Basics of Product Strategy
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Every company will eventually fail. How can someone avoid obsolescence? By focusing on significant problem spaces, growing markets and brand experience at the right time, success of startups is way more likely. This presentation covers the art of mastering product lifecycles, building digital products, brands and startups.
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Basics of Product Strategy
- 2. @pichsenmeister Why do I need a Product Strategy?
- 6. @pichsenmeister How to avoid obsolescence?
- 10. @pichsenmeister Significant Problem Space Growing Market Timing Brand Experience
- 12. @pichsenmeister Focus on the problem, not the solution
- 13. @pichsenmeister We want faster horses.
- 14. @pichsenmeister We want faster horses.
- 16. @pichsenmeister Does this problem ... … occure frequently? … cost people a lot of time/money? … make people care about?
- 20. @pichsenmeister Can you phrase the problem in a technology-agnostic way?
- 22. @pichsenmeister Growing Market Will more people have this problem in the future? Will people have this problem more frequently? Will this problem have a higher impact in the future?
- 23. @pichsenmeister Growing Market More people will do phone calls over the Internet
- 25. @pichsenmeister Niche Market More people will take Piano lessons
- 26. @pichsenmeister Growing Market Lots of new entrants No switching costs Will adapt workflow to your tool or solution
- 28. @pichsenmeisterSource: Bill Gross, TED March 2015 Funding 14% Business Model 24% Idea 28% Team/Execution 32% Timing 42%
- 29. @pichsenmeister First to market = First to fail
- 30. @pichsenmeister First mover’s advantage ● Thought leadership ● Your product = market ● No switching costs ● Buyer’s choice disadvantage ● Expensive market education ● More mistakes to be made ● Defense fatigue
- 32. @pichsenmeister Last mover’s advantage ● Less uncertainty ● Repeatable business model disadvantage ● Many competitors ● High switching costs ● Expectations are set
- 34. @pichsenmeister Brand Experience User’s perception based on every touchpoint, interaction and engagement with your product, brand and company
- 35. @pichsenmeister Single purpose brand vs Multi purpose brand
- 36. @pichsenmeister create a better everyday life for the many people
- 37. @pichsenmeister create a better everyday life for the many people
- 38. @pichsenmeister organize the world’s information and make it universally accessible and useful
- 39. @pichsenmeister organize the world’s information and make it universally accessible and useful
- 40. @pichsenmeister to build a place where people can come to find and discover anything they might want to buy online
- 41. @pichsenmeister to build a place where people can come to find and discover anything they might want to buy online
- 47. @pichsenmeister You will either fail or others will copy you
- 48. @pichsenmeister 1. Care about your Brand early on
- 49. @pichsenmeister 2. Make something people love
- 52. @pichsenmeister
- 53. @pichsenmeister
- 54. @pichsenmeister
- 55. @pichsenmeister 3. Build a community
- 57. @pichsenmeister 4. Sell benefits, not features