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115 - Product Managing "Thought-Ware"

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ProductCamp Boston is the world's largest and most exciting crowd-sourced one-day event for product people.  It's organized by and for product managers, product marketers and entrepreneurs, so attendees get the most out of the day.

Attendees learn about and discuss topics in product management and product marketing, product discovery, product development & design, go-to-market, product strategy and lifecycle management, and product management 101, startups, and career development.

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115 - Product Managing "Thought-Ware"

  1. 1. PRODUCT MANAGING “THOUGHT-WARE”? YUP! Chris Aulbach Session #115
  5. 5. LEADING MODELS FOR PRODUCT MANAGEMENT • Market Centric • Business Focused • Cover both Strategy and Execution • Comprehensive • Progressive (lifecycle oriented) • Cross Functional (multi-disciplinary) Solution/Offering ?? 5
  6. 6. STRATEGIC BUSINESS CHALLENGE 6 Client demands are changing • Clients seeking high quality, end-to-end value and outcomes vs. just skills/services/capacity • Clients seek faster “speed-to-value” and want confidence (evidence) their investment will yield the desired outcomes Transition to Line-of-Business Buyers • Influence of business buyer in IT decision making has increased significantly Many companies are winning with packaged services and IP-based solutions § Leading competitors invested significantly in pre-packaged solutions to accelerate growth § Major technology partners like AWS, Microsoft, Salesforce working with competitors on co- development and GTM of solutions Inability to effectively communicate “what we sell” • 1000+ skills in CRM; field teams can’t articulate; No single sales asset repository to leverage • Clients sited “We didn’t know you did that” • No standard taxonomy, framework or methodology for repeatable solution development Revenue – mostly reactive capacity services • Selling “capacity” rather than strategic outcomes • No proactive GTM High customization, minimal re-use • Reactive, account-centric GTM • RFPs required an army to respond effectively Key strategic partners struggle • Significant challenges to sell with and through strategic partners Business IssuesMarket Shifts
  7. 7. OBJECTIVE: SHIFT REVENUE MIX TO INCREASING LEVEL OF… “Thoughtware” IP Asset-Based IP § Frameworks § Packaged “know how” § Software tools (for internal use) § Software accelerators (customize for clients) Skills § Staff Augmentation § Capabilities …Repeatability, Predictability, Scalability, Velocity Products § Platform BPaaS § Product Licenses § Methodology § Process libraries Highly malleable and easy to adjust Increasingly “hardened” and difficult to change 7 Often very “client-centric” (N=1) Much more “market-centric” (N=many)
  8. 8. HYPOTHESIS… Understanding the market What are the pervasive problems? Define and build compelling ‘solutions’ Target markets & segments of buyers/users Repeatable Strategic Business Value Wouldn’t a [Solution / Offering / Portfolio] owner be responsible for… forto yielding 8 …just like Product Managers would in a product company?
