Learn how to create a successful product strategy with Roman Pischler’s model, starting with a clear product vision and an actionable roadmap. Deloitte can help transform your digital product development capabilities using advanced technologies. Nebula Vera from Boot Singapore shares tips for building effective digital products, while Dan Olson offers insights on achieving product-market fit through the Product Market Fit Pyramid framework. Discover Apple’s core values and marketing strategies in their “Think Different” campaign that honors those who push humanity forward by thinking differently.
How Do You Start a Product Strategy?
- The video introduces a product strategy model by Roman Pichler.
- A systematic approach to creating and evolving a product strategy is important for achieving product success and maximizing value.
- Many product teams do not use a systematic approach, leading to confusion about the specific problem the product should solve, standout features, and the difference between strategy and roadmap.
- The model starts with a product vision that describes the purpose of the product and guides everyone involved in achieving success.
- An initial product strategy communicates how to realize the vision and make it successful by selecting needs, determining market segments, choosing standout features, and setting realistic business goals.
- An actionable product roadmap aligns stakeholders and development teams by describing how to implement the strategy in 6-12 months based on specific benefits or outcomes called “product goals.”
- A solid basis for deriving a detailed backlog is provided from translating higher-level goals into increasingly focused ones through epics, user stories workflow diagrams sketches mockups non-functional requirements
- Two templates are offered: Product Vision Board & Go Product Roadmap
- Strategic decisions guide the discovery & implementation of backlog items while insights from delivery work lead to changes in roadmap/strategy ensuring consistent decisions and avoiding chasm where strategic/tactical decisions are disjointed resulting in building wrong products
- Collaborative workshops involving individuals help create/update plans every three months
What Is Digital Product Lifecycle Management?
- Many businesses recognize the need to use digital technology for product development.
- Deloitte has a practice that helps clients transform their product development capabilities using digital technologies.
- Deloitte helped a global aerospace and defense manufacturer standardize its processes and tools across different markets and products.
- The company used a single PLM system with flexibility for each market and product type, leveraging a single digital thread across its engineering architecture.
- Deloitte helped the organization define its strategy, roadmap, and approach to achieve this transformation rapidly.
- Over 350 million data objects were migrated with a 99.5% accuracy rate, fully integrating mechanical design, electrical design, and software interfaces into SAP.
- Training courses were rolled out to over 10 thousand of their global workforce using robotic process automation, augmented/virtual reality & advanced analytics for improved prediction & accelerated decision making
- Process redesign was approved in month 6 with pilots launched by month 9 and successive deployments in months 14 through 17
- The company is exploring advanced digital capabilities to further enhance engineering efficiency and effectiveness after phase one of the transformation
- Deloitte helps enterprises innovate differently using digital technologies
Differences Between Product Vision and Product Strategy
- Product vision and product strategy are different but related concepts.
- A product vision describes the future state for users, while a product strategy outlines the most promising direction for reaching that future state.
- Vision-driven strategy is important for achieving higher impact results rather than incremental changes.
- Product vision enables ambitious strategies, while product strategy relies on a forward-looking vision.
- Insights and learnings from discovery and delivery must also trickle up to inform both product vision and strategy.
- Starting with a user-centered product vision can help generate effective product strategies.
- Low-key or ambitious visions can lead to different types of strategies depending on factors such as market size, offerings required, acquisition channels, team skills, etc.
- Choices in both vision and strategy depend on various factors such as company goals, marketplace dynamics, risk tolerance, etc.
- OKRs act as glue between ambitions and tactics to ensure strategic directions are present in the everyday work of teams
- Product discovery focuses on understanding what problems/solutions are worth solving/needed to win & delivery focuses on iterating solutions toward success
How Do You Market a New Digital Product?
- This video provides marketing tips for digital products.
- Email marketing is the most effective strategy, and a 5-email drip sequence can be used to sell the product.
- Guest posting on online publications or with other creators can introduce you to new audiences and build your email list.
- Hosting a free webinar is an engaging way to sell your product, and offering bonuses or deals can encourage attendees to buy.
- Beta-testing with a group of people similar to your target audience can provide customer reviews before launch.
- Building a sales page before launch can help generate sales, including elements such as product descriptions, testimonials, FAQs, creator bios, and email list sign-up.
- Live webinars are engaging but pre-recorded webinars can also be useful as a sales tool or standalone digital product.
- Marketing data suggests guest posting for micro-influencers (audience size between 1000-100000) is most effective in gaining engaged subscribers.
- Reviews provide social proof that helps potential customers feel confident in their purchase decision
- The next video will cover building an effective sales page in more depth; viewers are encouraged to subscribe for future content like this one and ask questions in the comments section if needed
Digital Product Management Framework
- The speaker’s main focus is on digital product strategy.
- Their company helps organizations and startups develop relevant digital products to solve business problems.
- Good strategy involves solving critical issues with approximate objectives within a set time limit while understanding user and company aspirations.
- Bad strategy is not just budget forecasts or goals without a clear plan of action.
- Product strategy sits between the mission/vision and roadmap/execution for a digital product.
