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TRANSLATING MARKET
RESEARCH TO PRODUCT
            STRATEGY
         Pinkesh Shah, CPM, CPMM
      pshah@adaptivemarketnig.in

                               1
Agenda to build Product Strategy
    OnlinePharma.in




    1.   Role of a PM
    2.   Market Research Techniques
    3.   Product Strategy Model – Value Curves
2
Role of a PM
Beyond requirements analysis

   CEO for the product
   Define the roadmap and
    deliver products that customers
    will actually buy
   Master Orchestrator of the
    “productizing” process


      Finding compelling, competitive and
     profitable solutions to market problems
Product Management Interlock

                     Customer/
    Steering teams    Market
       Executives                  Partners
      Engineering                  Analysts
       Marketing                   Thought
         Sales                      leaders
       Architects                Channel Sales
      Project Mgr                  Agencies
        Support                    Suppliers
          SEs                     And more..
      And more..     Product
                     Manager
       Internal                   External

4
Inputs to Strategy
                    Addressable         New                  M&A
Fleeting or         market              Competencies
lasting?
                  Market          Core                New Routes to
                  Size            Competencies        Market
Customer Pain -                                        Sales / Support
Size                                                   Investments
     Big Fish in Small           Product Strategy
     Pond?                                              Direct
Willingness to                                          Competitors
Pay                                                        Resource
   Target Customer                                         Competitors
   Types                                                  Substitutes
        Target
        Segments                                                    Freemium
  Positioning                                          Switching
                                                       costs
    Timing      Organizational          Barriers to
                Appetite                entry
Many ways to arrive at it
Market Research
    Inputs




                   Product
                   Strategy
Discovery::Social Media

       New way of getting
        customer insights without
        flying around the world!
       Channels like linkedin
        gives you focused access
        to the desired audience
       Validation
         Linkedin Polls
         Facebook “like”

         Blog responses

7
Validation:: Secondary Research




                            Source: Apple
                           MarketPlace Apps
                           by Category as of
                               9/24/11
9



  100$ test :: Prod Leadership Exec Program

                                 Name: __________________
___ Real World Product Mgmt Best Company: _______________
     Practices                   Role: Engineering PM Marketing Sales
___ Weekend Schedule (full
     weekend)                      ___ Leadership/Soft Skills Module
___ Weekend Schedule (partial      ___ Subscription to all major business
     weekend)                           periodicals and magazines
___ Industry Guest Lectures        ___ Program approved by
___ Emerging Topics                     company management
___ US based CPM certification     ___ Progam located in my city
___ AICTE (Govt of India)          ___ Followup coaching and
     approved course                    attending future sessions
___ Internship opportunity              available as alumni
___ Option for attending certain   ___ Write-In: ____________________
     session online                Comments: _____________________
___Flexible Payment Option (EMI,   _______________________________
     deferred)
                                   _______________________________

  9/27/2011
Market Research :: Survey

   Hire an Expert, if you can.
     Your   Decisions could cost jobs.


   Online Market Research tools
     Zoomerang

     SurveyMonkey
     Google Ads

     AskYourTargetMarket
Adaptive marketing presenting_translating_market_research_to_product_strat…
Example of a “soft” survey


Dear Pinkesh,
I noticed you haven't been using TimeBridge a lot since you signed up. We'd love to understand
    what is holding you back.
   If you click one of the links below it would help a lot.
   "Everything is fine, just haven't had an occasion to use it yet." Yes, that's it.
   "I'm having technical difficulties with TimeBridge." Yes, that's it.
   "Don't think I'll be using this, as I don't have a need for it." Yes, that's it.
   "I forgot to use TimeBridge the last time I scheduled a meeting." Yes, that's it.
   "None of these apply." Let me tell you more.
   You can always just reply to this email if you'd like. Thanks for your feedback!

Best Wishes,
John Stormer, VP Marketing

If you don't want to receive future marketing messages from TimeBridge click here.
     TimeBridge, Inc. | 1600 Shattuck Avenue, Suite 216B | Berkeley, CA 94709
Market Research :: Survey Analysis

                                                                Summary
                                                                  Data




                                                                   Your
                                                                  Analysis
 Quote the
  source


13      Source: India’s first Annual PM/PMM Survey – Nov 2010
Market Research:: LinkedIn
Market Research :: Validation:: LinkedIn
How do we stitch it together?
Value Curves Methodology


     Reference Books:
     Blue Ocean Strategy
     – Kim, Mauburgne




17
Elements of Performance

        Elements in aggregate EOP for Cisco Router
         define a product or a      Configuration

         service                     Interface
                                    Replacement
        Attributes that different
                                     Service
         customers associate
                                    Power
         different “value” to
                                     consumption
        Its measurable             Price
        Its not a feature/benefit


