Creating The Right Product Strategy To Grow Your Company's Revenue - ProductCamp Toronto - H. Del Castillo, AIPMM
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Introduction The creation of successful products is essential for companies that want to grow or maintain a competitive advantage. Many organizations lack a clearly defined and understood product strategy. We will discuss the importance of the AIPMM Product Management Framework (PMF) to define and implement a process to conceive, plan and market your company’s products at each stage of their life cycle. We will identify key activities to align business and product strategy with unmet customer needs to create value for your business. We will describe the typical product life cycle from concept to launch and through product retirement. We will also discuss why growing organizations need to implement a formal product management process to support their product strategy. Objectives * Why do you need to define the right product strategy? * What are the benefits of implementing a product planning process? * What do you need to constantly create insanely great products? Contact me at http:/linkd.in/hdelcastillo for more information regarding AIPMM membership or certification courses in your area. Let me know how I can help you accelerate your career, or create and implement a product strategy and product planning process successfully to grow your business.
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Creating The Right Product Strategy To Grow Your Company's Revenue - ProductCamp Toronto - H. Del Castillo, AIPMM
- 1. Hector Del Castillo linkd.in/hdelcastillo July 28, 2012 © AIPMM 2012
- 2. I want to thank everyone who attended the AIPMM sessions at ProductCamp Toronto. I welcome your feedback regarding this topic. Contact me with any comments or questions. I look forward to seeing you again soon. © AIPMM 2012
- 3. Tweet About Us! Hector: @hmdelcastillo AIPMM: @AIPMM ProdMgmtTalk: #ProdMgmtTalk PC Toronto: @PCToronto © AIPMM 2012
- 4. Hector Del Castillo • Senior consultant with over 10 years of experience transforming products to profit for technology-based companies • AIPMM Body of Knowledge (ProdBOK®) Contributor • Established companies – Jet Propulsion Laboratory, Lucent Technologies, MEI Technologies • Small companies and startups – Nextone Communications, Smith Micro Software • Launched 27+ Products for global deployment – HW/SW, Telecom, Enterprise Mobility, Information Security Services, Professional Development • Certified PMP®, CPM® and CPMM® • University of California at Santa Barbara, MS EE • University of Texas at El Paso, MS EE, BS EE © AIPMM 2012 4
- 5. © AIPMM 2012
- 6. The Hub Of All Things Product Management Community Certification Subject Matter Experts & Like-Minded Peers to ask Certification can help to improve both questions organizational performance and individual career aspirations as part of a managed skills development approach. Connections Content Connecting our members through multiple social media Hundreds of practical templates, examples, and information networks extends our reach © AIPMM 2012
- 7. AIPMM Overview • With members in 65 countries, the AIPMM is the worldwide certifying body of product team professionals. • The only organization that addresses the entire product lifecycle (inception to obsolescence) throughout any industry • Presently has offerings in North America, Europe, Middle East, Australia and Southeast Asia. • Membership benefits include eligibility for the certification programs, discounts to AIPMM conferences, and access to the Career Center, peer Forums, tools, templates and publications. © AIPMM 2012
- 8. • Network with experts Why Our Members Join and thought leaders • Learn best practices, proven strategies and methodologies • Expand their knowledge and soft skills. • Sharpen their leadership and influential skills • Validate their expertise with internationally recognized certifications. • Obtain tools to enhance their productivity © AIPMM 2012