  9. 9. COMPARISONS TO PROJECT-BASED MODELS Alignment / Focus Strategy Ownership • Project budget, resources • Client-success / outcomes • Project specific value • Short term focus • Project resources, efficient utilization / allocation / delivery • Acts like Project COO • Product + Market • Within business-unit • Customers, Trends • Use cases, features • Product Direction • Product/feature release management, roadmap • Differentiation • Acts like CEO of product • Value-Chain + Industry • Cross business-units • Customers, Trends • Long term macro focus • Broad market needs and value • End-to-end lifecycle management • Overall business outcomes • Acts like Offering CEO Scope • Project Requirements • Timeline, start + end dates • Project planning • Coordination of tasks • Strategy & process flow • Customer need analysis • Product capabilities • Features & functionality • Dev/Design+ Ops • Versions/Releases • End-to-end value • Comprehensive • Permanence, sustainable strategic advantage • Offering evolution and maturity over time Project-based Product-based Offering-based 9
  10. 10. PRINCIPLES OF OFFERING MANAGEMENT Complete rethink of how value is provided to clients: - A focus on serving categories, markets, and pervasive problem areas - Increased responsiveness to changes in market dynamics - With an integrated holistic point of view - Differentiated from competitors - From discovery to support to give iconic customers experience - Creating repeatable, scalable and outcome driven solutions 10
  13. 13. MARKET Market Problems • Discover problems in the market by interviewing customers, recent evaluators and untapped potential customers • Validate urgent problems to showtheir pervasiveness in themarket Distinctive Competencies • Articulate and leverage the organization’s unique strengths and abilities to deliver compelling value Competitive Landscape • Identify competitive and alternativeofferings • Correctly assess the frame of reference when choosing the comparison universe (i.e., knowing what kind of problem you’re really solving and what kind of product you’re really offering) • Assess competitive strengths andweaknesses • Develop a strategy for winning against the competition Asset Assessment • Inventory assets and determine ways that they can be leveraged to accelerate solving a market problem FOCUS Market Definition • Articulate segments using“problem-based segmentation” • Map needs with target markets and analyze the market segments to activelypursue • Ensure that the targeted segments are large enough to support the current and future business goals Distribution Strategy • Determine which channels best align with your markets’ buying preferences • Research and understand how users want toreceive the product and how they want to use the product • Determine what the value or incentive is for distributors and if you can still make a profit Product Portfolio & Product Roadmap • Integrate products, services and partners into a coherent set (or portfolio) focused on solving a problem for themarket • Manage the portfolio like a product (business plan, positioning, buying process, market requirementsand marketing plan) • Illustrate the vision and key phases ofdeliverables, with the roadmap being a prediction,not a commitment BUSINESS Business Plan • Perform an objective analysis of a potential market opportunity to provide a basis for investment • Articulate what you learned in the market and quantify the risk, including a financial model • Make go/no go recommendation based on the data Pricing • Establish a pricing model, schedules, guidelines, procedures and other pricingparameters Buy, Build or Partner • Determine the most effective way to deliver a complete solution to themarket Product Profitability • Monitor and analyze key performance indicators to determine how well the product is performing in the market, how it impacts the company operations and how itultimately contributes toprofit • For internal products or services, instead of revenue or profit,determine success in improved usage or adoption rates Innovation • Focus team creativity on solving market problems by leveraging your organization’s distinctive competencies PRAGMATIC FRAMEWORK – REVIEW (1/3) 13
  14. 14. PLANNING Positioning • Formulate an in-depth understanding of problems by segment and persona and its ability to solve market problems • Create positioning documents by segmentand persona for use in externalmessaging Buyer Experience • Form an understanding ofthe barriers that buyers encounter during their selectionprocess • Create a buyer’s journey map Buyer & User Personas • Define the archetypical buyers involved inthe purchase of company productsand services • Create and share persona documents for each buyer type Requirements • Articulate and prioritize problems thatsolutions should be built for Use Scenarios • Illustrate market problems in a way that puts the problem in context • Create problem-based requirements • Document and provide context on how the problem shows up in a