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Meet Your Goals with a Practical Product
Strategy
Nils Davis Hannah Flynn
With: Moderated by:
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Start With Why
Webinar Series
GoodData is on a mission to fundamentally change the way that businesses
make decisions. With 70,000 businesses, over a million users and a
massively scalable, secure & high-performance Insights Platform-as-a-
Service, GoodData offers the transformational technology and expertise to
operationalize intelligent decisions within business applications and
business processes.
More about GoodData
GoodData powers better decisions for 1.5M
users across 80,000 businesses in 157
countries. 50% of the Fortune 500 use
GoodData to transform their business with
better data and analytics.
What Makes GoodData Different
• Expert Insights, no Ph.D. required
Business-friendly analytics that your frontlines can use from day 1.
No training required
• Fast time to value
Fast time with analytic insights, without breaking the bank via a
unified platform that orchestrates data gathering, analytics creation
and delivery all on the same platform
• Analytics at massive scale
We scale analytics to all users, everywhere, right at where they
need them
Click on the Questions panel to
interact with the presenters
https://www.productmanagementtoday.com/webinar-series/start-with-why/
About Nils Davis
I think I was born to be a product manager. I like to have my fingers in everything, and I love working with people
and teams to help them achieve great things. I started in high tech as a technical writer. Some of my colleagues
suggested product management would be a better use of my talents for persuasion and communication, combined
with technical credibility.
I started doing enterprise software product management in that long ago time when there were no classes or
books on PM. I always wished I had the “secret” handbook about product management to help me get over the
humps. Instead, I was lucky to work with excellent mentors across my career, who taught me about finding
marketing problems, driving the creation of solutions, and taking the solutions to market effectively.
Product managers are ultimately responsible for delivering products that create value in the world. My ultimate goal
is to help us all create more value by ensuring every product is a solution to a meaningful market problem. And that
every team creating and selling products is as effective as they can be. In my new book, The Secret Product
Management Handbook, I’ve shared a lot of what I learned on how best to achieve this.
About Hannah Flynn
Hannah attended The University of Chicago, where she majored in Environmental Studies with a concentration in
Economics and Policy. She now works with Aggregage on social media strategy and webinar production on Product
Management Today and B2B Marketing Zone.
Start With Why
Webinar Series
7Start With Why
Webinar Series
Agenda
Why are we here?
What is a strategy?
What are tactics?
The most important
rule, strategy or no
strategy
How does strategy
relate to product?
What if?
8Start With Why
Webinar Series
Feature requests from customers and executives went into
the backlog, and every 2 weeks sprint plans would be
created based on the most urgent customer needs. The
product was being dragged along by momentary
customer demands and executive ideas, not led by a
coherent product strategy.
What’s
Wrong With
This?
Common situation
• Reactive
• Small picture focus
• Customer-driven
• Tactical
Desired situation
• Proactive
• Big picture oriented
• Market-driven
• Strategic
Poll
11Start With Why
Webinar Series
What Is a “Strategy?”
Strategy (from Greek στρατηγία stratēgia, "art of troop
leader; office of general, command, generalship"[1]) is a high
level plan to achieve one or more goals under conditions of
uncertainty.
… tactics are the specific actions used to achieve those
strategic goals.
13Start With Why
Webinar Series
High Level Plan To Achieve
Which Goals?
• Useful?
• Grow revenue
• Grow customers
• More useful
• Sell more to existing
customers
• Sell more to new customers
• Reduce customer attrition
• Increase market share
14Start With Why
Webinar Series
Most Important
• The best strategy will
not work if…
• … no one wants your
product
15Start With Why
Webinar Series
Turtles All The Way Down
Problem your product solves for the
market
Strategy for building and delivering the
solution
Tactics for delivering on that strategy
Tactics for delivering on those tactics
And so on down to product and feature
prioritization
16Start With Why
Webinar Series
Goal: “Sell More to New
Customers”
• Our strategy might include
• Target a new market segment
• Grow our share of the current
segment
• Target a new geography
• Find a new problem to solve and
solve it
17Start With Why
Webinar Series
Tactic: ”Start Selling
in Germany”
• Open sales offices in
Hamburg, Munich, and
Berlin
• Train sales people
• Create market launch
• Localize product in German
18Start With Why
Webinar Series
Linking Corporate
Strategy To Product
Prioritization
19Start With Why
Webinar Series
Some Prioritization
Techniques
• Trust your instinct
• “What's the worst thing that could
possibly happen?”
• Make sure that your boss's pet feature
is handled
• Strategy-based analytics
The Secret Product Manager Handbook 19
20Start With Why
Webinar Series
• We have thousands of features we could add – which ones should we
add?