- 9. AIPMM Certifications AIPMM offers globally recognized certifications: • Certified Product Manager (CPM®) • Certified Product Marketing Manager (CPMM®) • Agile Certified Product Manager (ACPM®) • Certified Innovation Leader (CIL®) • Certified Brand Manager (CBM®) © AIPMM 2012
- 10. What We Will Discuss 1. What is Product Strategy? 2. Why Your Company Needs It 3. Implementing A Product Strategy 4. Key Takeaways © AIPMM 2012
- 11. What is Product Strategy? ”Product strategy begins with a strategic vision that states where a company wants to go, how it will get there, and why it will be successful.” Source: Product Strategy for High Technology Companies, 2nd Edition, Michael E. McGrath, 2001 © AIPMM 2012
- 12. ”Product strategy is like a roadmap. It’s useful only when you know where you are and where you want to go.” Source: Product Strategy for High Technology Companies, 2nd Edition, Michael E. McGrath, 2001 © AIPMM 2012
- 13. Fortune’s Most Admired Companies Rank Company Industry Industry Rank 1 Apple 1 Computers 2 Google 1 Internet Services & Retailing 3 Amazon.com 2 Internet Services & Retailing 4 Coca-Cola 1 Beverages 5 IBM 1 IT Services 6 FedEx 2 Delivery 7 Berkshire Hathaway 1 Property and Casualty 8 Starbucks Coffee 2 Food Services 9 Procter & Gamble 1 Soaps and Cosmetics 10 Southwest Airlines 3 Airlines Source: FORTUNE Magazine, 19 Mar 2012 © AIPMM 2012
- 14. TIPS FOR IMPLEMENTING A PRODUCT STRATEGY SUCCESSFULLY © AIPMM 2012
- 15. 1. Align Strategies With Needs Focus on creating and delivering value-added Customer products to target customers based on their unmet needs. Product (Value) Business Market © H. Del Castillo, AIPMM, Product Management Triple Constraint, 2011 © AIPMM 2012
- 16. Understand The Difference Business Strategy vs. Product Strategy Defines the path to Roadmap for investment create a sustainable and creation of new competitive advantage revenue streams. for your business. © AIPMM 2012
- 17. Create Alignment Align business, marketing and product strategies with unmet market needs. © AIPMM 2012
- 18. Document and Communicate It Financial How much investment is needed? How soon will we break even? Learning & Growth Customer What key resources are Product What are the unmet needs? needed? Vision & Mission Who are the customers? What knowledge and skills are needed? Who’s most likely to buy? Business Processes What key activities and deliverables are needed? © AIPMM 2012
- 19. 2. Mind Your Company’s Culture Cultivate a culture that Process fosters innovation and collaboration to create & deliver great products. People Culture © AIPMM 2012
- 20. Focus on Structure Source: McKinsey 7S Framework © AIPMM 2012
- 21. Eliminate organizational silos © AIPMM 2012
- 22. 3. Adopt A Product Planning Process Product Management Framework (PMF) Source: © AIPMM, 1998-2012, All Rights Reserved. © AIPMM 2012
- 23. Leverage The Product Life Cycle © AIPMM 2012
- 24. Identify Key Resources © AIPMM 2012
- 25. Define Key Deliverables © AIPMM 2012
- 26. 4. Discover Insights © AIPMM 2012
- 27. Discover Unmet Customer Needs © AIPMM 2012
- 28. Identify Customer Segments Demographics; e.g., Needs; e.g., Industry Problems/pain points Function Applications/uses addressed Geography Key functionality/attributes Age/gender/income Degree of sophistication/quality/… Other personal/business Drives Product/Solution Strategy characteristics Drives Outreach Strategy Behaviors and Attitudes; e.g., Risk appetite/adoption Psychographics (lifestyle/personality) Stated/unstated values Usage patterns Vendor/brand loyalty Drives Adoption Strategy © AIPMM 2012
- 29. Know Your Competitive Landscape © AIPMM 2012
- 30. 5. Deliver Value, Success Will Follow © AIPMM 2012
- 31. Polish your value proposition Creating and delivering value to customers, executives and investors is essential for a successful business. © AIPMM 2012
- 32. Direct the Internal Value Chain © AIPMM 2012
- 33. 6. Realign Your Business Model © AIPMM 2012
- 34. Use Leading Productivity Tools © AIPMM 2012
- 35. Make Your Business Case © AIPMM 2012
- 36. Key Takeaways 1 • Align strategies with needs 2 • Mind your company’s culture 3 • Adopt a product planning process 4 • Discover insights 5 • Deliver value, success will follow 6 • Realign your business model © AIPMM 2012
