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Product Strategy -

Is the core hypothesis of your value proposition correct? Often, the core value proposition of the product itself is incorrect. Or value is miscalculated or misunderstood. People love your idea or love your demo but are not moved to actually spend money. Is your product a nice-to-have vs. a must-have? Also, if you have multiple products, is your portfolio rationalized correctly? Are there changing market conditions that require you to act quickly?     .

HOW DOES IT WORK?

This can be as little as starting with 1-2 hour calls per week to establish your product roadmap, manage your technology vendor/suppliers, keep your product roadmap and your technology delivery on track, and make sure your customers get what they need. .

What makes Techwyns Chief Product Officers great: competencies and personal qualities

Good education and immense product-related experience are must-haves, yet not sufficient to succeed in the CPO role. Below is the list of competencies and personal traits most critical for the C-level position.  

Leadership. Briefly, leadership is the ability to influence and motivate other people so that they maximize their efforts towards achieving the company’s business purposes. As a product leader, the CPO unifies groups with different backgrounds, creating a sense of mutual goal.

 

Communication. Effective CPOs are always great communicators. Their mission is to get out a clear message about the value of the product to executives, product teams, and customers. The success of the solution heavily depends on the ability of the CPO to inspire everybody with the product vision.

 

Strong customer focus. “When I sit down to think about a product, the center of it is the user. The center of the experience is the promise to the customer,” Tinder CPO Brian Norgard reveals. The product leader looks at the solution from the perspective of its value for users and makes better customer experience the number one priority.

 

Business acumen. Successful products not only satisfy customers but also generate massive revenue. Business acumen means that a person can quickly evaluate the situation in the market and identify profit opportunities.

 

Structured thinking. This is the ability to break down broad goals and long-term strategies into manageable tasks.

 

Strategic thinking. While most people focus on what is directly ahead, strategic thinkers envision what may happen in the future. They look across different industries to see the big picture, analyze large volumes of information to spot trends, and offer new approaches to old problems.

.   Strategic thinking allows product leaders to anticipate customer needs and wishes — before they appear. As Panos Panay, CPO at Microsoft’s Device Group, urges, “Let’s give our customers products that help them get where they are going. Maybe they don’t know where that is… So let’s make products for when they get there.” Creativity. Very often, the CPO faces challenges that don’t always have clear-cut answers. So, this role requires the ability to be creative in forging unconventional methods. . Enthusiasm and resilience. The ideal CPO is enthusiastic about digging deeper into the problem and recommending the best way to address it. Moreover, he or she transmits this enthusiasm to other people. But if something doesn’t work as planned, the CPO must be resilient enough to keep moving forward and finally find the right decision.   .

When does a business need a Chief Product Officer?

In startups and small companies, the role of a product evangelist is successfully performed by the CEO, CTO, or both. The need for a CPO may arise when an organization starts to develop the second product, expands into new markets, or merges with another company. The C-level person is to oversee the entire portfolio, ensuring that all solutions work in harmony to achieve business objectives. A strong product leader in the C-suite drives the success of product companies and helps them win leading positions in the market. The bad news is that there are not too many “off-the-shelf” CPOs available for hiring as the role is still evolving. But you can always try to bring up the head of the product division within your organization. And, it’s always best to be proactive and get ready for growth.   .

CPO responsibilities and essential functions

So, the CPO is the highest-ranking product manager who is expected to align product development with the company’s business strategy and customer needs. To achieve this broad and challenging goal, the CPO takes responsibility for the following tasks and processes.

Developing product vision

Product vision reflects the core value and mission of the company’s offering. It explains how the product will impact the lives of customers and, globally, how it can change the world for the better. Some popular product vision statements are “to create innovative technology that is accessible to everyone and that adapts to each person’s needs.” (Microsoft) “to build a place where people can come to find and discover anything they might want to buy online.” (Amazon) “to provide access to the world’s information in one click.” (Google) “to create economic opportunity for every member of the global workforce.” (LinkedIn) “smarter transportation with fewer cars and greater access. Transportation that’s safer, cheaper, and more reliable; transportation that creates more job opportunities and higher incomes for drivers.” (Uber)   .

Developing a product strategy

To realize their vision, companies need a long-term plan or product strategy that outlines how exactly they are going to turn concepts into a sustainable product that will drive profits. The strategy considers inner resources of the organization as well as external factors — business climate, competition and, of course, customer needs. It connects the vision and financial outcomes, assisting in making daily decisions.     .   Product development strategy: from vision to roadmap. Source: This is Product Management Building product vision and strategy is one of the CPO’s critical responsibilities. It requires a deep understanding of users and their requirements, the ability to see the big picture and passion for delivering innovative solutions.   .

Managing cross-functional teams

To create a winning solution, a company has to coordinate efforts of employees from various functional areas: software engineers, product managers, UX/UI designers, analytics and marketers. It’s up to the CPO to lead these separate groups to the common goal, clearly communicating the company’s vision of the outcome to employees with different backgrounds. In a way, the CPO acts as a mini-CEO who orchestrates processes across multiple departments and coordinates principals like the Head of the UX Department, VP of Product, Director of Product Marketing.   .

Product marketing and evangelism

The CPO is a key person in product promotion and sales, the executive responsible for a product’s constant refining so that it continues to appeal to loyal customers and attract new ones. To make the right marketing decisions, the CPO uses product analytics data, communicates with salespeople, and studies customer feedback. The executive also takes part in presentations of the product during exhibitions, conferences, meetings, and other events. The CPO delivers speeches explaining the value and mission of the product to the broad audience. .

Continuous customer research and product analysis

The leader of the product division initiates and supervises various types of customer research to get insights into their practical needs and emotional desires. Research data is used to plan improvements and differentiate the product from its competitors. The CPO also aligns plans and strategies with product performance metrics (KPIs), which reflect revenue as well as customer growth, engagement, and retention. CPO functions can vary from company to company, but to perform them an extensive educational and professional background is required.