18
Case study: Samsung


     2005: Samsung LCD HDTV launch in US




19
Value Curve:: Samsung
          Sony   Sharp   Samsung
                                   Elements of
                 High Value          Performance
                                    Price

                                    Picture Quality

                                    Emotional
                                     Appeal
                 Low Value
                                    Décor

                                    Sound Quality

                                    HDTV

                                    Functionality



20
Value Differentiation Identification

        Six Question test-
         1.   What elements can we eliminate or reduce
              the value delivered?
         2.   For what elements should we increase the
              value delivered?
         3.   What new elements could we introduce?
         4.   Do these changes make for compelling
              value proposition to MIC?
         5.   Is our position unique?
         6.   Is this position sustainable?


21
Value Curve:: Samsung Revisited
          Sony   Sharp    Samsung
                                      Elements of
                         High Value     Performance
                                       Price

                                       Picture Quality

                                       Emotional
                                        Appeal
                 Low Value
                                       Décor

                                       Sound Quality

                                       HDTV

                                       Functionality



22
Value Delivered

        Samsung 51/52
         (LN52A650) model
         introduced in US in
         Feb 2006

 Company       Jan 06       May 06
 Samsung        12.1%        26.4%
 Sony                        24.6%
 Sharp                       8.4%

 TV Market share
 Source: BusinessWeek Online June 22, 2006

23
Onlinepharma.in
     List elements of performance




24
Elements of Performance

        Drug Catalog – will I get the medicine I want?
        Time to Deliver – how long before I get it in my
         hands?
        Price – what is going to be my final price?
        Payment – can i pay through my insurance?
         (cashless, reduced paperwork)
        Reminders – can I setup a recurring schedule
        Open – can I get a medicine in the middle of the
         night?
        Support – can I have access to pharmacist if I
         have questions on dosage?
        Medical Advice – can I get medical advice for
         non critical issues?

25
Elements - Ranked
      10                 1
       9            2
       8      3
       7
       6
       5
       4
       3
       2                     Madhya Pradesh
       1
       0                     Kerala
                             Punjab




26
Value Curves – Tier2 cities

                    Online pharma        "Aayush" chain                Ranked Value
                    All competitors
                                                                     Elements: General
                               High Value
                                                                      Cashless    3%

                                                                Home Delivery          17%

                                                                       Access            25%

                                                                         Price         20%

                                                                Time to Deliver   5%
                               Low Value
                                                                  Drug Variety               30%
       Drug           Access     Price     Cashless   Time to
     Availability                                     Deliver

27
“Productizing” Process


                         Creating                      Communicatin
                          Value                          g Value
 • Customer                         • Value                           • Value
   Value             • Define         based         • Positioning       Channels
   Modeling            products       Pricing         Value             Network
                                                      Prop
     Understanding                      Capturing                        Delivering
        Value                            Value                            Value




         Value Management = Product Management

      Market          Strategic       Product         Go To              Sales
      Analysis        Planning        Planning        Market          Enablement

     Choosing to        Building      Building it   Marketing it        Selling
        Build          Profitably       right          right          effectively
28
“Productizing” Innovation::Idea to Enterprise
      Market        Strategic       Product         Go To            Sales
      Analysis      Planning        Planning        Market        Enablement

     Choosing to      Building      Building it    Marketing it     Selling
        Build        Profitably       right           right       effectively
        Value                                                      Collaterals &
                    Target Market                    Product
      Research &                    Requirements                    Sales Tools
                        Sizing                      Positioning
       Analytics

                      Product                                         Lead
      Resources &                   Product Line    Routes to
                                                                   Generation&
     Competencies     Strategy       Economics       market
                                                                    PreSales


      Competitive                    Personas &     Marketing       Channel &
                     Buy/Build/
       Analysis       Partner         Scenarios       Plan         Sales Training


                                      Market                        Evangelism
       Win/Loss       Pricing &     Acceptance     Launch Plan       Thought
       Analysis      Packaging       Planning                       Leadership

