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Transcript of Dixon lau pm-concept
Dixon Lau - Product Management
My Product ManagementConcepts and Techniques
Last update – Summer 2014
To share with my colleagues
Concepts and Techniques I used as a Product Manager- Software monetization- Pricing- Competitive Analysis- Requirement Prioritization- Product Growth Analysis- Product Life Cycle Management- Launch and Sales support- Cross-Functional Collaboration- Project Management
Requirement Ranking Technique
1-to-5 Ranking by Customers / Market segments (A .. G)Converted to relative importance in percentage Total
Normalized features A % B % C % D % E % F % G % #customers Total %Points F#Merchant self-service profile registration 2 3 2 5 1 2 1 2 1 2 0 0 0 0 5 14 1Merchant ID for multitenant environment 4 7 5 12 8 16 3 6 1 2 0 0 0 0 5 43 2Authentication of merchant 2 3 0 0 1 2 1 2 2 5 2 4 3 5 6 21 3Geo-location association of merchants 5 8 4 9 3 6 3 6 1 2 1 2 3 5 7 39 4Mobile apps for merchant services 4 7 0 0 2 4 4 9 2 5 4 8 3 5 6 37 5Mobile apps for buyer services 5 8 4 9 5 10 4 9 4 10 5 10 6 10 7 65 6Buyer search by merchant categories 5 8 0 0 0 0 0 0 0 0 0 0 5 8 2 16 7Buyer search offers at his geo-location 5 8 4 9 4 8 4 9 4 10 4 8 4 7 7 58 8Buyer zoomable and expandable search radius 0 0 1 2 2 4 1 2 1 2 3 6 0 0 5 17 9Buyer instant registration with offers 5 8 4 9 4 8 4 9 4 10 2 4 4 7 7 54 10Website to see merchants and buyers activities 3 5 0 0 4 8 4 9 4 10 4 8 0 0 5 39 11Buyer self-service profile registration 3 5 3 7 3 6 3 6 3 7 3 6 2 3 7 41 12Buyer social blog for merchants comment and referrals 0 0 3 7 4 8 3 6 3 7 3 6 3 5 6 39 13Merchant buyers ranking and tagging 3 5 2 5 2 4 2 4 2 5 0 0 2 3 6 26 14Buyer credential based on consumptions analytics 5 8 0 0 2 4 2 4 2 5 2 4 2 3 6 28 15Buyers-offers-merchants analytics basics for merchant 3 5 2 5 3 6 3 6 5 12 4 8 4 7 7 48 16Optional consultation and campaign services 2 3 0 0 2 4 1 2 0 0 4 8 0 0 4 17 17Basic subscription billing for merchants 0 0 0 0 0 0 2 4 0 0 1 2 1 2 3 8 18Optional advertizing feature billing for merchants 5 8 1 2 0 0 2 4 2 5 3 6 4 7 6 32 19
61 100 43 100 50 100 47 100 41 100 52 100 61 100
Dixon Lau - Product Management Portfolio
Normalized requirements with # customers and their ranking from 1 to 5
Derive the relative importance in % for each customerTotal the % Points for all customers
Competitive Analysis
Dixon Lau - Product Management Portfolio
•Compare with competitors’ total offering at the feature level
• Analyze associated value and demands of our customers
• Identify advantages, differentiators, weaknesses, and must fix
Others capability
Ours capability
High DemandHigh Value
High Demand Low Value
Low Demand High Value
Low Demand Low Value
Y Y Common Common Common Not important
N Y Our Advantage(if others cannot replicate)
OurAdvantage(if others cannot replicate)
Our Advantage(maybe a differentiator that can turn into more demand)
Not important
Y N OurWeakness (must fix)
Our Weakness(must fix)
OurWeakness(may choose to not fix if demand is low and not profitable)
Not important
Important to customers
• Element Management Systems (EMS) / Fault, Configuration, Accounting, Performance, Security (FCAPS) for specific devices
• Configuration management
• Physical inventory and topology
• Event management
Element Management • Service provisioning
• Services inventory
• Service health
• Service assurance
• Service SLA monitoring
Service Management • Subscriber self service
provisioning
• Operator control service policy
• Subscriber account management
