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Last week we were joined by Greg Geracie, Steven Starke, and David Heidt on our Modernizing Product Planning webinar series as they discussed the Five Factors Behind Successful Products. We had some great questions and Greg has taken the time to answer those that we were not able to cover during the webcast. Thanks to Greg for putting this together. If you were not able to join us last week for the live presentation, a replay is available here.
1) Where are some resources organizations can use to formalize linkages between organizational strategies and product teams?
The internet has made templates and tools widely available. For instance, some of the major product management training and consulting organizations will allow you to purchase and download them for a fee. Vendors, such as our host Accept Software, can provide comprehensive resources for automating this process.
Many of you probably saw this week’s HBR article ‘Customers Don’t Want More Features.’ Authors Donald Reinertsen and Stefan Thomke have hit the nail on the head; when it comes to feature sets bigger is very rarely better. Feature overload, as we’ll call it here, confuses users and often leaves them distracted by all the wrong things. The article outlines two steps to successful product design: defining the problem and determining what to hide or omit.
A recent study published in Strategy+Business found that customers who join a company-sponsored online community spend as much as 19% more with that company.
Why such a drastic impact? These customers spend more time engaged with the company and thinking about its products. They spend more time interacting with company representatives, on their own terms. Online communities also help customers connect with each other to share experiences. It’s these interactions that make a customer more favorable toward a company’s products (this is the strategy behind Facebook Pages, which allows companies to become “friends” with consumers on their site).
We were sitting around debating the biggest issues in product planning today. We hear from our customers who have complained of difficulty in allocating resources and prioritizing projects. We also hear how dispersed teams make it difficult to collaborate and move projects forward when there are lots of dependencies amongst team members. But we want to learn what other people think!
Mukund Mohan recently wrote a blog article titled “What makes a product ‘fit’ a market? Or how to achieve product- market fit?” This post is spot on when it comes to understanding what makes a successful product. No, the best products do not always come from the best teams and the best products often lose out to those that are better timed and better positioned in their respective market.
I am co-presenting a webinar next Thursday called ‘The Guide to Win/Loss Analysis for More Successful Products’ along with Steve Johnson of Primary Intelligence. In preparation for the presentation, I have given a lot of thought to the benefits of win/loss and why all of you product people out there should care.
The New York Times in the span of 4 days put out super biting articles about how Sony is expecting big losses again and has missed the Tech Parade.
Is there something Sony could have done to avoid the mess they are in? We here at Accept wonder if things might have different if Sony did a better job listening to customers.
It’s clear that open innovation today is more than just a buzzword. Over the past few years, companies like P&G, Unilever, Intuit, and Shell have all launched open innovation programs focused at getting customers and consumers alike to get involved in creating new and improved products. These programs are great for building relationships with customers and ensuring products are aligned with their market.
Nothing is more frustrating than putting time and effort into a project only to find out that the idea has been scrapped. This is part of the price of doing business… to a point. But repeated last minute direction changes without an adequate explanation of why start to wear on employees’ motivation to do their job and do it right.
The latest from our #360webinar channel- we’re launching a brand new three-part webinar series called Modernizing Product Planning! We’re sponsoring this program from April 19-May 10 to educate product professionals about the need to modernize product planning practices.