Melio’s Post

Seeing your product's growth plateau can be very discouraging. It's a common signal that it's time to inject new life and strategy into your product. Stagnation often leads to evolution, pointing to the need for strategic enhancements. You can build-up growth by: 1️⃣ Diving deep into user feedback for unmet needs.  Uncover those hidden insights that could transform your product! 2️⃣ Exploring new market segments or niches.  There might be untapped opportunities just waiting for your innovation! 3️⃣ Innovating features or services that add unique value.  Stand out from the crowd with bold, game-changing ideas! 🤯 Remember, a plateau is not a stop sign; it's a branch towards new avenues of growth. 💡 #ProductStrategy #BusinessGrowth #Innovation #ProductManagement

Stay Ahead of the Game: The Power of Competitive Research in Product Development As a product manager, you know how crucial it is to understand your competition. But did you know that competitive research is vital not just before but also during and after product development? Before: Researching your competitors helps you identify market gaps and opportunities. It's like scouting out the playing field before the game begins. You can: 💎 Identify market trends and patterns 💎 Pinpoint customer pain points 💎 Develop a unique value proposition During: Keep an eye on your competitors as you develop your product. This helps you: 📌 Stay ahead of industry developments 📌 Refine your product's features and design 📌 Ensure your product meets customer needs After: Post-launch, competitive research helps you: 🎯 Track industry trends and adjust your strategy 🎯 Identify areas for improvement 🎯 Stay ahead of the competition Don't get left behind. Make competitive research a crucial part of your product development process. #productmanagement #competitiveresearch #productdevelopment #marketanalysis

You have likely heard of the BCG Growth Matrix... cows, dogs, stars, and question marks. As a Product Manager, you're thinking, "yeah, that's for my CEO/CPO to use to analyze all of our products and decide which ones to invest in. I can't use this framework - I'm lucky if I even get investment into my product." You're right... BUT... you do get to choose what to do with the investment you receive. I created this modified version of the BCG Growth Matrix to help individual PMs decide which features and capabilities are worth investing in. First, within your product, compare the relative usage of features against one another. Next, look at the recent historical trends surrounding usage to understand which features and capabilities are experiencing usage growth. Lastly, plot them on this matrix to determine your product's features and capabilities fall into the corresponding categories: 🐄 Cash Cows: These are the backbone of your product. Invest in maintaining their quality and explore ways to leverage them even more. 🐕 Dogs: These capabilities are draining your resources without contributing much in return. It's time to ask the hard question: Should we sunset these features? ⭐ Stars: These features are popular and have the potential to become cash cows. Focus on innovation and invest in scaling these features. They're your product's future! ❓ Question Marks: There could be hidden gems or resource sinks in this category. Analyze them carefully. Invest selectively, test rigorously, and be ready to pivot based on data and customer feedback. (These could turn into dogs if you don't invest in them or turn into stars if you do. So be very diligent with these.)

WHY DO PRODUCTS FAIL? Ever wondered why some products succeed while others fall short? Here are eight key factors behind product failures: Lack of Market Research Poor Product-Market Fit Inadequate Planning Insufficient Testing Ignoring Customer Feedback Overlooking Competition Weak Marketing Strategy Lack of Adaptability Understanding these pitfalls is crucial for successful product development. Let's learn from these insights and strive for innovation and market relevance in our product endeavours! 💼✨ #ProductDevelopment #Innovation #BusinessStrategy #MarketResearch #ProductManagement

𝟑 𝐒𝐡𝐨𝐜𝐤𝐢𝐧𝐠 𝐓𝐫𝐮𝐭𝐡𝐬 𝐀𝐛𝐨𝐮𝐭 𝐏𝐫𝐨𝐝𝐮𝐜𝐭 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭 𝐈 𝐖𝐢𝐬𝐡 𝐈 𝐊𝐧𝐞𝐰 𝐄𝐚𝐫𝐥𝐢𝐞𝐫 Before diving into product development, here are some critical insights I wish I had known: 1. 𝐌𝐚𝐫𝐤𝐞𝐭 𝐄𝐦𝐛𝐫𝐚𝐜𝐞 𝐢𝐬 𝐊𝐞𝐲: The ultimate goal is to create products that the market embraces and that are used repeatedly. 2.  𝐅𝐚𝐢𝐥𝐮𝐫𝐞 𝐢𝐬 𝐀𝐥𝐦𝐨𝐬𝐭 𝐆𝐮𝐚𝐫𝐚𝐧𝐭𝐞𝐞𝐝: Most products fail despite the team's experience. The common culprits are FLOP: Failure to Launch, Failure due to Operations, and Failure due to Premise.   - 𝐅𝐚𝐢𝐥𝐮𝐫𝐞 𝐭𝐨 𝐋𝐚𝐮𝐧𝐜𝐡: Choosing the wrong channels or failing to reach the target audience.   - 𝐅𝐚𝐢𝐥𝐮𝐫𝐞 𝐝𝐮𝐞 𝐭𝐨 𝐎𝐩𝐞𝐫𝐚𝐭𝐢𝐨𝐧𝐬: Products not performing as promised or malfunctioning.   - 𝐅𝐚𝐢𝐥𝐮𝐫𝐞 𝐝𝐮𝐞 𝐭𝐨 𝐏𝐫𝐞𝐦𝐢𝐬𝐞: Lack of genuine interest or demand for the product. This is often the primary reason for failure. 3. 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐢𝐬 𝐂𝐫𝐮𝐜𝐢𝐚𝐥: To minimize failure, thorough market research is essential. Understand what your audience truly wants.   - 𝐑𝐞𝐚𝐥 𝐃𝐚𝐭𝐚 𝐯𝐬. 𝐎𝐩𝐢𝐧𝐢𝐨𝐧𝐬: Data should be backed by tangible commitments like 𝐭𝐢𝐦𝐞, 𝐦𝐨𝐧𝐞𝐲, or 𝐫𝐞𝐩𝐮𝐭𝐚𝐭𝐢𝐨𝐧. Social media likes and comments don't equate to real data. 4. 𝐔𝐧𝐝𝐞𝐫𝐬𝐭𝐚𝐧𝐝 𝐘𝐨𝐮𝐫 𝐀𝐮𝐝𝐢𝐞𝐧𝐜𝐞: Whether it’s a sales one-pager or a full product, knowing what your audience wants before development is key to success. #ProductDevelopment #MarketResearch #ProductManagement #Innovation #TheRightIt

