essential product planning techniques for oxford university press
TRANSCRIPT
@_phil_johnson
Essential Product Planning Techniques
1
3
Context
Process & Tools
2 Principles
1 Context
product manager
customer
business
competitors
# We can no longer peddle a product
# We need to keep up with rapid change
# Planning isn’t an annual endeavour
The Labour theory of value
@willsh smithery.co
The value of something is determined by the labour that went into its production
Modern Economics
@willsh smithery.co
The value of a thing is determined by what one is willing to give up to obtain the thing
Context #2Speed & Agility
The world is moving faster
# Customer needs are evolving
# Technology has changed everything
# New competitors emerge every day
Need tools for responding quicker and with less risk
V
Context #3Your job is never ‘done’
“Everybody has a plan until they get punched in the face.”
Mike Tyson
Products evolve following each customer contact
The journey needs to adapt
vision
todeliverthe
Product Planning is a continuous endeavour, NOT an annual exercise
So how does product planning help?
# Favours data over opinion
# Learning through experiments
# Maintains a single version of the truth
# Tells simple stories - influence change
Use data rather than opinion to define what a customer wants
Avoid the HIPPO*
*Highest Paid Person’s Opinion
Use data to avoid poor judgement
propinquity n. [proh-ping-kwi-tee]
believing we are like our customers
@davewascha
“Get out of the building”
‘Experiment’ with real customers to learn
Steve Blank, Guide to Customer Development
Maintain a single version of the truth
Make that truth accessible
Make the plan simple to understand, and act upon
“Planning is what you do before you do something, so that when you do it, it is not
all mixed up”A. A. Milne
2 Principles
Now for some customer theory …
product manager
customer
business
competitors
customer
customer
Traditionally start with ideas
@strategyn
Ideas Markets Needs Strategy
5% succeed
Should be a needs first process*
@strategyn
IdeasMarkets Needs Strategy
86% succeed
*”Outcome Driven Innovation”
‘Jobs To Be Done' Concept
@strategyn
Job To Be Done:
Listen to Music
@strategyn
Market
@strategyn
=
Job Executors
+Willingness to pay to get the job done
X
Get a job done better
@strategyn
20011948 1962 1984 2005
satisfy additional job criteria
e.g. take more music with me
e.g. skip tracks quickly
High Importance + Low Satisfaction = Opportunity
CompetitiveOpportunity
Limited return
High
Low
@strategyn
Low High
Imp
orta
nce
of U
ser
Nee
d
Satisfaction with Current alternatives
Kano Model: Needs & Satisfaction
Satisfier (more is better)
Delighter
Must Have
Dissatisfied
Satisfied
Need Unmet
Need fully Met
Move over tim
e
But, what is the benefit to the business …
product manager
customer
business
competitors
business
business
Define your business model on 1 page
@strategyzer
Overview of the Canvas
@strategyzer
Do you have one for your product??
@strategyzer
Pirate Metrics - measure success and direct decisions
@davemcclure
Aarrr!
Acquisition
Activation
Retention
Referral
Revenue
@davemcclure
Acquisition
Activation
Retention
Referral
Revenue
Visit Site Doesn’t abandon
Happy 1st Visit Sign up
Clickthrough from email Repeat visit
Refer 1+ user who visit site Refer 1+ user who activates
User generates revenue
Don’t measure it unless you’re going to action it
And, what about competitors …
product manager
customer
business
competitors
competitors
competitors
Strategy canvas - plot competitor features to identify opportunity
@BlueOceanStrtgy
Simples. Right?
Become a master of these Theories - they will help you!
Process & Tools3
Start with a good question
Hypothesise
Gather Insights
Structure Thinking
Tell the story & share
5 steps of product planning
Start with a good question
Directs the journey. Get it right.
Start with a good question
“Investigate Interoperable Content”
Start with a good question
“Investigate Interoperable Content”
too vague
Start with a good question
“Provide a strategic recommendation regarding the direction and market stance that OUP should
take on the subject of interoperable content usage in the global education market.”
