Product Mastery Now for Product Managers, Leaders, and Innovators

Chad McAllister, PhD
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Product Mastery Now for Product Managers, Leaders, and Innovators Podkast

Welcome to Product Mastery Now, where you learn the 7 knowledge areas for product mastery. We teach the product management practices that elevate your influence and create products your customers love as you move toward product mastery. To learn about all seven areas and assess your strengths in product mastery, go to my website -- https://productmasterynow.com -- and click the Podcast button at the top of the page. Hosted by Chad McAllister, product management professor and practitioner.

  1. -2 D.

    507: Navigating the second product problem – with Greg Coticchia

    To survive, your company must sell multiple products Watch on YouTube TLDR In this episode, I’m interviewing Greg Coticchia, an experienced CEO and product management expert. The discussion focuses on the challenges and strategies involved in expanding from a single product to multiple products. Key points include: * Why companies have to expand to multiple products to survive * The importance of portfolio management in product development * Cultural challenges in product expansion * Strategies for building influence as a product manager * Lessons from successful companies like Apple and Netflix * Practical tips for navigating the Second Product Problem The episode provides valuable insights for product managers looking to navigate the complexities of product diversification and enhance their leadership skills. Introduction Your organization’s survival depends on its ability to successfully expand from a single product to multiple products. This episode features an in-depth conversation with Greg Coticchia, CEO of SE Healthcare and product management expert. Greg shares his extensive experience and insights on the challenges and strategies involved in product portfolio management and business growth strategies. The Importance of Portfolio Management As product managers advance in their careers, understanding portfolio management becomes increasingly crucial. Greg explains that while senior product leaders recognize the necessity of portfolio management, product managers often question its relevance to their role. The key takeaway is that understanding how projects are selected is essential for gaining support for new ideas and initiatives. The Challenge of Expanding from One Product to Multiple Products Greg introduces the concept of the Second Product Problem, highlighting the difficulties organizations face when transitioning from a single product to multiple offerings. He emphasizes several key points: * The rarity of creating a commercially successful product * The tendency for companies to equate their identity with their first successful product * The need for multiple products to ensure long-term business sustainability Greg points out that it’s extremely rare for a software product to reach $100 million in revenue. This reality underscores the importance of diversifying a company’s product portfolio to achieve significant growth and longevity. Cultural Challenges in Product Expansion One of the most significant obstacles in product diversification is the cultural shift required within the organization. Greg identifies several challenges: * Company-product identity issue: Organizations often struggle to separate their identity from their initial successful product. * Resource allocation challenges: Deciding how to distribute resources between existing and new products can be contentious. * Risk perception and management: The fear of cannibalizing existing product success can hinder innovation. Greg explains that these cultural challenges often lead to resistance when introducing new products. Employees who have been with the company for a long time may find it difficult to adapt to new directions, especially if they’ve been successful with the original product. Strategies for Successful Product Expansion To overcome these challenges, Greg suggests several strategies: Creating Autonomous Teams Following the example of Apple’s Macintosh development, physically separating new product teams can foster innovation. Greg shares the story of how Steve Jobs moved the Macintosh team to a separate building and raised a pirate flag, symbolizing their independence from the rest of Apple. Addressing Cultural Issues Recognizing the importance of having the right peop...

    45 min

  2. 16. SEP.