• Subscriber usage accounting
• Subscriber experience monitoring
• Subscriber preference intelligence
Subscriber Management • Large Data Mining
• Customizable Report Templates
• Scheduled reporting
• Cloud based data archive
• Service Usage Pattern
• Subscriber characteristics
• Network Utilization Pattern
• Ad hoc query
Analytics
Product line Roadmap ExampleExtending Value for Customers
Customer Network Applications
Video Services Cloud / Managed Services
Val
ue
Executive Decision Making
Business Enablement
TechnologyEnablement
Mobile Services
Booking Analysis
Dixon Lau - Product Management Portfolio
Generate analysis for• Individual product• Product line•New and existing products
Observe trends•Up, down, cyclical• Average discount•Market segment differences•New customers vsrepeat customers•New product vsexisting product • Product attachment
Recommendations•Monthly refresh•Drive product, sale, marketing
Charter, Scope & Project Plan -> Kick Off
Define Charter
• Business Case• Market segment• Strategic Plan• Investment model• Business Model• Market Segment• Time Frame• Key Stakeholders• Constraints
HL Project Scope
• Description• Goals• Requirements• Constraints• Dependences• Assumptions• Risks• Exclusions• Sign-off
Detail Project Plans
• MRD/PRD• Stories/WBS• Resource Plan• Sequencing• Schedule• Cost baseline• Reserves• Quality Plan• Risk Analysis• Procurement• Comm. Plan• Sign-off
Execute, Monitor & Control
•Release Plan•Development•Testing•Architecture
•Design•Procurement•Quality Assurance
•Sprint Review•Scope Verification •Demo•Acceptance
•Integration•Quality Control
•Sprint Plan•Daily Scrum
Execute
•Monitor Progress, Expense, & Risks•Scrum Burn Down Chart•Measure Project Performance (EVT)•Problem Resolution•Change Control – Scope/Schedule/Budget
Monitor & Control
Supporting Marketing and Sales
Dixon Lau - Product Management Portfolio
ProductMgr
Publish for both•Datasheets• Presentations•White Papers• Pricing•Ordering Guide• Promotions•Roadmap•User doc’s•Demo• FAQ•Release plan• Product Release
•External Web•Advertizing•Branding•Social Media•Press Release•Analyst interface•Hosting Webinars•Hosting Tradeshows•Measure marketing results•Support new marketing trends•Generate leads for Sales
MediaWebsites
TradeshowsWebinarsAnalyst Press
ConferencesCustomers
MarketingTeam
• Support Webinars• Support Tradeshows•Align with branding
SalesTeam
• Support customer meetings•Track customer requirements
LeadsCustomers
• Bottom up forecasts•Deal status tracking•Closing deals for products and servicesOther topics may be added in the
futureDixon Lau - Product Management
8 Components of a Software Monetization
Licensing modelEntitlementFulfillmentEnforcementContentsSupportEOL PolicyRevenue Recognition
To monetize your developed software, a good marketing program to engage all sales channels is essential.
But don’t forget these other 8 components that are critical to your success and potential for additional revenue.
Dixon Lau - Product Management
Monetizing Downloadable Software
•Specific version and feature set. •Specific number of computer hosts or site. •Specific term duration or perpetuity. •Full License and Upgrade License.
Licensing Model
•Warranty against significant defects.•Limited Time Return Policy.
Entitlement
•Registration for trial license.•Ordering/Invoicing/Payment for license.•Electronic software and license key delivery.
Fulfillment
•Mechanism to manage licenses for physical and virtual hosts.
Enforcement
•Collaterals, release notes, specification.•Use case and demos.•Social media group support.•User forum for registered customers.
