DavidPinches|TarigoProductManagement|October

PRODUCTMANAGEMENTINSIGHT|

ProductManagement&ProductMarke1ngASymbio1cRela1onship

MaximiseproductsuccessthroughaseamlesscombinaEonofproductmanagementandproductmarkeEng

ProductManagementInsight

PAPERONE

PRODUCTMANAGEMENTINSIGHT DAVIDPINCHES

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IntroducEon&ExecuEveSummary

ProductManagement&ProductMarkeEngareoLencombinedintoasingleroleor,inlargerorganisaEons,canbeseparate.Ineitherstructure,abalancedandjoinedupapproachisfrequentlymissingandamajoropportunitytomaximisethesuccessofaproductismissed.

ThispaperexplainshowmanagingthetwofuncEonsasacollaboraEveprocess,operaEngwithinacommonvisionwillconsiderablyenhanceproductsuccess.

ACompleteCycleThetwofuncEonscaneasilybebrokendownintoseparateresponsibiliEesandobjecEves.ThisisperfectlyacceptablebutduetotheirinterdependenceandcommonhighlevelobjecEves,theyshouldalsooperateasaseamlesspartnershipsharingknowledge,methodologiesandartefacts.

TherealityisthatthelifeofanyproductisaniteraEvecyclenotalinearprocesswithanassociatedriskthatproductmanagershandovertoproductmarkeEngandleavethemtoit.Theclueisintheterm“ProductLifeCycle”andthisisbestmanagedthroughcollaboraEonacrossthedisciplines.

ProductPosiEoningandValueProposiEon–AttheHeartofthePartnershipThePosiEoningStatementandValueProposiEonisaprimeexampleofsharedandcommonuse.

ItisimperaEvethatitisformedatthestartofaproductslife.ThisisoLenintheformofaDataSheet,whichguidesandinformsallstakeholdersastothecommonobjecEvesastheproductisbroughttomarket.

ThisisthenworkedupintoamorecompleteProductPosiEoningStatementandValueProposiEonwheretypicallycustomerbenefits,returnoninvestmentandcompeEEveadvantageareenhanced.

ThePosiEoningStatementwillthenformthefoundaEonofthemessagingthatneedstobetailoredtomulEpletargetmarketsegmentsandpersonas.TheresultisasinglecommunicaEonframeworkforartefactssuchassalesaids,detailedmarkeEngbriefsandinformaEonfortheserviceorganisaEon.

MoredetailedinformaEononthese3stagesandsupporEngtemplatesarepresentedinthemainbodyofthispaper.

CollaboraEon&KnowledgeSharing–APosiEveImpactNumerousexamplesexistwherecollaboraEonandknowledgesharingbenefittheproduct.

MarketfeedbackisthelifebloodofsuccessandproductmanagementandproductmarkeEnggaindifferentperspecEvesfromtheirprocessesandnetworksthatareinvaluablewhencombined.

Feedbackfrombetaorearlyadopterprogramsruninproductmanagementcanproveinvaluabletovalidatetheimportantbenefitstoincludeinmessaging.AddiEonally,theycanprovideindependentevidenceandquotesaroundtheproduct.

ManymoreexamplesexistandareconEnuingevidenceofthebenefitsenjoyedbybalancingtheproductmanagementandproductmarkeEngdisciplines.

PRODUCTMANAGEMENTINSIGHT DAVIDPINCHES

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ProductManagementandProductMarkeEng–Acompletecycleforproductsuccess.Formanyproductmanagers,theroleofproductmarkeEngmaybeundertakenbyanothergrouporindividualintheorganisaEon.ItmaybeconsideredpartoftheirownrolebutisoLenundertakenwithlowerlevelsofknowledge&experience.InsomecasesproductmarkeEngmaynotbepracEcedatall,andaneworimprovedproduct“thrownoverthewall”totherestoftheorganisaEonandthemarket!

