Few products are ground-breaking innovations with zero competition. Chances are that alternatives for your product exist. You should therefore ensure that your product stands out from the crowd and that people have a compelling reason to choose it over competing offerings. The Strategy Canvas is a great tool to achieve this, as I explain in this post.
As product managers and product owners, the products we look after are fundamental to our work: they shape our day-to-day activities and determine our responsibilities. We create a product strategy and product roadmap; we manage the product backlog and use minimum viable products and product increments. But what is a product? While this seems a trivial question, I have met several organisations with a understanding of what a digital product is. This can cause confusion, lead to unclear roles and responsibilities, and result in applying the wrong product management practices. This post discusses what a product really is and how it differs from features, components, bundles, and the user experience.
A minimum viable product (MVP) is often mistaken as the first general release of a product, the initial offering that is good enough to address the early market. But for most products, an MVP should be a much earlier and cruder version that acts as a learning device—a means to test a crucial assumption and make the right product decision. This post shows how I used MVPs and MVFs—minimum viable features—to write my latest book, Strategize.
Product scorecards are an important product management tool: They help you track the performance of your product. Unfortunately, many scorecards show only financial and customer key performance indicators (KPIs). While these indicators are undoubtedly important, ignoring other KPIs can create distorted view of reality and result in wrong decisions. This articles introduces a balanced product scorecard—a scorecard that provides a complete picture of the product performance thereby helping you to make the right product decisions.
Product key performance indicators (KPIs) are metrics that measure your product’s performance. They help you understand if the product is meetings its business goals and if the product strategy is working. Without KPIs, you end up guessing how your product is performing. But choosing the right indicators is not always straightforward. I have seen many product managers employ the wrong metrics or use so many that evaluating the data is a mammoth task. This post shares my tips on how to select those KPIs that really help you understand how your product is doing.
Creating a successful product requires attention to the details, from getting the user interaction and the visual design right to providing the right functionality and using the right technologies. With so much focus on the nitty-gritty, it’s easy to no longer see the wood for the trees. This is where the product strategy comes in. It helps you manage your product proactively and it prevents you from getting lost in the details. This post discusses what an effective product strategy is and how it benefits you.
It is tempting to add more and more features to make your product stand out and differentiate it from the competition. While this can be an appropriate strategy at times, it carries the risk of creating an overly complex product with a vague value proposition and a poor user experience. The trick is therefore not to blindly add features but to explore which ones you can reduce or even eliminate. This post shows you how to do it.
Identifying the right customers and users for your product is key to its success: It determines the value proposition and the user experience, it influences the business model and the technologies used. This post helps you reflect on your market segmentation practice and pick up some new tips.
Creating and managing a successful product requires a lot of time and energy. In order to be fully committed, you have to be convinced that what you are doing is right and have a clear vision of where to take your product. This post shares eight tips to help you create an effective product vision that inspires the development team and the stakeholders.
This post does what its title says: It shares my recommendations for creating an agile product strategy using the Vision Board. It addresses readers who want to find out more about using a product strategy in an agile, dynamic environment and readers who want to get better at using the Vision Board.