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Product Life Cycle
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Description
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Common Problems
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Best Practices
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| Concept Phase |
Product is still just an idea |
- No answer to "Is this a viable business?"
- No market problem. Build it and they will come mentality
- No market research, segmentation or sizing
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- Identify a market problem. Days of "Build it and the customers
will come" are long gone
- Conduct market reserach to determine market size, market segments,
potential beta customers, prelimnary competitive landscape
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| Product Strategy |
Ok, it's a potential money generating business. Now what? |
- Sometimes this phase is completely missed
- Engineering team does not understand the business case for the product
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- Perform an objective analysis of market size, risk, financial model
and get management and sales buy-in.
- Make Buy vs Build vs Partner decision.
- Customer Validation: Engage usability team and create a prototype
/ wire-frame. Solicit customer feedback.
- Generate MRD detailing the market problem, market size and the product
vision and mission.
- Create a resource plan and product roadmap
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| Product Development |
Building the product |
- Long development. Market window of opportunity lost
- B2B: Over-engineering. ALL bells and whistles prior to shipping
- Engineering / Design team don't know what to build
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- Implement Agile product development methodology
- Define measurable milestones
- Implement a Beta Program
- Generate adequate requirement specifications - Less is more
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| Go-To-Market |
The product is built. How do you go to market with it? |
- No product sales
- Sales team does not understand customer problem and how the product
solves it
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- Consistency throughout all collateral
- Implement PR, Social Media Marketing and other lead generation campaigns
to build momentum
- B2C: Acquire required certifications
- Sales & Support Readiness campaign -
- Market Definition - customer segments, strategic customers, tactical
customers, customer persona
- Sales & Support Tools - datasheets, roadmap, website, training,
presentations, pricing sheet, competitive analysis & positioning,
demos, reference accounts, case studies, feature / benefits, FAQs,
Release Notes
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| Maintenance Phase |
The product is a cash cow. How do you maintain it? |
- Irate customers
- Competition stealing customers away
- Costly and delayed fixes to customer problems
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- Pro-actively keep in constant contact with customers -
B2B: Regular management review meetings
B2C: Regular meetings with channels
- B2B: Customization should be only at configuration or API levels.
Avoid multiple customized code-lines for different customers
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| End of Life |
Take the product out of the market |
- Customers caught by surprise
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- Plan for product EOL atleast a year in advance
- Create a product transition roadmap for customers
- Inform customers and work with them to transition them to the new
product (internal or external) well ahead of EOL
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