guide to product strategy
DESCRIPTION
Product strategy for technology companies is closely related to New Product Development. It starts with a strategic vision which provides answers to questions such as “Where is the business going?”, and “How will it get there? This Technology Multipliers webinar provides a comprehensive overview of product strategy concepts, process, and keys to success for technology companies.TRANSCRIPT
© 2011 Technology Multipliers, LLC
Kerim Tumay
Managing Director
September 2011
© 2011 Technology Multipliers, LLC
Outline
• Why is Product Strategy a challenge?
• Strategy as a process Product Strategy
Concept
• Starting Point
• Product vs. Platform
• Differentiation
• Innovation & Growth Strategies
• Strategic Balance
Product Strategy Process Flow
• Keys to Success with Product Strategy Success Factors
© 2011 Technology Multipliers, LLC
Why is Product Strategy a Challenge?
Technology product life cycles are shorter
Need to engage individual customers, monitor their
sentiments, and capture their feedback
Need to constantly monitor, manage, and leverage
emerging technologies
Need to explore, research, create new markets
Need to anticipate and exit declining markets
Product Strategy
Concept
Product Strategy
Process Flow
Success Factors
© 2011 Technology Multipliers, LLC
Strategy is a Process
Product Strategy
Concept
Product Strategy
Process Flow
Success Factors
© 2011 Technology Multipliers, LLC
Inputs to Product Strategy
Product Strategy
Concept
Product Strategy
Process Flow
Success Factors
Customers
Product
Technical
Manager
© 2011 Technology Multipliers, LLC
If you don’t know where you are going,
Any road will take you there!
Product Strategy
Concept
Product Strategy
Process Flow
Success Factors
© 2011 Technology Multipliers, LLC
Starting Point
Roadmap
Direction
Guide
Focus
Framework
Product Strategy
Concept
Product Strategy
Process Flow
Success Factors
© 2011 Technology Multipliers, LLC
Product vs. Platform
Product Strategy
Concept
Product Strategy
Process Flow
Success Factors
© 2011 Technology Multipliers, LLC
Product vs. Platform
Product Strategy
Concept
Product Strategy
Process Flow
Success Factors
Source: Product Strategy for High Technology Companies
© 2011 Technology Multipliers, LLC
Platform Strategy Considerations
Product Strategy
Concept
Product Strategy
Process Flow
Success Factors
© 2011 Technology Multipliers, LLC
Differentiation
Product Strategy
Concept
Product Strategy
Process Flow
Success Factors
Product advantage
Price based
© 2011 Technology Multipliers, LLC
Vectors of Differentiation
Product Strategy
Concept
Product Strategy
Process Flow
Success Factors
© 2011 Technology Multipliers, LLC
Key Considerations for Differentiation Vectors
• Time – vectors of differention can change
• Risk – certain strategies are riskier than others
• Sustainability – some vectors are more sustainable than
others
Product Strategy
Concept
Product Strategy
Process Flow
Success Factors
© 2011 Technology Multipliers, LLC
Strategic Balance
Product Strategy
Concept
Product Strategy
Process Flow
Success Factors
© 2011 Technology Multipliers, LLC
Keys to Success with Product Strategy
• Establish a clear strategic vision and define current business strategy.
• Product strategy cannot be a personality driven process. Manage and improve product strategy like any other business process.
• Assign process ownership to an individual with technical marketing skills.
• Define platform strategy first and product-line strategy next.
• Link the product line-strategy with the product development plan and process.
• Consider time, risk, and sustainability for selecting and evolving differentiation strategies.
• Reconcile the unlimited opportunities implied in the strategic vision with reality.
• Evaluate project mix and rebalance the trade-offs on a regular basis.
Product Strategy
Concept
Product Strategy
Process Flow
Success Factors
© 2011 Technology Multipliers, LLC
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