"A product manager must constantly seek out and assess product opportunities. 

To help achieve this, s/he should answer a list of questions used to help define and communicate such opportunities, called a Product Opportunity Assessment (POA):

1. What problem will this solve?

2. Who are we solving a problem for and how big is that market?

3. What alternatives do competitors provide and why are we the ones who can succeed in this?

4. What factors are critical to success (e.g. partnerships with distributors)?

5. What metrics will we use to measure our success?

6. Why is this the right time to enter the market and what is our go-to-market strategy (i.e. how will we sell the product)?

7. Based on the above questions, is this an opportunity we should pursue?

This light and easy-to-understand tool can greatly help analyze and communicate product opportunities without resorting to rigid and overly long documentation methods."

I believe this framework a great way to assess project opportunities as well. I'm eager to implement and leverage this in my own work!

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#productmanagment #strategy #productstrategy

#opportunity #success #measuresuccess #marketstrategy #solvingproblems #criticalthinking #productmanager

A lot of requests for corporate partnerships sound something like, "Hey, my company is doing [insert social impact project] and we'd love for your company to sponsor it. Your company could put it's name on something great for the community." 

Here are a four questions you should answer in your pitch to bolster your position...

1. Corporations want #SCALE: How will a corporate sponsor reach thousands of people w/ this investment?

2. Corporations want to #reach #strategic #audiences: Find out what audiences that company is yearning to engage with and tailor your pitch accordingly.

3. Mutually Beneficial Ask: Answer the question, "How will this investment enable both your #goals and the corporations goals?" Social impact dollars are tied to helping a company reach it's own goals and supporting strategic #communities.

4. Social Impact Objectives vary by team: Each team at the corporation may have different social #impact objectives. Find out which team has the objectives that most aligns to yours and pitch that team!

Keep all this in mind as you reach out to prospective corporate partners.

#Relationships are the fertilizer that helps grow both your client and business partner rolodex. Ultimately, people don't do #business with companies unless they trust the person/people acting on behalf of that company.

Here are 5 key steps to building great relationships with prospective clients/partners.

1. Build #Trust:

Do what you say you're going to do. Admit when you're wrong.

2. Be yourself (within reason):

#Vulnerability builds trust and trust builds #rapport, especially in business settings.

3. Find common ground:

The best relationships are ones where you both have similar #values and #goals.

4. Be upfront:

#Costs and #Money are table stakes in business. State your price confidently (along with an itemized cost sheet) and allow people to #budget for your services.

5. Don't be a jerk:

Nobody likes to be around unscrupulous or unsavory people. That goes for business too!

When building sustainable relationships between two entities fine tuning is required. Feedback engenders trust, growth, and empathy when done well.

Here are 4 strategies to help create a more inviting culture for feedback

1. Expect feedback: Create the expectation that both +/- feedback will be shared on a regular basis.

2. Seek to #understand: If constructive feedback is being shared, seek to understand and resist the urge to respond with your own slate of feedback.

3. Speak the same language: Forming shared language used for feedback can help both entities speak from the same place.

4. Codify the Next Steps: Agree on a path forward. #Check-in regularly on your progress in meeting that partner's need.

The number 1 rule, or best practice when developing relationships with prospective partners is to know the goals of your intended partner. Walking into a pitch meeting without a sense of their goals and methods leaves you at a disadvantage. You'll likely pitch something that doesn't quite hit their expectations, thereby wasting both yours and their precious time!

Here are 3 ways to find out what a partner's goals are so your pitch is top notch:

1. Have an exploratory #conversation.

2. Do independent #research.

3. #Ask for their goals before you start pitching!