Curing Shiny Object Syndrome: Setting Goals & Priorities for Success - Bruce McCarthy (ProductCamp Boston 2015)
Ever feel like you have a hundred #1 priorities? That you are somehow magically supposed to do 12 things at once? Do your executives' priorities seem to shift from day to day, or even hour to hour? Your company may be suffering from Shiny Object Syndrome. Shiny Object Syndrome: pursuing every idea that seems good without prioritizing, seeing it through to a reasonable return on investment, or deciding to abandon it when it doesn’t deliver. In this session, veteran startup guy and product person, Bruce McCarthy, will help you understand how to focus your efforts consistently on needle-movers, gain buy-in and support from executives, and pick the truly great ideas out of the stack of merely good ones. In this interactive session, you will learn: - How to translate the CEO’s vision into product direction - The difference between a goal and an initiative - The 9 types of business goals and how to tell which to focus on with your product - How to map your product goals to corporate strategy - Pitfalls to avoid in collecting and ranking ideas - Why LOE is critical to prioritization (and how to get it quickly) About Bruce McCarthy Bruce has founded 3 companies and led teams in organizations ranging from startups to market leaders such as Art Technology Group, Oracle and D&B. Prior to UpUp Labs, Bruce was VP of Product at NetProspex. He has demonstrated his leadership in areas ranging from marketing to acquisitions (on both sides of the table) to product management, development and design. Bruce founded UpUp Labs in 2012 to help product development teams work better together to deliver great products to market faster. He also applies his expertise to building innovative new tools like Reqqs, the smart roadmapping tool. Bruce is a prolific blogger, as well as an organizer and internationally sought-after speaker at product management, development, and innovation events. He was recently a judge at the Harvard Business School New Venture Competition, and is the organizing force behind the BPMA's PRODiE awards. All of Bruce’s many ProductCamp sessions at locations around the country have been standing-room-only.
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Curing Shiny Object Syndrome: Setting Goals & Priorities for Success - Bruce McCarthy (ProductCamp Boston 2015)
- 1. Curing Shiny Object Syndrome Setting Goals & Priorities for Success
- 11. UpUp Labs Shiny Object Syndrome pursuing every idea that seems good without prioritizing, seeing it through to a reasonable return on investment, or deciding to abandon it when it doesn’t deliver
- 12. 20+ years in product development, Product Manager, Scrum Master, Development Manager, Designer, VP, CPO, Coach & Mentor, Founded 3 companies, Acquired (2x), Acquirer (2x), Currently beta testing Reqqs, the smart roadmapping tool for product people, sports car & craft beer enthusiast
- 14. Flip Over Your Business Card Write 1-3 goals on the back Hand it up to me
- 17. UpUp Labs The leading supplier of landscape equipment and materials to affluent Americans Vision = What we want to be when we grow up
- 18. UpUp Labs The go-to source for tweens and teenage girls around the world for fun collectibles Vision = What we want to be when we grow up
- 19. UpUp Labs The #1 source of B2B contact information Vision = What we want to be when we grow up
- 21. UpUp Labs Strategy = How you will achieve your vision Leverage crowd-sourcing to develop the largest and most- accurate B2B contact database The #1 source of B2B contact information
- 22. UpUp Labs Goals = What you need to achieve to execute your strategy and realize your vision
- 23. UpUp Labs The 9 Business Goals • Growth • Grow market share • Fulfill more demand • Improve recurring revenue • Create competitive barriers • Develop new markets • Profit • Support higher prices • Lower COGS • Lower lifecycle costs • Leverage assets
- 24. Ends vs. Means • HTML5 Redesign • Social Integration • Customer Requests • Revenue • Scalability • Transformational Ideas Grow recurring revenue Grow market share Competitive barriers Grow market share Fulfill more demand Leverage assets
- 25. Goals The largest and most-accurate B2B contact database • Fulfill more demand by growing the database by X% • Create competitive barriers by raising accuracy by Y% The #1 source of B2B contact information • Grow revenue by Z% this year by fulfilling more demand • Test potential new sources of future growth & profit by leveraging existing assets
- 27. Bad Ways to Rank Ideas Your CEO’s gut No longer in touch Analyst opinions Mostly backward-looking Popularity Most customers are small Sales requests Change every week Services requests Mostly incremental
- 28. Bad Ways to Rank Ideas Your CEO’s gut No longer in touch Analyst opinions Mostly backward-looking Popularity Most customers are small Sales requests Change every week Services requests Mostly incremental
- 29. Bad Ways to Rank Ideas Your CEO’s gut No longer in touch Analyst opinions Mostly backward-looking Popularity Most customers are small Sales requests Change every week Services requests Mostly incremental