• The strategy – and the tactics – help guide us
• If the strategy is well-articulated, and not just “Grow” or “Be more
profitable”
Using The Strategy For Prioritization
22Start With Why
Webinar Series
Analytics
23Start With Why
Webinar Series
1. Localize the product in Japanese.
2. Localize the product in German.
• What’s the strategy?
• “Penetrate Germany”
• Which feature do we do?
Simplified Example: Two Features
Aller Anfang ist schwer
24Start With Why
Webinar Series
• The actual strategy (for now):
• Penetrate the German market
• Address gaps against Competitor A
• Enable faster selling in the Financial Services market
• Address customer satisfaction issues
Life Is More Complicated – It’s Why We’re Here
25Start With Why
Webinar SeriesTying The Features To
A Market Model
• What segment wants/needs this
feature?
• How does this feature align with
various market themes?
• Does this feature close a competitive
gap?
• Etc.
• Independent of the strategy, by the
way!
Poll
Strategy and Prioritization
27Start With Why
Webinar Series
• Strategies combine
• Customers
• Market segments
• Market objectives or themes
• Features satisfy
• Customers
• Market segments
• Market objectives and themes
• (The feature’s “market model”)
How To Use ”Strategies” To Prioritize
The Secret Product Manager Handbook 27
28Start With Why
Webinar Series
• Questions to ask
• Is it interesting to the customer who are important to my strategy?
• Does it help me achieve the market goals of my strategy?
• Will it help me be more successful with my target segments?
• Does it help close an important gap against a competitor? Or open a gap against a
competitor?
• All of these can be weighted by importance, and then “added up” to get a
“strategic score”
• Map strategic score versus cost in a scatterplot
“Quantitative Analytics” (Hint: Can Be Done
Qualitatively)
29Start With Why
Webinar Series
The Secret Product Manager Handbook 29
Inexpensive and valuable
30Start With Why
Webinar Series
Quantitative Analytics
vs. Your Intuition
• Analytics results should align with your intuition
• If they don’t
• Is it a problem with the strategy?
• Is a problem with your model of the
relationships or the strategy?
• Is it a problem with your intuition?
• What about the boss’s pet feature?
• You now have a framework for asking the boss
useful questions
• ”How does this feature align with the strategy?”
31Start With Why
Webinar Series
Enables Better
Conversations
• “Why is this feature on the roadmap?”
• “Why isn’t my feature in the roadmap?”
• ”Please add this feature to the roadmap”
32Start With Why
Webinar Series
Problem: Too Many
Well-Aligned Features
• Strategic alignment is a pruning
function
• But it can’t prune everything
• Example: Ten high alignment features,
but you can only do five
• Options
• Coherence – pay attention to
dependencies
• Decomposition – 80/20 rule
33Start With Why
Webinar Series
• Common situation!
• Back to your intuition
• Even if the strategy isn’t explicit, you
often hear its main components “in the
air”
• You can model the strategy and use
it for analytics
Problem: Strategy Not Explicit Enough
35Start With Why
Webinar Series
Three
Things You
Can Start
Doing
Today
Start creating a “market model” for
your features
• Customers, segments, competitors, themes
- at least as “notes” on the feature
Start
Use your organization’s strategy to
guide your prioritization, based on
your market model
Use
Learn to have the analytics-based
conversationsLearn
36Start With Why
Webinar Series
What Happened With Radhika?
As Product Manager, you should be focusing on the pieces
of the strategy puzzle that affect your ability to deliver
value to your customers.
37Start With Why
Webinar Series
• Strategies and tactics are hierarchical
• If you have a good market model for your features you can use the
organization’s strategy/strategic goals to prioritize
• You still have to use your intuition
• This doesn’t solve all our prioritization problems
Summary Slide
More From Me
• The Secret Product Manager Handbook,
available on Amazon in paperback and Kindle
• Or via secretpmhandbook.com
• Twitter: nilsie
• Blog: secretpmhandbook.com/blog
• Persuasion course:
secretpmhandbook.com/persuasion
• All The Responsibility, None Of The Authority
podcast: alltheresponsibility.com
• YouTube: The Secret Product Manager
Handbook
Q&A
Hannah Flynn
With: Moderated by:
Principal, NPD Associates
Linkedin page: /in/nilsdavis/
Twitter ID: @nilsie
Website: secretpmhandbook.com
Nils Davis
Site editor, Product Management Today
Linkedin page: linkedin.com/in/hannahmflynn
Twitter ID: @prodmgmttoday
Email: hannah@aggregage.com
Website: productmanagementtoday.com
https://www.productmanagementtoday.com/webinar-series/start-with-why/

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Start With Why: Meet Your Goals with a Practical Product Strategy

  • 1. Meet Your Goals with a Practical Product Strategy Nils Davis Hannah Flynn With: Moderated by: TO USE YOUR COMPUTER'S AUDIO: When the webinar begins, you will be connected to audio using your computer's microphone and speakers (VoIP). A headset is recommended. Webinar will begin: 12:30 pm, PDT TO USE YOUR TELEPHONE: If you prefer to use your phone, you must select "Use Telephone" after joining the webinar and call in using the numbers below. United States: +1 (213) 929-4232 Access Code: 285-673-154 Audio PIN: Shown after joining the webinar --OR-- Start With Why Webinar Series
  • 2. GoodData is on a mission to fundamentally change the way that businesses make decisions. With 70,000 businesses, over a million users and a massively scalable, secure & high-performance Insights Platform-as-a- Service, GoodData offers the transformational technology and expertise to operationalize intelligent decisions within business applications and business processes.