day in the life of the user Stakeholder Communications • Manage proactive communications with relevant stakeholders from strategy through execution • Provide relevant, timely and easily consumable updatesto all internal and externalaudiences • Define key metrics and goals related to project progress and success • Measure and report on progress toward metrics and goals PROGRAMS Marketing Plan: • Articulate the strategies and programs that will generate awareness and leads for the upcoming fiscal period—including measurements and goals. Launch • Define and develop launch plans and supporting documentation • Track and communicate launchstatus • Build and lead cross-functional team to ensure readiness Revenue Growth and Retention • Define specific plans and budgets for selling products and services to newcustomers Awareness • Create and deliver thoughtful information to influence key market constituents; Influence key audiences via strongcontent; Deliver presentations tointernal and external audiences Nurturing • Develop a lead nurturing process to turn prospects into satisfied customers and upsell or cross-sell existing customers on new products andservices Advocacy • Identify customers who are willing to participate in testimonials, case studies or referenceaccounts • Capture and share stories ofcustomer success • Utilize advocates in a variety of programs including evemts and thought leadership Measurement • Measure and tune efforts to ensure alignment with corporate goals PRAGMATIC FRAMEWORK – REVIEW (2/3) 14
  15. 15. ENABLEMENT Sales Alignment • Align your organization’s selling process to the buying process. Describe information needs for key personas at each step in theprocess • Align sales support content to various stages of the sales process Content • Provide content for buyer personas focused on a specific step of the buying process • Curate content from users or solution teams that aligns with stages of the buying process and drives campaign objectives Sales Tools • Create tools for salespeople focused on a specific step of the sellingprocess Channel Training • Design and deliver training programs to help the sales channels focus on how to sell the product, not how to use it SUPPORT Programs • Provide market and solution information to support internal and external marketingprograms • Provide market understanding and positioning to ensure programs align with corporategoals Operations • Provide needed market and solution information to support the operationsgroup Events • Provide product and market expertise for events such as conferences, tradeshows, webinars andseminars Channels • Provide ongoing support forthe sales channel. • Look for opportunities to make support more repeatable PRAGMATIC FRAMEWORK – REVIEW (3/3) 15
  16. 16. SIRIUSDECISIONS MODEL The SiriusDecisions Product Marketing and Management Model 16
  17. 17. Offeringstrategyisanoutlineofhowcustomerneeds andbusinessstrategywillbefulfilledthroughanoffering • What market opportunities are we seeing? • What is our offering and differentiated value proposition? • Who is the economic buyer? • What are our required investments to pursue? • What go-to-market costs do we need to cover? • What is the financial model and expected ROI? • How can we ensure success after launch? • What is field saying? Discovery, Design and Alignment with market and users are the key dimensions to building a successful strategy SIRIUSDECISIONS – REVIEW (1/3 – STRATEGY) 17
  18. 18. “Agoodideawithgreatexecutioncanbeworth$200million.A brilliantideawithmediocreexecutionisworthabout$20.” Source:42RulesofProductManagement(Rule38),ByBrianLawley,GregCohen–280Group • What assets and campaigns are needed to engage target customers? • How do we effectively enable (empower) field and sales teams? • How do we influence the customer to make a purchase decision? • What level of readiness exists for “try-buy” or trial (beta) projects? • How are we training, educating and motivating our sales teams ? • How do we ensure operational readiness? Great execution trumps a great idea SIRIUSDECISIONS – REVIEW (2/3 – EXECUTION) 18
  19. 19. Increaseyourmarketshareandcreateabrandpreferencefor yourcustomersinGrowthStage • How do we maintain quality and add scope, enhancements or additional services for the offering to increase value? • How do maintain pricing yet increase demand? • How do we now promote the offering to a wider audience? • Can we create dashboards for analysis on success metrics? • How can we effectively manage the offering lifecycle? • What are new cross-sell-upsell opportunities? • What are the best retention & expansio strategies? SIRIUSDECISIONS – REVIEW (3/3 – GROWTH) 19
  20. 20. Includes ecosystem, delivery and value components to deliver packaged services to the market Engagement Model Delivery Capacity Business Value Solution / Offering • Implementation services • Consulting services • Managed services • Support services • Value Framework • Ecosystems • Pricing • Route to market • Digital components • Direct Selling • Consultative Selling • Solution Delivery • Partners Is comprised of a single product or service, or combination of products and services • Marketing • Value messaging • “Demo” • Value Justification Model • TCO / NPV COMPONENTS TO “PRODUCTIZING” SERVICES 20
