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Product Success


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Managing Partners: Daniel Kraft, Stefanie Lightman

Published in: Business, Technology
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Product Success

  1. 1. Product Success ifridge & Company
  2. 2. Product Success? Why do 70 - 90% of new products fail in the market?* Why do 90% of Corporate Virtual Worlds fail within 18 months?** Why do Apple’s innovations be so successful without doing market research?*** Why do we develop such great products and ‘nobody’ knows about it? * 25 year Research by U.S. Department of Commerce 1998, see “Principles of Marketing” by Philip Kotler,Gary Armstrong,Veronica Wong,John Saunders, 2006, see “Marketing” by William M. Pride,O. C. Ferrell,2008 ** Gartner Research,2008, see *** See various interviews with Steve Jobs and Jonathan Ive (Senior Vice President, Industrial Design at Apple) in 2008, e.g.
  3. 3. Know your Buyer “It’s not about what we develop or how we sell something, Development it’s all about Market WHAT and HOW PEOPLE BUY!”
  4. 4. Know your Economical Buyer “Do you think, it’s not the company who pays your bills? Development It’s the guy with Market the budget. Better be prepared to answering the why questions.”
  5. 5. Know your Technical Buyer “Being the most influential person in the purchase, not only prove to Development meet the reqs Market and specs but also how your product helps to achieve business goals.”
  6. 6. Know your User Buyer “How can you help an User to achieve the goal, if you don’t know Development it. Model your Market user to know about their goals, pains and career plans.”
  7. 7. It’s the first step Development MIND THE GAP! Market
  8. 8. What’s the big step? Empower your Development Market Product Management
  9. 9. “Success is a journey, not a destination” Empower your product management Being buried in tactical activities, product management is always in the middle of several departments. Clear responsibilities and a good management of tactical as well as strategic tasks are key to product success. Effective go to market A new release is an event and big events need intense preparation. From requirement to the launch, create tension for all stakeholders and involve the right people at the right time. Product messaging that resonate Do good and spread the word. Most complaint is that nobody knows about our great features. Features are great, but benefits will lead to sales. Develop your unique positioning, knowledge about your target buyers and communication tools. Information flow! Developers want to be part of the game, Sales needs very specific information and customer, prospects as well as partner are very hungry for information. Leverage new ways of communication and collaboration.
  10. 10. Markus von Aschoff, Associate ifridge & Company