Online Contents
•Business hour Tech Support.•7/24 Tech Support and software update.•High touch SLA based support.•Specialist training and certification.
Support Services
• Publish version specific EOL schedule.•Trade-in program for replacement products.
EOL Policy
•Software License 100% upon delivery. •Support contract ratably.
Revenue Recognition
$ - Opportunity for revenue
$
$
$
Dixon Lau - Product Management
Monetizing Software as a Service (SaaS)
•Specific software product or feature set. •Specific to the number of users.•Flexible duration.•Specific to web browser and device type.
Licensing Model
•Pro-rated refund for cancellation.• Automatic software updates.
Entitlement
•Registration for trial license agreement.•Ordering/Invoicing/Payment for subscription.•Activation of user account.•Access via Web Browser Instantly.
Fulfillment
•User account determines subscription terms and features.
Enforcement
•Collaterals, release notes, specification.•Use case and demos.•Social media group support.•User forum for registered customers.
Online Contents
•Business hour Tech Support.•7/24 Tech Support and software update.•High touch SLA based support.•Specialist training and certification.
Support Services
• Retire older software release after migration of all servers.
EOL Policy
•Ratably for SaaS and Support contract.
Revenue Recognition
$ - Opportunity for revenue
$
$
Dixon Lau - Product Management
Pricing Concept
Analyze CompetitorsCustomer
alternativesMonetize
differentiation Pricing
Customer Value
Company Cost
Brand Image
Simple Pricing Model
Easy to UnderstandVary by Market SegmentVary by value dimensions
Customer social statusMarketing Campaign
Break even analysisMargin for channel discounts
Consider license, subscription, optional
services, on-going replenishment, upgrades
& trade-in as monetization opportunities
Dixon Lau - Product Management
Per computer host Per backup host Per plug-in feature Per market / enabled use cases Per usage scale Per user / seat Per interface type and quantity Per type of data Import/Export Per version (for perpetual license) Per license term (for term license) Per upgrade Per subscription duration (for SaaS)
Ways to define software pricing
Different market may value different software functionality. Tailor the feature set for different segments to maximize revenue.
Value dimensions to consider for software pricing are:
Dixon Lau - Product Management
Competitive Analysis
• Compare with competitors’ total offering
• Analyze associated value and demands of our customers
• Validate customer value with market analysts and trends
• Identify advantages, differentiators, weaknesses, and must fix
OurCapability
Competitors Capability
Commodity Our Differentiation
Opportunities
Don’t care Defer
DeferDefer Must fix
DeferDon’t careValu
e
Demand
Valu
e
Y N
N
Y
Demand
Dixon Lau - Product Management
Sources of Product Requirements
Use Outside-in Approach
• Actual Customers
• Sales Teams
• Support Team feedbacks
• Survey samples
• Products of other business
units
• Industry Standards
• Integration Partners
• Validate with market reports
Avoid Inside-out Approach
• Opinions without data
• Engineering designs
• Status quote
• Ideas not validated
with customers or sales
X
Dixon Lau - Product Management
Dixon Lau - Product Management
Persona & User Story
Customer Persona•Buyer and User •Per target segment•Context that they live in•Problems they face•Use case
User Story•Related to a persona•What they need to do•What value they get•Acceptance criteriaMay break down into smaller stories overtime to be ready for story point estimate in order to fit into a sprint or release.
• Maintain the backlog, and determine the priority of the stories to be handled by development team.