    506: Everyday practical innovation – with Jerry Fix and Terry Carroll

    What product managers need to know about the Targeted Innovation Process Watch on YouTube TLDR The Targeted Innovation Process is a practical framework that helps product managers drive innovation in their organizations. This approach focuses on understanding customer needs, generating quality ideas, and turning those ideas into real value. The process has five main steps: * Stating the problem * Understanding problem-solving styles * Creating creative pathways * Generating ideas * Evaluating ideas Introduction Innovation is key to product management. It’s what helps create products that customers love and keeps companies successful in the long run. As a product manager, knowing how to use effective innovation processes is crucial to stay competitive in today’s market. In this episode, Jerry Fix and Terry Carroll explained the Targeted Innovation Process, a practical way for product managers to drive innovation in their companies. They described each step of the process, shared a real-world example, and discussed how to show the value of innovation programs in your company. A Working Definition of Innovation Filling the Idea Funnel Think of innovation in product management as filling a funnel with high-quality ideas. This approach involves coming up with lots of concepts and gradually refining them through different stages of development. The goal is to have a strong innovation process that provides a steady stream of valuable ideas for product managers to work with. Staying Close to Customers A big part of successful innovation is keeping a close connection with customers. This involves: * Understanding their challenges and needs * Observing their work environments * Gaining insights beyond what customers directly tell you By staying close to customers, product managers can make sure their innovation efforts match real market demands. Two Ways to Define Innovation Jerry and Terry shared how they think about innovation: Terry: Creating a better mousetrap: This means making meaningful improvements to existing products or creating new, viable solutions that add real value for customers. Jerry: Turning ideas into value: Innovation isn’t just about coming up with ideas. It’s about turning those ideas into tangible benefits for customers and the company. Understanding the Targeted Innovation Process The Targeted Innovation Process is a practical approach to innovation that focuses on generating high-quality ideas and efficiently turning them into valuable products. This framework has five key steps: Step Description 1. Stating the problem Clearly defining the challenge or opportunity 2. Understanding problem-solving styles Identifying appropriate approaches for your organization 3. Creating creative pathways Developing routes to connect ideas with innovation 4. Generating ideas Using various techniques to produce potential solutions 5. Evaluating ideas Assessing and selecting promising concepts for development This process is designed to be more focused and practical than traditional open-ended innovation approaches. It encourages product managers to consider real-world constraints and their organization’s capabilities throughout the innovation journey. A Closer Look at Each Step of the Targeted Innovation Process Jerry and Terry explained each step of the Targeted Innovation Process in more detail: Step 1: Stating the Problem The first step in the process is to clearly articulate the problem or opportunity you’re addressing. This involves: * Creating an open-ended problem statement

    40 min

  3. 9. SEP.

    505: What you don’t know about product innovation limits your influence – with Chad McAllister, PhD

    Questions product managers ask me about how to improve innovation Watch on YouTube TLDR Product managers are pivotal in driving innovation within organizations. Today I’m answering common questions I get asked about product innovation and management, including: * Supply-side vs. demand-side innovation * The Business Model Canvas * Strategic planning * Portfolio management * Project selection criteria I also discuss the importance of ongoing learning and professional growth for product managers. By mastering these areas, product managers can improve their skills, boost their influence, and contribute more effectively to their organization’s success. Introduction: The Role of Product Managers in Innovation As product managers, we’re at the forefront of innovation in our companies. We spot important ideas, uncover customer needs, turn concepts into products or features, and work to increase market share. But there’s more to innovation than just creating new products. Innovation is the economic engine for organizations and a key source of new value. It’s about creating an innovation culture that drives growth and keeps companies competitive. In this article, we’ll explore key ideas and strategies to help you become a better product innovator and manager. Supply-Side vs. Demand-Side Innovation: Finding the Right Mix One of the basic concepts in product innovation is understanding the difference between supply-side and demand-side innovation. Let’s break down these approaches and look at their pros and cons. Supply-Side Innovation: * Creates new products or technologies based on the company’s expertise * Often results in “new-to-world” products * Usually needs a lot of R&D investment * Can lead to big breakthroughs but carries higher risk Demand-Side Innovation: * Starts with customer needs and market research * Aims to solve existing customer problems * Generally carries lower risk as it addresses known market demands * Can lead to improvements or new products that better serve customers While both approaches have their good points, demand-side innovation often has less risk and can lead to quicker success. However, a balanced approach that includes elements of both can be ideal for many companies. Examples of Supply-Side Innovation: Product Company Outcome Post-it Notes 3M Accidental discovery of weak glue led to a widely used product Humulin Eli Lilly Synthetic insulin development that initially overshot market needs Electric Actuator Caterpillar Solution developed before a problem was identified, later found use in smaller excavators These examples show that while supply-side innovation can lead to revolutionary products, it often takes time to find the right market fit. The Business Model Canvas: A Tool for Product Innovation The Business Model Canvas is a valuable tool for product managers involved in innovation. It gives a complete view of how a product or business creates, delivers, and captures value. Let’s explore the nine key elements of the Business Model Canvas: * Customer Segments: Define the specific groups of customers you aim to serve * Channels: Identify how you’ll reach and communicate with your customers * Customer Relationships: Determine the type of relationship you want to have with each customer segment * Value Proposition: Explain the unique value your product offers to solve customer problems * Key Partners: List the external partners crucial to your success * Key Activities: Outline the most important actions your compan...

    49 min

  4. 2. SEP.

