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  PRODUCT STRATEGY FOR STARTUPS 
GOOGLE LAUNCHPAD, VILNIUS
DECEMBER 12. 2019
@BENNOLOEWENBERG
Source: Yuicero
Source: Bloomberg
Sole product feature
can easily be superseded
manually …
Source: Otto Waalkes – Tomatobrotomat
… resembling a 1970s joke
about a huge & completely
useless food processor
Sources: Juicero, Nestlé
Lock-in business model
like coffee caps …
Sources: Kale&Me, Yuicery, Dean&David
… ignoring a market with
a plethora of alternative offerings
  PRODUCT FAILURE 
“There are thousands of products out there
 that nobody asked for.
 How can we make sure we build somet...
not feeling like it
due to weak right wrist joints  ?
Photo: Benno Loewenberg
 MARKETING CANNOT FIX STATEGY 
@BennoLoewenberg
 DE-TERMINATION 
Product Strategy ≠ Product Management
Product Strategy ≠ Product Roadmap
Product Strateg...
  PRODUCT STRATEGY 
“A system of achievable goals & visions
 to align & focus team & tasks around desirable
 outcomes for ...
Graphic: @BennoLoewenberg
Key Features
Differentiators
Business Model
Product Roadmap
Vision
Market
Customer Needs
PRODUCT...
Graphic: Ash Maurya (commented)
Value Proposition
Outcome: What you are doing
Purpose: What you aspire to be
YourMission
YourVision
TheJobsThatYouBuildFor
TheProductYouBuild
Measure&Improve
StayingLean
Graphic: Des Traynor (comment...
  »TO TEST IF YOUR PRODUCT IS NEEDED, 
	   STUDY THE JOB THAT IT DOES« 
Source: Des Traynor
  VAGUE ASSUMPTIONS 
“I’ve experienced this problem, so others must also”
“We’ve already got funding, so it must be a good...
  POSSIBLE QUESTIONS 
¿ What is the overall goal related to a certain problem
  a person is trying to achieve ?
¿ Is that ...
  TESTABLE HYPOTHESIS 
Based on the insights you observed
Write a statement that is testable [as a prototype]
Make predict...
Your business has many hypotheses
Are consumers currently
doing this?
Can I create a product
that will improve upon it?
Ca...
  »FIND YOUR PRODUCT-MARKET FIT, 
	   BEFORE YOU RUN OUT OF MONEY« 
Source: Florian Hofmann
That. Is. All.
Graphic: Lean Startup Co (commented)
Product Strategy
lives here
 PROCESS 
Source: Benno Loewenberg aft. Lean Product Process
1. Determine your target customer
2. Identify unserved custom...
Graphic: Manoj Ranaweera
  VALUE WITH EACH ITERATION 
Minimum Viable Product
  ONLY DESIRABLE IS VIABLE 
Graphic: Cooper & Vlaskovits
Minimum Desirable Product
Graphic: Seema Chawla (commented)
Minimum Viable
Minimum Desirable
Minimum Usable
Innovative / New
  »STRATEGY DOESN’T JUST HAPPEN« 
Source: Pragmatic Marketing
Graphic: Melissa Perri
Graphic: Melissa Perri & Mike Rother (commented)
We can only
see this far now
Graphic: Melissa Perri & Mike Rother (commented)
next
Graphic: Melissa Perri & Mike Rother (commented)
MVPs !
Graphic: Melissa Perri
Source: Roman Pichler
  NOT CARVED IN STONE  
Check your product strategy on a regular basis.
Due to changes of relevant f...
Sources: Pichler & Maurya
  PUT IT TO THE ACID TEST  
Validate your product strategy on a regular basis:
1. Choose the mos...
Graphic: @BennoLoewenberg aft. Moore, Pichler & Sisney
PRODUCT-
MARKET FIT
LAUNCH END OF LIFE
EARLY
MARKET
MAJORITY
MARKET...
