In my previous post, I discussed the 7 focus areas for the New New Product Owner, as well as the “Product Value Maximizer” focus area. In this post, we explore the “Product Marketplace Expert” focus area.
The New New Product Owner should be expertly aware of the marketplace for the product. They should constantly be gathering and re-gathering information and data regarding the marketplace, so that the product value is maximized. Getting out of touch with the marketplace can be a recipe for product disaster. Note here that the New New Product Owner may or may not be the one doing the legwork of gathering the marketplace data(they might delegate), but they should certainly be aware of the market research. Often times the New New Product Owner will delegate to others or to automation to aid them in obtaining the market data.
Note that your market might be internal (IT software) or external (Saas, Consumer software). Either way, it’s important to gather the marketplace data.
With IT software, the market data will often include how the LOB(Line of Business) uses the software, as well as understanding the business function that the LOB executes on. Heavy interaction with those in the LOB will usually yield this data, or again, the New New Product Owner might delegate or rely on someone in the LOB to supply her with that data. A good starting point for gathering this data is understanding who your key stakeholders are.
Additionally, the New New Product Owner should never be afraid to change the vision or tactics based on marketplace changes. Being able to strategically re-pivot and capture value in new and different ways is one of the key benefits of an Agile mindset.
For a high quality class that focuses exclusively on the Product Owner role(the course is also great for key stakeholders!), see our Professional Scrum Product Owner class and contact us if you’re interested in one.
The New New Product Owner communicates all of this marketplace knowledge to the Scrum Team through daily ad hoc interactions as well as Product Backlog Management, Product Backlog Refinement, and in Sprint Reviews.
Knowing the market for your product can help you fulfill another key focus area, being The Product Visionary.