    504: Market Research for Product Innovation – with Chip Chomyn

    Why market research is product managers’ secret ingredient for successful products Watch on YouTube TLDR Market research is a key part of product development and management. In this episode, Chip Chonym explains why market research matters throughout the innovation process, discussing both qualitative and quantitative methods. He covers the “double diamond” approach, how to talk about value, pricing strategies, and how market research helps make smart decisions. Chip emphasizes that product managers should see market research as an ongoing process and provides practical tips for doing effective research. Introduction In the world of product management and innovation, market research is like a compass. It guides product managers through the complex landscape of what customers need, want, and how they behave. Chip digs into the world of market research, exploring why it’s important, how to do it, and how to use it when developing products. Why Market Research Matters in Product Development Market research is one of the seven key areas of knowledge that make up Product Mastery, according to the Product Development and Management Association (PDMA). It’s important because it helps uncover what customers need and want, even if they don’t know it themselves. This information is gold for creating successful new products. Understanding how different areas of knowledge work together is crucial for product managers. Market research doesn’t exist in a bubble; it connects with and informs other parts of product development, like creating strategies, how teams work together, and understanding the bigger business picture. This holistic approach ensures that decisions about products are based on a full understanding of both the market and the broader business context. Market Research: An Ongoing Journey One big misconception about market research is that it’s a one-time thing. In reality, effective market research is an ongoing process that continues throughout a product’s life. From the first idea to checking how well it’s doing after launch, market research plays a vital role at every stage. The Double Diamond Approach in Market Research The “double diamond” approach is a helpful way to understand how market research works in product development: Diamond Phase What It Means Research Activities First Diamond – Discover Exploring widely to understand the problem Watching customers, open-ended interviews First Diamond – Define Narrowing down to specific problems Defining the problem, identifying customer groups Second Diamond – Develop Coming up with lots of potential solutions Testing concepts, evaluating prototypes Second Diamond – Deliver Refining and implementing the chosen solution Testing with users, validating in the market This approach emphasizes the importance of alternating between thinking broadly (exploring) and focusing in (refining) throughout the research process. Qualitative Research: Getting to Know Your Customers Qualitative research methods provide rich, detailed insights into how customers behave, what motivates them, and what problems they face. These methods are especially valuable in the early stages of product development when you’re still trying to understand the problem. Key Qualitative Research Methods * Ethnography: Observing customers in their natural environment to gain real insights into their behaviors and needs. * One-on-One Interviews: In-depth conversations with individual customers to explore their experiences and perspectives. * Small Group Sessions: Discussions with 3-4 participants,

    46 min

  5. 26. AUG.

    503: AI is coming for your culture and product team – how to get ready – with Tiffany Prince

    The future of culture and teams in the age of AI – for product managers Watch on YouTube TLDR: AI is reshaping how we work, especially in product management. In this episode, Tiffany Price explains how AI affects workplace culture, team dynamics, and leadership. Key points include: * Adapting organizational values for the AI era * Building psychological safety in AI-augmented teams * Embracing vulnerability to drive innovation * Managing employee concerns about AI integration * Upskilling teams to work effectively with AI * Balancing human skills with AI capabilities * Enhancing team culture in hybrid work environments Product leaders will find strategies to navigate these changes and prepare their teams for an AI-driven future. Introduction Artificial intelligence (AI) is changing how we work, especially in product management. As AI tools become more common, product leaders face new challenges in managing teams, fostering innovation, and maintaining a positive work environment. In this episode, Tiffany Price explains how AI impacts workplace culture, team dynamics, and leadership strategies, offering insights for product managers in this evolving landscape. The Impact of Generative AI on Workplace Culture Generative AI, like ChatGPT, is a hot topic in many organizations. It has the potential to change how we work, automate tasks, and enhance human capabilities. This creates both excitement and uncertainty among employees and leaders. Uncertainty and Ambiguity in Adoption Integrating generative AI into existing work processes isn’t always straightforward. Organizations are trying to figure out how to use these technologies effectively while keeping employees productive and motivated. This uncertainty can lead to: * Employees worrying about their job security * Challenges in defining new roles and responsibilities * Difficulties in measuring performance when AI is involved Predictions for the Future of Work Recent research has highlighted some interesting predictions for how AI might change work: Prediction Timeframe Potential Impact Smart robots outnumbering frontline workers By 2028 Big changes in manufacturing, retail, and logistics industries 1000% increase in unionization among knowledge workers By 2028 Shift in power dynamics and employee representation in tech and other knowledge-based sectors These predictions show that product leaders need to prepare for significant changes in how teams are structured and how employees are represented. Cultural Challenges in the AI Era Bringing AI into the workplace creates several cultural challenges that product leaders must address: Fear and Uncertainty Among Employees As AI capabilities grow, many employees worry about losing their jobs or facing big changes in their roles. This anxiety can lead to: * Resistance to using AI tools * Lower productivity and engagement * Increased turnover as employees look for jobs they perceive as more secure Need for Transparency in Job Transformation To address these fears, organizations need to be open about how AI will change job roles and responsibilities. This includes: * Clearly explaining the organization’s AI strategy * Regularly updating employees on how AI is being integrated into work processes * Having open discussions about the skills employees need to develop to work alongside AI Alignment with Organizational Values As AI changes how work is done, organizations may need to revisit and update their core values. This might involve: * Redefining what teamwork means when AI is part of the team

    39 min

  6. 19. AUG.