  21. 21. The Solution/Offering Owner is envisioned as a focused General Manager role (supported by a team for delivery, SMEs and respective ISL/POLs) required to manage the lifecycle of a Solution/Offering. This role owns end-to-end responsibility for the conceptualization, funding, prototyping, development/elaboration, roadmap, GTM and P&L management of the solution. Define and Plan Build and Validate Ready for Market Maintain and Evolve • Define the problem statement and opportunity • Define the vision and target end-state for the solution • Define the scope and high-level roadmap • Own the funding process • Develop & execute the overall business plan – “Own it” cross-functionally • Develop and execute the process of elaboration and customer validation • Work across the business to ‘recruit’ the right team: SMEs, Dev, Sales, etc. • Lead cross-functional collaboration across business and functional teams as required • Guide the SMEs and build teams in elaboration, refinement, and validation • Work with business CMOs on marketing plan and execution, market positioning and demand generation. • Work with Sales Enablement and field teams on Account penetration and growth strategies • Collaborate with legal, finance to mitigate risk • Own the P&L • Participate in analyst briefings and industry events • Support the business execution and operations • Execute on planned solution roadmap to launch to new versions and create/maintain all enablement collaterals for the new versions • Monitor field performance and adjust accordingly • Determine End-Of-Life for the solution as appropriate OWNER ROLE DEFINITIONS & KEY “PM”ACTIVITIES 21
  22. 22. Aligned / consistent when: Not-aligned / inconsistent when: • Targeted, strategically important business problems that are pervasive across many clients. • Client-specific solutions custom built and delivered • Little reuse or repeatability for future clients • Specific, sizable, growing TAM; strong expectations of SAM; • Impactful and worthy of including in the portfolio • No clear targeted TAM or SAM • Clear, identifiable set of Economic Buyers; • Proactive engagement • Heroic “relationship sale” to specific Account CxOs • Non-repeatable sales processes • Unique 1x RFPs • Prescriptive, well-articulated, and repeatable value-prop • Expected/proven outcomes that resonate across many accounts • Custom / bespoke client-specific solutions • Client-specific outcomes unique to project / account. • Transformative and strategically tied to company strategy • Not transformative; not tied to “Digital transformation”. • Legacy / historic staffing / augmentation services • Named / identifiable differentiators drive competitiveness • Greater sales win rate and reference-ability (case studies) • Account specific advantages for that body of work only • Higher cost of sale • Strategic value built in (beyond the people doing the work) • Above market profit margings • Primarily ‘people’, ‘staff augmentation’ or ‘resumes for hire’ • Repeatable services, proprietary delivery models/methodologies, rich tools, accelerators, IP, etc. • Easy re-use across many accounts • The work/deliverables are produced specifically and uniquely for the client • Standardized, packaged, field-ready GTM / enablement materials • Sales materials / content custom built for that client opportunity, RFP response, etc. • It is “productized/commercialized services” • It is “project-based work” WHAT IS MEANS TO BE “PRODUCTIZED” Focused Market Problems Transformative & Digital Clear Economic Buyers Prescriptive Value-Prop Identifiable Differentiators Packaged & Field Ready Repeatable Elements, IP Strategic Value beyond FTEs Strong Growth Market Productized MARKETDEFINITIONGTM • Buyer / User Problems and Challenges are clearly targeted • Can identify/name target Clients and Accounts • Can identify/name target Roles/Titles (personas) within those • Can prescribe expected Business Outcomes buyer should realize • Can articulate how it is transformative to their business • Can name clear identifiable differentiators – what’s unique about it/us? • Can list what our IP and strategic value, beyond people, really is • Can prescribe what components are repeatable, re-usable each time • Can outline how and via who (skills) this is delivered, repeatably
