Product Roadmap (Part 2)

Synopsis

Poor productivity and collaboration, barriers to effective decisions, delayed time-to-market and risk to intellectual property are among the most common pain points of product developers. To help you navigate and minimize them, we created this Product Roadmap (Part 2) presentation. Populate the slides and share your vision with your team, so together, you can give the world products that capture customer imagination and attention and sell like hotcakes.

Questions and answers

What are some other ways to share your vision with your team?

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Apart from presentations, you can share your vision with your team through various methods such as team meetings, one-on-one discussions, written documents like vision statements, emails, newsletters, or even through creative methods like vision boards or videos. Regularly communicating your vision and goals can also be done through performance reviews or team-building activities. It's important to ensure that the vision is clearly understood and embraced by all team members.

How can a product roadmap help in minimizing the risk to intellectual property?

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A product roadmap can help minimize the risk to intellectual property by providing a clear plan and vision for the product development process. This can help ensure that all team members are on the same page and understand the direction of the project, reducing the chances of miscommunication or misunderstandings that could potentially lead to intellectual property risks. Additionally, a well-defined roadmap can help in identifying potential intellectual property issues early in the process, allowing for proactive measures to be taken to protect the intellectual property.

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Slide highlights

Developing and polishing a product vision isn't something you should do in solitude. So use this slide to share and discuss the vision for your product, then collaborate with your stakeholders, Scrum Team and customers to modify it.

For your product to be successful, you need to set clear and realistic KPIs and Performance Metrics. User or customer goals should certainly be top of your list and need to be measured thoroughly and regularly.

In a nutshell, product scope is the sum of all the features and characteristics of a product. Define your product scope by laying the foundations, listing and prioritizing product features and calculating the minimum viable product.

Application

According to the Wall Street Journal, there are three things that the businesses with the best product-development track records do: they create a clear sense of project goals early in the process, nurture a strong project culture and maintain close contact with customers throughout the process. Based on the data obtained by the WSJ within the study, here is what you should do to develop and launch successful new products:

Questions and answers

What are some common mistakes made during the product development process and how can they be avoided?

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Common mistakes during the product development process include lack of focus, not understanding project requirements, not staffing the project with the right people, and not staying in touch with the target audience. These can be avoided by ensuring a clear understanding of project requirements, researching employees' skill sets before project launch, and maintaining constant communication with the target audience. Periodic testing and validation of customer preferences during the development process can also help identify and fix design concerns early, minimizing delays.

How can the process of talking to the customer be made more effective?

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The process of talking to the customer can be made more effective by constantly staying in touch with them throughout the development process. More than 80% of successful innovators periodically test and validate customer preferences during the development process. They also research what exactly customers want, which allows them to better identify and fix design concerns early in the process, minimizing delays.

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1. Keep it focused – the WSJ study showed that the teams with a clear understanding of project requirements were able to make better trade-offs between product performance and cost, time to market and project risk. Top product-developers also concentrated more intensely on staffing projects with the right people: 47% of the top performers said they researched employees' skill sets before the project launch to ensure the project team was stellar.
2. Talk to the customer – the successful innovators the WSJ studied were constantly in touch with their target audiences throughout the development process. More than 80% of the top performers said they periodically tested and validated customer preferences during the development process. They also researched what exactly customers wanted, which allowed them to better identify and fix design concerns early in the process, minimizing delays.

Case study

Spanx

The Challenge

Before implementing PLM, SPANX managed the company's product design and factory collaboration with manual processes. Robert Hunnicutt, Technology Project Manager at SPANX, said: "We ran the business on spreadsheets, as is typical with young companies. But with our rapid growth, it became harder to manage information and the flow of data." He continued: "Our product line was growing tremendously, we added more staff, and the number of factories tripled within 12 months. We couldn't keep running our business on spreadsheets."

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The Solution

SPANX decided to find a PLM system that would help the company efficiently manage not only product design but also purchase orders, production and shipping.

The Result

SPANX saw significant improvements with PLM implementation, such as:

• Streamlined product development. PLM software allowed SPANX to organize product sketches, specifications and all digital assets more efficiently.
• Improved efficiency, which has allowed SPANX to have more products available and to add more flexibility to the design schedules.
• Enhanced communication and collaboration with factories. "Our manufacturers can simply log in to the system and have access to every piece of information they need, such as design specifications, measurements and production notes," Hunnicutt said.