order out of chaos: how to launch a product when the ... · step 3: identify the bare minimum to...
TRANSCRIPT
Order out of Chaos: How to Launch a Product When the Starting Point is Nebulous
Seilevel is a Professional Services organization, based in Austin, Texas, that specializes in Requirements Process improvement. We deploy our team to work on client projects, and we train and mentor the
Business Analyst and Product Manager communities.
Business Analysis
Product Management
Agile
1. Introduction
2. Setting the stage
3. Visualizing success
4. What do I build?
5. MVP features first
6. Final warnings
Our Agenda
Disclaimer!
This presentation is a work of fiction. While the projects may resemble or draw from real
examples, names have been changed to protect the innocent (and guilty).
Fuzzy vision at
best
No Subject Matter Experts (SMEs)
No existing capabilities
Never sold this
product before
The situation: You are poised to launch a new product
Changing requirements
Unclear objectives
Lack of user input
Incomplete requirements
Poor requirements practices
When launching a new product, it’s important to proceed carefully
39%
SUCCESS
61%
UNDERPERFORM
OR FAIL OUTRIGHT
Standish Group – CHAOS Report, 2012
32%
PROBABLE
SUCCESS
68%
IMPROBABLE
SUCCESS
IAG Consulting –
Business Analysis Benchmark Report, 2008
Most Projects Fail
feature
feature
feature
feature
featurefeature
feature
feature
featurefeature
X
XX
X
X
X
65% of features probably aren’t needed
Launch the MVPIdentify capabilitiesDefine success
Guiding Principle: Get market feedback quickly and adjust
Solve a problem instead!
Step 1: Define success before you build it
Who is your customer?
What problems do they have?
What does success look like
for them?
Define success
I want to build product xI want to replace system yI want to launch/implement technology z
GUARANTEE FAILURE!!
Success defined by Business Problems & Business Objectives
ExampleCustomers are switching to
competitors because we lack financing options
the business problem that is being solved or the
process being improved
business benefit that an organization expects to
receive
Increase revenue or cut costs
ExampleIncrease revenue by $130M within 7 years of launch of a
revolving credit line
Define
Validate
Revise
Visualize SuccessUsing business objectives, opportunities and success statements
Example Success Metrics: Product Revenue
0
20
40
60
80
100
120
140
160
Year 1** Year 2 Year 3 Year 4 Year 5 Year 6 Year 7
Re
ven
ue
(in
mill
ion
s o
f $
)
Product Revenue: Actual, Forecast, and Target
Actual Forecast Target
Example Success Metrics: Interim Target Metrics
Focus Area Related Success Metrics(Target)
Q3 2017 Q4 2017 Q1 2018 Q2 2018
Customer Net Promoter Score
Total Customers 5 10 16 22
PercentageReferenceable
40% 40% 40% 40%
Achieve Paritywith
Competitors
Renewal Rates(not measured until 2018)
-- -- 90% 90%
RFP Non-Response % 30% 30% 25% 25%
Become Industry Leaders
# of Inbound Leads (per quarter) 1 1 1 2
# of Leads Generated from Speaking Engagements (per quarter)
4 4 5 5
Grow Client Programs
Existing Customer Spend Growth from previous quarter
-- 10% 25% 50%
Revenue Growth from other products within same customer (from previous quarter)
-- 5% 5% 5%
Exercise: Define Success!
• Define Problem Statement for a Project you are working on or make one up
• Define long-term success which quantifiably solves the problem
• Define interim success metrics
Make Success Statements Obvious: Put Them on Your Wall!
Virtual works too
Step 2: Determine possible functions and capabilities to solve the problem
Identify capabilities
Categorize Define
Feature Feature
Capability
Function
CapabilityFunction
Product Features
Brainstorm
Which need to be built from scratchWhich already exist
Which do not solve the problem at allWhich require software development
Which are just a business process change
Feature Trees can help you organize value
A one-page view of all the features
Organized into levels of features
ProductConcept
L1 Feature
L2 Feature
L3 Feature
L2 Feature
L3 Feature
L3 Feature
Feature Tree Example
RevolvingCredit Product
Admin Portal
Reporting
Fees
Annual
PINs
Individual
% of Interchange
Tiers
KeyProcess Change OnlySystem Change RequiredOut of Scope
Feature Identification RoadblockNo subject matter experts
Don’t fret over technology gaps
Don’t just hire for subject matter experience
✓ Identify those closest to business functions
✓ Understanding existing business operations
✓ Focus on how the operations and processes change
✓ Role play “what if”
RevolvingCredit Product
Admin Portal
Reporting
Fees
Annual
PINs
Individual
% of Interchange
Tiers
KeyProcess Change OnlySystem Change RequiredOut of Scope
Step 3: Identify the bare minimum to stand up your product (MVP – Minimum Viable Product)
Launch the MVP
Find your MVP
Be creative with what you can do manually at first
Plan that things change, minimize expensive changes
Understand target customer, important problems, buying cycle, sales channel BEFORE you build
Prioritize feedback to minimize unnecessary changes
• Create a Feature Tree!
• Use sticky notes to brainstorm
• Organize into categories
• Color-code MVP, System changes required
Exercise
Last tip before you build a product….don’t forget the rest of your team
Sales TeamTarget the right customers
Set customer expectations correctly
Business processes align to reality
OperationsPrepare the business for launching
Data is ready
Tech SupportUnderstand types of customers that will be communicating
Can anticipate common issues
Who Else?Who else might care?
Launch the MVPIdentify capabilitiesDefine success
Launch the MVPIdentify capabilitiesDefine success
Guiding Principle: Get market feedback quickly and adjust
Create and prioritize personas for customers
Identify their problems
Define your success
Brainstorm features
Ensure they solve the problems
Laser focus on bare minimum
Deploy to even 1 customer
Get feedback fast
