Product Strategy Simplified by BuildingConnected VP of Product
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Main takeaways: - "Vision" vs. "Strategy" vs. "Roadmaps" - Elements of a Product Strategy - 5 steps you can take to define a great strategy
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Product Strategy Simplified by BuildingConnected VP of Product
- 1. www.productschool.com Product Strategy Simplified by BuildingConnected VP of Product
- 2. Join 40,000+ Product Managers on Free Resources Discover great job opportunities Job Portal prdct.school/PSJobPortalprdct.school/events-slack
- 3. CERTIFICATES Your Product Management Certificate Path Product Leadership Certificate™ Full Stack Product Management Certificate™ Product Management Certificate™ 20 HOURS40 HOURS40 HOURS
- 4. Corporate Training Level up your team’s Product Management skills
- 5. Zac Hays T O N I G H T ’ S S P E A K E R
- 7. • “Vision” vs. “Strategy” vs. “Roadmaps” • Elements of a Product Strategy • 5 steps to define a great strategy AGENDA
- 8. Vision vs. Strategy vs. Roadmaps
- 10. The network that connects every business and professional in AEC. BUILDINGCONNECTED’S VISION STATEMENT
- 13. 1. Build a network via bid management 2. Grow a thriving SaaS business 3. Expand to new marketplaces BUILDINGCONNECTED’S STRATEGY
- 18. • “Vision” vs. “Strategy” vs. “Roadmaps” DESTINATION vs LANDMARKS vs PROJECTS • Elements of a Product Strategy • 5 steps to define a great strategy AGENDA
- 19. Elements of a Product Strategy
- 20. Deliver value + Capture value
- 24. Never manage a contact database again VALUE PROMISE BUILDINGCONNECTED EXAMPLE Network of subcontractors CREATED VALUE Great bid management experience DELIVERED VALUE
- 25. 1. Build a network via bid management 2. Grow a thriving SaaS business 3. Expand to new marketplaces BUILDINGCONNECTED’S OVERALL STRATEGY
- 26. Strategy Statement #1 Strategy Statement #2
- 27. Sign up customers via a great black car experience Drive down prices with ridesharing Expand to new marketplaces 1. 2. 3.
- 28. Easy access to private black cars VALUE PROMISE Network of black car drivers CREATED VALUE App to hail, track and pay DELIVERED VALUE
- 29. Cheaper alternative to black cars & taxis ADDITIONAL VALUE PROMISE Network of ridesharing drivers CREATED VALUE Same app to hail, track and pay DELIVERED VALUE
- 30. Sign up customers via a great black car experience Drive down prices with ridesharing Expand to new marketplaces 1. 2. 3.
- 32. ????? VALUE PROMISE ????? CREATED VALUE ????? DELIVERED VALUE Vision Strategy Statement #1 ????? NORTH STAR
- 33. • “Vision” vs. “Strategy” vs. “Roadmaps” DESTINATION vs LANDMARKS vs PROJECTS • Elements of a Product Strategy VALUE PROMISE -> CREATE VALUE -> DELIVER VALUE • 5 steps to define a great strategy AGENDA
- 34. 5 Steps to Define a Great Strategy
- 35. Craft a vision with your team 5 STEPS TO DEFINE A GREAT STRATEGY 1.
- 38. Craft a vision with your team Identify your moat 1. 2. 5 STEPS TO DEFINE A GREAT STRATEGY
- 40. Great ideas are often easy to copy. What protects you? HOW ARE YOU DEFENSIBLE?
- 41. • Network Effects BUILDINGCONNECTED, FACEBOOK, LINKEDIN • Economies of Scale AMAZON, GOOGLE, BOEING • High Switching Costs SALESFORCE, APPLE, MICROSOFT • Brand Loyalty TRADER JOE’S, TESLA, AMAZON COMMON DEFENSIBLE STRATEGIES
- 42. • Great UX GOOD WAY TO GET CUSTOMERS, BUT EASY TO REPLICATE • Features NECESSARY TO WIN/KEEP CUSTOMERS, BUT EASY TO REPLICATE • First-mover advantage NOT DEFENSIBLE UNLESS YOU HAVE SOME WAY TO PATENT OR PROTECT YOUR IDEA NOT DEFENSIBLE
- 43. Craft a vision with your team Identify your moat Align on next landmark 1. 2. 3. 5 STEPS TO DEFINE A GREAT STRATEGY
- 45. THIS SETS THE LANDMARK
- 46. Easy access to black cars VALUE PROMISE Network of black car drivers CREATED VALUE App to hail, track and pay DELIVERED VALUE
- 47. Craft a vision with your team Identify your moat Align on next landmark Sequence 1. 2. 3. 4. 5 STEPS TO DEFINE A GREAT STRATEGY
- 48. Get big on DVDs Lead in downloads (aka “streaming”) Expand everywhere 1. 2. 3. www.gibsonbiddle.com
- 49. Create a low volume car, which will necessarily be expensive Use that money to create a less expensive, medium volume car Use that money to create an affordable high volume car 1. 2. 3.
- 51. Craft a vision with your team Identify your moat Align on next landmark Sequence Test for “no” 1. 2. 3. 4. 5. 5 STEPS TO DEFINE A GREAT STRATEGY
- 52. Does it actually help you say “no”?
- 53. 1. Make Bid Board valuable to individual users Did not help say “no” FORMER BID BOARD STRATEGY 2. Make Bid Board great for teams 3. Make Bid Board transformative for businesses
- 54. 1. Replace Excel as the system subcontractors use to track their bids. NEW BID BOARD STRATEGY 2. Convince subs to move files to the cloud. 3. Replace Outlook and Sticky-Notes as the way subs track activities and tasks.
- 55. Craft a vision with your team Identify your moat Align on next landmark Sequence Test for “no” 5 STEPS TO DEFINE A GREAT STRATEGY 1. 2. 3. 4. 5.
- 56. Is it a “good” strategy?
- 62. Closing thoughts
- 63. • Vision = destination (North Star) • Strategy = landmarks • Roadmap = projects along the way RECAP
- 65. Craft a vision with your team Identify your moat Align on your first landmark Sequence Test for “no” 5 STEPS TO DEFINE A GREAT STRATEGY 1. 2. 3. 4. 5. 6. Tell everybody. All the time. Always.
- 67. www.productschool.com Part-time Product Management Training Courses and Corporate Training