HELLO WORLD Product Strategy - Step 1 |
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Last month's newsletter focused on the steps to create a 2020 Product Strategy. Missed it? Read it here. This month we are deep diving into Step 1. Where Are You? This phase, the "Current-State Analysis", tends to get skipped over or rushed through. Keep reading, let us know what you think, and reach out if you want help with your 2020 Product Strategy. Terri Eccles & Rosie Olaivar Virago Labs |
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2020 Product Strategy - Step 1: Current-State Analysis |
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Start a current-state analysis by mapping your customer's experience across their entire lifecycle (read this article to learn more). Your aim is to discover what is and isn't working and to identify core problems or opportunities at each high-level phase in your customer's journey. |
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Next, for each phase in your customer lifecycle, identify and review your key performance metrics. Once again identifying core business problems and opportunities for each metric. Make sure to identify if your problems are predominately up-funnel (awareness, acquisition) and/or down-funnel (satisfaction, retention) and how that impacts your bottom line. |
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Finally, spend time understanding the health of your technology stack. How well does your current architecture and implementation support your customer phases and business metrics? Questions you can ask in this phase are: How much time is spent on maintenance and tech debt? How many defects do we have? How often and how quickly do we release to production? What vendors support our platform and how well are they performing? |
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All of these things combined should give you clearer picture of where you are today with the health of your customer, business, and technology. Final Tips: - Go Deep: When analyzing all the problems, get to the root cause. Don't stay at the surface level.
- Work with people: Product Strategy is not an individual endeavor. Partner with marketing, technology, analytics, finance, and others to dig in.
- Consolidate: After getting into the details, create a high level story that you can share broadly that is both comprehensive and comprehensible.
Join us next month for Step 2: Where Do You Want To Be (aka: your Product Vision). To read our previous newsletters, just click here. |
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Let's work together to create your 2020 Product Strategy |
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Women in Product: Product Strategy Workshop @ Offer Up
Tuesday, October 22nd (5:30pm-8:30pm) What does it mean to have a good strategy? What does a strategic plan look like for product management? How do you continually adapt your strategy as your prioritization and roadmap changes? In this hand on workshop make progress on an actual strategic framework for your product that you can use with your teams and in your job. |
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Don't be a stranger, keep in touch! |
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