Dan Olsen "How to Create Your Product Strategy" at the 2018 NYC Product Leader Summit

Summary

Dan Olson, a seasoned product leader and consultant, shares the 'with great responsibility comes no power' product management motto, emphasizing the challenges product managers face. He discusses the importance of long-term strategic planning over short-term objectives and introduces the Product Market Fit Pyramid framework to guide product strategy. Olson also highlights the significance of focusing on customer needs, using the Kano model to analyze competition, and identifying unique differentiators for a product's success.

Takeaways

• 😀 Dan Olson, a former product leader and consultant, shares his expertise on product strategy and management.
• 😎 The product management motto is a twist on Spider-Man's: 'With great responsibility comes no power', highlighting the challenges faced by product managers.
• 🤔 Many companies lack a clear product strategy, leading to dissatisfaction among product leaders.
• 📚 Olson authored 'The Lean Product Playbook' to address the difficulties companies face in formulating effective product strategies.
• 🔍 The focus on short-term objectives often overshadows long-term strategy, creating a 'black hole' effect on planning.
• 💡 A lack of a good framework is a primary reason companies struggle with product strategy, as there's no standardized approach taught in business schools.
• 🗣 Strategy is defined as a plan to achieve a vision, informed by competitive analysis and focused on the long term over the short term.
• 🏆 The 'big rocks' metaphor is used to illustrate the importance of prioritizing strategic, large-scale initiatives over smaller, day-to-day tasks.
• 🚫 Strategy also means saying 'no'; it's about focusing on a few key areas where a product can truly excel rather than trying to be all things to all people.
• 💡 The Product Market Fit Pyramid is introduced as a framework to guide product strategy, emphasizing the importance of understanding customer needs and the market.
• 🔄 The Kano model is recommended for analyzing customer needs and satisfaction, categorizing them into must-haves, performance benefits, and delighters.

Q & A

Who is Dan Olson and what is his background in product management?

Dan Olson is a product leader with a background in being a product manager at startups and a founder of a startup. For the past nine years, he has been consulting with companies on product management to help them improve their products and deliver effective product strategies.

What is the product management motto that Dan Olson shared, and how does it differ from Spider-Man's motto?

The product management motto that Dan Olson shared is 'with great responsibility comes no power,' which is a twist on Spider-Man's motto, 'with great power comes great responsibility.' The difference highlights the irony that product managers have a lot of responsibility but often lack the direct power to make things happen.

Why did Dan Olson write 'The Lean Product Playbook'?

Dan Olson wrote 'The Lean Product Playbook' because many companies and product managers do not feel good about their product strategy, and he wanted to provide guidance on how to improve and create effective product strategies.

What are the two main reasons Dan Olson identifies for companies struggling with product strategy?

The two main reasons are a focus on short-term objectives that can dominate everything if let unchecked, and a lack of a good framework for developing product strategy, as there isn't a standard class or method universally taught in business schools.

What is the 'big rocks' metaphor that Dan Olson uses to explain the importance of focusing on strategic priorities?

The 'big rocks' metaphor comes from 'The 7 Habits of Highly Effective People' and illustrates the importance of addressing the most important strategic tasks (big rocks) first. If you fill your 'jar' with the small, less important tasks (sand and pebbles) first, there won't be room for the big rocks.

What does Dan Olson suggest is the best definition of strategy?

Dan Olson's favorite definition of strategy is that it means saying no. It's about focusing on the most important aspects and rejecting the good ideas that do not align with the strategic vision.

What is the 'Product Market Fit Pyramid' framework that Dan Olson discusses in his talk?

The 'Product Market Fit Pyramid' is a framework that Dan Olson introduces to guide companies on how to achieve product-market fit. It involves understanding the target customer, identifying underserved needs, and building the product with a clear value proposition, functionality, and user experience that resonates with the market.

How does Dan Olson define 'problem space' and 'solution space' in the context of product strategy?

In product strategy, 'problem space' refers to the customer problems, needs, or benefits that the product should address. 'Solution space' refers to the specific designs or implementations meant to address those needs. Dan Olson emphasizes the importance of focusing on the problem space rather than jumping to solutions.

What is the Kano model, and how does Dan Olson recommend using it to inform product strategy?

The Kano model is a theory of product development and customer satisfaction that categorizes needs into three types: performance benefits (more is better), must-haves (basic requirements), and delighters (unexpected features that create high satisfaction). Dan Olson recommends using the Kano model to analyze customer needs and determine a product's unique differentiators.

Can you provide an example of how Dan Olson uses the product strategy grid to analyze Uber's initial product strategy?

Dan Olson uses the product strategy grid to analyze Uber's initial strategy by identifying the must-haves, performance benefits, and delighters that Uber aimed to provide. He points out that Uber's strategy was to offer a service that was faster, cheaper, nicer, and safer than traditional taxi and car services, focusing on unique differentiators such as instant booking and real-time transparency of the car's location.