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2017 04 product camp how to be strategic
- 1. © 2011-2014 280Group LLC. Business Strategy Becoming a Strategic PM 20140815
- 2. © 2011-2014 280Group LLC. 2 We help companies and individuals do GREAT Product Management and Product Marketing using our Optimal Product Process™ framework. Mission 280 Group Overview
- 3. © 2011-2014 280Group LLC. 3 Individual PM/PMM Growth Path Interested in PM Brand New PM Product Manager (1-5 Years) Senior Product Manager (5+ Years) PM Executives and Managers Intro to PM™ Optimal Product Management and Product Marketing™ Optimal Product Management and Product Marketing™ Optimal Product Management and Product Marketing™ Optimal Product Management and Product Marketing™ Agile Excellence for PMs and PO’s™ Agile Excellence for PMs and PO’s™ People Skills for Product Managers™ People Skills for Product Managers™ Certified PM Prep Course and Exam™ Certified PMM Prep Course and Exam™ Leadership for Product Managers™ Leadership for Product Managers™ Leadership for Product Managers™ Certificate of Completion WSFuchsia #993366 WSFuchsia #993366 WSFuchsia #993366 WSFuchsia #993366 WSFuchsia #993366 WSFuchsia #993366 WSFuchsia #993366 WSFuchsia #993366 WSFuchsia #993366 WSFuchsia #993366 Advanced AIPMM Worldwide Standard Certification Credential Also Available as Self- Study Online Courses TRAINING COURSES
- 4. © 2011-2014 280Group LLC. 4 Individual PM/PMM Growth Path (con’t) Interested in PM Brand New PM Product Manager (1-5 Years) Senior Product Manager (5+ Years) PM Executives and Managers TEMPLATES PM Office™ PM Office™ PM Office™ PM Office™ BOOKS 280 Group Press Series 280 Group Press Series 280 Group Press Series 280 Group Press Series COACHING Individual Coaching Individual Coaching Individual Coaching Individual Coaching INDIVIDUAL ASSESSMENTS Individual Assessment Individual Assessment Individual Assessment Individual Assessment CORPORATE ASSESSMENT Group or Company- Wide Assessment CONSULTING Help with Projects Help with Projects Help with Projects Help with Projects CONTRACTORS Interim Product Managers Interim Product Managers Interim Product Managers Interim Product Managers Just released - Product Management for Dummies!
- 5. © 2011-2014 280Group LLC. 5 • Optimal Product Process™ • Complete Solution • Customized for You • Result: Fully Optimized Product Management Uniquely Qualified to Help Your Company 280 Group Overview
- 6. © 2011-2014 280Group LLC. 6 Tactical Reaction vs. Strategic Plans • No one in charge driving strategy • Day to day fire drills consume employees’ time • Gives competitors opportunities • Leaves money on the table Critical Importance of PM
- 7. © 2011-2014 280Group LLC. 7 • Product Managers = Product Leaders • Engineers built what customers really need • Development cycles were shorter • Shipped on time and within budget • Sales excited to sell products • Products delighted customers • Profits and market share increased What If… Product Success or Failure People ProcessTools Pillars of Great Product Management What would this be worth to you and your company?
- 8. © 2011-2014 280Group LLC. 8 • Critical to understand strategic context before taking action • Definition: High level plan to achieve one or more goals under conditions of uncertainty – Not operational effectiveness, although necessary • Implementation: Creating unique and valuable position – Involving different sets of activities What is Strategy? Sources:http://en.wikipedia.org/wiki/Strategy,“Whatis Strategy”Porter,M (1996,Nov-Dec)Harvard BusinessReview What is Strategy? “It's a dangerous business, Frodo, going out your door. You step onto the road, and if you don't keep your feet, there's no knowing where you might be swept off to.” J.R.R. Tolkien, The Lord of the Rings
- 9. © 2011-2014 280Group LLC. 9 Business Strategies • Inherited by Product Manager Market Strategies • Influenced by Product Manager Product Strategies • Managed by Product Manager Context of Different Strategies What is Strategy?
