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Product Strategy Simplified - Product Camp 2019
- 1. Product Strategy Simplified Zac Hays, VP Product @ BuildingConnected ProductCamp Silicon Valley - May 2019
- 2. • Recently acquired by Autodesk • First Product hire at BuildingConnected in 2015 • Formerly at Ad Tech startups, TiVo, Nokia, Microsoft SPEAKER INTRODUCTION Zac Hays VP OF PRODUCT @ZacThePM
- 4. • “Vision” vs. “Strategy” vs. “Roadmaps” • Elements of a Product Strategy • 5 steps to define a great strategy AGENDA
- 5. Vision vs. Strategy vs. Roadmaps
- 7. The network that connects every business and professional in AEC. BUILDINGCONNECTED’S VISION STATEMENT
- 10. 1. Build a network via bid management 2. Grow a thriving SaaS business 3. Expand to new marketplaces BUILDINGCONNECTED’S STRATEGY
- 15. • “Vision” vs. “Strategy” vs. “Roadmaps” DESTINATION vs COMPASS vs PROJECTS • Elements of a Product Strategy • 5 steps to define a great strategy AGENDA
- 16. Elements of a Product Strategy
- 17. Deliver value + Capture value
- 20. Never manage a contact database again VALUE PROMISE BUILDINGCONNECTED EXAMPLE Network of subcontractors CREATED VALUE Great bid management experience DELIVERED VALUE
- 21. 1. Build a network via bid management 2. Grow a thriving SaaS business 3. Expand to new marketplaces BUILDINGCONNECTED’S OVERALL STRATEGY
- 22. Easy access to black cars VALUE PROMISE Network of black car drivers CREATED VALUE App to hail, track and pay DELIVERED VALUE
- 23. Sign up customers via a great black car experience Drive down prices with ridesharing Expand to new marketplaces 1. 2. 3.
- 24. Cheaper alternative to black cars & taxis ADDITIONAL VALUE PROMISE Network of ridesharing drivers CREATED VALUE Same app to hail, track and pay DELIVERED VALUE
- 25. Sign up customers via a great black car experience Drive down prices with ridesharing Expand to new marketplaces 1. 2. 3.
- 28. • “Vision” vs. “Strategy” vs. “Roadmaps” DESTINATION vs COMPASS vs PROJECTS • Elements of a Product Strategy VALUE PROMISE -> CREATE VALUE -> DELIVER VALUE • 5 steps to define a great strategy AGENDA
- 29. 5 Steps to Define a Great Strategy
- 30. Determine if Product-Market fit 5 STEPS TO DEFINE A GREAT STRATEGY 1.
- 33. Expand to new value promises IF PRODUCT-MARKET FIT = YES
- 34. Get there as fast as possible! IF PRODUCT-MARKET = NO
- 35. Determine if Product-Market fit Identify your moat 1. 2. 5 STEPS TO DEFINE A GREAT STRATEGY
- 37. Great ideas are often easy to copy. What protects you? HOW ARE YOU DEFENSIBLE?
- 38. • Network Effects BUILDINGCONNECTED, FACEBOOK, LINKEDIN • Economies of Scale AMAZON, GOOGLE, BOEING • High Switching Costs SALESFORCE, APPLE, MICROSOFT • Brand Loyalty TRADER JOE’S, TESLA, AMAZON COMMON DEFENSIBLE STRATEGIES
- 39. • Great UX GOOD WAY TO GET CUSTOMERS, BUT EASY TO REPLICATE • Features NECESSARY TO WIN/KEEP CUSTOMERS, BUT EASY TO REPLICATE • First-mover advantage NOT DEFENSIBLE UNLESS YOU HAVE SOME WAY TO PATENT OR PROTECT YOUR IDEA NOT DEFENSIBLE
- 40. Determine if Product-Market fit Identify your moat Pick a path 1. 2. 3. 5 STEPS TO DEFINE A GREAT STRATEGY
- 42. THIS SETS THE PATH
- 43. Easy access to black cars VALUE PROMISE Network of black car drivers CREATED VALUE App to hail, track and pay DELIVERED VALUE
- 44. Determine if Product-Market fit Identify your moat Pick a path Sequence 1. 2. 3. 4. 5 STEPS TO DEFINE A GREAT STRATEGY
- 45. Get big on DVDs Lead in downloads (aka “streaming”) Expand everywhere 1. 2. 3. www.gibsonbiddle.com
- 46. Create a low volume car, which will necessarily be expensive Use that money to create a less expensive, medium volume car Use that money to create an affordable high volume car 1. 2. 3.
- 48. Determine if Product-Market fit Identify your moat Pick a path Sequence Stress test 1. 2. 3. 4. 5. 5 STEPS TO DEFINE A GREAT STRATEGY
- 49. Does it actually help you say “no”?
- 50. Project Impact (10=high) Ease (10=high) Feature Enhancement #1 7 6 Quick Engine Optimization 3 5 Tech Debt 4 8 Refactor Backend Logging 2 4 Optimize Welcome Flow 5 5 Account Linking 7 2
- 52. Project Impact (10=high) Ease (10=high) Feature Enhancement #1 7 3 5 6 6 Quick Engine Optimization 3 4 2 5 5 Tech Debt 4 7 7 1 8 Refactor Backend Logging 2 3 8 2 4 Optimize Welcome Flow 5 3 5 3 5 Account Linking 7 9 2 4 2
- 53. Impact = ???
- 56. 1. Make Bid Board valuable to individual users Did not help say “no” FORMER BID BOARD STRATEGY 2. Make Bid Board great for teams 3. Make Bid Board transformative for businesses
- 57. 1. Replace Excel as the system subcontractors use to track their bid. NEW BID BOARD STRATEGY 2. Convince subs to move files to the cloud. 3. Replace Outlook and Sticky-Notes as the way subs track activities and tasks.
- 58. Determine if Product-Market fit Identify your moat Pick a path Sequence Stress test 5 STEPS TO DEFINE A GREAT STRATEGY 1. 2. 3. 4. 5.
- 59. Is it a “good” strategy?
- 65. Closing thoughts
- 66. • Vision = destination (North Star) • Strategy = compass • Roadmap = projects along the way RECAP
- 68. Determine if Product-Market fit Identify your moat Pick a path Sequence Stress test 5 STEPS TO DEFINE A GREAT STRATEGY 1. 2. 3. 4. 5.