Write YOUR Killer Product Vision - sv pcamp mar-18
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In this deck, you’ll learn the key techniques for writing your Product Vision. At Silicon Valley Product Camp '18, we led a workshop using these slides for participants to write their own first draft product vision, then work with myself and Pam Schure and Colleen O'Rourke from 280 Group to further refine them.
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Write YOUR Killer Product Vision - sv pcamp mar-18
- 1. © 2016-2018 280 Group LLC. Roger Snyder, Principal Consultant and Trainer roger@280group.com March 31, 2018 Write Your Killer Product Vision!
- 3. © 2016-2018 280 Group LLC. 3 We help companies and individuals do GREAT Product Management and Product Marketing using our Optimal Product Process™ framework. Mission About Us
- 4. © 2016-2018 280 Group LLC. 4 Why Are We The 280 Group? About Us
- 6. © 2016-2018 280 Group LLC. 6 Roger Snyder About Us • 20+ years of product management and product marketing experience in Silicon Valley • Areas of expertise: Mobile H/W, embedded OS, apps, cloud services, RFID, Change Mgmt, Product Lifecycle • Established companies: Openwave Systems, Microsoft, Savi Technologies/Lockheed • Small companies and startups: The Renaissance Group, Unwired Planet, Danger, Inc., ArcSoft, Immersion Corp. • Electrical Engineering & Computer Science, UC Berkeley • MBA in Marketing and Leadership, Santa Clara University • Certified Product Manager, AIPMM • Agile Certified PM/PO, AIPMM • Community Service – Board Trustee, Scotts Valley Unified School District – Board Secretary, Scotts Valley Educational Foundation – Recorder, Knights of Columbus Council #15705
- 7. © 2016-2018 280 Group LLC. 7 • 25 years of product management, management and product marketing experience worldwide • 280 Group Sr. Consultant and Trainer since 2012 • Established companies – Apple, Sun Microsystems, Adaptec • Small companies and startups – Gridstore, EloTouch, own companies • Mechanical Engineer, UC San Diego; MBA, Columbia School of Business • CPM, CPMM, Agile certified Pamela Schure 280 Group Team
- 8. © 2016-2018 280 Group LLC. 8 • 17 years of program and product management experience • 280 Group Consultant and Trainer since 2013 • Co-author of 280 Group Leadership for Product Managers • Established companies (API, Web and Mobile Products) – Autodesk, Computer Vision, CADAM • Small companies and startups (Enterprise, Mobile Products) – Project InVision, TeleNav, NearSpace • BS Computer Science MBA, Strategic Leadership • CPCC, ACC certifications Colleen O’Rourke 280 Group Team
- 10. © 2016-2018 280 Group LLC. 10 https://www.scrumalliance.org/community/articles/2009/january/the-product-vision Schwaber2004,p. 68 • Simply Put: Your Product’s True North – Sets the direction – Aligns the Scrum team to a common purpose “The minimum plan necessary to start a Scrum project consists of a vision and a Product Backlog. The vision describes why the project is being undertaken and what the desired end state is.” – Ken Schwaber What is a Product Vision?
- 11. © 2016-2018 280 Group LLC. 11 What is a Product Vision? Scrum
- 12. © 2016-2018 280 Group LLC. 12 Expression of a future state of the world Inspiring Align the team around a common goal Provide guidance for decision making Concise Characteristics of a good product vision Product Vision Lofty Practical User Stories and Product Backlog don’t tell the whole story
- 13. © 2016-2018 280 Group LLC. 13 Who • Customer Why • Problem Scenarios What • 4 Ps • Service • Differentiation Elements of Good Product Vision Product Vision
- 14. © 2016-2018 280 Group LLC. 14 https://hbr.org/2007/07/lessons-from-toyotas-long-drive A vehicle that • Can make the air cleaner than it is • Cannot injure people • Prevents accidents from happening • Can excite, entertain, and evoke the emotions of its occupants • Drive around the world on just one tank of gas Toyota’s vision for the Prius Product Vision
- 15. © 2016-2018 280 Group LLC. 15 https://twitter.com/spotify/status/141929408763142144 Give people access to • all the music they want • all the time • in a completely legal & accessible way Product Vision
- 16. © 2016-2018 280 Group LLC. 16 Strategic Marketing Framework Product Vision - Strategic Marketing Analysis Source:http://www.strategyhub.net/2011/01/framework-of-week-45-strategic.html Product Vision 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?
- 17. © 2016-2018 280 Group LLC. 17 Source:“Crossingthe Chasm”by GeoffreyMoore (1991) • For [target customer] who [statement of the need or opportunity] the [product name] is a [product category] that [statement of key benefit – that is, compelling reason to buy] • Unlike [primary competitive alternative] our product [statement of primary differentiation] Positioning Statement Product Vision
- 18. © 2016-2018 280 Group LLC. 18 http://blog.ecornell.com/how-to-write-market-positioning-statements/ • For World Wide Web users who enjoy books, Amazon.com is a retail bookseller that provides instant access to over one million books. • Unlike traditional book retailers, Amazon.com provides a combination of extraordinary convenience, low prices, and comprehensive selection. Early Amazon.com Product Vision
- 19. © 2016-2018 280 Group LLC. 19 Who • WWW users who enjoy books Why • Instant Access to 1.1 million books What • Convenience • Low prices • Comprehensive selection Deconstruct Amazon’s Positioning Statement Product Vision
- 20. © 2016-2018 280 Group LLC. 20 What’s your vision?
