November 14, 2016 by Rhianna
The SIIA community gathered last week in beautiful Raleigh, NC to discuss the integral components of product management. What are major companies doing to capture value? How do top performing companies increase ROI of product? Best practices in prioritizing demand. How strong communication can guide UX. Utilizing internal data to guide decision making. And lastly, overcoming challenges in a market where 80% of new products fail.
Our final Deciphering Product Management event of the year (previous event was held in April, Dallas, Texas). The event brought together leading product management executives to discuss all the questions above. I thought I would just provide some key comments that came out of the discussion, some of which (if you really listen to) could change how you approach development.
· Product Managers need to create value and capture it in a way that maximized profitability
· 72% new product do not meet revenue goals
· 65% of new products fail to penetrate the market
· Know and understand your consumption gap
· Talk to your customers to understand how they value your product(s)
· No usage – no money
· Identifying the right product mix
o Having the stakeholders on the same page
o Make sure you don’t have a competing message
· Market validation – sell first then build it
· Most successful companies today use an agile methodology
· Transparency is very important
· Have a structure that welcomes change
· In order to do agile development, your development team needs to understand the problems they are trying to solve
· Be stage appropriate!!!!
A special thank you to our gracious host Red Hat as well as our two sponsors Gemalto and Flexera Software for their contributions to this event.
SIIA’s Deciphering Product Management series will continue in 2017. Stay tuned for dates and locations.
View photo album from event below.
Rhianna Collier is VP for the Software Division at SIIA. Follow the Software team on Twitter at @SIIASoftware.