- 37. Useful Links • Website: http://www.aipmm.com • LinkedIn: http://www.linkedin.com/company/2614343 • Articles: http://www.aipmm.com/html/newsletter/article.php • Blogs: http://aipmm.com/anthropology/ • Webinars: http://aipmm.com/aipmm_webinars/ • Certification: http://aipmm.com/html/certification/ • Product Management Framework Brochure: http://www.aipmm.com/brochures/AIPMM_PMF.pdf © AIPMM 2012
- 38. Upcoming Global Product Management Talks Bringing Product Talks to you via Twitter Chat & Podcast! Mondays Follow: @ProdMgmtTalk Use #ProdMgmtTalk Register: http://www.prodmgmttalk.com Listen: http://www.blogtalkradio.com/prodmgmttalk July 30 Why Exceptional Product Managers Have Many Mentors w/ Hector Del Castillo @hmdelcastillo 4:00 PM Pacific Time, 6 PM CST Chicago, and 7 PM ET Boston Aug 6 How to Deal with Product Obsolescence – the end of the Product Lifecycle w/ John Newbury @johnnewbury 2:00 PM Pacific Time, 4 PM CST Chicago, and 10 PM in London, UK Aug 13 Talking Scrum and Kanban Live from Agile 2012 in Austin, Texas w/ Nick Muldoon @nickmuldoon 4:00 PM Pacific Time, 6 PM CST Chicago, and 7 PM ET Boston © AIPMM 2012
- 39. AIPMM Webcast Series How To Prepare For An AIPMM CPM® and/or CPMM® Certification Exam Date: Wednesday, August 1, 2012 Time: 12 noon EDT/ 9:00 a.m. PDT Register/Archive: [Register here] This webcast will discuss all you need to know about the CPM® and CPMM® preparation courses and certification exams. The courses provide a thorough review of key strategies, concepts and terminology to help participants prepare to take an AIPMM certification exam. They cover the strategy for answering the exam questions and a Q&A for anything else participants want to review. They fully prepare participants to take the Certified Product Marketing Manager (CPM®) or Certified Product Marketing Manager (CPMM®) certification exam. Who Should Attend This is for all product team professionals who want to distinguish themselves, accelerate their careers by mastering strategies, methodologies and tools to plan, manage and market successful products, improve their productivity, and fully prepare to sit for and successfully pass the CPM® or CPMM® Certification Exam. © AIPMM 2012
- 40. Upcoming Webcast Innovation: The Result of the Intersection of Invention and Value Date: Friday, August 3, 2012 Time: 12 noon EDT/ 9:00 a.m. PDT Register/Archive: [Register here] One of the biggest problems that a product manager encounters when starting an innovation program is to reach consensus on the definition of innovation. This is more than a semantics issue. Without agreement on exactly what the goal is - the team is unlikely to achieve it. The traditional definition of innovation has been simply "a new method, idea or product". Join us for an informative webinar to learn: — a new definition of innovation that applies not just to products but to services, business models or business processes — why being new is not enough for something to be called innovative — what is necessary to define the innovation as incremental, radical or disruptive — how different types of innovations must be managed differently within the development process. © AIPMM 2012
- 41. Upcoming Webcast Why Exceptional Product Managers Have Many Mentors and How to Create Your own Mentor Network Date: Friday, Aug 10, 2012 Time: 12:00 PM – 1:00 PM EDT Register/Archive: [Register Here] AIPMM helps you build your own product professional mentor network with access to member-only mentor matching, mentor/mentee facilitation, leadership trainings and opportunities for continuing education, as well as the potential to join the distinguished AIPMM Product Management Ambassadors Council. Who Should Attend This discussion is open to current premium Level AIPMM members in good standing who are seeking to forward their product professional career, distinguish themselves as leaders and contribute to the success of other product professionals and product team members. © AIPMM 2012