- 21. © 2016-2018 280 Group LLC. 21 • Your Positioning Statement can guide your Scrum Team • In addition, the PM must also know the Value of the Product to the company: – Market share – Revenue – Profitability – Brand Value – Create IP Don’t Forget: Company Value
- 23. © 2016-2018 280 Group LLC. 23 • Three ways to enter: – Click the link in #SVPCamp e-mail or tweet – Sign up at our sponsor table! – Enter online at: 280.gr/sv-win • Contest entries accepted until 2:45 PM • Winners will be announced at our table at 3PM! You Could Win! 280 Group #svpcamp FIRST PRIZE Certified Product Manager - Online Course and Exam - $1495 Value! SECOND PRIZE Product Management Office Professional - $399 Value THIRD PRIZE Product Management for Dummies - $19.95 Value
Editor's Notes
- Welcome to the Agile Product Management and Product Ownership Excellence self-study class. This class covers all of the key agile concepts. There are also additional product management concepts that will help you keep the Agile teams headed in the right direction. And this class will prepare you for the Agile certified product manager and product owner exam Covers all of the product management and product owner concepts. This class prepares you for the Agile certified product manager and product owner exam.
- Our mission is to help companies and individuals become great at product management. We developed a methodology which can be reliably deployed in virtually any situation.
- Why the 280 Group? We’re located on highway 280 which is one of the corridors of high tech.
- Basically a slide that says I’m old and I’ve done a lot…
- And if now you expand out, you see that you start with a Product vision that drives the product backlog and the ordering of the requirements within that list. At the end you have a product increment – that slice of working software that you can test and interact with. And that provides feedback into the product backlog and next sprint planning meeting. The increment is “potentially releasable” (sometimes called shippable) that adheres to the teams definition of DONE. This does not mean it will be released but it meets the standards, usually something to the effect of what is built works, has been tested, has been documented, and checked in. Give examples of how enabling Print Preview before Print would meet the dev standard of “potentially releasable” but not the marketing standard of releasable. It is realable but not marketable.
- There are certain characteristics of a good vision. It should express the future state of the world and ideally in an inspiring way. You can use language which starts with terms like: “I envision…” People need to buy in that this is a project worth working on. It is something that can align the team around a common goal and helps the team prioritize their work. And you’ll notice that to begin with it’s very lofty and it becomes increasingly practical. You should be able to start by saying “I envision” On Loft and inspring, I envision a world without hunger. Practical: our organization goal is to unsure no child in the baltimore area goes hungry during the summer months when school lunch programs aren’t available.
- Any product vision should contain the following elements: It should be clear on who the customer is, why they need the product and then you need to answer more details in the What category. These include marketing mix elements of product, price, promotion and place or distribution. Is there anything else that will be needed to complete the whole product? And how will your product be different from that of others in the market place? Why – top problem scenarios Defining Ps Product, Price, Promotion, Place + Service
- Here are a few examples. This was Toyota’s vision for the Prius. This is a pretty lofty kind of vision. It might be hard to make detailed product decisions against, but it challenges the team to really push the envelope and it will work over a long time period. [You can see the inspiration of quoting the tank of gas. One, it’s focused on gasoline and then it isn’t written as a MPG number, but a real world explanation that appeals directly to the senses.] Toyota’s is lofty A vision of the future. It’s a tough problem and addresses major themes such as the environment, energy, safety, and how it makes people feel.
- Here’s Spotify who are focused on delivering music to their customers. Interestingly, nowhere do they mention the artist. And how many product visions have to specify ‘legal’? [This vision is more reachable and really focused on the listener. By the way, if it is a shorter term vision, it might have to be updated.] Who is the customer? They say “People” which is vague, but is their focus the artist? No. Spotify is about creating value for the Listener. Their tagline is “Music for Everyone” Legal is usually assumed, but because of the history of their market, they felt they had to specify it.
- To create a good vision, we need to do a lot of pre-work in understanding customers, the competition and segmentations and then you’ll be able to create a more compelling product vision. To create a product vision, you need to do a Strategic Marketing Analysis. Depending what your vision is, different elements need to be called out. Toyota – Toyota is on the left. Environment is a major pillar for them and Prius. Spotify – Product – all music, place = anywhere.
- Sometimes Agile will use the format of the positioning statement. Go through this format carefully and note that the statement includes benefits, without a focus on features. Pause here to create one for your product as this is an important format to understand.
- Here’s is Amazon’s early positioning statement. What do you like - and not like about it? This is Amazon in their bookseller years. They had a larger corporate mission (“Our vision is to be earth's most customer centric company; to build a place where people can come to find and discover anything they might want to buy online.”) But this positioning statement defined who they were at an early point in their history when they just sold books.
- And if you deconstruct their positioning statement, you’ll see that there is a prerequisite. Their customers are on the web. They don’t have physical stores (although they’re trying some out now). And early on, this made decision making much easier within Amazon. Who is fairly narrow. This covers Place, distribution, plus psychographic of liking books Problem is it’s hard to find books and retail stores have limited selection Amazon launched in 1995. In 1997 they introduce One-Click. They are focused on convenience.
- Take some time now to write your own product vision. You can use the positioning statement format or one that works better for you. Who, why (problem), and what (solution)
- I’d like to talk about accountability. We’ve talked a little about responsibilities. Here’s the issue. There are frameworks, which come out of the project management world, by the way, that allow you to find the level of responsibility for a particular task.