactly! As PMs were responsible for the data backing up our recommendation. Onceverified. Communicate!gander2112 A4 - I have seen too many BCs that are completely BS in their market sizing and opportunity estimatescindyfsolomon Skipping Q6, going to Q7: What is the best way of delivering the Business Case to stakeholders?wapolanco @gander2112 Does the PM have an agenda in that case?jidoctor @nickcoster agree, overall BC should convince the investment is worthy=need to tlk 2 audience w/ rt amtof info in rt method.rcauvin #prodmgmttalk A7: Deliver the business case with a story!VFigatelix Q5: best way to start is: size of the market and y/growth, size of the demand and y/growth - BASICKirstenLester @gander2112 A4: BS in bizcase? never! if guesstimates, state assumptionsgander2112 @wapolanco @gander2112 Yes. But they never get called oncindyfsolomon Today, each tweet deserves its own in depth blog posting and discussion!VFigatelix Q7: on *.ppt =D (humor)ErikaLAndersen @nickcoster - Diff decision makers excited by diff things. So NPV/IRR for finance; story formarketing; etc?nickcoster @wapolanco @gander2112 If the PM doesnt believe in the story and the supporting data then theyshould say sobdoctor #prodmgmttalk A7: Deliver all the BC data into simple access dbgander2112 A7: Best to socialize with stakeholders/decision makers in the drafting process so no surprises. Then inperson, live is poss Sponsor Opportunities! http://bit.ly/gF0Tt3
    • Transcript from May 2/3, 2011 Crafting the Business Case Global Product Management Talk with Nick Coster http://www.prodmgmttalk Subscribe: http://bit.ly/gHIWcO FB: http://on.fb.me/fcNFn8KirstenLester @wapolanco @gander2112 either PM has agenda, or dont take time to get data, or they dont knowhow to get data = bad practicegander2112 A7: Never by email. F2F is preferred.ErikaLAndersen Unless it ends up in court. Not fun. RT @gander2112: @wapolanco @gander2112 Yes. But theynever get called on itjidoctor its #prodmgmt job to say idea has no merit/validity. and, if not, no BC should be preparedrcauvin RT @gander2112: A7: Never by email. F2F is preferred.VFigatelix Q7: images on *.*ppt has worked for me over the years (still humor, but noo laughs)wapolanco @gander2112 @wapolanco Scary! Mktg team or leadership should always question/verify.gander2112 @KirstenLester @wapolanco @gander2112 Right on all three counts. I am brutally upfront, andhonest in my calcsbdoctor RT @jidoctor: its #prodmgmt job to say idea has no merit/validity. and, if not, no BC should be preparedgander2112 @wapolanco @gander2112 - It was an interesting dynamic. Their projects got selected, but theproducts tanked. over and overnickcoster A7) The BC is a source doc for all of the data and thinking that has been done. Know the audience anddeliver what they need.rcauvin Present testable biz hypotheses & assumptions to management, as well as an outline of a plan to do thetesting.paulalexgray A7. Why not combine a presentation with audio/video of target customers expressing needs/wantsjidoctor @nickcoster: disagree. bc is not source doc, it is the ok to go do more effort. the foundation, not tehdefinitive wordcindyfsolomon People - please take one point from today and blog about it! Ill post all blogs athttp://www.prodmgmttalk.comnickcoster A7) ie Exec Summary, PPT Deck, 30 second elevator pitch. Prepare them all. Use them as needed. Sponsor Opportunities! http://bit.ly/gF0Tt3
    • Transcript from May 2/3, 2011 Crafting the Business Case Global Product Management Talk with Nick Coster http://www.prodmgmttalk Subscribe: http://bit.ly/gHIWcO FB: http://on.fb.me/fcNFn8gander2112 It also becomes Plan of Rec. RT @nickcoster: A7) The BC is a source doc for all of the data and thinkingthat has been done.c_almgren RT @rcauvin: #prodmgmttalk A7: Deliver the business case with a story!wapolanco @gander2112 @wapolanco PM was a good sales person and got buy-in but not tactical enough.VFigatelix Q7: 1) know your audience and their time to listen, 2)say it straight to the point 3) Support your messagewith all necessaryErikaLAndersen In addition to or part of BC? RT @rcauvin: Presnt testable biz hypos & assumptions to managementnickcoster @jidoctor @nickcoster It is the source relative to the information required to make the decision. It willref other sources.gander2112 A7: Be ready to answer ALL questions, even the most hare brained OTW ones.cindyfsolomon Nick, will you speak again w/focus on financial measures used in biz case, NPV and Q7,8,9?KirstenLester @cindyfsolomon We are only scratching surface of important #prodmgmt topic - biz case - thx@nickcoster for moderating/insightErikaLAndersen Seconded RT @cindyfsolomon: Nick, will you speak again w/focus on financial measures used in bizcase, NPV and Q7,8,9?gander2112 @wapolanco You should read my blog post on why sales people make poorcindyfsolomon Join us Next week for “The Product Marketing Dilemma” with Geoffrey Anderson @gander2112VFigatelix @cindyfsolomon @nickcoster Yes please do so! we want more BC talk from Nick!gander2112 Great session all. Very thought provoking.nickcoster Thanks Folks. It is a big topic.cindyfsolomon Like us on Facebook! updates, discussions, issues, speakers Global Product Management Talkhttp://on.fb.me/gEAZiSwapolanco A7: Frame your data to paint a story for stakeholders. Data is key but in the end its boring. Stakeholderwants the big pic! Sponsor Opportunities! http://bit.ly/gF0Tt3
    • Transcript from May 2/3, 2011 Crafting the Business Case Global Product Management Talk with Nick Coster http://www.prodmgmttalk Subscribe: http://bit.ly/gHIWcO FB: http://on.fb.me/fcNFn8VFigatelix RT @cindyfsolomon: Join us Next week for “The Product Marketing Dilemma” with Geoffrey Anderson@gander2112gander2112 Gosh, thats me! RT @cindyfsolomon: Join us Next week for “The Product Marketing Dilemma” withGeoffrey Anderson @gander2112VFigatelix @gander2112 OTW being?ErikaLAndersen Looking foward to it RT @cindyfsolomon: Join us next week for “The Product Marketing Dilemma”w/ @gander2112jidoctor RT @gander2112: Great session all. Very thought provoking. #prodmgmttalk - now, time to go & shovel ;-)rcauvin @ErikaLAndersen Part of or in conjunction with.cindyfsolomon @gander2112 @wapolanco whats URL of blog post re: salespeople vs. pms?brainmates Thanks for keeping up with everything today Cindy.cindyfsolomon Thank you for a thought provoking session, @nickcostergander2112 @VFigatelix OTW = Off the Wall or odd, bizarre, weirdVFigatelix Thanks for your ideas and time! see you next week LOL!ErikaLAndersen RT @wapolanco: A7: Frame your data to paint story for stakeholders. Data key but boring.Stakeholders want big pic!cindyfsolomon Lots of acronymns today!gander2112 @cindyfsolomon @gander2112 @wapolanco http://tralfaz.org/2011/02/when-product-managers-fail-part-ii-sales/ErikaLAndersen Thanks. RT @rcauvin: @ErikaLAndersen Part of or in conjunction with.wapolanco Thanks everyone. Lots of good insight. Cant wait til next week with @gander2112cindyfsolomon New challenges to producing transcript - however, will post w/in 48 hours. Ebooks of talk sessionscoming soon! Sponsor Opportunities! http://bit.ly/gF0Tt3
    • Transcript from May 2/3, 2011 Crafting the Business Case Global Product Management Talk with Nick Coster http://www.prodmgmttalk Subscribe: http://bit.ly/gHIWcO FB: http://on.fb.me/fcNFn8nickcoster @ErikaLAndersen @wapolanco Need to create emotional connection with story supported by Data.ErikaLAndersen Sometimes seems like fun puzzle to be solved. RT @cindyfsolomon: Lots of acronymns today!cindyfsolomon Thank you everyone - you will be included in the twitter list for todays session posted athttp://www.prodmgmttalk.comnickcoster see http://www.brainmates.com.au/brainrants/what-is-a-business-case for BC stages.wapolanco @nickcoster @ErikaLAndersen @wapolanco And thats when you put on your sales person hat :)BusinessHut RT @nickcoster: A7) The BC is a source doc for the data and thinking that has been done. Knowaudience deliver what they need.BusinessHut RT @nickcoster: @wapolanco @gander2112 If the PM doesnt believe in the story and supportingdata then they should say soMacmyday @ProdMgmtTalk @cindyfsolomon @nickcoster Sorry, I couldnt participate much today. Work wascalling. Ill read the transcriptbcgaden A little bummed that I always have something going on for #prodmgmttalk one of these days...Macmyday @VFigatelix Just wondering, wouldnt that then be a tactical rather than a strategic product?Wilma_Myers RT @gander2112: @wapolanco You should read my blog post on why sales people make poorbrainmates RT @nickcoster: @cindyfsolomon @nickcoster The first stage of the BC will determine if it is evenworth exploring the MRD further.brainmates RT @nickcoster: A3) Product Management needs to own the outcome of the business case, since theywill be measured against it on implementationberkshire_ideas @ProdMgmtTalk Sorry, I couldnt break away. Hope it was a successful chat. Sponsor Opportunities! http://bit.ly/gF0Tt3