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Seven foundational practices to creating a compelling product & market strategy
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Seven foundational practices to creating a compelling product & market strategy

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A powerful and effective product & market strategy doesn’t come from an epiphany or sudden moment of brilliance as you are thinking about or writing the strategy. It comes from completing the …

A powerful and effective product & market strategy doesn’t come from an epiphany or sudden moment of brilliance as you are thinking about or writing the strategy. It comes from completing the necessary foundational work to give you the market insight that leads to product & market success. Since this foundational work is the “hard work”, we find that most entrepreneurs and even many products managers don’t establish that solid foundation before creating their product & market strategy.

In this this session, we’ll review the seven best practices that all product managers as well as aspiring entrepreneurs should use when creating their product & market strategy.

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  • 1. sponsors
  • 2. please take a moment to
    Identify someone to watch time – give 5 minute warning at :45 minutes.
    Identify someone to take notes – post notes to http://barcamp.org/ProductCampAustinSummer2010Notes
    Thank our sponsors
  • 3. Copyright 2010 - LÛCRUM MARKETING
    Seven Foundational Practices to Creating a Compelling Product & Market Strategy
    Session Leader:
    Tom Evans
    Lûcrum Marketing
    August 7, 2010
  • 4. What is a Product Strategy?
    Key Goal
    Communicate a clear long-term vision & plan for the solution
    Key Elements
    Description of Market Opportunity/Need
    Product Vision
    High Level Prioritization of Market Needs/Requirements
    • High level roadmap
    Copyright 2010 - LÛCRUM MARKETING
  • 5. What is a Market Strategy?
    Key Goal
    Focus market development efforts on best opportunity
    Key Elements
    Well defined target market (segments)
    Define buyer roles and the challenges/goals/needs
    Clear messages to communicate
    Value Proposition – what we do for you
    Positioning & Differentiation – why buy our solution
    Copyright 2010 - LÛCRUM MARKETING
  • 6. What Makes Them Compelling?
    Copyright 2010 - LÛCRUM MARKETING
  • 7. How Do We Get There?
    Copyright 2010 - LÛCRUM MARKETING
  • 8. Articulate Business Strategy
    Key Question
    Without a clear understanding of your business strategy, how can you determine if you should pursue a business opportunity?
    Key Elements
    Vision & Mission
    Core competencies & target markets
    Company positioning & brand promise
    Competitive advantages
    Copyright 2010 - LÛCRUM MARKETING
  • 9. Validate the Market Opportunity
    Key Question
    What are the big painful issues
    That many in your target market
    Are willing to pay to solve
    Key Elements
    Starts with Research
    Secondary – trends, business drivers, market size
    Primary – you must speak to potential customers to really understand their problems
    Copyright 2010 - LÛCRUM MARKETING
  • 10. The Role of Marketing
    The aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself.
    Peter Drucker
    Copyright 2010 - LÛCRUM MARKETING
  • 11. Assess Competitive Landscape
    Key Question
    What are competitors doing or going to do?
    Key Elements
    Competitive Analysis
    Current offerings, target markets, strategies
    Strengths & weaknesses
    Market share
    Don’t forget substitutes & potential new entrants
    Copyright 2010 - LÛCRUM MARKETING
  • 12. Seven Foundational Practices
    Copyright 2010 - LÛCRUM MARKETING
  • 13. Copyright 2010 - LÛCRUM MARKETING
    Thank You!
    Tom Evans
    Lûcrum Marketing
    tevans@lucrum-marketing.com
    +1.512.961.5267
  • 14. sponsors