Common Sense Into Common Practice

Egress Solutions Product & Innovation Management Blog

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8 Keys to Successfully Implementing a Product Management Framework

Organizations eager to do a better job building and launching products that win in the market are smart to look to product management frameworks. Who wants to waste time reinventing the wheel when market opportunities require speed and stakeholders are obsessed with agility? The tested, refined, and re-refined product management best practices from the industry’s thought leaders have done all the hard work, so why not just “paste and go?”

Not so fast! As we outlined in our previous post, training your product teams is an important step, but just that – a step – in transforming your group into a well-oiled product management machine. To truly leverage the framework, an organization needs to understand its objectives, identify strengths and weaknesses, and tailor the implementation.

In our years of helping companies adopt the most valuable elements of industry standard frameworks based on agile, lean and market-driven models, we’ve taken note of the key “ingredients” to a rapid, complete, and successful implementation.

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Our team has been through product management training… now what?

Getting a product management team up to speed is a big commitment and investment. Training is an essential part of their journey to high-performance, but multiple studies show us that overall retention of training material is very low – about 10%, according to most experts. Furthermore, if team members don’t get to put that new information into practice, they will struggle to retain even that small fraction.

This isn’t the fault of the product managers or team leaders. The many high quality training courses available for product teams simply aren’t sufficient. Such training programs are the foundation of what is required to transform your group into a high-performing product management organization.

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Should You Hire or “Grow” Your Next Product Management Leader?

Perhaps your VP of Products has decided to join a hot startup or you just realized that it’s time for your product management group to have its own seat at the leadership table. Regardless of the circumstance, you find yourself in need of a product management leader.

You can picture who you want to step into this role:

  • someone in sync with the company vision and goals
  • an effective leader who will focus the product management team
  • someone who can earn the respect of development
  • a professional who really gets product management
  • they know it is also a market facing role and won’t let the team get bogged down in countless meetings

So how do you get from here to there? Should you hire or “grow” your next product management leader?

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The ABCs of Win-Loss Analysis

As we discussed in our recent post How to Quantify the Return on Product Management, it’s essential for product management teams to focus on market-sensing activities. How do customers and prospects view your solutions relative to the competition? What are the most important factors in their decision? Who is involved?

A golden opportunity to gain insight is right after a customer or prospect chooses to buy or not buy. But it’s not as simple as just asking a new customer why your company won, or asking the sales rep why you lost. To pan the gold out of the wins and losses happening every day, you’ll need a carefully planned and executed win-loss analysis program.

Maximizing the Benefits of Your Win/Loss Analysis Program

Your program should consist of 4 main steps – prepare, survey, interview, and analyze. Because your sales team won’t be excited about this (you know it’s true) and not every customer/prospect will take part, your approach needs to maximize participation and extract the most value from each interview. Here is how to do that.

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How to Quantify the Return on Product Management

Do you ever feel like you have a target on your back? If you’re a product executive, especially with product management responsibility, you’ve felt the pressure to justify the existence of you and your team at some point. Sure, you can talk to the executive team about efforts underway to define the MVP, groom the product backlog and prioritize features for the next release. But they want something more concrete from you – a clear connection between the investment in your team and the top line or the bottom line results.

It may be tempting to jump to your product or product line P&L to justify staffing compensation, return on investment, contribution margin and productivity… However, this can be a big mistake if you haven’t laid the proper foundation and set expectations with your co-leaders and your team.

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The Executive's Guide to a Healthy Software Product Portfolio

The software market is constantly evolving. Want proof? In the span of a single week technology website Network World reviews an average of more than 20 software and hardware products. For executives at software development companies, the challenge is one of balance — too many products and you get lost in the noise; too few, and you're not taking best advantage of your market niche. Here's a top-level guide to help ensure your product portfolio is in good health.

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Build, Buy or Partner: Choosing the right innovation strategy

Product managers always feel the pressure to grow their business through innovation. When they can successfully create competitive differentiation, fill a gap in product technology or offer a more complete solution, they can drive business growth and gain market share.

While innovation is key to business growth, so is time-to-market. That's why smart product managers consider all their options for their innovation strategy. Should they develop the solution in-house? Buy it? or would it be best to partner with another company?

Choosing the right strategy is difficult. Making the decision to build, buy or partner will test every strand of your company’s fabric. Each avenue has ample benefits and risks, so the decision must take into account all aspects of your company and its strengths and weaknesses.

The decision requires a thorough understanding of your market, your competition, your current customers and, most importantly, those who have not chosen to be your customer.

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Market segmentation: 5 signs you're doing it right

Many of us in the field of technology product management are so familiar with market segmentation principles that we take them for granted. In fact, I would bet that many of you respond to the topic with a big yawn. So, you might be surprised to learn that we have found that too many product managers don't go far enough with segmentation to get the results they need to grow their business.

We've all seen the analyst reports that estimate that a particular market size is huge and growing. Typically, these markets are defined in lofty and large terms that are perfectly fine for journalists and bloggers to quote in their posts, but inadequate for those of us responsible for making decisions about product features, pricing and go-to-market strategy.

You won't be alone if you have relied on an analyst's market definition to frame your target market segment. Frankly, thorough and thoughtful market segmentation requires effort and time. It isn't a trivial exercise. Even if you believe that your segmentation is as complete as it can be, read on to learn how we suggest you test it just to be certain.

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Don't Fall in Love - A Product Manager's Tip to Success

“One's first love is always perfect until one meets one's second love.” Elizabeth Aston

I was honored to participate in a podcast hosted by my friend Michael Hopkin. Michael has a blog site dedicated to Product Management (http://www.leadonpurposeblog.com/) and also runs a podcast called The Product Management Pulse.

It was great fun and Michael is a great host. Mostly it got me to think, talk and reminisce about my first love—Product Management.

Over the 30 minutes or so I was able to cover several of my favorite Product Management topics but in replaying it I realized I never got around to one of my most stringent rules for being a good Product Manager (although God knows I tried, I even attempted to talk through the break).

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Winning by Losing

 

“I never lose…I either win or I learn.” - Unknown

I've always been fascinated with how and why business deals are won and lost. As a long time product manager, I've always wanted to know why companies chose or didn't choose my product or service. What I've learned is that knowing makes all the difference.

Too often, the simple answer from sales is it’s either because of price or functionality. “Our competition’s price was cheaper,” they say, or “Our competition’s solution had a feature that we don’t have.” Now to be fair, that is often the reason the salesperson receives from their contact inside the prospect. It’s a quick and easy let down line—the old “it’s not you it’s me.”

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