Start with a good question
“Provide a strategic recommendation regarding the direction and market stance that OUP should
take on the subject of interoperable content usage in the global education market.”
Output clarity
contentstopic market context
better
Hypothesise Set a vision. Where do you think you should get to?
Hypothesise
1. Where we are (data) 2. What we know (data) 3. What we need to know (to validate) 4. Where we’re trying to get to (vision)
Hypothesise
• Output 1 slide • 10 concise bullets • 1st draft to get going
Think of the end, from the start
Gather Insights
Go hunting. Gather data. Analyse & Interpret.
Gather Insights
Insight =actionable, data-driven understanding that creates business value
Gather Insights
Customer Market
Competitor (Alternatives)
Business
Pots of data and insight
Gather Insights
# Open questions with customers
# Surveys can help too
# Data from experience not opinion
# Don’t jump to first conclusion
Childlike inquisitiveness
Capture visually. Ready for sharing.
Structure Thinking
Index cards (flat) NOT Post its (curl)
Structure Thinking
Paper first - allows movement
(Trello could work too)
# headings make perfect summaries # make it easier to re-visit & re-order # do the hard work for your readers
Structure Thinking
Slides force concise thinking
# Insights and data together # Make it accessible
Structure Thinking
Build a single version of the truthWhat you’re doing, where you’re going, what you’ve learned
Engage your audience. Simplicity. Impact. Credible.
Tell the story & share
Once upon a time there was …… Every day ….. Because of that ….. Finally …..
Tell the story & share
Story telling structure
Tell the story & share
Your job as storyteller is to do the work to help your audience engage and consume
your key points - get your outcome
Visual storytelling
SlideDocs @Duarte
One last time.
Start with a good question
Hypothesise
Gather Insights
Structure Thinking
Tell the story & share
5 steps of product planning
Now your turn …
Reference Sources
Plenty by Seth Godin (Purple Cow, Tribe, The Dip) http://amzn.to/1H4V539 The Innovators Dilemma, Clayton Christensen. http://amzn.to/1H4ViTT
If you're a product manager today, you should have read these - or be ashamed of yourself .....
Lean Startup Eric Ries
http://amzn.to/1H4SLsV
Startup Owners Manual
Steve Blank http://amzn.to/1H4T2vY
Made to Stick Chip & Dan
Heath http://amzn.to/1H4Tomu
Rework Jason Fried
http://amzn.to/1H4Tyu1
4 Hour Work Week Tim Ferris
http://amzn.to/1H4TKJI
Personal MBA Josh Kaufman
http://amzn.to/1H4TSJh
What customers want
Tony Ulwick http://amzn.to/1H4Uajo
Blue Ocean Strategy
W Chan Kim http://amzn.to/1H4UkHv
Checklist Manifesto
Atal Gawande http://amzn.to/1H4Uw9q
Bus. Model Gen. A. Osterwalder
http://amzn.to/1H4USwS
Delivering Happiness Tony Hsieh
http://amzn.to/1H4VAu5
Hooked Nir Eyal
http://amzn.to/1H4VXou
Plus
• Board of Innovation - Innovation tools and case studies • Dan Olsen - Product Management Training • Willsh - ‘Making things people want’ • Rob Fitzpatrick - ‘The Mom Test’ (how to do customer development - 'Learn & Validate’) • Stefan Lindegaard - open innovation and innovation frameworks • Telling Stories with Slides - some examples (SlideDocs) • Intuit - Lean Startup in Corporate environment • Happy Startup School - Innovation and startup guidance • Dave McClure - Pirate Metrics • Netflix Culture / hubspot culture • Lean Startup Machine - useful ‘experimentation board’ and for structuring learning • Simon Sinek - Start with Why • Production / Mind The Product
• Trendwatching • Springwise • Business Insider • TechCrunch • Angel List • Econsultancy
@Newsletters & Websites
• unsplash.com
phil johnson [email protected] @_phil_johnson