- A good strategy contains three elements: diagnosis, guiding policy, and coherent actions within high-stakes challenges.
- Design sprints are used to rapidly solve big problems in creating new or improving existing products through qualitative data from real users’ feedback.
- Sprint outcomes can lead to high-fidelity interactive prototypes that give clear direction for the next steps in building successful products.
- Innovation requires execution, which comes from working with people who have skin in the game (industry experience).
- The speaker emphasizes the importance of having clarity about objectives before committing to design sprints or any other strategies for developing digital products.
How Do You Create a Digital Product Strategy?
- The speaker’s name is Nebula Vera, but people usually call her Nav.
- She works at a small strategic design and innovation consultancy called Boot in Singapore.
- The Boot has been building products like apps and websites for the past 10 years.
- Common reasons for digital transformation include creating a new business, adding value to an existing business, or optimizing workflows in a B2B setting.
- Products can be customer-facing or internal-facing workflow automation tools.
- Before starting on a product, it’s important to answer five key questions: what are your goals? Who are you building this product for? How will you measure success? What is your budget? How much time do you have?
- Goals need to be defined precisely and tied to the business objectives.
- It’s important to identify the target audience instead of trying to appeal to everyone.
- Measuring success requires matching metrics with goals.
- Having a clear budget and timeline helps focus the product development process on the right things.
How to Create Your Product Strategy
- Dan Olson is a product management consultant and former product leader.
- He believes that many companies struggle with their product strategy.
- This is due to a focus on short-term goals and a lack of framework for developing strategies.
- Strategy means saying no to things that don’t align with the company’s long-term goals.
- The Product Market Fit Pyramid is a framework for achieving product-market fit, which involves understanding customer needs and creating solutions that meet those needs better than competitors’ products do.
- It starts with identifying the target customer and their underserved needs, then building value propositions, functionality, and user experience around those needs.
- Companies should focus on the problem space (customer problems/needs) rather than the solution space (specific designs or implementations).
- An example from Intuit’s TurboTax shows how important it is to understand customers’ diverse reasons for using a product to create effective solutions.
- Scott Cook, the founder of Intuit, emphasized the importance of understanding substitutes as well as direct competitors when developing strategies.
- To develop effective product strategies, teams must peel back layers of complexity by asking what they can do to help solve customer problems more effectively than anyone else does
What Is an Example of a Product Strategy?
- Rocket has a unique product strategy.
- The team is highly collaborative.
- The speaker is new to the role.
- They have worked with many inspirational people in design, research, and data.
- The team works together to deliver the best experiences for clients.
- Collaboration is amazing at Rocket.
- The speaker has been there for a year now.
- Design, research, and data are all important parts of their work.
- Delivering great client experiences is a top priority for the team.
- The speaker feels fortunate to be part of such an inspiring group of people at Rocket
Digital product strategy refers to the plan and approach for developing and managing digital products or services. It encompasses the overall vision, goals, and tactics for creating, delivering, and evolving digital offerings to meet the needs of users and achieve business objectives.
Here are some key components typically included in a digital product strategy:
- Vision and Objectives: Define the overall vision and objectives for the digital product. This includes identifying the problem the product aims to solve, the target audience, and the desired outcomes or benefits for users and the business.
- Market and User Research: Conduct research to gain insights into the target market, user behaviors, needs, and preferences. Understand the competitive landscape and identify opportunities for differentiation and innovation.
- Product Definition: Clearly define the features, functionalities, and value proposition of the digital product. Determine the core functionalities, user experience, and design principles that align with the target audience and business goals.
- User Journey and Experience: Map out the user journey and define the desired user experience at each touchpoint. Identify pain points, areas of improvement, and opportunities for delivering a seamless and engaging user experience.
- Technology and Infrastructure: Determine the technology stack, platforms, and infrastructure required to develop and support the digital product. Consider scalability, security, integration capabilities, and ongoing maintenance needs.
- Roadmap and Prioritization: Develop a roadmap that outlines the planned features, enhancements, and iterations for the digital product. Prioritize based on user needs, business value, technical feasibility, and market trends.
- Agile Development and Iteration: Embrace agile development methodologies to continuously iterate and improve the digital product. Utilize feedback loops, user testing, and data-driven insights to inform decision-making and optimize the product.
- Monetization and Business Model: Define the monetization strategy and business model for the digital product. Determine pricing, revenue streams, licensing, subscription models, or other methods to generate revenue and sustain profitability.
- Marketing and Launch Plan: Develop a marketing and launch plan to create awareness, drive adoption, and attract users to the digital product. Identify key marketing channels, messaging, promotional activities, and metrics for success.
- Performance Measurement and Optimization: Establish key performance indicators (KPIs) and metrics to measure the success of the digital product. Regularly monitor and analyze data, user feedback, and market trends to make informed decisions and optimize the product strategy.
Digital product strategy should be adaptable and responsive to evolving user needs, technological advancements, and market dynamics. It requires collaboration between product managers, designers, developers, marketers, and other stakeholders to ensure the successful execution and ongoing improvement of the digital product.