                                                                    Customer
     Performance      Business        Product       Customer       Relationship
       Analysis     Model & Plan     Roadmap        Acquisition       Mgmt
29
Scheduled Training Offerings
     www.adaptivemarketing.in
Open            Adaptive         Adaptive             Adaptive             Adaptive
Workshops       Product          “Productizing”       Advanced             Advanced
                Management       Workshop for         Workshop for         Workshop for
                Professional     Engineers            Product Mgr          Sales & Marketing
Duration        6 days           2 days               2 days               2 days
Audience        5+ years         5+ years             4+ years of          4+ years of
                experience in    experience.          PM/PMM,              customer facing
                product          Engineers, Project   experience, MBA      BD, PM/PMM,
                company          Managers,            desirable            sales experience
                                 Architects
Focus           Career           Developing a         Advanced PM          Focus on setting
                Transformation   customer &           skills, managing     up and running
                workshop that    business context     multiple product     sales and
                builds           around building      lines, new           marketing
                foundational     products.            product              operations.
                skillsets to     Understand P&L,      launches, Business   Leveraging online
                become a         Business plan,       plans, social        marketing, social
                global PM        success metrics      media                media
Certification   AIPMM, USA       Adaptive Product     AIPMM, USA           AIPMM, USA
                Certification    Professional         Certification        Certification
30              (CPM/CPMM)       Certification        (CPM)                (CPMM)
We consult with companies and train
                professionals on “productizing”
 Training
 Train and certify product professionals for
    accelerated career growth
 Consulting
 Helping companies launch new product lines and
   scale existing ones throughout the product
   lifecycle with predictable success.
 Execution
  Integrate with client’s management team and help
31 set and execute product strategy

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Adaptive marketing presenting_translating_market_research_to_product_strat…

