Exploring the reasons that a product might fail in the market is a useful way to triage and assess what you need to do to prevent the failure of your product. Instead of taking the “do these things” approach as a prescriptive recipe for product managers, I’m approaching the exact same topic from the opposite direction. I was inspired in part to explore this approach when thinking about the Remember the Future innovation game. Instead of asking “What will the system have done?” in order to gain insights what it could be built to do, I’m asking “Why did your product fail?” in order to prevent the most likely causes of failure.
Tag Archives: Product Management
There are many reasons that a product might fail in the market. One of those reasons is that your product solves the wrong problems. There are many ways to solve the wrong problems. This article continues the series on sources of product failure, exploring the idea that your product may be trying to solve the wrong problems.
After building an understanding of which problems are important to your each customer you want to serve, and rating each competitive product , you’re ready to tally the scores and see how your product compares with your competition. This tells you if you’re likely to crush it, and if not, lets you know where you should invest later. This series on comparing products starts here if you need to get caught up.
And now, on to the finale…
At this point in the product comparison series, you know who your customers are, which problems are important to them, and which products compete to solve those problems. It’s time to score the competing products and see how the solutions your product provides (or will provide) will stack up. This is the latest in a series on comparing products, jump back to the start of the series if you came here first, but hurry up :).
The first step to comparing products is understanding your customers. This may seem counter-intuitive, but your product’s capabilities are meaningless unless you are comparing them from your customer’s point of view. This article is part 2 in a series on comparing products. Check out part 1, then continue with this article on the first steps of comparing products.
Recently, the gadget-reviewer crowd has caught on to something we’ve known for a long time. Comparing products is not about comparing specs, it is about comparing how well the products solve problems that customers will pay to solve. That begs the question – how should you compare products? Read on to see the product comparison technique I recommend.
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Requirements Management – I’m embarking on a journey to help several teams manage their requirements with their existing systems and tools. This is the first in a series of articles, where the rubber meets the road. I’ll look at both the theory and the realities of what works (and doesn’t) in practice. I hope you’ll come along for the ride.
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Estimating the “value” of features is a waste of time. I was in a JAD session once where people argued about if the annoying beeping (audible on the conference line) was a smoke alarm or a fire alarm. Yes, you can get to an answer, but so what?! The important thing is to solve the problem.