Tag: new product development

What is a product roadmap (and do you need one)?

Written by 33A5f3aF on . Posted in Business, Marketing.

If you’re developing a product, you’ve probably heard the term ‘product roadmap’ floating around.

But what does it mean, and do you need one?

What is a product roadmap?

Simply put, a product roadmap is a vision of your company’s evolving products. It is a strategic document that outlines plans and allows visibility on which direction the company is heading. The roadmap is usually rolling or agile over a specific time period, which when developing physical products is usually 3 – 5 years. It tells you which products will be delivered, and by when.

Essentially it’s the road your company will be travelling on and what products will be launched along the way. Like an actual road, there may be some bends and twists along the way, and even a few diversions!

Photo credit: Unsplash

Who is responsible for the product roadmap?

The product manager is ultimately responsible for creating and owning the product roadmap, however, there will normally be other stakeholders around the business. The following departments will usually have at least one nominated stakeholder:

  • Executive board
  • Product team
  • Design and Engineering
  • Sales
  • Marketing
  • Customer Service

Depending on your organisation, you may also have some external stakeholders.

product roadmap

It’s vital that the product manager updates stakeholders on a regular basis. They’ll need to arrange meetings to communicate updates and collate feedback, but ultimately it’s the product manager who owns the roadmap and is responsible for keeping things moving. If there are delays that will impact the agreed strategic vision then these need to be communicated to stakeholders. The roadmap will help to manage and align the stakeholders’ expectations.

Why do you need a product roadmap?

As outlined above, the roadmap is the organisation’s strategic vision for the future. It’s an essential document for the business. Without it, you won’t have clarity of which products are being launched.

It communicates the product vision clearly and aligns product goals with overall business goals. The ultimate objective being to launch commercially successful products with a healthy return on investment.

The roadmap translates “technical” jargon into concise language that all stakeholders can understand.

Product roadmap meeting
Photo credit: Unsplash

It allows priorities to be communicated easily, which is particularly useful when difficult decisions need to be made (such as which features can we afford to include in the development, and which need to be scrapped).

The roadmap facilitates different departments to work together, resulting in a smoother development process with the outcome being a better product for your target audience.

Simon Cornelius, MD of Cornelius Creative says:

“A long-term strategic product roadmap gives businesses a great foundation for future product launches and exposes the maximum potential from existing product ranges.

A well thought out roadmap identifies potential gaps in a product portfolio as well as gaps in the marketplace. It allows businesses to control their product lifecycles, ensuring that outdated or poor performing products are superseded by new product developments before it is too late. This ensures a continuous revenue stream, as well as helping to plan new product launches, by giving a firm indication of deadlines to complete the development and hit significant selling milestones, be it a trade show, or seasonal time of the year to maximise the product’s initial uptake.”

What should be included in a product roadmap?

The content of your roadmap depends on your organisation, and your audience. The size and structure of your company will determine the complexity of the roadmap, but there are certain aspects that should be included:

  • The overall vision for the product(s)
  • Requirements (what you need to get where you want to be)
  • Project timeline, complete with timed goals
  • Metrics, how things will be measured

Best practice tips for a killer product roadmap

  • Make sure the company’s vision is clear: it will be the overall guide for the roadmap.
  • Don’t overload the detail: keep it top level with your audience in mind.
  • Make it accessible to all stakeholders: and keep communication regular.
  • Review and update regularly: make changes when necessary – it should be flexible.

Next steps:

Are you looking to create your next product roadmap? Our team of experienced product managers can help.

Contact us today and we’ll take you on the first step to planning commercially successful products.

8 signs your product is dying (and what to do about it)

Written by 33A5f3aF on . Posted in Design, Marketing.

Every product that launches into the market goes through four stages of the product lifecycle: introduction, growth, maturity and decline.

When the product reaches the decline stage, profitability will start to fall until it is no longer commercially viable to continue production, and it will most likely be discontinued.

In some cases, the original product will be replaced, either by a newer version with updated features or design style, or perhaps by a brand-new product. Car manufacturers, for example, update models every few years. The name continues but the older models are phased out, replaced by newer versions with updated technology and more modern designs. Eventually the model may be discontinued to be replaced by a brand new model e.g. Ford Escort – Ford Focus.

While the span of each product’s lifecycle is unique, (some tend to spend more time in the maturity stage), they will all eventually reach the decline stage. There may still be some core loyal customers, keeping the product afloat, but overall demand will continue to fall.

Think back to products that used to be popular; cassette players, typewriters, video recorders, even the Nokia 3310 (remember those? 😊). They will either have a very small production run now or will have ceased production completely. Eventually only second-hand products will be available, perhaps cherished by enthusiasts and collectors.

