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1003 Product Evaluation Framework

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Slides from the Mar'10 presentation to the Cambridge Product Management Network, by Louise Mendelsohn.

Slides from the Mar'10 presentation to the Cambridge Product Management Network, by Louise Mendelsohn.

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1003 Product Evaluation Framework 1003 Product Evaluation Framework Presentation Transcript

  • Product evaluation framework Louise Mendelsohn
  • Presentation objective
    • To demonstrate how to design a product evaluation process to facilitate maximum product success.
      • Problem definition
      • Problem analysis
      • Structured, gated product evaluation framework
      • Component parts
        • Phase 1 evaluation
        • Market and customer research
        • Phase 2 evaluation
        • Implementation
  • Problem definition
    • Define reasons for product failure(s).
    • Analyse each issue.
    • Identify any commonality if relevant.
    • Distil into root causes and outcomes if relevant.
    • Ensure any issues identified here are catered for in the final solution – check back.
  • Problem analysis
    • Product A
    • Brainstorm issues.
    • Bulleted list.
    • Identify commonalities.
    Product B Product C
  • Root cause of failures Outcome Outcome Common issue A Common issue B
  • Speed of adoption Benefit to adviser Ease of accessing benefit L H L H SLOW FAST
  • Implementation Rework #2 Rework #1 Common weakness IDEA
  • Implementation Market research Phase 1 evaluation Phase 2 evaluation Structured framework IDEA
  • Phase 1 evaluation - rationale
    • High level data capture for initial market analysis.
    • Provides enough information for senior management or a product evaluation board to make a decision to proceed or not.
    • Gated process, so formal sign-off must happen before proceeding to next stage.
  • Phase 1 evaluation - content
    • Product name
    • Description
    • Target segments
    • Value proposition
    • Market credibility
    • Market size
      • Existing customers
      • New with current solution
      • New with no solution
    • Growth potential
    • Competition
      • Who are they?
      • What do they offer?
    • Customer research
      • Are they interested?
      • How is their problem solved now?
      • What is their willingness to pay?
      • User business case
    • ROM dev costs
    • Key dates
    • Fit to portfolio
      • Strategic fit
      • Price point fit
      • Portfolio coherency fit
    • Recommendations
    • Sign off
  • Phase 1 evaluation - report
  • Phase 2 evaluation - rationale
    • Much more detailed market analysis than in Phase 1 with more facts and figures.
    • Significant customer input:
      • Face-to-face visits with all key segments.
      • Prototype or wire frame to show customers.
      • Structured set of questions for customers.
    • Results in detailed report incorporating
      • Business case.
      • Market requirements.
      • Recommendations.
  • Phase 2 evaluation - content
    • Product
      • Name, description
      • Value proposition
      • Key benefits
      • Fit to portfolio
    • Market analysis
      • Target segments
      • Market credibility
      • Market size
      • Growth
    • Customer research
      • Customer segmentation
      • Research summary (based on structured questions)
    • High level service requirements
      • Commercial
      • Technical
    • Financials
      • Pricing
      • Revenue and costs
      • Customer business case
    • Competitor analysis
      • List of competitors
      • SWOT analysis on each
      • Competitor product analysis
    • Risk analysis
      • Delays
      • Market changes
      • Competitive threats
    • Critical success factors
      • SMART objectives for launch
    • Conclusion
      • Key dates
      • Recommendation
      • Outcome and sign off
  • Phase 2 evaluation - report
  • Conclusion
    • Highly successful core service, but new products can underperform initially.
    • Evaluation of existing products established a pattern.
    • Designed a structured, gated product evaluation framework.
      • Phase 1 evaluation
      • Market and customer research
      • Phase 2 evaluation
      • Implementation
    • A significant outcome was the need for clear success criteria with SMART objectives followed by post-launch reviews against objectives.
  • Post launch review
    • Positives
    • Text book process.
    • Delivered on target and within budget.
    • Won “Best Technology Provider” at industry awards.
    • Negatives
    • Time from verbal agreement to proceed to official sign-off took too long (18 months).
    • After 18 months the assumptions/business case no longer held true (time to market, remove competitive threat etc).
    • Lost big customer to competitor, which gave them traction in the market (we have now regained the customer).
    • The market has changed dramatically (over 50% of lenders have withdrawn from the market and remaining product ranges have been cut).