Graphic: @BennoLoewenberg aft. Lex Sisney
 STRATEGY 
PILOT IT
NAIL IT
SCALE IT
RENEW IT
MILK IT
OR
KILL IT
TIME
DEVELOPMEN...
This is the lofty, futuristic goal for where your company or division is heading. Think long term.
Product Strategy Canvas...
TARGET GROUP
Which market or market segment does the
product address?
Who are the target customers and users?
NEEDS
Which ...
Source: Frahm et. al. – The Product Field
Source: Blank & Osterwalder – Value Proposition Canvas
  THE USER PERSPECTIVE COUNTS 
“Talk to your users –
build and test for actual users and for real context of use”
( friend...
Source: Smalt
Source: Smalt
  DON’T LOVE THE SOLUTION 
“Success is not delivering a feature;
 success is learning how to solve the customers problem”
...
Source: Alice in Wonderland
  KNOW WHAT TO GO FOR 
“Have a vision of what the future looks like.
 Have belief in your product strategy,
 and then buil...
  »RESEARCH IS 75 % OF STRATEGY« 
Source: Tara Hunt
  VALIDATE, VALIDATE, VALIDATE 
“The strategy should emerge from the insights
  and the insights come from in-depth resear...
What is Customer Jobs? What is a Job to be Done (JTBD)?
A Job to be Done is the process a consumer goes through whenever s...
  OFFER BENEFITS, NOT FEATURES 
“People don’t buy products;
 they buy better versions of themselves.”
“Customers don’t wan...
  BENNOLOEWENBERG 
 LINKEDIN / TWITTER
 @
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Product Strategy for Startups (english) #GoogleLaunchpad #StartupWiseGuys

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Endless amounts of products are offered to the market, that nobody asked for. A well shaped product strategy is fundamental to enable building something, that people actually need or want.

This talk illuminates how a propper product strategy looks like and what the crucial success factors are. How it helps translating business goals and vision into product design and business model, that take customer needs and market affordances into account.

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Product Strategy for Startups (english) #GoogleLaunchpad #StartupWiseGuys

  1. 1.   PRODUCT STRATEGY FOR STARTUPS  GOOGLE LAUNCHPAD, VILNIUS DECEMBER 12. 2019 @BENNOLOEWENBERG
  2. 2. Source: Yuicero
  3. 3. Source: Bloomberg Sole product feature can easily be superseded manually …
  4. 4. Source: Otto Waalkes – Tomatobrotomat … resembling a 1970s joke about a huge & completely useless food processor
  5. 5. Sources: Juicero, Nestlé Lock-in business model like coffee caps …
  6. 6. Sources: Kale&Me, Yuicery, Dean&David … ignoring a market with a plethora of alternative offerings
  7. 7.   PRODUCT FAILURE  “There are thousands of products out there  that nobody asked for.  How can we make sure we build something  that people actually need ?” Source: Holger Eggert
  8. 8. not feeling like it due to weak right wrist joints  ?
