Business Analyst? Product Manager or Product Owner? Entrepreneur?
Running/leading/partaking in a digital project?
Have a digital product idea you are looking to make a reality?
Read on about the 6-factor approach designed specifically to support you with the prework, execution and ultimately the successful result for your digital projects and products.
“A new method, idea, product” this is one definition of innovation in the dictionary. During factor 6 innovation there are 4 elements to consider but where you are in your journey and the business environment you operate in will dictate which are most relevant.
The 4 elements are:
- HARVEST new ideas
- IDENTIFY the winning idea
- REFINE the chosen idea
- PROPOSE the idea to others
In simple terms, where do you get ideas from, how do you find the ones you want to pursue, how do you move the idea forward and how do you get buy-in from those that count (investors, boss, other departments, stakeholders, etc)
The Marketing factor considers 2 key areas, identifying and entering a market, and establishing your brand and growing market share. The former being effort required prior to progressing with your project and the latter carried out during and post-project. We can break this down into the following 4 elements:
- IDENTIFY the market
- ENTER the market
- Increase MARKET SHARE
- Establish your BRAND
The most critical element to the success of any project (and organization) is profit, put in place whatever KPI’s you feel are needed but they must always contribute directly (or indirectly but be careful) to the bottom line goal, or in one word ‘Profit’. If a KPI does not lead or contribute to delivering against one of the two things listed below then it should not be a KPI for you.
- Build solid REVENUE channels
- Optimize COSTS
Delivery is the most in-depth part of any project, many an idea has fallen foul of lack of execution. Think about all the ideas you have ever thought of, why have all those ideas not been delivered? This factor is a sequential step by step guide to help you through the process of turning an idea into a reality
- PREPARATION of your organization (or yourself)
- DISCOVERY Strategy, Personas & Processes
- REQUIREMENTS to design and build against
- DESIGN & BUILD product
- Product DEPLOYMENT
- MAINTENANCE of product
- ITERATE on what you learn
Factor 5, Insight, as what could be defined as a contributing factor, it is not necessarily critical to the delivery of a project but is critical to the success. Having a clear understanding of what the measures of success will ensure you build access to the right data points. These data points provide insight on where to take your product. The insight phase also provides the platform for which you can grow (or iterate in the world of digital Agile projects, more on this later)
- MEASURE everything
- IDENTIFY the Pain
- VALIDATE through qualitative feedback
- UTILISE externally and internally
Factor 6.Leadership and Culture
As the owner of the product, you will likely be the leader of the project and its direction, so you may not have direct reports but you must be aware of the culture you are operating in as this will give a clear understanding of how best to approach your project and your team. Factor 6 can be applied at every level of an organization, if you are CEO, Executive, Manager or project owner you can nurture your own culture whether it be company-wide or simply a micro-culture within your project team.
- Provide PURPOSE & VISION
- LEADER don’t manage
- Nurture VALUES & BEHAVIOURS framework
- RECRUIT, DEVELOP and RETAIN the right People
- COMMUNICATION, Communication, Communication
All 6 factors are intrinsically linked and broadly sequential but do not follow them step by step as each will have dependencies on others throughout the project life, for example, Insight capabilities must be built in to enable insight to be obtained yet you will not gain much insight until projects are live.
The factors are designed so that you can dip in and out to search for inspiration as when you need it during the life of your project but it’s highly recommended to read each factor in their entirety to grasp a good understanding before you embark to prevent any oh s*** moments when you progress too far to incorporate something needed earlier in the project.