  • 1. TRANSLATING MARKET RESEARCH TO PRODUCT STRATEGY Pinkesh Shah, CPM, CPMM pshah@adaptivemarketnig.in 1
  • 2. Agenda to build Product Strategy OnlinePharma.in 1. Role of a PM 2. Market Research Techniques 3. Product Strategy Model – Value Curves 2
  • 3. Role of a PM Beyond requirements analysis  CEO for the product  Define the roadmap and deliver products that customers will actually buy  Master Orchestrator of the “productizing” process Finding compelling, competitive and profitable solutions to market problems
  • 4. Product Management Interlock Customer/ Steering teams Market Executives Partners Engineering Analysts Marketing Thought Sales leaders Architects Channel Sales Project Mgr Agencies Support Suppliers SEs And more.. And more.. Product Manager Internal External 4
  • 5. Inputs to Strategy Addressable New M&A Fleeting or market Competencies lasting? Market Core New Routes to Size Competencies Market Customer Pain - Sales / Support Size Investments Big Fish in Small Product Strategy Pond? Direct Willingness to Competitors Pay Resource Target Customer Competitors Types Substitutes Target Segments Freemium Positioning Switching costs Timing Organizational Barriers to Appetite entry
  • 6. Many ways to arrive at it Market Research Inputs Product Strategy
  • 7. Discovery::Social Media  New way of getting customer insights without flying around the world!  Channels like linkedin gives you focused access to the desired audience  Validation  Linkedin Polls  Facebook “like”  Blog responses 7
  • 8. Validation:: Secondary Research Source: Apple MarketPlace Apps by Category as of 9/24/11
  • 9. 9 100$ test :: Prod Leadership Exec Program Name: __________________ ___ Real World Product Mgmt Best Company: _______________ Practices Role: Engineering PM Marketing Sales ___ Weekend Schedule (full weekend) ___ Leadership/Soft Skills Module ___ Weekend Schedule (partial ___ Subscription to all major business weekend) periodicals and magazines ___ Industry Guest Lectures ___ Program approved by ___ Emerging Topics company management ___ US based CPM certification ___ Progam located in my city ___ AICTE (Govt of India) ___ Followup coaching and approved course attending future sessions ___ Internship opportunity available as alumni ___ Option for attending certain ___ Write-In: ____________________ session online Comments: _____________________ ___Flexible Payment Option (EMI, _______________________________ deferred) _______________________________ 9/27/2011
  • 10. Market Research :: Survey  Hire an Expert, if you can.  Your Decisions could cost jobs.  Online Market Research tools  Zoomerang  SurveyMonkey  Google Ads  AskYourTargetMarket
  • 12. Example of a “soft” survey Dear Pinkesh, I noticed you haven't been using TimeBridge a lot since you signed up. We'd love to understand what is holding you back. If you click one of the links below it would help a lot. "Everything is fine, just haven't had an occasion to use it yet." Yes, that's it. "I'm having technical difficulties with TimeBridge." Yes, that's it. "Don't think I'll be using this, as I don't have a need for it." Yes, that's it. "I forgot to use TimeBridge the last time I scheduled a meeting." Yes, that's it. "None of these apply." Let me tell you more. You can always just reply to this email if you'd like. Thanks for your feedback! Best Wishes, John Stormer, VP Marketing If you don't want to receive future marketing messages from TimeBridge click here. TimeBridge, Inc. | 1600 Shattuck Avenue, Suite 216B | Berkeley, CA 94709
  • 13. Market Research :: Survey Analysis Summary Data Your Analysis Quote the source 13 Source: India’s first Annual PM/PMM Survey – Nov 2010
  • 15. Market Research :: Validation:: LinkedIn
  • 16. How do we stitch it together?
  • 17. Value Curves Methodology Reference Books: Blue Ocean Strategy – Kim, Mauburgne 17
  • 18. Elements of Performance  Elements in aggregate EOP for Cisco Router define a product or a  Configuration service Interface  Replacement  Attributes that different Service customers associate  Power different “value” to consumption  Its measurable  Price  Its not a feature/benefit 18
  • 19. Case study: Samsung 2005: Samsung LCD HDTV launch in US 19
  • 20. Value Curve:: Samsung Sony Sharp Samsung Elements of High Value Performance  Price  Picture Quality  Emotional Appeal Low Value  Décor  Sound Quality  HDTV  Functionality 20
  • 21. Value Differentiation Identification  Six Question test- 1. What elements can we eliminate or reduce the value delivered? 2. For what elements should we increase the value delivered? 3. What new elements could we introduce? 4. Do these changes make for compelling value proposition to MIC? 5. Is our position unique? 6. Is this position sustainable? 21
  • 22. Value Curve:: Samsung Revisited Sony Sharp Samsung Elements of High Value Performance  Price  Picture Quality  Emotional Appeal Low Value  Décor  Sound Quality  HDTV  Functionality 22
  • 23. Value Delivered  Samsung 51/52 (LN52A650) model introduced in US in Feb 2006 Company Jan 06 May 06 Samsung 12.1% 26.4% Sony 24.6% Sharp 8.4% TV Market share Source: BusinessWeek Online June 22, 2006 23
  • 24. Onlinepharma.in List elements of performance 24
  • 25. Elements of Performance  Drug Catalog – will I get the medicine I want?  Time to Deliver – how long before I get it in my hands?  Price – what is going to be my final price?  Payment – can i pay through my insurance? (cashless, reduced paperwork)  Reminders – can I setup a recurring schedule  Open – can I get a medicine in the middle of the night?  Support – can I have access to pharmacist if I have questions on dosage?  Medical Advice – can I get medical advice for non critical issues? 25
  • 26. Elements - Ranked 10 1 9 2 8 3 7 6 5 4 3 2 Madhya Pradesh 1 0 Kerala Punjab 26
  • 27. Value Curves – Tier2 cities Online pharma "Aayush" chain Ranked Value All competitors Elements: General High Value Cashless 3% Home Delivery 17% Access 25% Price 20% Time to Deliver 5% Low Value Drug Variety 30% Drug Access Price Cashless Time to Availability Deliver 27
  • 28. “Productizing” Process Creating Communicatin Value g Value • Customer • Value • Value Value • Define based • Positioning Channels Modeling products Pricing Value Network Prop Understanding Capturing Delivering Value Value Value Value Management = Product Management Market Strategic Product Go To Sales Analysis Planning Planning Market Enablement Choosing to Building Building it Marketing it Selling Build Profitably right right effectively 28
  • 29. “Productizing” Innovation::Idea to Enterprise Market Strategic Product Go To Sales Analysis Planning Planning Market Enablement Choosing to Building Building it Marketing it Selling Build Profitably right right effectively Value Collaterals & Target Market Product Research & Requirements Sales Tools Sizing Positioning Analytics Product Lead Resources & Product Line Routes to Generation& Competencies Strategy Economics market PreSales Competitive Personas & Marketing Channel & Buy/Build/ Analysis Partner Scenarios Plan Sales Training Market Evangelism Win/Loss Pricing & Acceptance Launch Plan Thought Analysis Packaging Planning Leadership Customer Performance Business Product Customer Relationship Analysis Model & Plan Roadmap Acquisition Mgmt 29
  • 30. Scheduled Training Offerings www.adaptivemarketing.in Open Adaptive Adaptive Adaptive Adaptive Workshops Product “Productizing” Advanced Advanced Management Workshop for Workshop for Workshop for Professional Engineers Product Mgr Sales & Marketing Duration 6 days 2 days 2 days 2 days Audience 5+ years 5+ years 4+ years of 4+ years of experience in experience. PM/PMM, customer facing product Engineers, Project experience, MBA BD, PM/PMM, company Managers, desirable sales experience Architects Focus Career Developing a Advanced PM Focus on setting Transformation customer & skills, managing up and running workshop that business context multiple product sales and builds around building lines, new marketing foundational products. product operations. skillsets to Understand P&L, launches, Business Leveraging online become a Business plan, plans, social marketing, social global PM success metrics media media Certification AIPMM, USA Adaptive Product AIPMM, USA AIPMM, USA Certification Professional Certification Certification 30 (CPM/CPMM) Certification (CPM) (CPMM)
  • 31. We consult with companies and train professionals on “productizing” Training Train and certify product professionals for accelerated career growth Consulting Helping companies launch new product lines and scale existing ones throughout the product lifecycle with predictable success. Execution Integrate with client’s management team and help 31 set and execute product strategy