  9. 9. Photo: Benno Loewenberg  MARKETING CANNOT FIX STATEGY 
  10. 10. @BennoLoewenberg  DE-TERMINATION  Product Strategy ≠ Product Management Product Strategy ≠ Product Roadmap Product Strategy ≠ Planning read: does NOT equal
  11. 11.   PRODUCT STRATEGY  “A system of achievable goals & visions  to align & focus team & tasks around desirable  outcomes for both your business and your customers.” “It is influenced by external variables such as  customer needs & market affordances.” Sources: Melissa Perri & Vince Law
  12. 12. Graphic: @BennoLoewenberg Key Features Differentiators Business Model Product Roadmap Vision Market Customer Needs PRODUCT DESIGN BUSINESS GOALS PRODUCT STRATEGY
  13. 13. Graphic: Ash Maurya (commented) Value Proposition Outcome: What you are doing Purpose: What you aspire to be
  14. 14. YourMission YourVision TheJobsThatYouBuildFor TheProductYouBuild Measure&Improve StayingLean Graphic: Des Traynor (commented) so it does not become a bloated “solution”
  15. 15.   »TO TEST IF YOUR PRODUCT IS NEEDED,    STUDY THE JOB THAT IT DOES«  Source: Des Traynor
  16. 16.   VAGUE ASSUMPTIONS  “I’ve experienced this problem, so others must also” “We’ve already got funding, so it must be a good idea” “We’re almost ready to launch so it’s a bit late to go back  to research” Source: Dyhana Scarano
  17. 17.   POSSIBLE QUESTIONS  ¿ What is the overall goal related to a certain problem   a person is trying to achieve ? ¿ Is that problem worth solving ? ¿ How do people solve this problem today ? ¿ How might we solve this problem for the user   and how much of the overall goal ? Source: Tony Ulwick
  18. 18.   TESTABLE HYPOTHESIS  Based on the insights you observed Write a statement that is testable [as a prototype] Make predictions of what you think the outcomes will be Source: Dyhana Scarano
  19. 19. Your business has many hypotheses Are consumers currently doing this? Can I create a product that will improve upon it? Can I address the market successfully? T E S T E D B Y Evidence of investment T E S T E D B Y Product Market Fit for your MVP Analytics for Marketing Experiments T E S T E D B Y Graphic: Des Traynor
  20. 20.   »FIND YOUR PRODUCT-MARKET FIT,    BEFORE YOU RUN OUT OF MONEY«  Source: Florian Hofmann That. Is. All.
  21. 21. Graphic: Lean Startup Co (commented) Product Strategy lives here
  22. 22.  PROCESS  Source: Benno Loewenberg aft. Lean Product Process 1. Determine your target customer 2. Identify unserved customer needs 3. Define your value proposition 4. Specify your Minimum Viable Product feature set 5. Create your MVP & test it with customers 6. Iterate to improve Product-Market Fit Product Strategy lives here
  23. 23. Graphic: Manoj Ranaweera   VALUE WITH EACH ITERATION  Minimum Viable Product
  24. 24.   ONLY DESIRABLE IS VIABLE  Graphic: Cooper & Vlaskovits Minimum Desirable Product
  25. 25. Graphic: Seema Chawla (commented) Minimum Viable Minimum Desirable Minimum Usable Innovative / New
  26. 26.   »STRATEGY DOESN’T JUST HAPPEN«  Source: Pragmatic Marketing
  27. 27. Graphic: Melissa Perri
  28. 28. Graphic: Melissa Perri & Mike Rother (commented) We can only see this far now
  29. 29. Graphic: Melissa Perri & Mike Rother (commented) next
  30. 30. Graphic: Melissa Perri & Mike Rother (commented) MVPs !
  31. 31. Graphic: Melissa Perri
  32. 32. Source: Roman Pichler   NOT CARVED IN STONE   Check your product strategy on a regular basis. Due to changes of relevant factors such as: + Product performance + Internal changes + Competition + Trends
  33. 33. Sources: Pichler & Maurya   PUT IT TO THE ACID TEST   Validate your product strategy on a regular basis: 1. Choose the most “unknowable” (aka riskiest assuption) 2. Determine how to best address it 3. Conduct the activity to do so 4. Validate if to continue, to alter strategy or to stop
  34. 34. Graphic: @BennoLoewenberg aft. Moore, Pichler & Sisney PRODUCT- MARKET FIT LAUNCH END OF LIFE EARLY MARKET MAJORITY MARKET REJUVENATION  LIFECYCLE  TIME DEVELOPMENT The Chasm
  35. 35. Graphic: @BennoLoewenberg aft. Lex Sisney  STRATEGY  PILOT IT NAIL IT SCALE IT RENEW IT MILK IT OR KILL IT TIME DEVELOPMENT PRODUCT- MARKET FIT