  • 3. More about GoodData GoodData powers better decisions for 1.5M users across 80,000 businesses in 157 countries. 50% of the Fortune 500 use GoodData to transform their business with better data and analytics.
  • 4. What Makes GoodData Different • Expert Insights, no Ph.D. required Business-friendly analytics that your frontlines can use from day 1. No training required • Fast time to value Fast time with analytic insights, without breaking the bank via a unified platform that orchestrates data gathering, analytics creation and delivery all on the same platform • Analytics at massive scale We scale analytics to all users, everywhere, right at where they need them
  • 5. Click on the Questions panel to interact with the presenters https://www.productmanagementtoday.com/webinar-series/start-with-why/
  • 6. About Nils Davis I think I was born to be a product manager. I like to have my fingers in everything, and I love working with people and teams to help them achieve great things. I started in high tech as a technical writer. Some of my colleagues suggested product management would be a better use of my talents for persuasion and communication, combined with technical credibility. I started doing enterprise software product management in that long ago time when there were no classes or books on PM. I always wished I had the “secret” handbook about product management to help me get over the humps. Instead, I was lucky to work with excellent mentors across my career, who taught me about finding marketing problems, driving the creation of solutions, and taking the solutions to market effectively. Product managers are ultimately responsible for delivering products that create value in the world. My ultimate goal is to help us all create more value by ensuring every product is a solution to a meaningful market problem. And that every team creating and selling products is as effective as they can be. In my new book, The Secret Product Management Handbook, I’ve shared a lot of what I learned on how best to achieve this. About Hannah Flynn Hannah attended The University of Chicago, where she majored in Environmental Studies with a concentration in Economics and Policy. She now works with Aggregage on social media strategy and webinar production on Product Management Today and B2B Marketing Zone. Start With Why Webinar Series
  • 7. 7Start With Why Webinar Series Agenda Why are we here? What is a strategy? What are tactics? The most important rule, strategy or no strategy How does strategy relate to product? What if?
  • 8. 8Start With Why Webinar Series Feature requests from customers and executives went into the backlog, and every 2 weeks sprint plans would be created based on the most urgent customer needs. The product was being dragged along by momentary customer demands and executive ideas, not led by a coherent product strategy.
  • 9. What’s Wrong With This? Common situation • Reactive • Small picture focus • Customer-driven • Tactical Desired situation • Proactive • Big picture oriented • Market-driven • Strategic
  • 10. Poll
  • 11. 11Start With Why Webinar Series What Is a “Strategy?” Strategy (from Greek στρατηγία stratēgia, "art of troop leader; office of general, command, generalship"[1]) is a high level plan to achieve one or more goals under conditions of uncertainty. … tactics are the specific actions used to achieve those strategic goals.