Inover20yearsofleadingproductmanagementandmarkeEngteams,itiscleartomethatthecombinaEonofstrategiesandprocessesfrombothdisciplinesmaximisesthesuccessofaneworupdatedproduct.InmanywaysitislessabouttheneedforanorganisaEontohavebothroles(althoughthisisundoubtedlyimportantasaproductscales)butmoreabouttheneedforanorganisaEontoadopt&integratebothdisciplines,perhapswithinoneroleorusingacollaboraEveteamapproach.

ThedefiniEonofproductmanagersandproductmarkeEngmanagersisoLentakenandalteredbyorganisaEonstosuittheirownpurpose,butinmyexperiencethemostsuccessfuldefiniEonsmusthavethefollowingconsEtuentparts.

ProductManagement&ProductMarkeEngDisciplines

SousingsuchdefiniEons,wecouldsimplystatethatProductManagementhastodefineandoverseethebuildoftheproducttomeetwhatthemarketand/orkeystakeholdersneedsandProductMarkeEnghastotakeittomarket.

TherealityismorecomplexthansuchsimpledefiniEonsandincludespotenEaloverlaportheriskofomi`ngvitalworkstreams.WhenviewedoverEme,itisbesttoconsiderasingleconEnuouscyclicalprocesswithbothdisciplinesincorporated,overlappingandcollaboraEngforanopEmumoutcome.

ProductManagement

• Marketanalysis&needs

• CompeEEveanalysis

• Productstrategyincludingbusinesscase&commercialstrategy

• Roadmapmanagement

• HighlevelanddetailedproductdefiniEon

• Monitoring/steeringdevelopment

• PreparaEon&releasetomarket

• Ongoinganalysisofmarketandstakeholderfeedback

• ProductposiEoning&valueproposiEons

• Pricing

• Launchplanning&execuEon(Internal&External)

• Ongoingstrategiesfordrivingdemand/useracceptance

• Driving&supporEngimprovementsinproductmarketKPI's

• Marketacceptance:monitoringandassessment

ProductMarkeEng

PRODUCTMANAGEMENTINSIGHT DAVIDPINCHES

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ProductCycle

InthisProductCyclewhatisreallyimportanttonoteis

1: Thatcrudely,manyorganisaEonswouldconsiderproductmanagement’sdomaintobeattherighthandsideofthecycleandproductmarkeEngtomanagetheleLhandside.ThisapproachistoosimplisEcandcanimpairthechancesofproductsuccess.

2: Thecycledescribeswhathastobeachievednotwhoshoulddoit.Itmaybeoneroleortwoormany.Therealityis,ofcourse,thatitinvolvesmanypartsofanorganisaEonfromdevelopmenttooperaEonsandontomarkeEng,salesandmanyotherinternalandexternalstakeholders.

3:ExperiencesuggeststhatasignificantoverlapacrossfuncEonsislikelyandthatconsideringthecycleasawholeandworkingcollaboraEvelymakesarealdifference.NotethatforsoLwareproductsdeliveringthroughanAgilemethodology,thecyclewillsEllapply.ThiscouldoperateasminicyclesbringingimprovementstomarketbutalsowithinanoverallstrategiccycletakingtheenEreproductbusinessandbroadmarketinfluencesintoconsideraEon.

4: Theoverallsuccessofaproductwillbenefitfromsharedknowledge,methodologiesandskillstakenfrombothdisciplinesandwherecertainartefactscanbesharedandusedthroughouttheenErecycle.(SeePosiEoningandValueProposiEonbelow).

Market&StakeholderAnalysis

ProductRequirements

ProductBuildAGILE

LaunchPreperation

LaunchandGrow

AnalysePerformance

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ProductPosiEoningandValueProposiEon–AttheHeartofthePartnershipToillustratethebenefitsfromacollaboraEveblendingofthetwofuncEonslet’sconsiderthefollowingimportantexample.

Whetheritisaneworimproved/upgradedproduct,manyconsiderthevitalprocessofse`ngthemessagingaroundtheproductusingthePosiEoningandValueProposiEontobetherealmofproductmarkeEng.Yes,itisatthecoreoftheallmessagingtoallstakeholders,butitisalsoaninvaluabletoolfortheproductmanageratstartofanyproductcycleandreferredtothroughoutthebuildphase.