• Must, Should, Could, Won’t
Define in the scope in the MRD/PRD to serve as the reasons of the product
Requirement Ranking Technique
1-to-5 Ranking by Customers / Market segments (A .. G) Converted to relative importance in percentage Total
Frequently asked user stories A % B % C % D % E % F % G % #customersSum of %Points
Merchant self-service profile registration 2 3 2 5 1 2 1 2 1 2 0 0 0 0 5 14Merchant ID for multitenant environment 4 7 5 12 8 16 3 6 1 2 0 0 0 0 5 43Authentication of merchant 2 3 0 0 1 2 1 2 2 5 2 4 3 5 6 21Geo-location association of merchants 5 8 4 9 3 6 3 6 1 2 1 2 3 5 7 39Mobile apps for merchant services 4 7 0 0 2 4 4 9 2 5 4 8 3 5 6 37Mobile apps for buyer services 5 8 4 9 5 10 4 9 4 10 5 10 6 10 7 65Buyer search by merchant categories 5 8 0 0 0 0 0 0 0 0 0 0 5 8 2 16Buyer search offers at his geo-location 5 8 4 9 4 8 4 9 4 10 4 8 4 7 7 58Buyer zoomable and expandable search radius 0 0 1 2 2 4 1 2 1 2 3 6 0 0 5 17Buyer instant registration with offers 5 8 4 9 4 8 4 9 4 10 2 4 4 7 7 54Website to see merchants and buyers activities 3 5 0 0 4 8 4 9 4 10 4 8 0 0 5 39Buyer self-service profile registration 3 5 3 7 3 6 3 6 3 7 3 6 2 3 7 41Buyer social blog for merchants comment and referrals 0 0 3 7 4 8 3 6 3 7 3 6 3 5 6 39Merchant buyers ranking and tagging 3 5 2 5 2 4 2 4 2 5 0 0 2 3 6 26Buyer credential based on consumptions analytics 5 8 0 0 2 4 2 4 2 5 2 4 2 3 6 28Buyers-offers-merchants analytics basics for merchant 3 5 2 5 3 6 3 6 5 12 4 8 4 7 7 48Optional consultation and campaign services 2 3 0 0 2 4 1 2 0 0 4 8 0 0 4 17Basic subscription billing for merchants 0 0 0 0 0 0 2 4 0 0 1 2 1 2 3 8Optional advertizing feature billing for merchants 5 8 1 2 0 0 2 4 2 5 3 6 4 7 6 32 61 100 43 100 50 100 47 100 41 100 52 100 61 100
To rank frequently asked requirement.Figure out the value from 1 to 5 for customer or market segment.
Rank requirement based on which has the higher sum of % points
Example
Dixon Lau - Product Management
Product Growth Analysis
Generate analysis for• Individual product• Product line• New and existing products
Observe trends• Up, down, cyclical• Average discount• Market segment differences• New customers vs repeat customers• New product vs existing product • Product attachment
Recommendations• Monthly refresh• Drive product, sale, marketing
Dixon Lau - Product Management
Product Life Cycle Management
Consider maximizing revenue• Repeated customers last-time buy• Price-sensitive customers• Trade-in to new products
Announcement to customers• Product identification• Up sell replacement products• Schedule for customers
End-of-SalesEnd-of-service-renewalEnd-of-software bug fixEnd-of-serviceEnd-of-technical support
When to replace an existing product?• New product revenue growth exceeds existing product• Existing product growth trend is declining• Support cost for multiple products become a concern• Legacy product is no longer a cash cow
Dixon Lau - Product Management
Supporting Marketing and Sales
Product
Mgr
Publish for both• Datasheets• Presentations• White Papers• Pricing• Ordering Guide• Promotions• Roadmap• User doc’s• Demo• FAQ• Release plan• Product Release
•External Web•Advertizing•Branding•Social Media•Press Release•Analyst interface•Hosting Webinars•Hosting Tradeshows•Measure marketing results•Support new marketing trends•Generate leads for Sales
MediaWebsites
TradeshowsWebinarsAnalyst
Press ConferencesCustomers
Marketing
Team• Support Webinars• Support Tradeshows• Align with branding
SalesTeam
• Support customer meetings• Provide RFx answers• Track customer requirements
Customers
