{"id":16384,"date":"2019-01-23T17:43:48","date_gmt":"2019-01-23T17:43:48","guid":{"rendered":"https:\/\/productcollective.com\/?p=16384"},"modified":"2019-01-23T17:47:53","modified_gmt":"2019-01-23T17:47:53","slug":"leading-product-management-excellence","status":"publish","type":"post","link":"https:\/\/productcollective.com\/leading-product-management-excellence\/","title":{"rendered":"Leading Product Management Excellence"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The following insights were gleaned from a presentation at INDUSTRY given by\u00a0<\/span><span style=\"font-weight: 400;\">Jeff Lash of SiriusDecisions (<\/span><a href=\"https:\/\/twitter.com\/jefflash\"><span style=\"font-weight: 400;\">@JeffLash).<\/span><\/a><\/p>\n<p>Download <a href=\"https:\/\/producttactics.com\/vol1\/\">Product Management TACTICS eBook<\/a> for more.<\/p>\n<p><span style=\"font-weight: 400;\">What factors make Product Management successful? Of surveyed companies, only 15% said that 75% of their products met projected revenue goals. What are these companies doing differently? \u00a0What sets them apart from the other 85%?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are four best practices that correlate to success: 1) customer needs focus, 2) disciplined product investment spending, 3) product lifecycle process, and 4) functional roles and development.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Successful companies have an above average understanding of customer needs, customer and market focused product lifecycle processes, and a commitment to a formal customer needs program. \u00a0Those that are struggling see all sorts of things happening:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Experiencing low win rates<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Competition is catching up or, worse, overtaking your market share.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Low retention<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Customers demanding improvements<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">High cost and levels of support required<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Reliance on price breaks to close deals<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Low levels of product satisfaction.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">There\u2019s no substitute for watching customers use your product. Don\u2019t just do this with <\/span><i><span style=\"font-weight: 400;\">your<\/span><\/i><span style=\"font-weight: 400;\"> customers. Talk to competitors\u2019 customers. Understand them deeply to make improvements to products and strategy.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Successful companies have disciplined product investment spending. Of those analyzed, 71% have formal investment scoring criteria and 61% align product spending tightly with business strategy. \u00a0Investment decision-making problems result in bad products getting too much funding and high potential\/growth opportunities not getting enough. Support for a product investment decision-making process helps those submitting requests for funding as well as those involved in making the funding decisions. \u00a0When you\u2019re making investment decisions, look at the overall investment cost. Don\u2019t focus on the opportunity only \u2014 also focus on the ability to win.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On Product Lifecycle Process: \u00a0<\/span><span style=\"font-weight: 400;\">37% of successful companies have a defined lifecycle process that nearly all initiatives adhere to, and 30% have a process that includes all required activities and deliverables. \u00a0Without a consistent product lifecycle process, too much can be left to chance according to the knowledge or preferences of individual product managers. Assess existing processes, then implement an improved process in phases and provide support and upskilling to enable Product Managers to follow it.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On Functional roles and development: \u00a077% of successful companies indicate that the role of Product Management and its goals are very well understood, with 71% providing upskilling training and support on an ongoing basis. \u00a0Issues in this area are often visible relative to internal processes and behaviors. They also affect the product in the market. Collaborate on changes to Product Management roles and responsibilities. \u00a0Assess the current maturity, competencies, and processes in place within Product Management and look for quick wins in the most pressing areas.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/ow.ly\/cvEa30n3la4\">View Jeff\u2019s presentation deck<\/a>.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The following insights were gleaned from a presentation at INDUSTRY given by\u00a0Jeff Lash of SiriusDecisions (@JeffLash). Download Product Management TACTICS eBook for more. What factors make Product Management successful? Of surveyed companies, only 15% said that 75% of their products met projected revenue goals. What are these companies doing differently? \u00a0What sets them apart from [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":16385,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Leading Product Management Excellence - Product Collective | Organizers of INDUSTRY: The Product Conference<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/productcollective.com\/leading-product-management-excellence\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Leading Product Management Excellence - Product Collective | Organizers of INDUSTRY: The Product Conference\" \/>\n<meta property=\"og:description\" content=\"The following insights were gleaned from a presentation at INDUSTRY given by\u00a0Jeff Lash of SiriusDecisions (@JeffLash). 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