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Crafting Product Strategies, and Balancing Launch vs. Perfection

Welcome to our Product Newsletter, a biweekly email highlighting top discussions, and learning resources for product managers.

What We Will Cover In This Edition:-

Top Discussions: 

1)  Limitations in getting customer feedback due to PMs.

2) How is a product strategy put together?

3) Launch? Or wait for Perfection?

Top Learning Resources:

1. Difference between a product and a platform: A guide for product managers

2. The best product management solutions: place for automation (edition 2022)

3. The product manager learning path

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Top Discussions

Question 1Limitations in getting customer feedback due to PMs

It can be frustrating as a Product Owner to have limited interactions with external users and have to rely on others to share customer pain points and wants. As a PO, I have no interactions with outside users and must rely on product managers to communicate client needs and pain points, which is not what I signed up for. I think it’s demoralizing. PMs are frequently a bottleneck for me in terms of getting quick client feedback.

How would you handle such a situation?

– Donovan O’Kang

Discussion

A] Yes. You clean up the backlog and unblock the blockers for the developers. Give the big boys the job of dealing with customers. That’s the way.

RELAX, JUST KIDDING.

Nevertheless, at a smaller organization, PM/PO/Project Manager exist on a spectrum, and you’ll likely be asked to wear all of the hats depending on the time of day and the task at hand. In a larger organization, you definitely won’t have enough time to divide between talking to consumers and talking to engineers.

That being said, your PM is not doing a very good job if they are a bottleneck for the information you require. You should strike up a conversation with them to determine how to obtain the data you require quickly and in adequate quantities.

Or, you could crush them because they are weak and place them on the massive product totem pole. You are you.

– Naomi Nwosu

B] I’ve never worked for a company where the PO function existed. Although working as a PM for more than ten years, I have no idea what’s going on. The key to a thorough grasp of pain concerns and frequently to nailing the solution is customer discovery. Why would anyone who interacts with the product ever desire to be cut off from that?

In other words, you’re not crazy. What’s the next step for you? Why don’t you guys just have PMs who handle both PM and PO tasks instead of operating in this manner? Can’t you just like bypass your PMs and talk to your customers directly?

(Also, could someone perhaps clarify the justification for separating POs from customer input?)

– Dan Coelho

C]  Here are a few suggestions to help you overcome this challenge:

  1. Communicate with your PMs: Have an open and honest conversation with your product managers about your need for customer feedback and your frustration with the current situation. Discuss ways in which you can work together to improve the process, such as setting up regular meetings to review customer feedback or finding ways for you to directly interact with users.
  2. Attend user research sessions: If your organization conducts user research sessions, ask if you can attend them to observe and listen to users firsthand. This will give you the opportunity to gather customer feedback and better understand their pain points and wants.
  3. Conduct user surveys: If you don’t have direct access to external users, consider conducting user surveys to gather feedback on specific features or pain points. This can help you gather data and insights to inform your product decisions.
  4. Network with other stakeholders: Look for opportunities to network with other stakeholders in your organization who may have direct contact with users, such as customer support or sales teams. They may be able to provide valuable insights and feedback that can help inform your product decisions.

Remember, as a product owner, your goal is to create products that meet the needs and wants of your customers. While it can be frustrating to have limited interactions with external users, there are still ways to gather customer feedback and use it to inform your product decisions.

– Michelle Plowman

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Question 2) How is a product strategy deck put together?

I require some assistance. I have been asked to put together a product strategy deck since there is neither a CPO nor a head of product present. Although I’ve never made one before, I wanted to ask you guys what the ideal deck ought to have.

Can anybody assist? Apparently, I’m looking at Google and ChatGPT as well, but I was curious what other PMs thought.

– Heather Kurtz

Discussion

A] Sure, I can help with that!

A product strategy deck typically outlines the high-level goals and direction of a product. It can vary based on the company and product, but here are some general sections you may want to include in your deck:

  1. Executive Summary: This section should briefly explain the product vision and goals, target market, and high-level strategy.
  2. Market Analysis: This section should cover the market trends, competitive landscape, and customer needs that the product addresses.
  3. Product Roadmap: This section should outline the product roadmap, including high-level timelines, milestones, and key features that will be delivered.
  4. User Personas: This section should outline the key user personas for the product, including their needs, pain points, and goals.
  5. Business Model: This section should explain the business model for the product, including revenue streams, pricing strategy, and customer acquisition strategy.
  6. Marketing and Sales: This section should cover the marketing and sales strategy for the product, including key channels, messaging, and tactics.
  7. Key Performance Indicators: This section should outline the key metrics that will be used to measure the success of the product, including acquisition, retention, revenue, and customer satisfaction.
  8. Risks and Challenges: This section should cover potential risks and challenges that could impact the success of the product, and how they will be mitigated.
  9. Conclusion: This section should summarize the key points of the product strategy, and highlight the potential impact and value of the product.

I hope this helps! Good luck with your product strategy deck.

– Michael Yoffe

B] As you’ve probably gathered from the responses so far, everyone has their own take. This is true person to person, team to team, and org to org.

Given that, the biggest tip I can give you is whoever the “sponsor” of this strategy is (I’m assuming someone on the exec team) get them involved early and often to help the development of both the thinking and the messaging. Equally important. Broadly, from my point of view, strategy decks should answer The What, The Why, and The How.

The best way I have found for this is “the strategy cascade.” A series of 5 questions that interlink and have feedback loops to each other.