• Bottom up forecasts• Deal status tracking• Closing deals for products and services
Dixon Lau - Product Management
Cross-Functional Teams – Collaboration & Leadership
System Architecture,Electrical Engineering,Mechanical Engineering,ASIC Engineering,
Software Engineering,Usability and Accessibility,Technical Publication,Commodity
Quality and Compliance,Environment Test,System Test,Trial Support
Manufacturing,Ordering and Shipping,Technical Support,Professional Services
Functional Team leads
- Review requirements- Provide estimate- Allocation of staffs and resources- Identify and mitigate risks- Status and spending Reports
Product Manager Role
Prior to Program started- Initiate executive approved project- Provide requirement in PRD/backlog- Define and clarify user stories- Agree on scope/sprint plan- Review deliverable against criteria- Evaluate risks, mitigations and ROI
Project Manager Role
After Project started- Coordinate with team leads- Project /Sprint Planning- Scrum meetings- Monitor and Report Status- Resolve risks & issues- Control Scope
Dixon Lau - Product Management
Project Management for Product Management DomainCharter, Scope & Project Plan -> Kick Off
Define Charter
• Market segment• Business case• Use case• Strategic Plan• Buy or build• Business Model• Time Frame• Key Stakeholders• Constraints
HL Project Scope
• Description• Goals• Requirements• Constraints• Dependences• Assumptions• Risks• Exclusions• Sign-off
Detail Project Plans
• MRD/PRD• Stories/WBS• Resource
planning• Sprint planning• Cost baseline• Reserves• Quality Plan• Risk Analysis• Procurement• Comm. Plan• Sign-off
Dixon Lau - Product Management
Project Management StrategyStakeholders Communications
Identify• Form Team • RACI, R&R• Wants & needs• Requirements• Expectations
Internal•Sponsors•Executives•Project teams
External•Partners & Suppliers•Customers
Environmental•Standard compliance•Regulations
High
Influ
ence
HighInterest
Low
Satisfy
Inform
Manage
Recognize
Interactive•Regular Meetings•Core/Extended Team•Informal/Formal•Written/Verbal
Push Comm.•Agenda/Minutes•Notice/Announcement
Pull Comm.•Team Roster•Mgmt Plans•Milestones•Baseline Doc•Status/Performance•Issue Log•Change Log
Core Team
Extended Team
Subscribers
Dixon Lau - Product Management
Project Management Tactical FlowExecute, Monitor & Control
•Release Plan•Development•Testing
•Architecture•Design•Procurement•Quality Assurance
•Sprint Review•Scope Verification •Demo•Acceptance
•Integration•Quality Control•Sprint Plan
•Daily Scrum
Execute
•Monitor Progress, Expense, & Risks•Scrum Burn Down Chart•Measure Project Performance (EVT)•Problem Resolution•Change Control•Scope/Schedule/Budget
Monitor & Control
Dixon Lau - Product Management
Problem Solving Mechanics
1. Issue Analysis
2. Solutions & Analyze New Risks
3. Make Decision
4. Change Control Approval
5. Adjust baseline & Continue
Dixon Lau - Product Management
Tools & Methods
Quality & Issue Analysis-Control Chart-Run Chart-Fish Bone-Pareto Chart
Risk Management-Probability-Impact Ranking-Probability-EMV-Contingency Reserve-Avoid, Transfer, Mitigate, Monitor
Strategic Planning-Market Segment, SWOT-VSE, Business Model Canvas-JIRA, Rally, PRD/MRD
Performance Measurement-Earned Value & Forecast-Burn Down Chart-Project Mgmt Portal
Decision Making-Effort vs Return-Demand vs Value-Technology Depth vs Value-Growth vs Market Share-NPV, IRR, Payback-Buy vs Lease-OEM vs Develop-Decision Tree with EMV
Scope Control-Change Control Board-Backlog grooming
Project Closing/Retrospective-Check list for acceptance & postmortem lessons learned
Dixon Lau - Product Management