  36. 36. This is the lofty, futuristic goal for where your company or division is heading. Think long term. Product Strategy Canvas VISION In will be time frame Company, division Vision statement CHALLENGE TARGET CONDITION CURRENT STATE The first big goal to tackle on your way to the vision. Think in terms of user journeys, ideal states, objectives and KPIs that relate to the product lifecycle. In order to reach our vision, we need to by . measureable objective time frame In order to reach our Challenge, we first need to measureable objective This is a smaller, measurable objective that teams can start exploring today. What’s the status today as it relates to the target condition? After measuring, we know our current state is measurements of current state Source: Melissa Perri – Product Strategy Canvas
  37. 37. TARGET GROUP Which market or market segment does the product address? Who are the target customers and users? NEEDS Which problem does the product solve? What benefit does it provide? PRODUCT What product is it? What makes it stand out? Is it feasible to develop the product? BUSINESS GOALS How is the product going to benefit the company? What are the business goals? VISION This work is licensed under a Creative Commons Attribution-ShareAlike 3.0 Unported License THE PRODUCT VISION BOARD EXTENDED What is your purpose for creating the product? Which positive change should it bring about? COMPETITORS Who are your main competitors? What are their strengths and weaknesses? REVENUE STREAMS How can you monetise your product and generate revenues? COST FACTORS What are the main cost factors to develop, market, sell, and service the product? CHANNELS How will you market and sell your product? Do the channels exist today? www.romanpichler.com Template version 05/17 Source: Roman Pichler – Product Vision Board
  38. 38. Source: Frahm et. al. – The Product Field
  39. 39. Source: Blank & Osterwalder – Value Proposition Canvas
  40. 40.   THE USER PERSPECTIVE COUNTS  “Talk to your users – build and test for actual users and for real context of use” ( friends and family are not your users ) Source: Benno Loewenberg
  41. 41. Source: Smalt
  42. 42. Source: Smalt
  43. 43.   DON’T LOVE THE SOLUTION  “Success is not delivering a feature;  success is learning how to solve the customers problem” “Don’t [try to] find customers for your product,  find a product for your customers.” Sources: Mark Cook & Seth Godin
  44. 44. Source: Alice in Wonderland
  45. 45.   KNOW WHAT TO GO FOR  “Have a vision of what the future looks like.  Have belief in your product strategy,  and then build a product based on that.” Source: Des Traynor
  46. 46.   »RESEARCH IS 75 % OF STRATEGY«  Source: Tara Hunt
  47. 47.   VALIDATE, VALIDATE, VALIDATE  “The strategy should emerge from the insights   and the insights come from in-depth research.   Just throwing tactics at the wall   to see what sticks is risky business” Source: Tara Hunt
  48. 48. What is Customer Jobs? What is a Job to be Done (JTBD)? A Job to be Done is the process a consumer goes through whenever she evolves FFIIGGUURREE 55.. TTHHEE DDEESSIIGGNNEERRSS AATT IINNTTEERRCCOOMM ((IINNTTEERRCCOOMM..CCOOMM)) UUSSEE TTHHIISS IILLLLUUSSTTRRAATTIIOONN TTOO SSHHOOWW WWHHAATT IISS,, AANNDD IISSNN’’TT,, IIMMPPOORRTTAANNTT TTOO CCUUSSTTOOMMEERRSS.. Graphic: Intercom (commented) THIS is what your biz makes !
  49. 49.   OFFER BENEFITS, NOT FEATURES  “People don’t buy products;  they buy better versions of themselves.” “Customers don’t want your product,  they want what new behaviors it enables.” Sources: Samuel Hulick & Alan Klement
  50. 50.   BENNOLOEWENBERG   LINKEDIN / TWITTER  @

Endless amounts of products are offered to the market, that nobody asked for. A well shaped product strategy is fundamental to enable building something, that people actually need or want. This talk illuminates how a propper product strategy looks like and what the crucial success factors are. How it helps translating business goals and vision into product design and business model, that take customer needs and market affordances into account.

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