  1. What is our winning aspiration? In other words, what is the ideal future we want to build? This should be fixed for 12 months+, if you’re changing ir quarter to quarter, this is either not agreed or not high level enough.
  2. Where to play? Across geographies, customer segments, channels, verticals, etc. This helps narrow down the focus of the macro aspiration.
  3. How to win? This is more than just unfair advantages and should also include your value proposition. Remember that this needs to take into account your defined playing field and make sure you can consistently deliver value to your chosen segments.
  4. What capabilities need to be in place? This is both technical and process wise.
  5. What management systems are required? How do we foster the culture required, measure results, course correct, etc.

You can argue one way or the other about whether 4 and 5 should be in a product strategy deck (as opposed to company strategy), but I feel it’s important to complete the picture.

Happy to discuss more it helpful.

– Pankaj Jain

C] A common approach to product strategy decks:

  1. Mission. Single slide. Why does your company exist? Why is your work important?
  2. Vision. Slightly more concrete. What are you going to build?
  3. Users. Top 2-3 user groups with a short description and top 3 needs per group. Can be the target audience instead of users.
  4. Unfair advantage. What are your 2-3 unfair advantages? Why is each advantage true? How can you leverage each advantage?
  5. Competitors. Ideally, with some kind of comparison, SWOT summary. Can be Forrester Wave chart. Can be a simple table with some checkmarks for features or target markets served.
  6. Pillars/Bets/Features/Product areas. One overview slide. One slide per pillar with some insights. Insight should justify why to solve that problem or build that solution. Can go deeper and create a single slight for each insight.
  7. Growth/GTM. How will you introduce the product to the market? How will it grow? Product-led growth? Sales-led growth? Partnerships?
  8. Teams. Which teams are involved/needed? What are each team’s objective, goal for this quarter (or year), and some example initiatives for non-technical stakeholders? Ideally, all on a single slide.

– Eva Richardson

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Question 3) Launch? Or wait for Perfection?

“If you are not embarrassed by the first version of your product, you’ve launched too late.” – Reid Hoffman, LinkedIn/Greylock

This quote by Reid Hoffman, co-founder of LinkedIn, suggests that it’s better to launch a product early and iterate based on feedback, rather than waiting for it to be perfect. Launching early allows you to get feedback from your target audience, identify areas for improvement, and iterate quickly to make the product better. This quote strikes me as a revelation since I have always waited for everything to be perfect or at least to reach a point where it is not humiliating.

– Samantha Yuan

Discussion

A] This approach is often referred to as the “minimum viable product” (MVP) strategy, which involves launching a basic version of a product to see if there’s a market fit, and then improving it based on customer feedback. This can help you validate your ideas and avoid investing a lot of time and resources into a product that may not be successful.

So, don’t be afraid to launch a product that’s not perfect, as long as it provides value to your customers and solves a problem they have. Embrace the iterative process and use feedback to make your product better over time.

– Kane Morgan

B] Absolutely agree with @Luisneilson, this advice is often framed as a general principle for startups, but it is especially relevant for software startups and startups in fast-moving industries where technology and customer needs are constantly evolving. The MVP approach allows software startups to rapidly experiment and validate their ideas, which is important in an industry where technology is changing rapidly and customer needs are constantly evolving.

However, it’s important to keep in mind that this advice may not be applicable to all types of startups or businesses. For example, in industries with longer product development cycles or where products have higher regulatory barriers, launching an MVP may not be feasible. Additionally, in businesses where brand reputation is a critical factor, launching an early and potentially buggy product could damage the brand.

It’s important to consider the unique context of your business and the industry you’re in, and tailor your approach accordingly. But in general, the MVP approach can be a valuable tool for startups to validate their ideas, get feedback, and iterate quickly.

– Dan Coelho

C] I completely agree with @BinaCampos. The MVP approach may not be appropriate for all types of businesses, and it’s important to consider the specific context and industry of your business before applying this principle.

For physical products, especially in industries where the quality of the product is a key factor in customer satisfaction and brand reputation, it’s important to ensure that the product is of high quality and meets safety and regulatory standards before launching.

In addition, for businesses that have a direct relationship with their customers, such as B2C SaaS products, the MVP approach can make sense as the risks and costs associated with a poorly received product are lower. But for businesses that operate in highly regulated industries, such as medical devices, or those with complex supply chains, the MVP approach may not be feasible.

Thus, it’s important to consider the unique context of your business and the industry you’re in, and tailor your approach accordingly. The MVP approach can be a valuable tool for startups, but it’s important to weigh the risks and benefits before deciding to use it.

– Eva Richardson

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Top Learning Resources

Difference between a product and a platform: A guide for product managers

Imagine you’re a product manager, and you’re tasked with developing a solution to meet the needs of a specific market. You have two choices: build a product, or build a platform. Which approach do you choose? On one hand, a product is a complete solution that’s designed to meet a specific set of needs for a specific set of customers. On the other hand, a platform provides a set of tools and infrastructure that enable others to build their own solutions.

The best product management solutions: Place for automation (edition 2022)

As tech ecosystem complexity increases and possibilities multiply, new alternatives have emerged that promise solutions with complete data integration and automated processes. Tooling becomes essential to the success of a product, so a whole solution framework must be built by the Product Manager to lead his product to success.

The product manager learning path

Many Product Managers break into the role from related fields, such as design, engineering or data science. Their expertise and experience enables them to cover some of the Product Management responsibilities directly and even take on adjacent responsibilities when needed. They’ve also worked with or as part of a product team, so they understand what the role requires and how to collaborate with other functions.

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