  23. 23. FOUNDATIONS FOR TRANSFORMATIONAL CHANGE 23 Foundational Building Blocks Foundational portfolio of prescriptive, packaged, differentiated and repeatable solutions (“productized services”) for identified target growth areas • Horizontal Offerings – Productized 50+ offerings focused on growth areas to support business strategies (from baseline of 1000+ skills) • Industry Solutions – Developing core set of vertical-specific solutions using horizontal offerings to support key growth areas and market opportunities • Roadmap: Outlined a journey of increasing services maturity over time Basic operating model, team and guidelines for consistently developing and managing a portfolio of “productized services” • Core Team – “PM experts” to drive standards, coach/enable owners and drive consistent portfolio leadership • Owner Teams – Small teams to manage and build portfolio (i.e. “PMs/POs”) • Cross-functional Interlocks: Pre-designed connects with Sales, Marketing, Delivery, Finance, Legal, Partners, etc. • Portfolio Lifecycle Management Framework – Standard methodology for services commercialization, X-functional governance, portfolio management, and field team enablement Infrastructure, tools and activities to drive awareness, educate and empower field teams to sell and deliver • Portal – Centralized repository and integrated platform for GTM and enablement content • Catalog/CRM – Portfolio dictionary and tools for tracking performance • Communications – Events, webinars and promotions to drive education • Portfolio Leadership Community (PLC) – Community to build offer management competency Portfolio Sales and Delivery Enablement Governance, Standard Processes and Team Corporate Strategy and company-wide GTM approach
  24. 24. • Common structure for early stage sales and consulting conversations • Consistent 5 areas of content / narrative: CONSISTENT SALES ENABLEMENT METHODOLOGY 24 Client Landscape Business Drivers Point of View Value Proposition Proof / Success Stories • Even if the “product” isn’t a product, this narrative is critical (and universal) to the B2B buying process
  25. 25. Service Definition BAU & Performance Management Service Assurance Platform, Tools, Security & Legal People Enablement Delivery Capabilities Lifecycle Management Framework 3. Market Readiness Phase – Assess availability of standard delivery artifacts and level of adoption by pre-sales solution teams during the sales cycle 4. Market Readiness Phase – Assess people enablement aspects in terms of skill development and planning in place for fulfilling the staffing requirements 5. Market Readiness Phase – Assess the platform, tools readiness and compliance from Security and Legal teams. 6. Maintain & Evolve Phase – Assess plans in place for tracking the performance in execution and process in place for auditing and benchmarking in continuous basis. 1. Define & Plan Phase – Assess Complexity, Compliance needs, Experience & Reputability of the productized services 2. Build & Pilot Phase – Asses availability of service blue prints and if they are validated in client engagement or internally CONSISTENT DELIVERY READINESS FRAMEWORK 25
  26. 26. § By leveraging reusable Assets, Content, and Frameworks we can accelerate both speed to sell and speed to deliver § Bundles help us avoid custom one-off responses that tend to be more tactical in nature and more difficult to repeat across multiple clients, thereby lowering overall margins Solutions-first aligns with and promotes company strategy and key business objectives Packaged solutions drive reusability in areas of our greatest strength 1 2 Better focus & intentional prioritization on areas of greatest market opportunity where we can lead 3 § Pre-packaged productized services promote broader, digitally focused strategic business value for clients that encompass our strategy § Bundles better support predictable, repeatable business outcomes for our clients and for the company over longer timeframes § By leveraging Standard Frameworks and Tools business teams ensure their focus is on areas of greatest strength and aligned to the best market opportunities to win repeatability and at scale § We increase competitiveness and better lead in key markets Improved Field Enablement and Alignment to Sales Approach (sales execution) § This approach enables more consistent, repeatable success for sales teams in leveraging bundled productized services to meet client needs, vs. custom designing solutions each time § Also promotes company-wide standardization and improved efficiency through leveraging centralized repository and better collaboration across the company and portfolio 4 Shorten Sales Cycle Increase Margins Reduce Risk Drive Quality Revenue THE VALUEAND BENEFIT OFAPMAPPROACH TO SERVICES 26
  27. 27. CLOSING THOUGHTS 27 “People think focus means saying yes to the thing you’ve got to focus on. But that’s not what it means at all. It means saying no to the hundred other good ideas.” – Steve Jobs, Apple - While somewhat different, absolutely should apply product management principles and practices to “thought-ware” and services - Focus on markets and pervasive problem areas - Never lose sight of the business aspects of “the product” - No matter what it is, differentiation and business value is key - From sales to delivery to support, iconic customers experiences are crucial, especially in services - Repeatability, scalability, predictability, and velocity universally valued
  28. 28. THANK YOU Chris Aulbach 860-538-6482 28