Key Success Factors in New Product Efforts
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What makes product efforts successful? Is it chance or is there a discipline? There is a discipline here. Learn the six key factors to developing products successfully. I presented these slides at Product Management & Innovation Event 2016 (http://www.gan-events.com/m145/)
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Key Success Factors in New Product Efforts
- 1. 1
- 2. Developing products is a team sport and the Product Manager is at the center of it all Product Manager Customers Engineering Design Service Sales Marketing 2
- 3. 3
- 4. 1. New product efforts have limited success 2. Being innovative is hard 3. Everybody wants to tell you what to do. 4. You need to be able to prioritize. 5. Product development takes time. 6. Nobody reports to you, but you still need to get things done. 4
- 5. 5
- 6. 276,000 reservations for Tesla Motors Inc.’s Model 3 in the first 3 days. Source WSJ, April 3, 2016 Model 3 doesn't yet exist in final form and hasn't, in fact, been launched. LA Times, May 11, 2016 Key Objectives of MVP are: • Test product market fit first • It is just not about testing all the cool technology • Get to release sooner, to gather feedback early Picture source, https://www.teslamotors.com/model3 6
- 7. Identify customer problems Design research Feedback /test Develop MVP Release MVP Learn Hypothesis of customer problems Learning as quickly as possible Design research happens externally Multiple rounds Iterative design Build Brochure …prototype… product Measure Tests Track interest … usage MEASURE BUIL D LEARN 7
- 8. 8
- 9. • Understand end user behaviors & pain points • Draw prototype • Uncover unmet needs and disruptive innovation opportunities • Synthesize clear actions & Test • Use data to drive decision making • Start early before development maintain ongoing cadence ahead of development • Engage end users to validate problem and solution Human centric Creative Expansive… product - biz model Analytical Iterative…prototype test refine Collaborative 9
- 10. Insight: “better Wi-Fi, more outlets & soundproofing.. ” • Develop a model room in the Innovation Lab • Loyalty members observed in these rooms Contextual Design – native surroundings Insight: “offline mode” • Observed people reading news in cafes on iPads in Palo Alto • Resolution of prototypes increased over time • Tested various visualizations LinkedIn Pulse Early Prototype Source: Starting Up with Design Thinking: The Story of LinkedIn’s Pulse Marriott Innovation Lab Source: Secrets to Creating a Better Hotel Room 10
- 11. Empathize Define Ideate • Brainstorming • 5 Whys Prototype • as simple as a sketch on stickies! Test Source: d.school bootcamp bootleg 11
- 12. 1 2
- 13. New Feature MVP Core Improvements Integration performance Security Analytics MVP Rel 1 Rel 2 Rel 3 Rel 4 Rel 5 Rel 6Include features representing customers need Cover general horizontal improvements such as performance, tech obsolescence Help bring alignment – cross portfolio Involve negotiation Need to be kept current ongoing basis Internal and external Varying levels of detail based on use 13
- 14. Business strategy sets direction – guide tradeoffs that follow Business case helps firm up key assumptions e.g., price, time to develop Business case identifies constraints and sets pace for timelines on the roadmap Roadmaps need to be achievable Product Roadmap Business Strategy Business Case 14
- 15. Effort HighLow High Low B A D C GOAL VALUE EFFORT PRIORITY A 5 2 2.5 B 4 2 2.0 C 5 4 1.3 D 1 4 0.3 http://www.slideshare.net/bmmccarthy/prioritization-301 Value 1. Defined Goals / themes e.g., Increase Adoption, Security 2. (Expected) Value of Goals i.e., Expected Contribution of Value to Defined Goals 3. Estimated Effort (do it yourself) e.g., 0-5 Priority = (Expected) Value Effort 15
- 16. New Feature MVP Core Improvements Integration Performance Security Analytics MVP Rel 1 Rel 2 Rel 3 Rel 4 Rel 5 Rel 6 GOAL VALUE EFFORT PRIORITY A 5 2 2.5 B 4 2 2.0 C 5 4 1.3 D 1 4 0.3 16