- 10. © 2011-2014 280Group LLC. 10 Resources ObjectivesOpportunities Strategic Management What is Strategy? Develop and maintain strategic fit between organization’s objectives, resources and its changing market opportunities Make tradeoffs and chose what not to do.
- 11. © 2011-2014 280Group LLC. 11 • Choose appropriate Strategic Analysis Tool(s) – PEST(EL) – Porter’s 5 Forces – Porter’s Generic Strategies – SWOT • Formulate appropriate strategies – Ansoff Growth Matrix – SWOT – Kotler’s Strategies • Create Tactical actions to support Strategy • Use Strategic and Tactical objectives to check progress – Objectives should be both tangible and intangible Process of Strategy Analysis and Formulation Analysis and Formulation Tools
- 12. © 2011-2014 280Group LLC. 12 • Provide clarity and perspective • Over-simplify situation • Always be asking – Does this tool help me to make better decisions? – Does this tool waste my time? Perspective on Tools and Models
- 13. © 2011-2014 280Group LLC. 13 • Political • Economic • Social • Technological • Environmental • Legal PEST(EL) Analysis http://www.strategicmanagementinsight.com/tools/img/macro-forces.png Analysis and Formulation Tools
- 14. © 2011-2014 280Group LLC. 14 Source:Porter,M.E. “How CompetitiveForcesShape Strategy”Harvard businessReview, March/April1979 Intensity of Competitive Rivalry Bargaining Power of Customers Threat of Substitutes Threat of New Entrants Bargaining Power of Suppliers Porter’s Five Forces Analysis and Formulation Tools
- 15. © 2011-2014 280Group LLC. 15 Porter’s Generic Strategies Source:M. Porter,CompetitiveStrategy:Techniquesfor AnalyzingIndustriesand Competitors,1980 Analysis and Formulation Tools CompetitiveScope Competitive Advantage Lower Cost Differentiation Broad Target Cost Leadership Differentiation Narrow Target Segmentation (Niche) Strategies Cost Focus Differentiation Focus
- 16. © 2011-2014 280Group LLC. 16 SWOT Analysis Analysis and Formulation Tools Strengths • Internal factors about your company and its market position that help your chances of success Weaknesses • Internal factors about your company and its market position that weaken your chances of success Opportunities • External factors that help your chances of success Threats • External factors that weaken your chances of success
- 17. © 2011-2014 280Group LLC. 17 Transform SWOT into Strategies and Tactics Analysis and Formulation Tools Put Strengths here Put Weaknesses here Put Opportunities here What Opportunities can your Strengths allow you to take action on? What Opportunities could you take advantage of by addressing your Weaknesses? Put Threats here What Threats can your Strengths allow you to avoid? What action should you then undertake? What Threats will join with your Weaknesses to leave you vulnerable. What actions should you then undertake?
- 18. © 2011-2014 280Group LLC. 18 Source:Ansoff’sProductGrowth Matrix Existing Products New Products Existing Markets Market Penetration (low risk) Product Development (medium risk) New Markets Market Development (medium risk) Diversification (high risk) Ansoff Growth Matrix Analysis and Formulation Tools
- 19. © 2011-2014 280Group LLC. 19 • Market Leader – Creates new products, new/more usages, new markets • Market Challenger – Attacks with discounting, proliferation, improved services, cost reduction, advertising • Market Follower – Product imitator • Market Nicher – Product or market specialist Kotler’s Strategies Analysis and Formulation Tools
- 20. © 2011-2014 280Group LLC. 20 Product Life Cycle Source:AIPMM Product Life Cycle Introduction Growth Maturity Decline + 0 – Marketing objective Gain Awareness Stress differentiation Maintain brand loyalty Harvest and deletion Competition None Growing Many Reduced Product One More versions Full product line Best sellers Price Skimming or penetration Gain share, deal Defend share, profit Stay profitable Promotion Inform, educate Stress competitive differences Reminder oriented Minimal promotion Place (distribution) Limited More outlets Maximum outlets Fewer outlets Stage of the product life cycle Total industry profit Total industry sales revenue
