Basics of Product Strategy

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Every company will eventually fail. How can someone avoid obsolescence? By focusing on significant problem spaces, growing markets and brand experience at the right time, success of startups is way more likely. This presentation covers the art of mastering product lifecycles, building digital products, brands and startups.

Technology

@pichsenmeister
Basics of
Product Strategy

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Why do I need a Product Strategy?

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How to avoid obsolescence?

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Significant Problem
Space

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Significant Problem
Space
Growing Market

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Significant Problem
Space
Growing Market Timing

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Focus on the problem, not the solution

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Read this
book!!!
momtestbook.com

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Does this problem ...
… occure frequently?
… cost people a lot of time/money?
… make people care about?

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Significance
Frequency
Customer’sPain
High
Low High

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Impact
Benefit
CostofAdoption
High
Low High

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Significant Problem Space
Significance
Impact
High
Low High

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Can you phrase the problem in a
technology-agnostic way?

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Growing Market
Will more people have this problem in the future?
Will people have this problem more frequently?
Will this problem have a higher impact in the future?

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Growing Market
More people will do phone calls over the Internet

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Niche Market
More people will take Piano lessons

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Growing Market
Lots of new entrants
No switching costs
Will adapt workflow to your tool or solution

@pichsenmeisterSource: Bill Gross, TED March 2015
Funding 14%
Business Model 24%
Idea 28%
Team/Execution 32%
Timing 42%

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First to market = First to fail

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First mover’s
advantage
● Thought leadership
● Your product = market
● No switching costs
● Buyer’s choice
disadvantage
● Expensive market
education
● More mistakes to be
made
● Defense fatigue

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Last mover’s
advantage
● Less uncertainty
● Repeatable business
model
disadvantage
● Many competitors
● High switching costs
● Expectations are set

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create a better everyday life for the many people

@pichsenmeister
organize the world’s information and make it
universally accessible and useful

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to build a place where people can come to find and
discover anything they might want to buy online

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Vision
Mission
Core Values
Goals
Strategy
Actions

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You will either fail or others will copy you

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2. Make something people love

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4. Sell benefits, not features

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t.me/pichsenmeister
twitter.com/pichsenmeisterThank You!

Hosted by: Chad Nantais (themerchantlab.com) and Jenn Li (musefind.com) Website: http://themerchantlab.com/?p=6456 Most emerging brands struggle to grow their online customer base and build consistent, predictable revenue. Unlike large retailers, they lack the data and resources to make it easier for shoppers to find and buy their products. However, some brands have been able to overcome these limitations and have grown themselves into household names. What are they doing differently? Two experts in online marketing and retailing will explain what these brands are doing to drive exceptionally high rates of growth and customer engagement, and provide you with a simple blueprint for growth, based on strategies from today’s top online retailers.

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Building products is hard. Building successful products is even harder. In the early days of every company it doesn't matter if you have the perfect sales pitch or the perfect marketing campaign when your product sucks. Even though marketing and sales is important to every successful company, your product strategy can kill you much faster. Unfortunately there is no simple recipe, but there are some pitfalls you can avoid and some guidelines you can follow to master product strategy.

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