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- 1. Product Management What EveryEntrepreneur Should Know Laura Mariño VP Product Management, Intapp Stanford Technology Ventures Program – Oct 11, 2016
- 2. Agenda What is ProductManagement .. …and why should you care? ‘Lean’ product concepts The Product Lifecycle Q&A
- 3. What is ProductManagement ... and why should you care?
- 4. 7 out ofthe top 10 reasons startups fail are related to the product
- 5. As a ProductManager you are: Responsible for Defining the right product at the right time Getting the product built Delivering the product to market The CEO of the product The ‘kitchen sink’
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- 8. Lean – KeyConcepts Product-Market fit UX Feature Set Value Proposition Underserved Needs Target Customer Market Product Product-Market Fit Lean PM - Dan Olsen
- 9. Lean – KeyConcepts Rework and pivot Product-Market fit Iteration and validated learning
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- 13. I have anidea… Better starting point: I have identified an unmet need ….. Opportunity Evaluation
- 14. Opportunity Assessment • Whatis the problem we are trying to solve? • Who has the problem and how will we reach them? • Do customers perceive the problem as important? • How big is the market and when? • Are others trying to solve it? Why us?
- 15. How can youdetermine if the idea is worth pursuing? CustomerNeed/Value High Low Satisfaction with Existing Alternatives LowHigh Greatest Opportunity Competitive Market ‘Stupid’‘Dotcom’
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- 17. Design the Solution (How should we solve the problem?) Moving from theProblem Space to the Solution Space Minimum Viable Product User Personas (and Buyer Personas) Early Validation
- 18. Problem/ Need Solution Manage Client Obligations Manual + Excel Terms of Business Howpeople solve it today The new product From Problem to Solution
- 19. Solution Manage Client Obligations Centralize Get visibility Enforce Master DB Extraction and categorization Search and Reporting API’s for integration Next level of detail From Problemto Solution Problem/ Need Manual + Excel Terms of Business
- 20. From Problem toSolution Manage Client Obligations Centralize Get visibility Enforce Extraction and categorization Search and Reporting API’s for integration Review pre- signing Approval & Tracking The scope of the problem can be broader … Notifications & Audit Review Workflow Approval Workflow … needing a broader solution Problem/ Need Manual + Excel Terms of Business Master DB Solution
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- 23. Key Risk #1 Not limiting the scope of the problem for v1
- 24. Solution Manage Client Obligations Centralize Get visibility Enforce Manual + Excel Terms of Business Master DB Extraction and categorization Search and Reporting API’s for integration Review pre- signing Approval & Tracking Notifications & Audit Review Workflow Approval Workflow ‘Deep’ integration Automation Analytics There are always more featuresto solve the problem better… Problem/ Need From Problem to Solution
- 25. Key Risk #2 Youtry to put every possible feature in v1
- 26. Minimum viable product: “Minimumamount of functionality that provides enough value to your target customer” “Version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort."
- 27. Once you havedefined the MVP: • Value Proposition • Competitive Differentiation
- 28. User Personas “Fictional characters, builtto identify real users’ needs, wants and limitations in order to design best possible experience for them”. u Goals: get common understanding of the user(s); put stakeholders into the user’s shoes
- 29. Exercise: Identifying User Personasand Buyer Personas B2C B2B B2B2C & Marketplace Who are the buyer personas? Why do they matter in the design of the solution?
- 30. Early Validation (Getting customerfeedback early) • Feedback on: • Value Proposition and Messaging • Functionality/ Feature set • UI/UX Design
- 31. Early Validation Ø‘Pretotype’ ØHand Sketch ØWireframes Ø Mock-ups Ø Interactive ØPrototype You can do a lot of validation before writing any code!
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- 36. The ‘Traditional’ WaterfallModel Source: http://agilemethodology.org/
- 37. Iterative or AgileMethodologies • Customer-centric ‘user stories’ • Quickly validate key hypotheses Source: http://agilemethodology.org/
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- 39. Distribution 3rd-Party Add-ons Installation Configu- ration Integration Training Support Your (Generic) Product Everything else neededto complete the solution and deliver on the value proposition
- 40. • Whole Product- critical for competitive advantage • ‘Whole Product’ can change based on the stage in the adoption lifecycle • The generic product may evolve to incorporate more of the Whole Product
- 41. Measure, Learn andIterate
- 42. Measure …. what? •Business Success • Customer Success • Product Delivery • Product Functionality and Performance Build in ways to measure the product
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- 46. Resources • Martin Cagan, The Role of Product Manager http://www.svpg.com/assets/Files/productmanager.pdf • Ben Horowitz, David Weiden: Good Product Manager, Bad Product Manager http://www.khoslaventures.com/wp-content/uploads/Good_Product_Manager_Bad_Product_Manager_KV.pdf •Dan Olsen: The Lean Product Playbook • Kano Model: http://www.uie.com/articles/kano_model/ • Geoffrey Moore, Crossing the Chasm • Geoffrey Moore, Dealing with Darwin: How Great Companies Innovate at Every Phase of their Evolution • Tom Kosnik, Lena Rumsfeld, Gear Up: Test Your Business Model Potential and Plan Your Path to Success • Ken Norton: 10x not 10% https://www.kennorton.com/essays/10x-not-10- percent.html • Agile Methodology: http://agilemethodology.org/ • Pragmatic Marketing www.pragmaticmarketing.com • Clean Up Your Mess (A Guide to Visual Design for Everyone) http://visualmess.com/index.html
- 47. Other • Pretotype It- Alberto Savoia • https://www.youtube.com/watch?v=EPUu8_EXiNg • Steven Blank Four Steps to Epiphany • http://web.stanford.edu/group/e145/cgi- bin/winter/drupal/upload/handouts/Four_Steps.pdf
- 48. Contact Information • LAURAMARINO laura.marino@stanfordalumni.org https://www.linkedin.com/in/lamarino