Maximizing Product Impact

A company doesn't succeed on the strength of one product. It succeeds when its whole portfolio lines up with the company's objectives. Product and portfolio management is the discipline that keeps them lined up. It helps leaders decide where to invest, what to cut, and how to position each product in the market. Write a clear product vision, manage the portfolio, and build a sound go-to-market plan, and you give your company room to innovate and grow.

Write a product vision people can follow

A strong product vision guides every product decision. It lines the team up, gives them direction, and gets stakeholders excited. It also has to fit the company’s strategy, so the product and the rest of the organization pull the same way. To write one, you need to understand the market, your customers’ pain points, and what your product offers that no one else does.

I remember working with a team on a new software product meant to simplify a B2B commerce platform. At first the vision was vague, and the team was confused and pulling in different directions. After a few rough sprints, we went back and sharpened the vision. We talked directly with customers, did careful market research, and got clear on what made our product different. We also made sure the new vision fit the company’s broader strategic goals. The clearer vision motivated the team, our customers responded to it, and it set us on a path to success.

How clear is your product vision? Does it fit what your target market needs and wants, and does it fit the company’s strategy?

Manage the whole portfolio

Managing the portfolio means looking at all your products together and making sure each one supports the company’s strategy. Done well, it puts resources where they count and gets the most value from the product mix with the least risk.

When I worked at a large publishing company, the organization was pouring resources into a legacy product that brought in very little revenue. We analyzed the whole portfolio, put the high-value products first, and moved resources to them. That shift drove growth and new ideas, made the company more profitable, and gave its presence in the market new life.

Which products in your portfolio cost more than they’re worth, and where would those resources do more good?

Plan how you’ll go to market

A solid go-to-market strategy is how a new product launches well. It means planning how you’ll enter the market, position the product, price it, and promote it, so it reaches the right people.

I worked with a consumer tech startup on the go-to-market strategy for a new mobile app. Our first approach was too broad. We were trying to win several market segments at once. After a strategic review, we narrowed our focus to the one niche with the most demand and wrote our messaging for it. That focus did much better in the market and in sales.

How focused is your go-to-market strategy, and does it speak to the needs of your main customer segment?

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Where to start

1. Review the product portfolio regularly: Adjust it so it stays aligned with your strategic goals and your resources go where they matter.
2. Be willing to deprioritize or discontinue products: Put your resources behind the products that fit your strategic direction.
3. Write a detailed go-to-market plan: Include market analysis, customer segments, and marketing aimed at each one.

The whole portfolio

Product and portfolio management is more than watching over individual products. It’s lining all of them up behind the company’s strategy. Write a clear vision, manage the portfolio, and plan how you’ll go to market, and your company can grow, innovate, and win in its market.