A New Product Management Lifecycle
In a previous blog entitled: “Eight Reasons Why Sticking to Today’s Product Lifecycle Frameworks will Enhance Your Chances of Failure”, I outlined eight weaknesses of the most popular product life cycle frameworks from AIPMM, Pragmatic Marketing, Blackblot, Adaptive Marketing and the 280 Group which lacks an understanding and consideration of the:
- Digital transformation
- Customer journey
- The flexibility of being agile
- Innovation by observing what your customers actually “do” as the beginning of your market research
- Impact of social media not only regarding marketing but also regarding defining your product
- Messaging of your product based on a value proposition taken from what your customers “do” and tuned to targeted personas with positioning derived from that specific “do.”
- Impacts on your long term business as a result of how you end your product’s life and lastly the
- Integration of operations
With that in mind, Spice Catalyst has incorporated the above-mentioned weaknesses and generated a new, realistic framework depicted above and described below. It incorporates these key factors:
- Doing product planning and marketing in a logical order such that work is done only once and the work being done builds upon previous actions–avoiding the need to constantly reinvent the wheel.
- All planning and implementation is done in a quick, Agile fashion
- The “Customer Journey” and today’s “Digital Transformation” is taken into account when planning for and implementing the product life cycle
- Incorporating social media into the planning, including the use of personas–not for just marketing/selling, but also for defining “who” and “why” product is being built
Calls to Action:
- If you would like a copy of this new Product Lifecycle click here
- Schedule an “Agile Product Market Strategy Workshop” which includes an online course as a pre-boot camp homework using the supplied planning template or
- Take the online course
Originally published at spicecatalyst.com on April 3, 2015.