Ever find yourself drowning in a sea of 100+ product initiatives, unsure which to pick for your next quarter? 🌊🤔 The BIGGEST mistake we make in this maze: thinking prioritization is about what to INCLUDE rather than what to EXCLUDE. It's not about the fanciest formula for picking winners. It’s about smartly narrowing down your list first. Let's break it down: Got 100 initiatives? Imagine trying to weigh each one. That's a data nightmare and a time black hole. ⏳🕳️ Flip the script. Start by axing what doesn't fit with your: - Vision - Strategy - Constraints (ressources, legal...) - Data Doesn’t fit? Cut ✂️ Say you slash 80% right away. Boom - you’re left with 20 gems worth your focus and deeper dive. 💎 Now, prioritizing becomes a breeze, not a battle. Instead of always adding features, eliminate the excess. Exclude, then include. Your sanity (and your product) will thank you.

𝘉𝘙𝘐𝘕𝘎𝘐𝘕𝘎 𝘐𝘋𝘌𝘈𝘚 𝘛𝘖 𝘓𝘐𝘍𝘌🌐 How a simple idea become a market sensation? ✨ Join me on a journey that demystifies the process from concept to market domination. 1. 𝐈𝐝𝐞𝐚 𝐌𝐚𝐠𝐢𝐜: See how ideas evolve from a spark into a real, tangible vision. 2. 𝐒𝐦𝐨𝐨𝐭𝐡 𝐒𝐚𝐢𝐥𝐢𝐧𝐠: Discover smart strategies for navigating the journey from idea to product launch seamlessly. 3. 𝐔𝐬𝐞𝐫𝐬 𝐅𝐢𝐫𝐬𝐭: Learn how keeping users at the core ensures your product not only meets but blows away their expectations. 4. 𝐒𝐭𝐚𝐧𝐝 𝐎𝐮𝐭: Get insights into the tricks that make your product shine in a crowded marketplace. Embark on a success story – let's turn concepts into market triumphs together! 🚀💡 #ProductSuccess #InnovationMagic #MarketLeadership

“It’s rooted in the realization that simple statistics exist around a team’s ability to distinguish good from bad ideas. When you look at the research, they quote a win rate of somewhere between 10 and 40 percent. Typically, that’s tied to how long the team has been together and how much they understand the particular problem space. So roughly one out of five ideas is going to be successful. How do you know which are the good ideas and which are the bad ideas?” I had the pleasure of talking with Jonas O. Klink, Vice President of Product Management & Design at Thrive Market. In our conversation, Jonas talks about his team’s initiatives to “better the learning velocity” — taking an initial idea through hypothesis-driven development to build customer-centric, scalable solutions. He shares how the mission behind Thrive Market — to make healthy and sustainable living easy and affordable to everybody — informs their strategy and acts as a North Star for everything they do. Jonas also discusses how Thrive Market wants to become an industry thought leader and is rethinking the search and browse experience for online grocery. Link in comments 👇 #leader #product

🚨 Leaving your product strategy to gut-feel? That's a risky game. 🚨 In today's fast-paced market, strategy can't be built on intuition alone. It needs to be insights-driven. 📊 The first and most important step in shaping a successful product strategy? Gathering the right inputs. Here's how I like to break it down into three crucial buckets: 1️⃣ Business: How does this product align with your company’s goals? Is it solving key pain points? 2️⃣ Market: What trends are shaping your industry? What are your competitors doing? 3️⃣ Product: What do your users want? What features are making an impact, and what needs improvement? 💡 How do you gather your inputs when creating a product strategy? Drop your thoughts below! 👇 #ProductManagement #ProductStrategy #BusinessGrowth #InsightsDriven #DataMatters

🚀 Curious about how we at The West Gate Partners shape success? 🚀 At The West Gate Partners, we're more than just a Product Strategy Firm; we're architects of innovation and growth. We believe in a methodology that combines insight, foresight, and strategic execution to transform your ideas into impactful realities. Here's a sneak peek at how we do it: 🎯 Strategic Foresight We don't just react; we anticipate. Our approach involves understanding market trends and preparing your business for the future, ensuring you're always steps ahead. 💡 Innovation Navigation From ideation to market launch, we guide your journey, simplifying complexities and transforming challenges into opportunities for growth. 🔍 Research-Driven Insights Armed with in-depth market and consumer analysis, we tailor strategies that resonate with your audience and align with your business goals. 👥 Design Thinking We put your users at the heart of our strategy, focusing on creating intuitive and engaging experiences that drive loyalty and success. 🤝 Bespoke Advisory Our advice is as unique as your business. We provide clear, honest, and tailored guidance to navigate your path to success. Want to dive deeper into our methodologies and discover how we can tailor them to your needs? Let's connect! 📲 #WestGatePartners #ProductStrategy #Innovation #BusinessGrowth