What winning product teams are doing right in today's economy

Welcome to l What winning product teams are doing right in today s economy right in today’s economy Innovation Management Solutions Today’s presenter: Tom Grant Forrester Senior Analyst Forrester Senior Analyst Association of International Product May 28, 2009, 10am Pacific, 1pm Eastern Marketing and Management 1

Get the most from this webinar Technical help T h i lh l Virtual Classroom Technical Issues • US & CDN Dial: 800.263.6317 • Direct Dial: Country Code+1‐805‐690‐5753 Phone Issues • Press *0 to Contact Our Operator Ask a question • Two ways to ask a question y q • GoToWebinar • Locate question window at right • Type your question (Enter a question for staff) yp y q ( q ) • Press \"send“ Innovation Management Solutions • Twitter • Use Hashtag #acceptsoftware g p Association of International Product • Questions will be answered at the end of the webinar Marketing and Management 2

The innovation imperative • The importance of getting it right • The need for certainty • Listening to your market • Web 2 0 enabling new solutions 2.0 Innovation Management Solutions Association of International Product Marketing and Management 3

What winning teams are doing right in today’s economy Using social media to power innovation g p Tom Grant Senior Analyst Forrester Research May 28, 2009

Innovation, we hardly knew ya Other people in Other people in IDEATION your company It’s not just for engineers any more. Customers and partners 9 Entire contents © 2009 Forrester Research, Inc. All rights reserved.

Innovation, we hardly knew ya INVENTION It I requires perspective—— on the technology, the use case and the case, business case INVENTOR INTERNAL STAKEHOLDER Is this a good fit for our company? What’s in it for us? What s in it for the customer? What’s in it for the customer? 10 Entire contents © 2009 Forrester Research, Inc. All rights reserved.

Innovation, we hardly knew ya ADOPTION It’s not strictly under your control. Do we understand what you’ve built? Does it address our problem? p Who makes the decisions to buy or implement? 11 Entire contents © 2009 Forrester Research, Inc. All rights reserved.

Bad information cripples innovation Ideation Invention Adoption Unrepresentative samples Undersized samples Customers you already know Features, not use cases Don’t understand users Don’t understand stakeholders Sporadic data collection 13 Entire contents © 2009 Forrester Research, Inc. All rights reserved.

Bad information cripples innovation • EXAMPLE: The customers you already know – Ideation Fanbo ism Ideation: Fanboyism – Invention: Market development – Ad ti Adoption: N New users and stakeholders d t k h ld 15 Entire contents © 2009 Forrester Research, Inc. All rights reserved.

Traditional sources should worry you Top 3 Sources Limitations Customer meetings A lot of work for a small sample May talk to the wrong user Not the customers you don’t have E-mail feedback from Incidental after-effects customers Your language, not the user’s Not the customers you don’t have Bug reports Incidental after-effects Technical issues, not use cases Not the customers you don’t have Source: June 16, 2008, “Improving Your Product Management Tools” 16 Entire contents © 2009 Forrester Research, Inc. All rights reserved.

Good information helps innovation INNOVATION CHALLENGE HOW SOCIAL MEDIA CAN HELP Unrepresentative samples Peruse a greater variety of sources Undersized samples Enlarge the pool Customers you already k C t l d know Go b G beyond your forums d f Features, not use cases Listen to users directly Don t Don’t understand users Hear what matters to them Don’t understand stakeholders Understand the decision-makers Sporadic data collection Combine feeds and projects 18 Entire contents © 2009 Forrester Research, Inc. All rights reserved.

What type of question are you asking? CORE ASPECTS QUESTION Persona For whom are we PROBLEM- PROBLEM Solution building CENTRIC Market technology? Innovation Prioritization Invention PRODUCT- What technology Design g CENTRIC should we build? Roadmap Competition 21 Entire contents © 2009 Forrester Research, Inc. All rights reserved.

What type of data do you need? Understand the bigger context IN-DEPTH Reach the “Aha!” moment Anticipate issues Increase confidence I fid AGGREGATE Estimate business impact Identify and segment markets 22 Entire contents © 2009 Forrester Research, Inc. All rights reserved.

Now, take your pick Independent Vendor blogs forums f Vendor Independent innovation forums Vendor RODUCT PROBLE blogs bl sites Independent d d networking Vendor Wikis Social EM PR bookmarking Vendor code Collaborative libraries Micro‐ aggregation Vendor blogging subscription Open source projects Vendor p Independent networking code libraries 23 Entire contents © 2009 Forrester Research, Inc. All rights reserved.

Define the problem you want to solve • Long-term – Where can social media do the most good? • EX: Not breaking out of our current market – What are the measurable outcomes? • EX: Can reach decision on new market, strategy for entry in no more than 3 months • Sh t t Short-term – How can we best get started? • EX: Understand people with similar use cases in an adjacent market – What are the measurable outcomes? • EX: Identify and profile all personas involved in new use case 25 Entire contents © 2009 Forrester Research, Inc. All rights reserved.

Be methodical about how getting answers Who is the target user or stakeholder? PERSONA What Wh t problems d th f bl do they face? ? What tasks do they perform? How do people in this demographic use LOCATION social media? i l di ? Where can I find them? What is the question that we want to pose? OPTIONS What Wh are the options among which we’re h i hi h ’ choosing? How do we get a credible, actionable TEST answer? 26 Entire contents © 2009 Forrester Research, Inc. All rights reserved.

Success requires investment • New sources – Some sponsored, some disco ered sponsored discovered • New roles – “Community manager” – Assists both inbound and outbound • New skills – Social scientific disciplines (aggregate, in-depth) – Does your team have them? 27 Entire contents © 2009 Forrester Research, Inc. All rights reserved.

Success requires investment • New deliverables – Personas use cases, solution architectures Personas, cases – Reports, dashboards • New projects – Ongoing research – Incidental research – Skills upgrade • New tools – Accelerate, simplify the process – Translate into actionable product terms – Fit into your portfolio i t tf li 28 Entire contents © 2009 Forrester Research, Inc. All rights reserved.

New information management challenges COLLECTION ANALYSIS DECISION COMMUNICATION Are we looking How do we Are we using How do we share at the right make sense the data the the data and our sources? of the data? right way? decisions? 29 Entire contents © 2009 Forrester Research, Inc. All rights reserved.

Stages of an inbound social media strategy PM skills expansion Goals for Product social media decisions Pilot social Changes to media project PM roles PM skills inventory Future S.M. First major projects S.M. projects INITIATION PILOT ADJUSTMENT LAUNCH 30 Entire contents © 2009 Forrester Research, Inc. All rights reserved.

Make innovation work IDEATION INVENTION ADOPTION Capturing, Finding the understanding, g, Deciding what g p path to and evaluating to build the user ideas Seeking Making the Ensuring inspiration business successful through case for adoption understanding d di building it b ildi i 31 Entire contents © 2009 Forrester Research, Inc. All rights reserved.

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What winning product teams are doing right in today's economy

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