LetuslookathowtheprocessandarEfactscanbeusedandsharedthroughouttheproductcycle.

TheDataSheetOriginatedattheverystartoftheproductcycle,aDataSheetisaconcisebutvitaldescripEonofwhatyourproductis,whoitisfor,theirneeds,thebenefitstheywillgain,themainfeatures,andwherenecessary,supporEngevidence.ItisafundamentaldocumentthatistheculminaEonofallworkundertakentodefinetheproductandisusedasthecentralreferencepointthroughoutabuildphase.

* Itisusedasasingleversionofthetruththatcanbereferredtothroughouttheproductlifecycle.Itwillensurethatallworkstreamshaveanagreedfocusandoutcome.

* Isshouldprimarilyreflectthecurrentanalysisofthemarket,customerandotherstakeholders.

* ItshouldbeabletoflextoaccommodatechangesfromanAgiledevelopmentmethodology.

• ItsetshighlevelguidelinesorboundariesretheoverallscopeoftheproductwhichifbreachedneedtobequeriedtoascertainifyourproductissEll“marketled”&valid.

• IsafundamentaldatasourceforthePosiEoningandValueProposiEonsthatwillbecentralwhentakingtheproducttomarket.

1©

Initial positioning statement | For target markets and personas, product is the only product in the category that offers “an overall differentiator”. This means “main benefit”

Solution components | Picture or bulleted list of elements included in the solution

Challenges | 2-3 paragraphs detailing challenges / pain points clients are facing related to this solution

Key features | 5-7 bullets that link to the benefits

Key benefits | 3 statements detailing key benefits that address the challenges stated above

URL | To the web site that describes the solution

Side bar 1 | This can be a client quotation, call-out of relevance to a specific regulation etc

Side bar 2 | Further Evidence / Proof that we can deliver this product

Data sheet

Solution name

Return | Is there a quantifiable return (savings, revenue, other KPI)?

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TheDataSheet-InUseIfweconsiderthelinearproductEmelinebelow,theDataSheetshouldbewellresearchedanddefinedwithintheiniEalassessmentphaseofanyproductlifecycle.

Itcanthenbeusedthroughoutthebuildphase,bothasacommonreferencedocumentforallinvolvedandasahighleveldefiniEonallowingadegreeofflexibility,forexamplewhenadopEnganagileapproachiftheproductisasoLwareplaoormbutsEllmonitoringtheproductbuildagainsthighlevelstrategicrequirementsandgoals.

FinallytheDataSheetshouldbeafundamentalbasisfortheworkrequiredonlaunchphaseastheProductPosiEoning,ValueProposiEonandothermessagingisputtogetherandexecuted.

ProductTimeline

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PosiEoningandValueProposiEonAsweapproachaproductlaunchtheProductMarkeEngfuncEonwillneedtofocusontheproductposiEoningandmessaging.Theoutputfromsuchaprocesscanbesynthesizedinthefollowingtable.

SentenceOpening Valueoftheoffering…AddingtotheSentenceOpening

For….. TargetClient

Who….. Statementoftheneedoropportunity

Product/ServiceNameisa…… Whatitis.Whatcategoryofproduct/service.

That….. PosiEoningtheBenefits

SecondSentence PosiEoningtheValues

Unlike….. ClientscurrentsituaEonand/orissueswithcompeEEon

OurProduct/Service….. PrimaryCompeEEveAdvantage

Becauseofour….. Evidence/Proofthatwecandeliverthesebenefits

TheoverlapwiththeDataSheetcontentisobvious.ItisalogicalprogressionfromthedefiniEonsthatinformedtheplanningandbuildoftheproduct.Inmyexperience,thisconEnuaEonofsignificant,highlevelstatementsaidsthebuild-upofacommonandconsistentunderstandingaroundtheproductasitcomestomarket.