- 30. Bad Ways to Rank Ideas Your CEO’s gut No longer in touch Analyst opinions Mostly backward-looking Popularity Most customers are small Sales requests Change every week Services requests Mostly incremental
- 31. Bad Ways to Rank Ideas Your CEO’s gut No longer in touch Analyst opinions Mostly backward-looking Popularity Most customers are small Sales requests Change every week Services requests Mostly incremental
- 32. Bad Ways to Rank Ideas Your CEO’s gut No longer in touch Analyst opinions Mostly backward-looking Popularity Most customers are small Sales requests Change every week Services requests Mostly incremental
- 33. Goals + Math = Better
- 34. UpUp Labs Value / Effort = Priority Value = expected contribution to goals Effort = work the organization must do to realize value
- 35. UpUp Labs Measuring Contribution • Exact numbers • 1-10 • 1-100 • Fibonacci • 1 to 5 stars • 0,1,2
- 37. Estimating Effort Do NOT ask Engineering for an estimate Do it yourself NOT person-months NOT sprints 0-5 scale
- 38. Some Types of Effort • Development • Investigation • Support • Sales • Partnership / OEM / Acquisition • Market Research • Merchandising
- 40. UpUp Labs Value / Effort = Priority (G1+G2+G3) / (E1+E2) x Confidence = P Confidence = Your certainty that your scores are accurate
- 41. Idea G1 G2 E Raw C Scor e A 1 1 2 1 75% 0.75 B 1 0 2 0.5 90% 0.45 C 2 -1 1 1 40% 0.4 (G1+G2) / E = Raw ((G1+G2) / E) * C = Score
- 45. Bruce McCarthy • Chief Product Person, UpUp Labs • bruce@reqqs.com • @d8a_driven • www.productpowers.com • www.reqqs.com • www.slideshare.net/bmm ccarthy • www.sohelpful.me/bruce mccarthy
Notas del editor
- How do you diagnose SOS? See if any of these seem familiar Examples from your companies?
- How do you diagnose SOS? See if any of these seem familiar Examples from your companies?
- How do you diagnose SOS? See if any of these seem familiar Examples from your companies?
- How do you diagnose SOS? See if any of these seem familiar Examples from your companies?
- How do you diagnose SOS? See if any of these seem familiar Examples from your companies?
- How do you diagnose SOS? See if any of these seem familiar Examples from your companies?
- How do you diagnose SOS? See if any of these seem familiar Examples from your companies?
- How do you diagnose SOS? See if any of these seem familiar Examples from your companies?
- How do you diagnose SOS? See if any of these seem familiar Examples from your companies?
- If you get those two right, you have an effective vaccine against SOS
- Building up immunity against SOS starts with a vision
- A vision is a statement of one or more related problems you will solve for a particular type of customer It’s really a simplified value proposition for the whole company, a reason for doing business with us Simon Sinek in his book “Start with Why” would say this is why we as a company exist
- A vision is a statement of one or more related problems you will solve for a particular type of customer It’s really a simplified value proposition for the whole company, a reason for doing business with us Simon Sinek in his book “Start with Why” would say this is why we as a company exist
- If you are a one-product company (as many startups are), that translates directly to the value prop of your product Does your company have a clear vision for why it exists? Whom it serves? What problems it solves?
- Next is your strategy for achieving that vision This is the HOW to the WHY
- At NetP, this translated into “the largest and most-accurate B2B contact source” Which makes HOW we planned to achieve our vision of helping marketers find their buyers in a very concrete way The very concreteness of it made setting our product goals straight forward
- Goals are the WHAT you will actually do – the features you will build, the services you will provide, in order to execute on your strategy and thereby achieve your vision
- How to choose?
- A goal is an end in itself, whereas an initiative is means to that end Which of these is an end, and which a means? What are you working on now Is that an end or a means?
- Think of the goals deriving from your strategy as EXTERNAL market-driven goals You can also derive INTERNAL goals by looking back at your original vision In order to stay in business, you’ve got to meet your business goals – within the context of your vision REVIEW BUSINESS CARDS
- So how DO you rank ideas?
- So how DO you rank ideas?
- So how DO you rank ideas?
- So how DO you rank ideas?
- So how DO you rank ideas?
- So how DO you rank ideas?
- Having goals that are tied to the vision for the company allows you to prioritize by judging which ideas get you closest to your goals for the least effort and risk
- Now we’re going to talk about a most fearsome topic – estimating effort
- Also known as T-shirt sizing
- LOE isn’t the driver, but it is a key screener because of opportunity cost
- Ok, let’s put this all together
- Confidence is the inverse of risk
- Removing the QA step to ship early means negative numbers for quality (V2)