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Getting product strategy right
The document discusses strategies for companies to develop successful product strategies that endure beyond initial hype cycles. It highlights the importance of identifying significant problems within growing markets, building a strong brand, and creating defensible moats that foster customer loyalty. By positioning products to solve timeless problems with technology-agnostic solutions, companies can increase their chances of long-term success.
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Getting product strategy right
- 1. Getting product strategyright @destraynor from @intercom
- 2. Even the world’sbiggest companies don’t last for long…
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- 4. 1955 1960 19651970 1975
- 5. 1955 1960 19651970 1975 19901980 19951985
- 6. 1955 1960 19651970 1975 19901980 1995 2000 2005 201520101985
- 7. The same canbe said for the world’s hottest startups…
- 10. How do youlast more than one hype cycle?
- 11. How can yourproduct strategy prevent this?
- 12. Are you tacklinga significant problem for a growing market? Can you attach it to an extendable brand and defend it with a long lasting moat?
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- 14. Finding a significantproblem space
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- 17. High Value Per Account Low/NoTouch Onboarding Low Value Per Account High Touch Onboarding ✓ ✕ ✓ ✓
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- 19. Cost Benefit YAY! All my photosare in one place
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- 21. Cost Benefit “The solution isactually worse than the problem”
- 22. “The solution isas much hassle as the problem” Cost Benefit “The solution is actually worse than the problem”
- 23. “The solution isas much hassle as the problem” “This thing is probably worth installing” Cost Benefit “The solution is actually worse than the problem”
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- 27. Benefit $0.99 $0.99 + install time $0.99+ install time + now I have to use another app. Yet another icon on my phone, yet another thing I have to remember to check. It’s going to send me emails, isn’t it? I know it is. And it’ll be hacked. You know what screw this… Cost
- 28. $0.99 + installtime + now I have to use another app. Yet another icon on my phone, yet another thing I have to remember to check. It’s going to send me emails, isn’t it? I know it is. And it’ll be hacked. You know what screw this…
- 29. Do you frequentlyexperience and understand the problem?
- 30. When new technologyemerges, can you: observe, orient, decide and, act O O D A
- 31. O “Does this solve my problem?” 1. Send to research team 2. Assemble focus group 3. Gather feedback 4. Suggest findings
- 32. Can you expressthe problem in a timeless and technology-agnostic way?
- 33. “Swap phone numbersover Bluetooth with people nearby”
- 34. “Swap phone numbersover Bluetooth with people nearby”
- 35. “Send emails automaticallywhen users trigger events in your web app”
- 36. “Send emails automaticallywhen users trigger events in your web app”
- 37. If you wantto be timeless, don’t be held ransom by the technologies of today.
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- 39. In 5 yearstime…. Will more people have this problem? Will people have this problem more or less often? Will the problem hurt more or less?
- 40. Internet businesses -there will be more Customer loyalty - it will matter more Too many tools - there will be more tools Messaging - it will replace email Is Intercom’s market growing or shrinking?
- 41. “Appointment scheduling fordentists” “Automatically log your mileage with your employer” “Analytics for enterprise sales teams” “Virus protection for the desktop” “Mobile first marketplace for second hand cars”
- 42. There’s a gapin the market, but is there a market in the gap?
- 43. Why a “growing”market?
- 44. Growing markets meanslots of new entrants
- 45. Selling to newcompanies Selling to established ones Will adapt to your tool Need your tool to adapt to it Have a burning need Have an optimisation task Will take a bet on you Can’t afford risky moves Will buy quickly, no fuss Will go through procurement
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- 47. Brand is themost overlooked element in new software companies.
- 48. Your brand representsthe promises you make to your customers. When you start out your product = your brand = your company = you
- 49. Early on yourproduct drives your brand. Fast? Social? Powerful? Simple? Connected? Developer friendly? Personal?
- 50. Later on yourbrand drives your products. Apple Maps vs Google Maps Facebook Messenger vs Google Hangouts
- 51. Can your brandextend to match your ambition? TeamChat Developer Payments UserChat The Dublin Web Summit Slack Stripe Intercom Web Summit
- 52. Products Jobs Purpose Brand One job,many different products Purpose Brand Your product is your brand Endorser Brand One brand, many different jobs
- 53. Before you nameand characterise your product, ensure you’re… distinct - are you saying things others won’t say? clear - do people know what you’re saying? resonant - will they remember it? relevant - does it have anything to do with what you’re building? permanent - will any/all of the above last?
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- 55. Almost every featureyou work on either a) fails b) gets copied
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- 57. Delighted Customer Small Investment Disgusted Customer Large Investment Everything becomes tablestakes over time At first they’re delightful…
- 58. Delighted Customer Small Investment Disgusted Customer Large Investment Everything becomes tablestakes over time At first they’re delightful… …then they’re performant…
- 59. Delighted Customer Small Investment Disgusted Customer Large Investment Everything becomes tablestakes over time At first they’re delightful… …then they’re performant… …then they’re a must-have.
- 60. Types of moats Economiesof scale - accept a tiny margin for a massive volume Network effects - ensure your product improves the more it’s adopted IP/Patents trade secrets - make it illegal to copy you High switching costs - make it simply too much work to leave Customer loyalty - make it so no one ever wants to leave
- 61. Build a platformthat others rely on
- 63. Build a connectedcommunity that can’t be copied
- 65. Build a brandthat stands alone
- 66. Getting product strategyright…
- 67. Problem Start from theinside out. Pick a big problem that occurs frequently.
- 68. Problem Solution Design a solutionthat doesn’t care about technology.
- 69. Problem Solution Brand Build a brandthat is focused on the exact problem you’re solving.
- 70. Problem Solution Brand Market Take that toa growing market where your brand will resonate.
- 71.