    502: Use LAUNCH Code to ease the overwhelm when launching a B2B product – with James Whitman

    A guide to successful product launches – for product managers Watch on YouTube TLDR The LAUNCH framework, created by James Whitman, offers a complete approach to successful product launches. It has six main parts: Listen to your clients, Assess the opportunity, Unify the team, Navigate the launch, Control the risks, and Hone the process. This framework helps solve common problems in product launches by encouraging teamwork, constant improvement, and strategic planning. By using the LAUNCH framework, companies can improve how they bring products to market, reduce launch failures, and make their product launch processes better over time. The LAUNCH Framework Launching a new product successfully is a big challenge for many companies. More than half of B2B product launches don’t reach their financial goals. This shows that companies need a well-planned approach to product launches. The LAUNCH framework, developed by James Whitman, helps organizations bring new products to market more effectively. In this article, we’ll explore the LAUNCH framework in detail. We’ll provide insights and practical tips for product managers and leaders who want to improve their launch strategies. We’ll cover each part of the framework, discuss common challenges, and offer best practices for putting it into action. Understanding the LAUNCH Framework The LAUNCH framework has six main parts: * L – Listen to your clients * A – Assess the opportunity * U – Unify the team * N – Navigate the launch * C – Control the risks * H – Hone the process Each part deals with specific aspects of the product launch process, providing a complete approach to launch management. Let’s explore each element in detail. 1. Listen to Your Clients Listening to clients effectively is the foundation of successful product launches. Many companies struggle with this step, falling into common traps that can derail their launch efforts. Common mistakes in client listening: * Not talking to enough clients * Only focusing on the happiest clients * Relying on outdated experience * Building features for just one specific client To avoid these mistakes, companies should use best practices for client listening: Best Practice Description Involve product leaders in client interactions Follow Bloomberg’s approach of having product leaders participate directly in client meetings and discussions Create a sales cabinet Form a group of experienced salespeople to help with early product design and provide market insights Set up regular client feedback systems Create organized ways to gather and analyze client feedback throughout the product development process By making client listening a priority, companies can make sure their products meet market needs and solve real customer problems. Example: Bloomberg’s Approach to Client Listening Bloomberg, a financial software and media company, has an effective way of listening to clients. They make product leaders part of their service model. Once a year, clients get to meet with a senior product manager to discuss their priorities. This approach has several benefits: * It gives product managers direct access to client feedback * It helps build stronger relationships with clients * It allows product managers to gather insights from many different clients * It makes it easier for product managers to get time with clients, without having to go through the sales team This method helps Bloomberg create products that truly meet their clients’ needs. 2. Assess the Opportunity

    40 min

  7. 12. AUG.

    PDMA2024: The Inspire Innovation Conference for Product Managers, Leaders, and Innovators – with Spike and Bill

