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ProductManagementFastTrack:Market-FacingSkillsforProductManagersandProductOwners
RichMironov14Dec2016
w w w . M i r o n o v . c o m 1
• Veteranproductmanager/softwareexec• “Whatdocustomerswant(topayfor)?”• Organizingagile/leanproductorganizations• SmokejumperVPProducts
• 6startups,includingasCEO/founder• “TheArtofProductManagement”
AboutRichMironov
w w w . M i r o n o v . c o m 2
• WhatdoesaProductManagerdo?• SellingversusLearning• Tellingbothsidesoftheeconomicstory• UnderstandingSalesandMarketing
Agenda
w w w . M i r o n o v . c o m 3
• Drivesdelivery,marketacceptance,revenue• Targetsmarketsegments,notindividualcustomers• “Whatdoesthissegmentneed/whatwillitpayfor?”• Resolvesinevitablecompetingpriorities• Motivatesfunctionalgroupsbeyonddevelopment(marketing,sales,support,partners,finance…)
WhatDoesaProductManagerDo?
w w w . M i r o n o v . c o m 4
Conversations,marketinformation,priorities,requirements,
roadmaps,epics,userstories,backlogs,personas…
productbits
strategy,forecasts,commitments,roadmaps,competitiveintelligence
budgets,staff,targets
Fieldinput,Marketfeedback
Segmentation,messages,benefits/features,pricing,qualification,demos…
Markets&CustomersDevelopment
Marketing&Sales
Executives
ProductManagement
WhatDoesaProductManagerDo?
w w w . M i r o n o v . c o m 5
CommercialSoftwareFailureModes
Undifferentiatedorpoorlypositioned
Marketing/Sales/Channelfailures
LateDeliveryPoorQuality
Wrongproblem,wrongsolutionorproduct
w w w . M i r o n o v . c o m 6
There’snothingmorewastefulthanbrilliantlyengineeringaproductthatdoesn’tsell,oraprojectthatdoesn’tmatter.
w w w . M i r o n o v . c o m 7
Mostofthesuccess/failureofaproductisdeterminedbeforewepickourfirstdeveloperorfilloutourfirststorycard.
w w w . M i r o n o v . c o m 8
• WhatdoesaProductManagerdo?• SellingversusLearning• Tellingbothsidesoftheeconomicstory• UnderstandingSalesandMarketing
Agenda
w w w . M i r o n o v . c o m 9
• Youarenotyouruser• Marketsarecomplexandsurprising.Youlearnaboutthemfromcustomersandprospects• “What’sthepattern?”• “Whoaretheoutliers?”• “Howwouldacustomerfitusin?”
• Rich’sruleofthumb:youneed8to20in-depthinterviewstospotpatternsandwrongassumptions
Discoveryvs.Theories
w w w . M i r o n o v . c o m 10
• Can’tsellandlistenatthesametime• Sellingturnsoffprospects• Assoonasyoupitchyourproduct,open-endeddiscussionstops
• Canyoulisten(=shutup)for20minutes?
Sellingvs.Listening
w w w . M i r o n o v . c o m 11
• Youaresellingwhenyou…• Domostofthetalking• Anticipateobjections,planarguments• Understand thematerial• Wantto“close”
• Youarelisteningwhenyou…• Askopen-endedquestions• Takenotes,repeatforclarification• Usesilence• Expecttobesurprised
AreYouSellingorListening?
w w w . M i r o n o v . c o m 12
• WhatdoesaProductManagerdo?• SellingversusLearning• Tellingbothsidesoftheeconomicstory• UnderstandingSalesandMarketing
Agenda
w w w . M i r o n o v . c o m 13
• Weshouldbuildthisproductbecauseitwillmakeuslotsofmoney• Howwesellourmanagementonfundingthings• ROI,hockeysticksalesprojections,TAM/SAM,imaginedpricepoints
• Customersshouldbuythisproductbecause…• JobsToBeDone• Realvalueascustomers/prospectsexpressit• #1competitorofeveryproductis“donothing,buynothing”
BothSidesofEconomicStory
w w w . M i r o n o v . c o m 14
• Customersbuymostproductstomakemoneyorsavemoney• Howdotheydescribevalue?
• Quantifyitforthem• Theywon’tspendtimetofullyanalyzeyourproduct
• Assumeyoucancapturesomevalue• B2B:often5%to15%• Consumerslessanalytics
StartwithCustomerView
w w w . M i r o n o v . c o m 15
• Oursuper-specialcreditscoringapplicationwillreducethenumberofcreditchecksyourun.
• Youcurrentlydo{insertnumber}creditchecksperyearat{insertprice}. We’llreducethatby {insertpercentage}forasavingsof{computed}.
• Wewillonlychargeyou{insertprice}foranetsavingsof{computed} andROIof{percent}.
AGenericB2BValueStory
w w w . M i r o n o v . c o m 16
“Byusingourtechsupportknowledgeautomator,youcanreduceyoursupporttimepercallby25%.”
HardCostSavingsExample
Your support calls/year 22,000 Average minutes/call 16
Total annual support hours 5,867 Current support team FTE 3
Average salary $85,000 Annual staff cost $255,000
Proposed savings 25%Your savings $63,750
w w w . M i r o n o v . c o m 17
• WhatdoesaProductManagerdo?• SellingversusLearning• Tellingbothsidesoftheeconomicstory• UnderstandingSalesandMarketing
Agenda
w w w . M i r o n o v . c o m 18
• Howdowehire,reward,promotedevelopers?
• Howdowehire,reward,promotesalespeople?
• Whatdodevelopersthinkaboutsalespeople?
• Describeenterprisesellingprocess
SellingisDifferentfromEngineering
w w w . M i r o n o v . c o m 19
• Strategicmarketing• Identifying/validatingtargetaudience• Understandingawareness/trial/adoption/repeatpurchasecycle• Valuestoriesbasedonrealusers/buyers• Measuringoutreach,PR,contentmarketing,emailsubjectlines,…
• Weallwanttoskiptologos,trinkets,eventsandFBads
MarketingisMorethanArts&Crafts
w w w . M i r o n o v . c o m 20
Marketing/SalesFunnel
Targetaudience
Aware
Interested
Evaluating
Buyer
RepeatBuyer
Enterprise:• Mighttakeyearswith
dozensoftouches• Messageandproduct
mostlystablethroughout
w w w . M i r o n o v . c o m 21
ProductManagerswhofocusonlyonEngineeringareignoringhalfoftheirjob.
w w w . M i r o n o v . c o m 22
• Productmanagersownoutcomes• Learningisn’tselling(andisrequired)• Needbothcustomervalueandcompanyeconomics
• SellingandMarketingarehard(butnothowEngineeringishard)
Takeaways
w w w . M i r o n o v . c o m 23
CONTACT
RichMironov,CEOMironovConsulting233FranklinSt,Suite#308SanFrancisco,CA94102
RichMironov
@RichMironov
+1-650-315-7394
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