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Repositioning: how and when to bring your product to a new audience

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Slides Patrick Hoffman recently used in his discussion w/ mentees of The Product Mentor.

Synopsis: As you gain experience as a Product Manager it’s likely you’ll eventually encounter a business scenario in which you decide to bring your product to a new audience. For the purposes of this talk we’ll focus on two cases. The first is when going from a consumer to business audience and the second is when going from one region to another. Learn how to make such repositioning a reality and some good frameworks that can help you decide when as well as how.

The Product Mentor is a program designed to pair Product Mentors and Mentees from around the World, across all industries, from start-up to enterprise, guided by the fundamental goals…Better Decisions. Better Products. Better Product People.

Throughout the program, each mentor leads a conversation in an area of their expertise that is live streamed and available to both mentee and the broader product community.

http://TheProductMentor.com

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Repositioning: how and when to bring your product to a new audience

  1. 1. how and when to bring your product to a new audience Repositioning Patrick T. Hoffman @arcktip /in/patrickthoffman April 2019
  2. 2. I’m driven to provide my customers with great experiences while creating and capturing value for my companies. Udacity — Head of Product, Enterprise Patrick T. Hoffman /in/patrickthoffman @arcktip
  3. 3. What is repositioning?
  4. 4. Product Repositioning is when a business changes either the overall positioning (e.g. value proposition) or target market for a product
  5. 5. Product Repositioning may coexist with an improvement to an product, no change to an existing product, or major changes to an existing product to address a new target market
  6. 6. You should reposition to improve competitive position, to improve or unlock new revenue, to have a more clear marketing focus, to better align to what your market needs
  7. 7. Product Repositioning plays a critical role in the larger model of your business and its growth
  8. 8. © 2019 Patrick T. Hoffman @arcktip 8 Product Market Channel Model Four fits growth framework - Brian Balfour (2017)
  9. 9. © 2019 Patrick T. Hoffman @arcktip 9 Product Market Channel Model Four fits growth framework - Brian Balfour (2017)
  10. 10. © 2019 Patrick T. Hoffman @arcktip 10 Focus on the problem + market, then search for the solution. Product Market Four fits growth framework - Brian Balfour (2017)
  11. 11. © 2019 Patrick T. Hoffman @arcktip 11 Channels don’t mold to products. Build the product to fit channels. Four fits growth framework - Brian Balfour (2017) Product Channel
  12. 12. © 2019 Patrick T. Hoffman @arcktip 12 Crossing the Chasm by Geoffrey A. Moore and Regis McKenna (1991) Crossing the Chasm how repositioning fits into crossing the chasm
  13. 13. © 2019 Patrick T. Hoffman @arcktip 13 Three Horizons Model by McKinsey (1999) Three investment horizons repositioning fits into the model of three product investment horizons * * Note: The three horizons are no longer bound by time because of disruptive innovation enabling Horizon 3 ideas – disruption – to be delivered as fast as ideas for Horizon 1 – existing products. — Steve Blank (2019) It’s not a funnel. It’s an hourglass. — Geoffrey Moore, Zone to Win (2015) Current Categories meet commitments Breakout Categories planned growth opp Future Categories speculative growth
  14. 14. © 2019 Patrick T. Hoffman @arcktip 14 Reversing the Curse of Dominant Logic (2012) Combatting Dominant Logic product repositioning processes can be key to combating dominant logic
  15. 15. © 2019 Patrick T. Hoffman @arcktip 15 Reversing the Curse of Dominant Logic (2012) * Note: you must balance feedback with vision Combatting Dominant Logic product repositioning processes can be key to combating dominant logic MONITOR TAKE ACTION INTERPRET LISTEN Feedback
  16. 16. It can help to think about your product as going on a journey
  17. 17. Often, you’ll start by building for a narrow audience with known needs to Nail your Niche After nailing your niche you’ll face pressure to scale impact — true at all product levels.
  18. 18. Use cases Expectations Pricing Channels Regulations Language Currency Inputs Resources Regulations Warranties
  19. 19. To make progress along your path you’ll need to invest in items that unlock opportunity Once unlocked, you’ll have new customers with new needs to meet requiring change
  20. 20. To be successful, you need to reposition your product in response to changing markets, new entrants, changes made by existing competitors, and the changing needs & expectations of customers
  21. 21. Some examples from my career Social Bicycles (now JUMP by Uber), Superpedestrian, Udacity for Enterprise
  22. 22. Social Bicycles repositioning product to find fit for market and channel Note: some of the later examples will be from after I worked there
  23. 23. Social Bicycles (2012) © 2019 Patrick T. Hoffman @arcktip 23 a technology innovation seeking product market fit
  24. 24. Social Bicycles (2013) © 2019 Patrick T. Hoffman @arcktip 24 we start the reposition by starting with our markets and buyer audience
  25. 25. Social Bicycles (2013) © 2019 Patrick T. Hoffman @arcktip 25
  26. 26. Social Bicycles (2013) © 2019 Patrick T. Hoffman @arcktip 26
  27. 27. Social Bicycles (2014) © 2019 Patrick T. Hoffman @arcktip 27
  28. 28. Social Bicycles (2017) © 2019 Patrick T. Hoffman @arcktip 28 adjusting the product to suit a new market and a new channel
