Skyjed guides you through a step-by-step review and assessment of your product for product success. A Skyjed Driver is a prompt for information or product rating
Driver 1: Technology and disruptive trends
This details the technology and disruptive trends that may impact your product model and success in the medium to long term. In short, a disruptive trend is one that alters significantly the way customers, products, industries or businesses operate. Product managers that fail to account for effects of disruptive technology may find themselves loosing market share. Monitor the top 5- 10 trends impacting your product strategy and rating the timing of impact.
Driver 2: Substitute product / Adjacent product
This details from your customers perspective the other choices they have when considering your product. A substitute product is an alternative product a customer could use for the same purpose, If the price of one product increases then the demand for the substitute is likely to rise. An adjacent market for your product is taking an existing product into another market segment.
Driver 3: Competitive strategies
This details how your competitors are using technology to drive innovation. It helps you understand your competitors long term plans to gain competitive advantage by use of technology. This driver helps you take a longer-term view and be strategic in your product planning.
Driver 5: Roadmap – new features, new products
This details how your product roadmap including new features or new products. The new features can aim to improve growth, customer experience or improve regulatory compliance. This driver helps you to prioritise the top 5-8 initiatives and timing over next 12- 18 months.
Driver 1: Product growth initiatives
This details how your tactical initiative and campaigns to support your product strategy. A tactical plan sets out the steps and actions to achieve your product plan in the current planning cycle. The tactical plans and marketing campaigns are ideally set out in quarterly plans. Also rate the degree of difficulty to execute the plan.
Driver 1: Innovation initiatives
This details your medium term – 2-5-year innovation ideas. Product innovation should aim to solve a customer problem. A product innovation plan built around a customer need is likely to be more successful. Product innovation can come in different forms – development of a new product, improvement to an existing product or change in channel to market or process innovation.
Driver 1: Investment plan
This details your estimates of the budget that will be required to design and launch the innovation initiatives. Compiling early estimates of the investment required can help prioritise where your focus our resources and budget in product portfolios.
Driver 1: Exit plan
This details the products or features in your portfolio that are in sunset phase. Its important to monitor mature products and create a list of products that require an exit evaluation and decommissioning plan. Every product has a beginning and end. We recommend you prepare a plan and the likely timing of the product exit phase. Its vital importance for profitability of your business. For more information on how to identify a sunsetting product see our blog post
Driver 1: Product SWOT
This details the top strengths, weakness, opportunities and threats of your product strategy. This is a simple yet powerful tool to help you develop your product strategy. Use the SWOT analysis to assess the current position of your product before you decide on a new strategy. The first two factors – strengths and weaknesses are often intern to your organisation. Opportunities and threats are external forces to your organisation. Gather people from different parts of your organisation to get different perspectives.
Driver 1: Industry dynamics
This details how your industry is changing. No product or organisation operates in a vacuum and leaders at Eastman Kodak are an example of underestimating the speed of change. Every industry is in a process of change or evolution and product managers need to understand the basic underlying forces driving the industry evolution. List out the factors and rate you estimated timing and impact.