- 42. Upcoming Courses Dates and Upcoming Courses Location Optimal Product Management & CPM® Certification Exam Sep 17-20, 2012 from the 280 Group Teqcorner Course Information: [Information] McLean, VA Product Innovation Leadership (16 PDUs) Sep 24-25, 2012 Course Information: [Information] Teqcorner McLean, VA Creating Value Through Collaboration (16 PDUs) Sep 26-27, 2012 High Performance Project Management Rockville, MD Course Information: [Information] For more information, contact Hector Del Castillo at hmdelcastillo [at] aipmm.com. © AIPMM 2012
- 43. Upcoming Courses Dates and Upcoming Courses Location Private Live Online Certified Product Manager (CPM®) Prep Aug 13-17, 2012 Course & Exam Five 2-hour Course Information: [Information] online sessions Private Live Online Certified Product Marketing Manager Aug 13-17, 2012 (CPMM®) Prep Course & Exam Five 2-hour Course Information: [Information] online sessions For more information, contact Hector Del Castillo at hmdelcastillo [at] aipmm.com. © AIPMM 2012
- 44. For More Information About • AIPMM membership benefits • Certification courses in your area • How to prepare to take a certification exam • Defining the right product strategy & process to grow your business • Aligning your business model with your product strategy © AIPMM 2012
- 45. Hector Del Castillo, PMP, CPM, CPMM Transforming products to profit for technology-based organizations.TM Product Marketing Director Connect: linkd.in/hdelcastillo Follow: @hmdelcastillo Contact: hmdelcastillo [at] aipmm.com Phone: +1-301-523-9478 © AIPMM 2012
- 46. COURSE PREVIEW © AIPMM 2012
- 47. Product Innovation Leadership - Igniting innovation and business growth (16 PDUs) Date: Sep 27-28, 2012 Time: 8:30 AM – 5:00 PM EDT Place: Teqcorner, McLean, VA Price: $1,697 per person This course covers best practices and proven methodologies to lead innovation efforts in order for your company to gain or maintain a competitive advantage using a sustainable approach. You will learn knowledge, skills, and tools to integrate and align strategic objectives with a managed and purposeful innovation culture. This course fully prepares you to take the Certified Innovation Leader (CIL) certification exam, which is administered at the end of day two. Price includes training, certification exam fee, AIPMM premium membership, and over 350 templates from Demand Metric. * PCamp Boston participants pay only $1,497 (Save $200) per person when you register by Jul 11th. Group discount of $300 per person when you register 5 people. © AIPMM 2012
- 48. Product Innovation Leadership - Igniting innovation and business growth (16 PDUs) Day 1 Day 2 Introduction & Overview Strategic Innovation Leverage and Phase 2: Plan Alignment (SILA) Phase 3: Develop Project Identification Phase 4: Develop Business Case Development Phase 5: Qualify Phase 1: Conceive Phase 5: Launch Practice Questions Exam Review Certified Innovation Leader (CIL®) Certification Exam © AIPMM 2012
Editor's Notes
- Contact me for any of the following:Obtain information about upcoming certification courses in your area.Let me know how I can help your business grow by defining and implementing the right product strategy.Obtain the answer worksheet.Obtain copies of these slides.
- The world’s largest professional organization of product managers, brand managers, product marketing managers and others responsible for Goods and Services.The only organization that addresses the entire product lifecycle (inception to obsolescence) throughout any industryCurrently over 8,000 membersPresently has offerings in North America, Europe, Middle East, Australia and Southeast Asia. Membership benefits include (in addition to eligibility for the Certification Programs): discounts to AIPMM conferences, the Career Center, peer Forums, tools, templates and publications.
- AIPMM offers globally recognized certifications for product managers, product marketing managers and brand managers.Certified Product Manager (CPM), Certified Product Marketing Management (CPMM) and Agile Certified Product Manager (ACPM). Certification requires obtaining a college degree, minimum one year of experience, and passing a certification examination.
