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Sales or Market Driven Product Management?LEVERAGING NEW MARKET OPPORTUNITIES FOR SUCCESS ! Peter Dye. Technology Professional 2011
Summary In order to succeed in the long-term, all product and services based companies must be customer/market driven, while fully realizing the market potential. It should be no surprise that understanding of customers’ needs/requirements is the main differentiating factor between successful and unsuccessful products or services.
What does a Product Manager do? The Product Manager is responsible for: - Managing the product lifecycle - Product strategy, including Communication - Product development priorities - Product release plans - Gathering and prioritizing product and customer requirements - Defining the product vision. - Increasing the profitability of existing products - Fostering Innovation for products
Product Manager and Stakerholders The Product manager must communicate - With sales, marketing and support to ensure revenue and customer satisfaction goals are met. - With product marketing supporting Corporate Strategy and goals. - Product vision in context with the Corporate Strategy - Product Roadmaps - Product Release strategy - All Internal and external stakeholders.
Advantage of being sales-driven The advantage of being sales-driven - Ideal for emerging software companies - There is nothing wrong with being sales-driven - Fulfilling Individual customers needs - Lower risk, there are always business opportunities - Can be used as a survival mode tactic if market segments start deteriorating - Works in a chaotic market which prohibits targeted marketing programs. - Can be perceived to be ‘Agile’
Disadvantage of being sales-driven Disadvantage of being sales-driven - Inherently a short-term approach that does not build highly- sustainable product lines, support cost not sustainable. - Re-active approach to customer requirement/needs - No sustainable product lines it is hard to build market leadership and promote. No ‘Commercially Of The Shelf’ (COTS) products - Organic company growth is not predictable - Planning becomes ‘best guess’ - The eventual outcome of a sales-driven approach in high-tech companies with too many product versions, too few customers - Sales-driven strategy leads to resource duplication, loss of distinctive competence, and in consistent product roadmaps.
Advantage of being market-driven Advantage of being market-driven - Pro-active, innovative and disruptive product management strategy - Sustainable product lines building market leadership. ‘Commercially Of The Shelf’ (COTS) products market-driven product helps establish market leadership - Fewer product versions with many customers - Predictable revenue growth, plan for success. - Enables customer and market centric product development - Experience has shows that growth is delivered to those who invest in market-driven product management
Disadvantage of being market-driven Disadvantage of being market-driven, - A longer-term approach that can frustrate sales teams - Sustainable product lines require higher investment with best practice life cycle management. - Product planning can be perceived to be slow - Requires a more mature organisation
Conclusion Emerging products are more agile & able to make game changing innovations, more suited to short term Sales Driven tactics to increase revenue for additional funding. Market/Customer Driven strategy allows planned introduction of technology futures enabling new market paradigms to be created or penetrated..
Sales or Market Driven Product Management?LEVERAGING NEW MARKET OPPORTUNITIES FOR SUCCESS ! Peter Dye. Technology Professional April 2011