How to Use Strategy in Product by Expedia Director PM
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In this presentation, Wendy Gilbert shares her thoughts on both strategy and influence. Main takeaways: - The definition of a strategy - How to go about creating a strategy - Ideas on how to improve your influence within your product and/or organization
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How to Use Strategy in Product by Expedia Director PM
- 1. www.productschool.com How to Use Strategy in Product by Expedia Director of Product Management
- 2. FREE INVITE Join 23,000+ Product Managers on
- 3. COURSES Product Management Learn the skills you need to land a product manager job
- 4. COURSES Coding for Managers Build a website and gain the technical knowledge to lead software engineers
- 5. COURSES Data Analytics for Managers Learn the skills to understand web analytics, SQL and machine learning concepts
- 6. COURSES Digital Marketing for Managers Learn how to acquire more users and convert them into clients
- 7. COURSES Blockchain for Managers Learn how to trade cryptocurrencies and build products using the blockchain
- 9. Strategy & Influence WENDY GILBERT SEPT 12, 2018
- 10. Who Am I? Director, Product Management Global Data Platform Egencia 10
- 11. • What is a strategy? • Components of a strategy • Successful strategies • What is influence? • Qualities of good influencers 11
- 12. Strategy an integrated, overarching concept of how the business will achieve its objectives A product strategy outlines where the product is going, how it will get there and why it will succeed. The product strategy enables you to focus on a specific target market and feature set, instead of trying to be everything to everyone. 12 MaRs Library -- https://www.marsdd.com/mars-library/product-strategy-setting-your-strategic-vision-for-product-offerings/
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- 20. Arena Where will you be active? 20 Market Segment Geography ChannelStages Technologie s nder CC BY-SA
- 21. Vehicles How will you get there? 21 Internal development Joint venture LicensingAlliance Acquisition
- 22. Differentiators How will you win in the marketplace? 22 Image Customization Price Reliability Speed to market Personalization
- 23. Staging How will you move? 23 Speed Sequencing
- 24. Economic logic How will you return on your investment? 24 Decreased cost New sales or market Increase $$ from existing sales Better results
- 25. A good strategy is: https://www.sas.com/en_us/insights/articles/data-management/8-ways-an-enterprise-data-strategy-enables-big-data-analytics.html • Practical -- easy to follow when conducting daily activities • Relevant -- contextual to the organization/team, not generic • Evolutionary -- expected to change on a regular basis • Connected/integrated with everything that comes after it or from it 25
- 26. Why do some strategies fail? 26 “Strategy equals execution. All the great ideas and visions in the world are worthless if they can't be implemented rapidly and efficiently.” – Colin Powell
- 27. One Size Doesn’t Fit All… 27
- 29. The product itself was flawed 29
- 30. Didn’t understand the product and/or the marketplace 30
- 31. It wasn’t a strategy in the first place to provide a centralized Data Platform that can deliver quality data, in a timely fashion, to maximize value for both internal and external customers to grow the company 15 percent to launch/transition to cloud service model by Jan 2019 Big Data 31
- 32. Failed to outline what it wouldn’t do… 32
- 33. Implemented as a top-down process – failed to get buy-in from the team 33
- 34. There’s only so much in your control… 34
- 35. Change is hard, and strategies often require change… 35
- 36. Loss of interest over time 36
- 37. Not agile – used a big-bang approach Not aligned with other teams or dependencies 37
- 38. Didn’t focus on the business value RDD 38
- 39. Influence The power or capacity of causing an effect in indirect or intangible ways 39
- 40. What do people expect from their leaders? • To know where they are going • Communication • Competence • Authenticity • Energy & Enthusiasm 40
- 41. Influence Styles • Rationalizing -- logic and reason • Asserting -- personal confidence and direction • Negotiating -- compromise without sacrificing long term goal • Inspiring -- shared mission, draw on passion to open people’s eyes to new possibilities • Bridging -- uniting and connecting others, listening and building coalitions • ... 41
- 42. As with strategy, one size doesn’t fit all • We can’t all be charismatic, born leaders • Do I really need to lower my voice? • We don’t all need to lean in, but it’s fine if you want to • It shouldn’t feel like manipulation, be genuine 42
- 43. Increasing Influence • Self Awareness -- Know your strengths and weaknesses and manage them • Be competent, be prepared • Don’t be afraid to be vulnerable • Assume positive intent • Treat others well and solicit their opinions and expertise • Embrace difficult conversations – avoid passive aggressiveness • Tell stories • Be emotionally curious -- connect with people and understand what drives them 43
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- 46. www.productschool.com Part-time Product Management, Coding, Data, Digital Marketing and Blockchain courses in San Francisco, Silicon Valley, New York, Santa Monica, Los Angeles, Austin, Boston, Boulder, Chicago, Denver, Orange County, Seattle, Bellevue, Toronto, London and Online