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The Lean Product Lifecycle Book- Product Innovation & Business Growth (Craig Strong)


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An overview on how The Lean Product Lifecycle can transform your business to simultaneously innovate and grow by taking on insights from Venture Capital, Private Equity, Budgeting, Agile, Lean, Lean Startup, Beyond Budgeting and more.

Know how to take your idea and build a successful business.

Published in: Business
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The Lean Product Lifecycle Book- Product Innovation & Business Growth (Craig Strong)

  1. 1. @LeanPLCCraig Strong @craigstrong Product Innovation & Business Growth
  2. 2. Company Types ▪ Global Enterprises ▪ FTSE 100 ▪ Private Companies ▪ Private Equity ▪ Venture Capital Backed - Startups Domains ▪ Finance/Fintech ▪ Software ▪ New Media/Streaming ▪ Education ▪ Publishing ▪ Proptech ▪ IDV/AML 2 Craig Strong CTO & CPO Roles & Focus ▪ Technology & Software ▪ Product ▪ Transformation ▪ Growth ▪ Innovation Skills & Traits ▪ Annoying Curiosity ▪ Relentless Persistence ▪ Continuous Learner ▪ Problem Solver ▪ Tech Evangelist ▪ Explorer Of Interests ▪ *Finds Many Things Interesting Craig Strong @craigstrong @LeanPLC
  3. 3. Challenge 1. ~90% Of Startups/Ideas Fail 2. Digital Disruption 3. Limited Time/Money To Learn 4. Corporate Governance 5. Innovation Is Survival 3 Craig Strong @craigstrong @LeanPLC
  4. 4. 4Jeremy Hope, 2003. Beyond Budgeting: How Managers Can Break Free from the Annual Performance Trap. Edition. Harvard Business Review Press. Craig Strong @craigstrong @LeanPLC
  5. 5. 5 Larry Downes is co-author, with Paul Nunes, of Big Bang Disruption: Strategy in the Age of Devastating Innovation Disruption Isn’t Gradual
  6. 6. The Lean Product Lifecycle Non-Linear Adaptive Process For Product Innovation Craig Strong @craigstrong @LeanPLC
  7. 7. 7 6 Lifecycle Stages IDEA - During this stage, teams use customer and market insights to generate ideas. EXPLORE - The main focus of Explore is to test assumptions about customer needs, problems and job-to-be-done. VALIDATE - During this stage, team use the insights from Explore to develop a solution for customers, test aspects of our business model including pricing, costs and channels. GROW - Now it’s time to take our product to scale. The main focus during Grow is on increasing customer numbers, revenues and profits. SUSTAIN (Cash Cow) - Focus shifts to sustaining revenues and profits, while optimising operations and reducing costs. . RETIRE - Recycle capabilities and technologies. Customers are not inconvenienced by putting in place a plan to mitigate negative effects on customers. Craig Strong @craigstrong @LeanPLC
  8. 8. 8 The Lean Product Lifecycle Craig Strong @craigstrong @LeanPLC
  9. 9. 9 Products ≠ Business Models Craig Strong @craigstrong @LeanPLC
  10. 10. 10 Craig Strong @craigstrong @LeanPLC Thank You : Business Model Canvas: Osterwalder, Pigneur & al. 2010
  11. 11. 11 Spread Betting Ideas Craig Strong @craigstrong @LeanPLC
  12. 12. 12 Craig Strong @craigstrong @LeanPLC Pitching vs Managing
  13. 13. 13 Right Questions Right Time Craig Strong @craigstrong @LeanPLC
  14. 14. 14 Contextual Adaptive Management Over Process Conformity Craig Strong @craigstrong @LeanPLC
  15. 15. Explore 15 Obtain evidence that your customers have a real need or problem. You will now get out of the office and speak to customers to test your assumptions. 1. Validate The Problem 2. Validate The Proposition 3. Market Opportunity 4. Preparing For Validate Craig Strong @craigstrong @LeanPLC
  16. 16. Designing Experiments 16 1. Assumptions: Which specific assumptions are you testing? What are you trying to learn? 2. Experiments: How are you going to conduct the experiment? What exactly are you going to do? 3. Cohort: People, businesses or customer segments that you are going to experiment on? 4. Success criteria: What would have to happen in your experiment for you to decide that your assumptions are supported by the data? 5. Timebox:Set an upper limit for the time we want our experiment to run. 6. Results: At this point, we analyse and tally what we found? 7. Learnings: Now that we have tallied our data, what did we learn? 8. Decision: Do we want to pivot, persevere or stop? Craig Strong @craigstrong @LeanPLC
  17. 17. Earlyvangelists 17 1. They have the problem or need we are trying to solve 2. They are aware that they have the problem or need they have been actively looking for a solution 3. They have tried to put together a solution 4. They have a budget to pay for a solution
  18. 18. Customer Interviews 18 1. Choose your participants: Not just anyone! 2. Talk to experts: Accelerate learning and exploit knowledge 3. Use scripts: Before talking to customers, you need to be clear about what you learning goals are 4. Go off track: Even with a script, customers can often unexpected insights. Allows the interview to go off track every now and again. 5. Get connected: At the end of every interview, ask customers whether they know other people facing similar challenges that they can introduce you to. 6. Capture data: During the interview you have to capture all the data and learning that you can. 7. Review immediately: At the end of every interview, review the notes you have taken. Ask customers questions that if they asked their own mum she could lie to them! Craig Strong @craigstrong @LeanPLC
  19. 19. 19 Venture Many Bets-Learn Fast Craig Strong @craigstrong @LeanPLC
  20. 20. 20 Evolving Customer Profiles Craig Strong @craigstrong @LeanPLC
  21. 21. 21 Mapping Products By Market Craig Strong @craigstrong @LeanPLC
  22. 22. Thanks! Any questions? You can find me at ▪ @craigstrong ▪ g ▪ 22 Craig Strong @craigstrong @LeanPLC