Seven foundational practices to creating a compelling product & market strategy

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A powerful and effective product & market strategy doesn’t come from an epiphany or sudden moment of brilliance as you are thinking about or writing the strategy. It comes from completing the necessary foundational work to give you the market insight that leads to product & market success. Since this foundational work is the “hard work”, we find that most entrepreneurs and even many products managers don’t establish that solid foundation before creating their product & market strategy.

In this this session, we’ll review the seven best practices that all product managers as well as aspiring entrepreneurs should use when creating their product & market strategy.

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Seven foundational practices to creating a compelling product & market strategy

  1. 1. sponsors<br />
  2. 2. please take a moment to<br />Identify someone to watch time – give 5 minute warning at :45 minutes.<br />Identify someone to take notes – post notes to http://barcamp.org/ProductCampAustinSummer2010Notes<br />Thank our sponsors<br />
  3. 3. Copyright 2010 - LÛCRUM MARKETING<br />Seven Foundational Practices to Creating a Compelling Product & Market Strategy<br />Session Leader:<br />Tom Evans<br />Lûcrum Marketing<br />August 7, 2010<br />
  4. 4. What is a Product Strategy?<br />Key Goal<br />Communicate a clear long-term vision & plan for the solution<br />Key Elements<br />Description of Market Opportunity/Need<br />Product Vision<br />High Level Prioritization of Market Needs/Requirements<br /><ul><li>High level roadmap</li></ul>Copyright 2010 - LÛCRUM MARKETING<br />
  5. 5. What is a Market Strategy?<br />Key Goal<br />Focus market development efforts on best opportunity<br />Key Elements<br />Well defined target market (segments)<br />Define buyer roles and the challenges/goals/needs<br />Clear messages to communicate<br />Value Proposition – what we do for you<br />Positioning & Differentiation – why buy our solution<br />Copyright 2010 - LÛCRUM MARKETING<br />
  6. 6. What Makes Them Compelling?<br />Copyright 2010 - LÛCRUM MARKETING<br />
  7. 7. How Do We Get There?<br />Copyright 2010 - LÛCRUM MARKETING<br />
  8. 8. Articulate Business Strategy<br />Key Question<br />Without a clear understanding of your business strategy, how can you determine if you should pursue a business opportunity?<br />Key Elements<br />Vision & Mission<br />Core competencies & target markets<br />Company positioning & brand promise<br />Competitive advantages<br />Copyright 2010 - LÛCRUM MARKETING<br />
  9. 9. Validate the Market Opportunity<br />Key Question<br />What are the big painful issues<br />That many in your target market<br />Are willing to pay to solve<br />Key Elements<br />Starts with Research<br />Secondary – trends, business drivers, market size<br />Primary – you must speak to potential customers to really understand their problems<br />Copyright 2010 - LÛCRUM MARKETING<br />
  10. 10. The Role of Marketing<br />The aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself.<br /> Peter Drucker<br />Copyright 2010 - LÛCRUM MARKETING<br />
  11. 11. Assess Competitive Landscape<br />Key Question<br />What are competitors doing or going to do?<br />Key Elements<br />Competitive Analysis<br />Current offerings, target markets, strategies<br />Strengths & weaknesses<br />Market share<br />Don’t forget substitutes & potential new entrants<br />Copyright 2010 - LÛCRUM MARKETING<br />
  12. 12. Seven Foundational Practices<br />Copyright 2010 - LÛCRUM MARKETING<br />
  13. 13. Copyright 2010 - LÛCRUM MARKETING<br />Thank You!<br />Tom Evans<br />Lûcrum Marketing<br />tevans@lucrum-marketing.com<br />+1.512.961.5267<br />
  14. 14. sponsors<br />

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