PRODUCTMANAGEMENTINSIGHT DAVIDPINCHES

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MessagingFurtherevidenceofthebenefitsgainedfromcombiningproductmanagementandproductmarkeEngmethodologiescomeswhenfinetuningthePosiEoningandValueProposiEonintomessagingtothemulEplestakeholdergroupsfortheproduct.

SuchstakeholderscaniniEallybedefinedintohighlevelcategories,forexample

AndthenthecorePosiEoningandValueProposiEoncanbeoverlaidwithspecificsubposiEoningforthatmarket,orpersona.AVenndiagramcanbebuiltemphasisinghowthecoreposiEoningholdstrueatthecentrebutisrefinedoraddedtowithspecificbenefitsforeachsubgroup.

CorePositioningof

solution,description,

benefits,uniques

SupportWantto

reduceinstallenquires

CIOWantstomakejobeasier.

ChannelRquiresbetteronfigurationoptions

MobileUserPersonaOffLineAccess

SalesWanttobeatcompetition

ExistingUser

Persona1Improvedreportingrequired

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CollaboraEon&KnowledgeSharing–APosiEveImpactNumerousexamplesexistwherecollaboraEonandknowledgesharingacrossproductmanagementandproductmarkeEngbenefittheproduct.

MarketFeedbackMarketfeedbackisthelifebloodofsuccessandproductmanagement&productmarkeEnggetdifferentperspecEvesfromtheirprocessesthatareinvaluablewhencombined.ProductmanagementoLengetsaveryhighdegreeofinputfromexisEngcustomerswhereasproductmarkeEngmaygetmoreexposuretocompeEtorstrengthsandweaknessesaswellastothenewprospectmarketdemands.

RefiningProductPosiEoningSe`ng,refining&validaEngtheproductposiEoningandmessagingiscentraltothesuccessofproductmarkeEng.MuchofthiscanbeiniEatedintheearlyphasesoftheproductlifecyclebyproductmanagementasthecoreposiEoningisdiscussedwithinternalstakeholdersaswellasexternalmarketandcustomerstakeholders.

FeedbackfrombetaorearlyadopterprogramsruninproductmanagementcanproveinvaluabletoproductmarkeEngastheydefinetheirmessages.ItcanhighlightwhatfuncEonsandfeaturesareprioriEzedbytheearlyadoptersandwhatbenefitsarederivedfromtheiruse.

ProductLaunchCasestudies,quotesandreferencesfromthemarketareessenEalevidencetosupportthelaunchofaneworimprovedproduct.MuchofthiswillcomefromtheproductmanagementfocusinthebuildandlaunchpreparaEonphases,parEcularlyasanewproductisexposedtobetausersorperhapsadistribuEonchannelatpre-launchevents.

Manymoreexamplessimilartothoselistedaboveexistandarecon1nuingevidenceofthebenefitsenjoyedbybalancingthetwodisciplines.

InConclusionToday’sglobalmarketsarehighlycompe11ve,fastpacedandservedbyproductsdeliveredthroughfasteritera1veprocesses.“Marketled”solu1onswilldominate.Closercollabora1onacrossproductmanagementandproductmarke1ngwillresultinaproductlinethatreflectsmoreinputfromthemarket,islesslikelytobedivertedbyinternalpressuresandhasthebestchancethroughclarityofmessagewhenitisbroughttomarket.

DavidPinches• Davidhasover20years’experienceinseniorandboardlevelproductmanagementroles.Inaddition,David

runsregularexecutiveworkshopsonProductManagementLeadership.• https://uk.linkedin.com/in/davidpinches

Tarigo• Establishedin2003,Tarigohasbuiltanenviablereputationfordeliveringhigh-qualitytrainingand

consultancysolutionstoproductmanagersthroughoutEuropeandtheUSA.• Thousandsofproductmanagers,productmarketingmanagersandproductdirectorshavebenefitedfromour

servicesinsectorsincludingsoftware,technology,healthcare,financialservicesandtelecommunications.• ClientsincludeSageGroupplc,Capita,Amdocs,DeutscheBank,HouseofFraser&Mastercard• Visithttp://www.productmanagementtraining.com/orcalluson+44(0)1616607718