Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

1

Share

Download to read offline

"Product-Market-Risks: the PM challenge and opportunity to shine" - Noam Bernstein @Product of Things, November 2016

Download to read offline

Combining hardware and software poses all kinds of development risks. However, while development risks can be mitigated in-house, Market Risks are just as critical for commercial success – yet are further from home, harder to identify, and prone to interpretations. Product Managers, who are expected to balance hard demands from stakeholder with soft user & market needs, need tools to effectively plan and execute market validations. Many new IoT product-systems do not have existing benchmarks or predicates, leaving the field open to opinions.

In his talk Noam Bernstein, Director of Strategic Business Development at Nekuda taught us how Market Validations can be planned and run in parallel and throughout the development process and how to use a range of low-fi and advanced tools, to maximize the Research activity of the IoT value chain.

Related Books

Free with a 30 day trial from Scribd

See all

Related Audiobooks

Free with a 30 day trial from Scribd

See all

"Product-Market-Risks: the PM challenge and opportunity to shine" - Noam Bernstein @Product of Things, November 2016

  1. 1. Industrial Design Bezalel 2002 8 years active designer & design manager >25 products launched in global markets > millions units sold of products I designed failed miserably with a few, too MBA Strategy major IDC 2010 6 years guiding MBA real strategic consulting projects Nekuda Design Management physical & digital IOT Innovation Global Consumer Electronics Samsung, Haier, PepsiCo NOAM BERNSTEIN
  2. 2. Working on your... MVP Gen2 Product Acceptance OR ? worried about...
  3. 3. I don’t need it I don’t understand it I won’t pay for it I won’t recommend it The face of Market Risk
  4. 4. Impossible to mitigate in house Irrational by human nature Hard to quantify Unpredictable path to solution Susceptible to opinions and intuitions Challenges of Market Risk
  5. 5. Market risk is comprised of 2 types: Category risk impacts all players Private risk Product-Market my fit
  6. 6. Your business inherits inherent risks of your category • User expectations • Product economics & lifecycle • Retail & channel partners power • Regulation • Supply chain & Production • Technology dependencies & hurdles • Investment & ROI cycles
  7. 7. https://9to5mac.com/2016/04/11/apple-watch-sales- 2015-2016/ http://appleinsider.com/articles/16/06/16/jp-morgan- downgrades-apple-stock-expectations-on-negative- macro-trends-apple-watch-forecast Nobody is immune to market risk
  8. 8. Nobody is immune to market risk
  9. 9. by RESEARCH YOU CAN Mitigate your Private risk The Good News
  10. 10. Diabetes algorithm go to market
  11. 11. Empathy PlanningLogic
  12. 12. Empathy – listening to needs and pains http://www.bresslergroup.com/wp-content/uploads/2015/11/header_empathy_1.png
  13. 13. “...people don’t know what they want until you show them” Steve Jobs (so don’t ask them what they want!)
  14. 14. Don’t ask me About my pains What frustrates me? Where do I get stuck? Ask me About my life How my day/work feels? What is meaningful for me? for Features (even if I think I know!)
  15. 15. Meaning Functionality Challenge: Leap across the chasm Credit: Kozatch Pyramid Features: Functionality Benefits: What I get from it Meanings: How my life might change Pleasure Convenience Usability Reliability Aim to create value beyond function
  16. 16. Who to ask? Identify your segments The Chasm
  17. 17. Different profiles help you roadmap MVP GEN2
  18. 18. How many interviews? 2-3 to get the interview protocol right 6-20 depending on segments resources & risk
  19. 19. Interview plan: avoiding your own bias #1: Who are they? (Demographics) #2: Their jobs, needs, pains? (psychographics) #3: Concept boards / co-creation
  20. 20. Empathy PlanningLogic
  21. 21. Logic – achieving confidence
  22. 22. Planning Research that will drive confident choice and Action Executing: Questions  Answers  Choices  Action Planning: Questions  Answers  Choices  Action
  23. 23. Connecting subjective insights to statistical trends builds confidence Quant 70-200 depending on segments Validate profiles Link profiles to segments Macro Reports Find fitting segments Size your market Qual 6-20 interviews Discover needs & pains Build Profiles
  24. 24. Ensure your data links to Macro reports Qual: Your specific Need-related (psychographic) profiles. Macro reports: Typically generic demographic data (age, income, segment size) Quant: Specific profile questions AND demographic validation
  25. 25. Example My profiles: • Willingness to wear medical watch • Wrist size (Gender) Macro reports: Age Gender Medical condition Insurance Quant: Will you wear watch? Wrist size? AND Gender + Age + Medical condition
  26. 26. Structure of a short quant questionnaire #1 Demographics (easy to answer) #2 psychographics (my profiles) -----Show Concept boards---- #3 Collect immediate (gut) reactions #4 More thoughtful reactions
  27. 27. Empathy PlanningLogic
  28. 28. Planning – making it happen
  29. 29. Validate early to reduce the costs of “no-go” or “change” decisions (INSEAD) Late Decisions have Substantial negative financial impact Early decisions have minimal negative financial impact $$$$ 50% 100% 75% 25% 0% 1 2 3 4 5 6 7 8 9 10 11 12 Cost months
  30. 30. Start by feeding & validating the MRD Concept Boards Validate Concept for PRD P.O.C Alpha Validate Key functions & benefits Demo Validate benefits for SW/HW Spec Beta Test Validate design MVP Launch Validate Market User Research Validate needs for MRD SRR SDR PDR CDR FDR Existing R&D deliverables Arrive very late new deliverables simulate early
  31. 31. Accurately defined Low-Fi simulations can be good enough
  32. 32. Empathy PlanningLogic
  33. 33. Poker apps & women players
  34. 34. NOAM BERNSTEIN http://www.nekudadm.com/www.linkedin.com/in/noam-bernstein-651ab01
  35. 35. Thank you!
  • dannyjung

    Jul. 6, 2021

Combining hardware and software poses all kinds of development risks. However, while development risks can be mitigated in-house, Market Risks are just as critical for commercial success – yet are further from home, harder to identify, and prone to interpretations. Product Managers, who are expected to balance hard demands from stakeholder with soft user & market needs, need tools to effectively plan and execute market validations. Many new IoT product-systems do not have existing benchmarks or predicates, leaving the field open to opinions. In his talk Noam Bernstein, Director of Strategic Business Development at Nekuda taught us how Market Validations can be planned and run in parallel and throughout the development process and how to use a range of low-fi and advanced tools, to maximize the Research activity of the IoT value chain.

Views

Total views

116

On Slideshare

0

From embeds

0

Number of embeds

0

Actions

Downloads

6

Shares

0

Comments

0

Likes

1

×