RomanPichler

Roman Pichler: Product Strategy

Posted in Workshop

Synopsis

This workshop teaches you how to create an effective product strategy that explains what your product is and why you should build it. It is ideal for anyone who manages a product including product managers, product owners, entrepreneurs, marketers, business analysts, and project managers.

Report

The workshop started with teams brainstorming a new health app idea, in a matter of minutes, we had a variety of ideas including an app helping with rehabilitation after an operation to an app telling you based on your lifestyle choices your life expectancy and three app’s focused at the younger audience raising awareness of health issues such as sugar intake.

Roman then introduced the group to the product vision board exercise, a more lightweight version of the Business Model canvas.

The Vision Board captures assumptions about the users and the customers of the new tool, the needs the product should address, the key product features, and the value the product should create for my own business.

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Groups went away and using post it’s filled in their Vision Product map and later presented back to the group.

 

Roman spoke briefly about what each column in the Product Vision board as a prompt for the type of things groups should be thinking about whilst creating one for their app idea

 

Vision is a concise summary of your idea that describes your intention and motivation. Keep the vision short and sweet, the vision will help guide future decisions.

Target Group describes the market or market segment you want to address. You should state who the product is likely to benefit, who its users and its customers are.

Needs describes the product’s value proposition: the problems and pain points the product removes, and the benefits or gains it creates for its users and customers. The section should make it clear why people will want to use and buy your product, and what the product’s value proposition is.

Product summarises the three to five features of your product that make it stand out and that are critical for its success. These are likely to correlate to its unique selling proposition, and they should address the needs identified.

Business goal explains why it’s worthwhile for your company to invest in the product. The section states the desired business benefits, for instance, increase revenue, enter a new market, reduce cost, develop the brand, or acquire valuable knowledge.

 

After the groups had filled in their Product Vision boards. Roman then went on to talk about the ‘Build, measure, learn’ cycle taken from the Lean Startup book by Eric Ries. At this stage groups were told to select the biggest risk statement on their board and decide how they were going to address it. At this point, being told that they would then go out and gather data against that risk, analyse the results and either pivot, stop, persevere.

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Roman recommended running structured interviews with your target users to understand the individual’s problems and goals without referring to the solution. Reinforcing a common theme of the day, learn to fail fast – it’ll save you both time and money.

The session gave a really good lightweight introduction to product strategy and advocated that if a well crafted product vision it can inform everything you do, from business models and product roadmaps to the stories in your backlog.