WHY DO PRODUCTS DECLINE?

 Decline is a natural part of the product lifecycle. Typically, when a new product is launched, it will be expensive to manufacture and therefore expensive to buy. As demand grows and production costs fall, competitors will start to sell rival products and the marketplace will fill up. The product will experience a period of growth followed by maturity.

There are several factors that may cause a product to decline, such as saturation of the market or the introduction of more innovative products, which will lead to a fall in popularity.

product-lifecycle-1024x674

Some companies will try to keep a dying product alive for as long as possible – clearance sales, special deals etc, but this is simply delaying the inevitable as the product will continue to lose market share until it doesn’t make commercial sense to continue production.

HOW TO SPOT IF YOUR PRODUCT IS DYING: 8 SIGNS

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1. Customer interest decreases

The interest in the product will fall – less chat on social media, fewer calls and email enquiries.

2. Competitors are launching ‘me too’ products

Competitor products will be launched that imitate the original. Production may be moved to the Far East where it is cheaper to manufacture.

3. Market share reduces

Competitors with newer products are stealing market share from you.

4. New technology launched, product is outdated / unsupported

The product will be unsupported by new software which will affect performance and customer satisfaction.

5. Product is only bought by loyal or existing customers

Demand from new customers will fall, the product will only be bought by existing customers.

6. Necessity to drop price to garner any sales

The only time sales are made is when the price is reduced, which will eat into any margin made on the product.

7. Decrease in marketing spend

Advertising spend will be channelled towards other products that provide a better return on investment (ROI).

8. Production / supply chain costs increase, while sales do not

As demand falls for certain components, it may be more difficult and expensive to source them. If you notice production costs are going up, yet sales are going down, it’s because the product is declining.  

WHAT TO DO IF YOUR PRODUCT IS DYING

Before a product reaches the decline stage of the lifecycle, the next generation product should already be in development. This is especially important if you operate in an industry where new technology is regularly released. Ideally, you should be working to a rolling three or five-year roadmap, with all future product launches mapped out.

Working on the next product development will ensure that your business and its products are always in demand, and keeping up with competitors to protect (and increase) your market share.

However, if your next generation product is delayed, there are some ways you can exploit the existing, dying product to generate some more sales – think of it like using a defibrillator on your product to restart its heartbeat.

Sony Walkman obsolete product

Photo credit: Unsplash

1. Reach new customers

You can try to revive the existing product by attempting to reach new customers, for example by using different marketing channels or platforms. This may require some advertising spend, but online advertising methods can be excellent value for money, and the payoff in extra sales may make this a worthwhile exercise.

2. Rebrand or redesign

You can redesign the existing product and launch it with new and improved features. Rather than developing a new product, a redesign of the existing model could be a quick cost-effective solution to boost sales for a short while. Rebranding the product may also boost demand temporarily. But ultimately, unless significant updates are made, you are delaying the inevitable.

3. New product development

Ultimately, the only option will be to develop a new product to replace the dying model. This is the most expensive solution, but it will have the most long-term benefits, and is essential if your business is to continue growing market share.

When you start developing a new product, it’s essential to conduct market research amongst your target audience. Look at reviews and feedback of the declining product. What do your customers love and hate about it. Invite some of your loyal customers to offer honest feedback via surveys and focus groups. And invite people who are not your customers, too. It’s just as important to hear what they have to say – how can you turn them into a customer?

Once the research is conducted, you will have an idea of the essential and nice-to-have features for your product. You will also know the price point that customers are willing to pay. You can then start developing a product that meets the needs of the target customer at the price they are willing to pay. During this process you may discover that some of the nice-to-have features are not commercially viable and will have to be dropped for this particular product.

We work with our clients to ensure thorough market analysis is conducted for all new product development – which also includes researching and comparing competitor products.

If you’re ready to start your next product development, get in touch with our team today.

What our clients say.

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    "Simon and the team at Cornelius Creative are fantastic. Their interest, passion and care makes them feel part of your team. They have a wealth of experience which was clear in our project and critical to the successful design. Simon was critical in the brain storming all aspects of design and functionality. Cornelius Creative always make time for you and are extremely approachable and helpful to talk through any aspect of the design. Cornelius Creative have a passion for delivering high quality designs, which is clear in our project. SailAI would highly recommend Cornelius Creative for any creative design projects, and hopefully we will be working together again in the future."

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    I approached Cornelius Creative to help with my business branding, which had got a bit stale. They were able to look at my business as a whole and refresh my brand to make it more appealing to my customers. They made huge improvements to my logo and visuals as well as my messaging to make it more appealing. My brand is more recognisable now and I couldn't be happier with the result. I'd definitely work with Cornelius Creative again.
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