Key Success Factors in New Product Efforts
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Key Success Factors In New Product Efforts Atul Setlur THE PRESENTATION TODAY REFLECTS MY VIEWS AND NOT THAT OF MY EMPLOYER, IN ANY WAY. 1
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Transcript of Key Success Factors in New Product Efforts
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Key Success Factors In New Product Efforts
Atul Setlur
THE PRESENTATION TODAY REFLECTS MY VIEWS AND NOT THAT OF MY EMPLOYER, IN ANY WAY.
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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
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What is the toughest thing about being a product manager?
1. New product efforts have limited success2. Being innovative is hard3. 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.
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Establish product market fit first
LEAN
Establish product market fit… Minimum Viable Product
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
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Lean product development is about speed and increasing success
Identify customer problems
Design research
Feedback /test
Develop MVP
Release MVP
LearnHypothesis of customer problems
Learning as quickly as possibleDesign research happens externallyMultiple roundsIterative design
BuildBrochure …prototype… product
MeasureTestsTrack interest … usage
MEASURE
BUILD
LEARN
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“[Design is] not just what it looks like and feels like. Design is how it works.” - Steve Jobs
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What is Design Thinking?
• 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 centricCreativeExpansive… product - biz modelAnalytical Iterative…prototype test refineCollaborative
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Develop Customer Insights
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 PrototypeSource: Starting Up with Design Thinking: The Story of LinkedIn’s Pulse
Marriott Innovation LabSource: Secrets to Creating a Better Hotel Room
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Design Thinking Tools
EmpathizeDefineIdeate• Brainstorming• 5 WhysPrototype• as simple as a sketch on stickies!Test
Source: d.school bootcamp bootleg
Clarity on priorities
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Product Roadmaps represent prioritization and progression of efforts
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
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Product roadmaps follow strategy and business case
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
Prioritization of features
EffortHighLow
High
Low
B
A
D
C GOAL VALUE
EFFORTPRIORITY
A 5 2 2.5B 4 2 2.0C 5 4 1.3D 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., 0-5Priority = (Expected) Value Effort
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Prioritization translates to Product Roadmap sequence
New Feature MVP
Core Improvements
Integration
Performance
Security
Analytics MVP
Rel 1 Rel 2
Rel 3
Rel 4
Rel 5
Rel 6 GOAL VALUE
EFFORTPRIORITY
A 5 2 2.5B 4 2 2.0C 5 4 1.3D 1 4 0.3
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Product Roadmap as an alignment tool
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 Assumption
s
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
Agile software development is a set of principles for software development in which requirements and solutions evolve through collaboration between self-organizing, cross-functional teams.Source: Wikipedia
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Agile
Agile builds on Lean Deliver incremental slices of valueLearning – team inspect and adapt Customer driven – reduce friction to accessTime bound Defined ceremoniesRequires discipline
Cross-functional self organizing teamsRoles 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
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Go slow to go fast – requires discipline
Understanding what problem you are solvingGood 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 definitionDefinition of Done − User documentation, sales demonstration− Client validation
21Product Launch
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Product Launch Essentials
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
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Product Manager
Customers
Engineering
Design
Service
Sales
MarketingRun product efforts like you own it.
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Run product efforts like you own it
PlanRoadmap, Vision Account for Contingencies
Allow the team to be CreativeDesign ThinkingFlexibility to experiment
Utilize Agile Ceremonies PlanningInspect and Adapt
Establish metrics accompanying product lifecycleLearning, InsightBenefits – ROI
Project Management is a key partnerScrum MasterRelease Manager
Hold yourself and others accountableTeam member rolesEliminate obstacles
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THERE IS LITTLE SUCCESS WHERE THERE IS LITTLE LAUGHTER.ANDREW CARNEGIE
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Top 6 lessons
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!
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What is your “one” takeaway to day?Thank you!
Network and connect:[email protected]://www.linkedin.com/in/asetlur
Questions?
