Data and Intelligent Intuition

Balancing data and intelligent intuition is the focal point for innovation. Intelligent intuition starts the creative process and data validates a hypothesis. True innovation doesn't seek minor changes, true innovation climbs the next mountain so you can see the higher peaks. In most cases that means probing into new reality, or evaluating new ways to look into existing reality. That requires thoughtful intuition.

What is intelligent intuition? It is the ability to make decisions when no data exists, when you cannot validate with outside reference. Intelligent intuition is what leads to LinkedIn and Netflix. Data validates what works when you build a DVD by mail or a streaming service - what movies are being watched? How many times do people watch? On what devices do they watch? All of this data helps in moving forward. The spak to go make Netflix Originals like House of Cards is intelligent intuition!

Using data to understand the customer, the business process, the error scenario, the number of support calls are tools of the trade. Understanding the signal from the noise is the most important step in validating the information. Data by itself remains a pointless gathering of numbers unless used effectively. Data gathering, sifting, analyzing is a long term effort. Understanding what metrics to collect and why those metrics are important for your business sets the stage for the larger conversation around markets, competitors, roadmaps, revenues and margins. Collect and understand the data set to know what you need to do at a tactical level.

Gather a cohort of people around you who thrive on intelligent intuitive creative thinking. Those are the people who will be making the big bets which will seem absurd at that moment.  Think of the iPad - the thinking around it wasn't based on data but an intelligent intuition that said the world is ready for a device that was panned in the past. Intelligent intuition gives you courage, data helps you validate your thinking.

Go be intuitive, validate your ideas, climb the next mountain!

Product Management - What is it?

What is product management? Is it marketing, sales, business development? Over the years I have learned it is all of the above.

Product management is general management, a role which thinks about the business today and plans for the business 3-5 years out. The ability to balance the near and far with equal focus is key.

Products are not created or sold in isolation. Products result from intricate collaboration and product managers are alliance builders. They build effective alliances through internal and external ecosystem. They look at alliances as inputs to planning for tomorrow.

Product managers use data and intelligent intuition. Data validates ideas and intelligent intuition makes decisions. Data can show patterns but intuition born of experience helps transform data into information and action. Knowing when to trust one's instinct and  validating instinct with great data is a powerful combination.

Product managers are change agents. The best of them seek new product adventures and thrive on change and uncertainty. Change is the one constant in business, both in the external markets but also within the organization. Product managers flex as external markets and internal priorities change.

Product managers at the end are story tellers. They can tell powerful stories that move the entire organization and the entire ecosystem and they change behavior. The best product managers are always thinking of the story, of the start, the details and the uplifting end.

Product Management - Change Agents

Following up in reverse order from my first post: Change agents and changing

 What does this mean? Internal and external priorities result from current status.  As the status changes, the priorities evolve. An exceptional product manager anticipates upcoming changes and adjusts goals based on future landscape. This is not an exact science. There is a margin of error but not changing is atrophying.

As a catalyst for change have an obsolescence plan. Learn how to end of life one product so another can take its place - cannibalize to evolve and thrive in this evolution.

Thriving  means the ability to have an intellectual rather than an emotional response to change. Product management leaders are all about leading change and managing change through the ecosystem. Understand and lead change in products and product organizations since product management embodies the best of change management.

Product Management - Storytelling

As in my post from last week a product manager is a storyteller. The stories are a sure way to build more than what is in a power point deck.

Like any story all product stories need a hero, a villain and some rescuing, but most importantly the story needs to be easy to share.  A good product manager is looking for ways to make the story interesting in a few words, inspiring to many and repeatable.  If the idea is difficult to explain and share internally, it becomes exponentially harder to do this for sales, marketing and ultimately for your customers.

A great story goes like this:

1. You like watching movies anywhere you are, on any device you have
2. You want this to be affordable, easy, and with no fines please(!)
3. Netflix is your option (I know this is a plug but what a great story)

Refine and retell your story until you can repeat it and others know it and share. Its called word of mouth and it is the first and sometimes most important step in making your product relevant.