    Why product managers need to attend the longest running innovation conference Watch on YouTube TLDR The Product Development and Management Association (PDMA) Inspire Innovation Conference, on September 14-17, 2024 in St. Louis, MO, offers product managers and innovators a unique chance to grow professionally. Why Professional Development Matters for Product Managers For product managers, ongoing learning is crucial. It helps you create products that customers love and that help businesses grow. The PDMA conference is a perfect place for this kind of learning. Attendees can discover the newest trends in product development, learn about innovation methods, and pick up best practices for managing products throughout their lifecycle. PDMA: A Long History of Excellence in Product Management PDMA has been around since 1976, making it the oldest organization dedicated to product professionals. For nearly 50 years, PDMA has focused on sharing what works best in successful companies. It also helps bridge the gap between academic research and real-world application in product development. How the Conference is Structured * JPIM Research Forum (Saturday and Sunday morning): This is where academics present their latest research * Bridge Session (Sunday afternoon): This connects academic ideas with industry applications * Inspire Innovation Conference (Monday and Tuesday): These are practical sessions for product professionals Real-World Impact: How PDMA Helps Product Professionals Bill and Spike shared why they take the time to attend the PDMA Inspire Innovation Conference Bill works at Boulder Imaging, a company that’s growing quickly. He’s used PDMA’s body of knowledge to improve two important areas: * Strategy: He’s implemented frameworks to align the company’s overall strategy with each department’s plans * Teams and Culture: He’s developed ways to keep teams focused and aligned during periods of significant growth Bill shared an interesting experience from a past PDMA conference. In 2014, he attended a session about whiskeys. They were looking at how packaging compared to the actual value and taste of the product. This session showed Bill how important product presentation is. For example, they talked about Maker’s Mark whiskey. The company thought about lowering the alcohol content from 90 proof to 80 proof to meet increased demand, thinking people usually mix it with water or ice anyway. But this backfired because customers felt they were getting less value. It taught Bill that how customers perceive your product is just as important as what the product actually is. Spike works in market research and is relatively new to product management. He’s found great value in PDMA’s focus on Voice of the Customer methods. The conference has helped him with: * Qualitative and quantitative market research techniques * Understanding consumer behavior beyond just looking at numbers * Implementing effective Voice of the Customer strategies in product development Spike emphasized the value of the conference for newer product managers. You can dive deep into topics and actually talk to the speakers after their presentations. It’s not like watching a webinar where you can’t ask questions. You can sit down with experts and really understand the concepts. Focused Journeys for Attendees One unique aspect of the PDMA conference is its journeys for attendees. These are tailored paths based on what people need and are interested in: * Ideation and Discovery: This journey explores how to come up with new ideas and understand what customers want * Development and Delivery: This focuses on how to launch products an...

    44 min

  8. 5. AUG.

    501: How product managers can build people-first cultures – with Gary Harpst

    How product managers should use the five-step model for creating team culture Watch on YouTube TLDR * Product managers often face the challenge of significant responsibilities without formal authority. * Creating a people-first culture is essential for gaining influence and driving innovation. * A five-step model helps build this culture: caring, trust, unity, accountability, and mentoring. * Recognizing the value in every team member and leveraging constraints can lead to significant innovations. * Clear purpose helps teams navigate complexity and maintain focus. * Mentoring is crucial for developing future leaders and sustaining a strong organizational culture. Introduction: The Product Manager’s Unique Challenge Product managers often find themselves in a unique position: responsible for a company’s future success but lacking the formal authority to implement changes directly. This scenario is akin to steering a ship without having full command over the crew. The key to success in this role lies in the ability to influence and guide others effectively. This is where the concept of a people-first culture becomes invaluable. It’s not just a trendy phrase – it’s a fundamental approach that can significantly enhance a product manager’s effectiveness. In this article, we’ll explore how to build this culture and use it to increase your influence, foster innovation, and create high-performing teams. The Paradox: Technological Progress vs. Social Development Before considering solutions, it’s worth examining a paradox: Why have we made such remarkable progress in technology while seemingly stagnating in our ability to work together effectively? Consider the rapid advancement of technology in recent decades. We’ve progressed from basic mobile phones to sophisticated smartphones that function as portable computers. However, interpersonal challenges in the workplace remain largely unchanged from previous generations. This disparity can be attributed to two key factors: * The physical world (including technology) operates on consistent, predictable principles. This consistency facilitates progress and innovation. * The social world (human interactions) lacks a universal set of governing rules. This variability makes progress in social realms less linear and more complex. As product managers, we must navigate both these realms. Our role requires bringing people together to create innovative products. The challenge lies in fostering effective collaboration without a clear social framework to guide these interactions. The Three Pillars of Leadership: Know, Do, Be Effective product managers are more than just idea generators or task managers. They are leaders who inspire and guide their teams. To excel in this leadership role, focus on these three key areas: * Know: Develop a comprehensive understanding of your product, market, and team dynamics. * Do: Take strategic actions to advance your product and support your team. * Be: Embody the leadership qualities that align with your values and organizational culture. This framework provides a holistic approach to leadership, encompassing knowledge, action, and personal attributes. The Five-Step Model for Cultivating a People-First Culture Let’s explore a five-step model for creating a culture where people are prioritized, leading to successful product development: 1. Care: Fostering Genuine Concern Envision a team where each member genuinely cares about their colleagues’ success. This forms the foundation of a people-first culture. When individuals feel valued, they’re more likely to take calculated risks, share innovative ideas, and exceed expectations. Demonstrating care:

    39 min
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Om

Welcome to Product Mastery Now, where you learn the 7 knowledge areas for product mastery. We teach the product management practices that elevate your influence and create products your customers love as you move toward product mastery. To learn about all seven areas and assess your strengths in product mastery, go to my website -- https://productmasterynow.com -- and click the Podcast button at the top of the page. Hosted by Chad McAllister, product management professor and practitioner.

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