Product Thinking
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The document discusses the differences between products and services. It notes that products are tangible objects that can be touched, felt, tasted, etc., while services are intangible amenities provided by people. The document then discusses how customers want innovative products and how innovative products drive revenue. It outlines the traditional new product development process and notes that most new products fail. It discusses the importance of building a minimum viable product and using the build-measure-learn loop to accelerate learning. Finally, it discusses the evolution of product thinking and some of the skills and approaches involved in product thinking.
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Product Thinking
- 3. Product vs. Service • “what can we make?” • Tangible and identical objects that can be touched, tried, felt, tasted, or transferred or even returned. • They must be manufactured, stored, transported, marketed, and sold, and are separable from the seller. • Production and consumption might have a time lag - there might be goods ready to be sold • Mass production ensures uniform quality. • There is no customer involvement. • Car, mobile, pen, mattress, table, etc. • “what can we do?” • Intangible and diversified amenities provided by people that are often “experienced” but never retained, transferred or ever returned. • They are outputs of individual action or collective performance and can’t be “stored”, and are inseparable from the service provider. • Production and consumption must occur simultaneously - there are no inventories • Uniformity in services and timeliness are key. • The customer has a high involvement. • Transport, internet, banking, music streaming, hotel booking, etc.
- 4. Customers want innovation! • A 2016 study shows that 63% of customers like it when manufacturers offer new products. • 84% of customers say it is somewhat or very important that the company they buy from is innovative, according to the research firm Lab42. • Customers are willing to pay more for innovative products. For instance, 83% of customers indicate that they would pay more for innovation in electronics.
- 5. Innovative products drive $$$s For a company to be considered “innovative”, 1/3rd revenues need to come from products developed in last 3 years! 3M: 40% of 2017 revenues to come from products that did not exist 5 years ago
- 8. The “1.0”… is actually, more like this :)
- 13. But not everyone survives…
- 14. In fact, most new products fail!!! Clayton Christensen: 30,000 new product each year, and 80% fail Neilsen: Of over 60,000 new SKUs introduced in Europe over the last years, just over half (55%) made it to 26 weeks, and only 24% lived to reach a full year. Joan Schneider: Less than 3% of new consumer packaged goods exceed first-year sales of $50 million - considered the benchmark of a highly successful launch. PDMA: 40% products fail Jack Trout: American families, on average, repeatedly buy the same 150 items, which constitute as much as 85% of their household needs; it’s hard to get something new on the radar.
- 16. Why?
- 23. Your BMC on Day 1? ? ? ? ? ? ? ? ??
- 26. What’s wrong?
- 27. Build and they will come?
- 34. Evolution of Product Thinking Process Management Waterfall, CMM, ISO, Six Sigma, etc. Project Management PMBoK, PRINCE2, etc. Classical Product Management / Requirements Management MRD / PRD, FRS / SRS, Volere, Product Roadmap, etc. Agile and Lean Thinking Agile, Scrum, XP, Kanban, Innovation Games, Lean Startups, etc. Human-Centered Design Design Thinking, Human-Centered Design, Lean UX, etc.
- 35. So, what is Product Thinking? Product Thinking is a holistic approach of designing and developing innovative and visionary products that value understanding people needs over blindly implementing latest technology simple and delightful user experiences over complex and frustrating friction insights backed by customer feedback over development or business team’s intuition making continuous improvements over seeking perfection in first attempt by systematic application of product management fundamentals and sound design principles
- 36. One view…
- 37. Product Thinking Skills? Business: Understand company’s mission, Business acumen, Market, etc. Product: Product Management, Problem domain, Customers, Product Vision, Orchestrate teams, etc. Design: Empathy, Ethnography, Needfinding, HCD, UX, Design Thinking, Service Design, etc. Technical: Technological trends, Solution domain, Tech / Design trade-offs, etc. Communication: Storytelling, Presentation skills, Listening skills, etc.
- 38. How to nurture product thinking? Education: various options (online, offline, hybrid, self- paced, immersive, etc.), choose the one that best fits your learning style Certifications: Certified Scrum Product Owner (CSPO), SAFe Product Owner, Blackblot Strategic Product Manager (SPMR), etc. Forum: Product School, Product Tank, Agile conferences, various metups, etc.