- 21. © 2011-2014 280Group LLC. 21 Adoption of Innovation Source:Crossingthe Chasm:Marketing and SellingHigh-TechProductsto MainstreamCustomersby G. Moore (1991) Chasm Model Innovators Early Adopters Pragmatists Conservatives Laggards 2% 15% 34% 34% 15% Chasm
- 22. © 2011-2014 280Group LLC. 22 Technology Enthusiasts • Well-informed risk takers • Willing to try unproven product • Adopt tech for its own sake • Little profit generated from this segment Early Adopters • Willing to invest and take high risks • Comfortable with new product category • Demanding • Can provide first big breaks • Help evolve product to mass market Early Majority • Profitable segment • Looking for measurable gain • Must justify cost/benefit analysis • Buys from market leaders • References peer group Late Majority • Resistant to pragmatist majority • Important additional revenues • Very important to package and prepare Laggards • Wary of product category • Doubtful about benefits • “Forced” into adoption Chasm Model Chasm Model
- 23. © 2011-2014 280Group LLC. 23 • Target strategies to the market’s phase • Early majority does not reference early adopters – Starting over (new product and new marketing) • Not all markets have chasms – Disruptive/discontinuous innovations • Product-centric vs Market-centric value – Market-centric value increases chance of crossing the chasm – Technology enthusiasts are the innovators and early adopters of product-centric value products Chasm Model Chasm Model Overlays the PLC
- 24. © 2011-2014 280Group LLC. 24 Strategic Marketing Framework Go-to-Market Process Source:http://www.strategyhub.net/2011/01/framework-of-week-45-strategic.html PM Strategies Marketing Analysis: • Customer needs, define market • Company capabilities • Competition, market Dynamics • Collaborators, partners Marketing Selection: • Market segmentation and selection • Segment targeting • Product positioning Marketing Mix: • Product • Price • Place / Distribution • Promotion / Advertising Customer Acquisition: • Awareness • Interest • Desire • Action Customer Loyalty and Retention RevenueandProfits Whom do we want to go after, and how? What do we sell, where do we sell it, how do we sell it, and how do we gain and retain customers? What does the market look like? (internal / external perspective?
- 25. © 2011-2014 280Group LLC. 25 • Can’t serve entire market with just one product • Companies have to identify which parts are more attractive to them than others – Customer types – Geography – Focus company efforts and resources – Allows development and execution of market and product strategies Segmentation PM Strategies
- 26. © 2011-2014 280Group LLC. 26 • Guides all product planning and marketing strategy • Goal: occupy a unique and lasting position in the customer’s mind – Sustainable competitive advantage – Unique value to your customers – Must choose what to pursue and what NOT to pursue • Purpose: establish brand! Positioning – Most Important Strategy PM Strategies
- 27. © 2011-2014 280Group LLC. 27 Marketing Mix: 4 Ps Product • Variety • Quality • Design • Features • Brand • Packaging • Services Price • MSRP • Discounts • Allowances • Financing Promotion • Messaging • Advertising • Personal selling • Sales promotion • Public relations Place • Channels • Coverage • Distribution • Assortments • Locations • Inventory • Logistics Marketing Mix
- 28. © 2011-2014 280Group LLC. 28 • Customer solutionProduct • Cost (to the Customer)Price • ConveniencePlace • CommunicationPromotion • CarePeople • ConsistencyProcess • ConfirmationPhysical Evidence 7 Ps (Traditional 4 + 3 for Services) Marketing Mix
- 29. © 2011-2014 280Group LLC. 29 • Tactical/Urgent vs. Strategic • Few people understand it • No standard definitions or processes • Job defined by expectations of people outside PM • Lots of responsibility – Reliant on influence – No intrinsic authority • Highly dependent on context – Dependent on team dynamics – Agile to heavyweight – Wide variation by company and culture Challenges of Product Management Strategic Function One size does not fit all
- 30. © 2011-2014 280Group LLC. 30 Download Your Copy At: http://280.gr/challenges-pm What are your challenges? - Most comprehensive PM survey every conducted - 850 PM professionals - Compare your team and company to others
- 31. © 2011-2014 280Group LLC. 31 •www.280group.com •Phil@280group.com Questions