  • 12. 13Start With Why Webinar Series High Level Plan To Achieve Which Goals? • Useful? • Grow revenue • Grow customers • More useful • Sell more to existing customers • Sell more to new customers • Reduce customer attrition • Increase market share
  • 13. 14Start With Why Webinar Series Most Important • The best strategy will not work if… • … no one wants your product
  • 14. 15Start With Why Webinar Series Turtles All The Way Down Problem your product solves for the market Strategy for building and delivering the solution Tactics for delivering on that strategy Tactics for delivering on those tactics And so on down to product and feature prioritization
  • 15. 16Start With Why Webinar Series Goal: “Sell More to New Customers” • Our strategy might include • Target a new market segment • Grow our share of the current segment • Target a new geography • Find a new problem to solve and solve it
  • 16. 17Start With Why Webinar Series Tactic: ”Start Selling in Germany” • Open sales offices in Hamburg, Munich, and Berlin • Train sales people • Create market launch • Localize product in German
  • 17. 18Start With Why Webinar Series Linking Corporate Strategy To Product Prioritization
  • 18. 19Start With Why Webinar Series Some Prioritization Techniques • Trust your instinct • “What's the worst thing that could possibly happen?” • Make sure that your boss's pet feature is handled • Strategy-based analytics The Secret Product Manager Handbook 19
  • 19. 20Start With Why Webinar Series • We have thousands of features we could add – which ones should we add? • The strategy – and the tactics – help guide us • If the strategy is well-articulated, and not just “Grow” or “Be more profitable” Using The Strategy For Prioritization
  • 20. 22Start With Why Webinar Series Analytics
  • 21. 23Start With Why Webinar Series 1. Localize the product in Japanese. 2. Localize the product in German. • What’s the strategy? • “Penetrate Germany” • Which feature do we do? Simplified Example: Two Features Aller Anfang ist schwer
  • 22. 24Start With Why Webinar Series • The actual strategy (for now): • Penetrate the German market • Address gaps against Competitor A • Enable faster selling in the Financial Services market • Address customer satisfaction issues Life Is More Complicated – It’s Why We’re Here
  • 23. 25Start With Why Webinar SeriesTying The Features To A Market Model • What segment wants/needs this feature? • How does this feature align with various market themes? • Does this feature close a competitive gap? • Etc. • Independent of the strategy, by the way!
  • 25. 27Start With Why Webinar Series • Strategies combine • Customers • Market segments • Market objectives or themes • Features satisfy • Customers • Market segments • Market objectives and themes • (The feature’s “market model”) How To Use ”Strategies” To Prioritize The Secret Product Manager Handbook 27
  • 26. 28Start With Why Webinar Series • Questions to ask • Is it interesting to the customer who are important to my strategy? • Does it help me achieve the market goals of my strategy? • Will it help me be more successful with my target segments? • Does it help close an important gap against a competitor? Or open a gap against a competitor? • All of these can be weighted by importance, and then “added up” to get a “strategic score” • Map strategic score versus cost in a scatterplot “Quantitative Analytics” (Hint: Can Be Done Qualitatively)
  • 27. 29Start With Why Webinar Series The Secret Product Manager Handbook 29 Inexpensive and valuable
  • 28. 30Start With Why Webinar Series Quantitative Analytics vs. Your Intuition • Analytics results should align with your intuition • If they don’t • Is it a problem with the strategy? • Is a problem with your model of the relationships or the strategy? • Is it a problem with your intuition? • What about the boss’s pet feature? • You now have a framework for asking the boss useful questions • ”How does this feature align with the strategy?”
  • 29. 31Start With Why Webinar Series Enables Better Conversations • “Why is this feature on the roadmap?” • “Why isn’t my feature in the roadmap?” • ”Please add this feature to the roadmap”
  • 30. 32Start With Why Webinar Series Problem: Too Many Well-Aligned Features • Strategic alignment is a pruning function • But it can’t prune everything • Example: Ten high alignment features, but you can only do five • Options • Coherence – pay attention to dependencies • Decomposition – 80/20 rule
  • 31. 33Start With Why Webinar Series • Common situation! • Back to your intuition • Even if the strategy isn’t explicit, you often hear its main components “in the air” • You can model the strategy and use it for analytics Problem: Strategy Not Explicit Enough
  • 32. 35Start With Why Webinar Series Three Things You Can Start Doing Today Start creating a “market model” for your features • Customers, segments, competitors, themes - at least as “notes” on the feature Start Use your organization’s strategy to guide your prioritization, based on your market model Use Learn to have the analytics-based conversationsLearn
  • 33. 36Start With Why Webinar Series What Happened With Radhika? As Product Manager, you should be focusing on the pieces of the strategy puzzle that affect your ability to deliver value to your customers.
  • 34. 37Start With Why Webinar Series • Strategies and tactics are hierarchical • If you have a good market model for your features you can use the organization’s strategy/strategic goals to prioritize • You still have to use your intuition • This doesn’t solve all our prioritization problems Summary Slide
  • 35. More From Me • The Secret Product Manager Handbook, available on Amazon in paperback and Kindle • Or via secretpmhandbook.com • Twitter: nilsie • Blog: secretpmhandbook.com/blog • Persuasion course: secretpmhandbook.com/persuasion • All The Responsibility, None Of The Authority podcast: alltheresponsibility.com • YouTube: The Secret Product Manager Handbook
  • 36. Q&A Hannah Flynn With: Moderated by: Principal, NPD Associates Linkedin page: /in/nilsdavis/ Twitter ID: @nilsie Website: secretpmhandbook.com Nils Davis Site editor, Product Management Today Linkedin page: linkedin.com/in/hannahmflynn Twitter ID: @prodmgmttoday Email: hannah@aggregage.com Website: productmanagementtoday.com https://www.productmanagementtoday.com/webinar-series/start-with-why/