  29. 29. © 2019 Patrick T. Hoffman @arcktip 29 Social Bicycles (2018) adjusting the product to suit a new market and a new channel
  30. 30. Social Bicycles (2019) © 2019 Patrick T. Hoffman @arcktip 30 introducing new product features to reach a larger market
  31. 31. Superpedestrian repositioning product to find fit channel and the market
  32. 32. Superpedestrian (2015) © 2019 Patrick T. Hoffman @arcktip 32 from consumer goods to core technology provider
  33. 33. Superpedestrian (2017) © 2019 Patrick T. Hoffman @arcktip 33 from consumer goods to core technology provider
  34. 34. Superpedestrian (2017) © 2019 Patrick T. Hoffman @arcktip 34 doubling down on direct to consumer by addressing segments
  35. 35. Superpedestrian (2017) © 2019 Patrick T. Hoffman @arcktip 35 repositioning by moving from D2C to new channels to find fit
  36. 36. Superpedestrian (after 2017) © 2019 Patrick T. Hoffman @arcktip 36 refocusing to leverage technical insights to be an OEM selling B2B
  37. 37. Superpedestrian (after 2017) © 2019 Patrick T. Hoffman @arcktip 37 refocusing to leverage technical insights to be an OEM selling B2B
  38. 38. Udacity for Enterprise lessons from 2017 to today
  39. 39. Udacity for Enterprise (2017 to now) © 2019 Patrick T. Hoffman @arcktip 39 from consumer to enterprise and from US to global
  40. 40. Udacity for Enterprise (2017 to now) © 2019 Patrick T. Hoffman @arcktip 40 from consumer to enterprise and from US to global
  41. 41. Udacity for Enterprise (2017 to now) © 2019 Patrick T. Hoffman @arcktip 41 from consumer to enterprise and from US to global
  42. 42. Udacity for Enterprise (2017 to now) © 2019 Patrick T. Hoffman @arcktip 42 from consumer to enterprise and from US to global
  43. 43. Udacity for Enterprise (2017 to now) © 2019 Patrick T. Hoffman @arcktip 43 from consumer to enterprise and from US to global
  44. 44. Udacity for Enterprise (2017 to now) © 2019 Patrick T. Hoffman @arcktip 44 from consumer to enterprise and from US to global
  45. 45. Udacity for Enterprise (2017 to now) © 2019 Patrick T. Hoffman @arcktip 45 from consumer to enterprise and from US to global
  46. 46. Repositioning case study bringing a consumer product to the Enterprise market
  47. 47. Consumer vs Enterprise key market differences
  48. 48. Consumer persona © 2019 Patrick T. Hoffman @arcktip 48 BUYER = USER consumer
  49. 49. Enterprise personas © 2019 Patrick T. Hoffman @arcktip 49 ADMIN Manager BUYER Executive USER Employee
  50. 50. Start with the business objective © 2019 Patrick T. Hoffman @arcktip 50 Objective Have a product offering for Enterprise businesses in order to create a new reliable source of revenue for the business. KPIs ● Revenue ● Measures of customer ROI and satisfaction ● Customer retention ● Measures for scalability and repeatability
  51. 51. Then address the market and vision © 2019 Patrick T. Hoffman @arcktip 51 Vision Empowers companies to assess and build the capabilities they need to out-compete the market by providing them a skills driven workforce transformation engine. Market Global 2000 companies ● being disrupted by rapid advances in technology ● that are unhappy with content catalogs ● that are not able to train and hire at scale
  52. 52. To understand the customer journey © 2019 Patrick T. Hoffman @arcktip 52 PURCHASE Am I getting the best I can from this deal? EVALUATION Is this the right Solution for my Company’s pain? ONBOARDING Is this Solution what I expected based on my evaluation? RENEWAL Am I getting enough value to renew the deal? UNDENIABLE ROI Am I getting clear ROI from the Solution? Buyer & Champion (executives) AWARENESS Do we have the problem they solve? RENEW When I renew, should I increase my program size?
  53. 53. To build out buyer personas © 2019 Patrick T. Hoffman @arcktip 53 TEAM moves fast, siloed, self-serve, narrow focus, tech expert, ROI wins L&D moves slow, org wide, procurement process, broad focus, cost wins C-suite moves fast, org wide, streamlined process, broad focus, ROI wins
  54. 54. To build out user personas © 2019 Patrick T. Hoffman @arcktip 54 ADMIN Manager ROI Executive USER Employee
  55. 55. To decide what to message or build © 2019 Patrick T. Hoffman @arcktip 55 Define - solutions - trade offs - concepts - success Understand - context - customer - requirements - priorities Develop - validate - consult - design - build Launch - plan - produce - announce - advertise Scale / Sunset - monitor - iterate - maybe scale - maybe sunset 54321
  56. 56. To decide what to message or build © 2019 Patrick T. Hoffman @arcktip 56 New ● Message ● Value proposition ● Admin tooling ● Skill assessments ● Learning paths ● Program discovery ● Change management ● Integrations ● Data security Keep ● Content ● Projects Sunset or upgrade ● Classroom ● Support ● Mentors ● Engagement
  57. 57. When to reposition your product
  58. 58. © 2019 Patrick T. Hoffman @arcktip 58 1. You lack Product Market fit 2. You lack Product Channel fit 3. You want to enter a new market region 4. You want to capture a new market segment 5. You want to regain traction in a market Reposition when
  59. 59. How to reposition your product
  60. 60. © 2019 Patrick T. Hoffman @arcktip 60 1. Understand your objectives (often tied to revenue growth) 2. Understand your customer and their needs 3. Understand what needs to change (product, message, both) 4. Follow the five phase approach to product development 5. Listen to feedback from the market and your channels How to reposition
  61. 61. What to watch out for So your repositioning is a success
  62. 62. Thank you Do you have a product you want to reposition? Patrick T. Hoffman @arcktip /in/patrickthoffman April 2019

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