- Product Strategy is a company’s game plan that takes into account the core capabilities within a business to create and deliver value-added products within a marketplace.It describes how you plan to conceive, plan, implement, distribute, market and sell your products in a sustainable manner.
- Why Your Company Need It?Provides a roadmap to create value for your business, customers and investors.Identifies how you plan to market and sell your products to your marketplace.Anticipates your competitors’, including new entrants, probable moves.Defines how your customers think about your products. May encompass any number of products, depending on the nature of your business.
- In their March 19, 2012 issue, FORTUNE magazine named the 50 most admired companies. The Most Admired list is the definitive report card on corporate reputations. Our survey partners at Hay Group started with approximately 1,400 companies: the Fortune 1,000 (the 1,000 largest U.S. companies ranked by revenue), non-U.S. companies in Fortune’s Global 500 database with revenue of $10 billion or more, and the top foreign companies operating in the U.S.They then sorted the companies by industry and selected the 15 largest for each international industry and the 10 largest for each U.S. industry. A total of 698 companies from 32 countries were surveyed. (Due to an insufficient response rate, the results for 11 companies in the scientific, photographic, and control equipment industry were not published. In addition, due to the distribution of responses, only the aggregate scores and ranks for the 10 companies in the oil and gas equipment/services industry were published.) To create the 58 industry lists, Hay asked executives, directors, and analysts to rate companies in their own industry on nine criteria, from investment value to social responsibility. This year only the best are listed in the magazine: A company's score must rank in the top half of its industry survey. Online, all companies' results are displayed. To arrive at the top 50 Most Admired Companies overall, the Hay Group asked 3,855 executives, directors, and securities analysts who had responded to the industry surveys to select the 10 companies they admired most. They chose from a list made up of the companies that ranked in the top 25% in last year's surveys, plus those that finished in the top 20% of their industry. Anyone could vote for any company in any industry. The difference in the voting rolls is why some results can seem anomalous -- for example, although FedEx is one of the top 10 Most Admired Companies, it is second in the Delivery industry behind top-ranked UPS, which ranked 29th on the top 50 overall.
- Business StrategyDescribes what a business wants to achieve and then how it is going to make it happen, with its products, customers, and operations.Defines the path to create a sustainable competitive advantage.Product StrategyDescribes resources, operations, channels and partners to create and deliver value to your target customers in a sustainable manner.Provides a roadmap for investment and creation of new revenue streams.
- Recommended Reading:Harvard Business Review April 2004The Ambidextrous Organizationby Charles A. O’Reilly III and Michael L. TushmanThe Roman god Janus had two sets of eyes—one pair focusing on what lay behind, the other on what lay ahead. General managers and corporate executives should be able to relate. They, too, must constantly look backward, attending to the products and processes of the past, while also gazing forward, preparing for the innovations that will define the future.
- http://www.businessweek.com/magazine/content/11_24/b4232068147070.htm
- Here we show AIPMM’s Product Management Framework. It depicts the typical phases for products throughout their life cycle from cradle to grave.It contain elements that apply across all industries and all companies and can also be adapted to create customized frameworks to address unique needs of specific industries and companies.It defines a standard set of inputs, processes and outputs that can be applied to any product.It provides a solid foundation for both implementing and evaluating a product management organization in a company.
- A business model is a framework that describes the rationale of how an organization creates, captures and deliversvalue to customers,shareholders and employees.The business model creation process is part of business strategy.Business models are used to describe and classify businesses. They are also used by managers inside companies to explore possibilities forfuture development.
- A business model is a framework that describes the rationale of how an organization creates, captures and deliversvalue to customers, shareholders and employees.The business model creation process is part of business strategy.Business models are used to describe and classify businesses. They are also used by managers inside companies to explore possibilities forfuture development.
- Contact me for any of the following:Obtain information about upcoming certification courses in your area.Let me know how I can help your business grow by defining and implementing the right product strategy.Obtain the answer worksheet.Obtain copies of these slides.
- Here is an upcoming training opportunity that I will lead.