You're a First time CPO! Now What?

Summary

This video offers valuable insights for Chief Product Officers (CPOs), particularly first-timers, focusing on key strategies and common pitfalls. Key takeaways include the importance of hiring a data expert for product strategy, prioritizing executive team collaboration (especially with the CRO), and knowing when your skill set aligns with your company's growth stage. It emphasizes the need for trust-building, self-awareness, and adapting to the right environment—whether in a startup, scale-up, or enterprise setting. The speaker encourages CPOs to embrace the role's complexities, build strong relationships, and continuously adapt to achieve success.

Takeaways

• 😀 Focus on hiring a data person for business data and insights to help make real-time, data-driven decisions, especially in high-growth environments.
• 😀 Building strong relationships with the executive team is crucial, especially with the Chief Revenue Officer (CRO), for aligning product strategy with company goals.
• 😀 Stay humble, listen actively, and ask questions when engaging with the executive team to build trust and foster collaboration.
• 😀 It’s important to see the executive team as your first team and not isolate yourself with only the product team. Align with other leaders for the company’s success.
• 😀 Building trust is a process. It requires consistent execution and personal engagement with executives to demonstrate your value.
• 😀 Don’t assume trust is given just because you hold the title of Chief Product Officer—trust must be earned through actions and results.
• 😀 Chief Product Officers need to understand the company's stage (startup, growth, enterprise) and ensure their skills match the company’s needs.
• 😀 Know when the company context no longer suits your skill set, and be prepared to move on to a better-fitting role to ensure continued success.
• 😀 There are three main types of CPOs: startup CPO (hands-on, product-focused), growth-stage CPO (scaling, financials, M&A), and enterprise CPO (large portfolios, politics, compliance).
• 😀 A CPO’s career is not linear—don’t feel pressured to move from one larger company to another. Understand where you can thrive and bring value.
• 😀 Finding the right fit for a CPO is crucial—just because someone has the title doesn’t mean they’re the right fit for a specific company’s needs.

Q & A

What is the first key hire a Chief Product Officer (CPO) should make?

The first key hire a CPO should make is a business data and insights person. This role is crucial for helping make real-time decisions, especially in high-growth companies where rapid product strategy execution is required.

Why is it important for a CPO to collaborate with the executive team?

It is vital for a CPO to collaborate with the executive team because they need to align on product strategy, company direction, and other business priorities. Ignoring this relationship can result in isolation and the executive team working against the CPO.

What role does the Chief Revenue Officer (CRO) play in a CPO's success?

The CRO is one of the most important relationships for a CPO. Sales and product teams need to work closely together to ensure the roadmap aligns with market needs and customer demands, which requires close collaboration between the CPO and the CRO.

What are some common pitfalls first-time CPOs should avoid?

Common pitfalls include not building strong relationships with the executive team, failing to invest in business data and insights, neglecting trust-building, and taking on roles that don't align with their skill set or company stage.

How can a CPO build trust within the organization?

A CPO builds trust by consistently executing their responsibilities, listening to and collaborating with other executives, and showing they understand the broader business context. Trust is earned over time, not presumed.

What is the difference between a startup VP and a scale-up CPO?

A startup VP is focused on scaling from 0 to 20 million dollars in ARR, with an emphasis on product strategy and team coaching. In contrast, a scale-up CPO manages a more complex portfolio, dealing with financials, board presentations, M&A, and larger teams as the company approaches IPO.

Why is understanding the right fit for your skill set crucial for a CPO?

Understanding your skill set ensures you are placed in a role that aligns with your strengths. A CPO's effectiveness can vary greatly depending on the stage of the company, whether it's a startup, scale-up, or enterprise-level business.

What is the key distinction between a CPO at an enterprise company and one at a growth-stage company?

An enterprise CPO manages large, complex teams and navigates significant bureaucracy, compliance, and political dynamics. A growth-stage CPO, however, is more focused on scaling teams, managing complicated portfolios, and dealing with financial complexities as the company moves toward IPO.

What should a CPO do if they realize the company is no longer the right fit for their skills?

If a CPO feels the company is no longer the right fit for their skills, they should consider moving on. Recognizing when it's time to leave is essential for career growth and finding a role that aligns with their abilities and interests.

Why is it important to hire a CPO with the right experience for the company’s stage?

Hiring the right CPO with experience suited to the company's stage is crucial for executing the correct product strategy. A startup CPO differs from a scale-up or enterprise CPO in terms of responsibilities and challenges. Ensuring the right fit will lead to better outcomes and smoother transitions.