- 17. Security Analytics MVP Rel 1 Rel 2 Rel 3 Rel 4 Rel 5 Rel 6 Scope Security requirements Customer Research, User Experience Prototyping Wireframe Validate Assumptions Plan activities prior to development e.g., • Design Research • Prototyping • Wireframe Specifications • Architecture Plan product launch efforts Illustration of activities that need to occur prior to software development AVOID REWORK BY ENSURING CLARITY PRIOR TO START OF PRODUCT DEVELOPMENT … Current Development 17
- 18. Wikipedia 1 8
- 19. Agile builds on Lean Deliver incremental slices of value Learning – team inspect and adapt Customer driven – reduce friction to access Time bound Defined ceremonies Requires discipline Cross-functional self organizing teams Roles and accompanying responsibilities − Product manager – roadmap and vision − Designer – UX research − Product Owners – groom and accept user stories − Architects – non functional requirements e.g., performance scalability − Scrum Master – ensure process is followed − Developers/ Quality Engineers 19
- 20. Understanding what problem you are solving Good engineering practices − BDD - behavior driven development workflows and use test scenarios before code is written − Automated test- marginal cost to execute automation is nil − Design reviews and exploratory testing Definition of Ready − User story definition Definition of Done − User documentation, sales demonstration − Client validation 20
- 21. Product Launch21
- 22. Start with a checklist and identify what is applicable Pricing Value Proposition - outcomes Implementation & Support ready Sales Training Launch Goals Awareness, demand generation Talk track, demonstration script Communication plan Beta vs. references Ultimate objective… build awareness, repeatable sales and implementation process 22
- 23. Product Manager Customers Engineering Design Service Sales Marketing Run product efforts like you own it. 23
- 24. Plan Roadmap, Vision Account for Contingencies Allow the team to be Creative Design Thinking Flexibility to experiment Utilize Agile Ceremonies Planning Inspect and Adapt Establish metrics accompanying product lifecycle Learning, Insight Benefits – ROI Project Management is a key partner Scrum Master Release Manager Hold yourself and others accountable Team member roles Eliminate obstacles 24
- 25. 25
- 26. Creatively solving customer problems Establish product market fit early Product roadmaps bring clarity Go Slow to Go Fast Run product efforts like you own it Don’t forget to have fun! 26
- 27. Thank you! Network and connect: atul.setlur@gmail.com https://www.linkedin.com/in/asetlur 27 Questions?
Notes de l'éditeur
- Or lack usability or repeatable
- Tesla's Model 3 Reservations Rise to Almost 400,000 Fortune April 15, 2016
- New products innovative... Design thinking is a key way to approach this.
- At Marriott’s Innovation Lab, researchers find that better Wi-Fi, more outlets and soundproofing trump fancy shampoos Build a TEAM Recruit users – Marriott, Ikea Compensation – not bliged to agree Problems are identified early Observational – Marriott and Ikea Interview and empathize with customers to uncover both unmet needs and disruptive innovation opportunities Regularly work back from customers to validate problem and solution sets Rigorously apply judgment from customer engagement to prioritize engineering investment choices Regularly and systematically use data to uncover opportunities, track product performance, and drive decision making Lead an interdisciplinary team of analytical, technical, and marketing professionals through change, evolution, and sustained scaling. DOCUMENTING customer feedback is key Pivot or preserve
- Build a TEAM Recruit users – Marriott, Ikea Compensation – not bliged to agree Problems are identified early Observational – Marriott and Ikea Rigorously apply judgment from Lead an interdisciplinary team of analytical, technical, and marketing professionals through change, evolution, and sustained scaling. DOCUMENTING customer feedback is key Pivot or preserve
- Milestones Goals for the team, set milestones for the team Measure success agianst
- Other ilities are important as well
- Design thinking - strategy Agile – constant iteration, Iterative Customer driven Minimum Viable Product