Launching a Product - Is Having a Product Portfolio Strategy Important?

Hello, my name is Ian Peterman. I'm CEO and founder of Peterman Design Firm, and today I want to answer the question, is having a portfolio strategy important? And when you have a product portfolio and you're wanting to have more than one product, it is definitely important to have a strategy attached to how you're going to release the product, how are you going to cross-market the products. And really, it helps you by having a product portfolio strategy. It allows you to create a strategy for how to launch all of your products. And, you know, it can't be all of them, it can be some of them, it could be a product line, but knowing the strategy will be really beneficial in knowing how you're going to launch, which product to launch first. So looking at things like, how's marketing going? How are we gonna market this product? Which product is a good first product to put out there? What's a good second product? What's a good follow-up? Is there a companion product? Do you need all 3? Do you have 5 products you're launching and the first 3 you actually need to launch all at the same time because they're codependent on each other. While they are technically separate products, they work together really well, or by having all 3 products, you have an elevated customer experience, or it's a bundle that you can sell that you know would really do well, or you believe that your customer base would really enjoy. And so it is really important to have that strategy, and that's something that we do in our, in very early stages with our clients, something that we just call roadmapping, and it's outlining, okay, well, product 1, product 2, product 3, product 4, and so on, this is the order in which they're gonna go, these are all the pieces that need to be in place for it, and that strategy is also something that is really important when you're doing things like getting investors or talking to marketing, telling marketing, okay, we're launching this. It's good for whoever's doing the marketing to know, yeah, we're doing this, and 3 weeks later, we need to have this out, or this is coming out. And creating that plan allows you to build out a marketing strategy for, okay, well, we're gonna release, start talking about it here, and then we're gonna release a product at this time. And so this product release schedule often comes from and is part of your product portfolio strategy. Part of a product portfolio strategy is also looking at IP and openings and gaps in the market that should be filled and saying, okay, well, Our strategy is to fill these gaps in the market, and these are the places that we see product potentially fitting. And that goes, you know, basically as another way of talking about doing a roadmap and doing feasibility, understanding, you know, what's the marketability, what's the market look like. And so creating a port— creating this product portfolio strategy is really, I believe, very important. And it can be quick. So I've worked with startups, it's very quick. It's one page outlines the whole strategy. That's all you need. And I've also worked on tens and tens, hundred-page documents worth of information that outlines the exact market strategy, go-to-market strategy of each product in a portfolio, how they tie together, what's the cross-marketing look like, Well, how do you going to promote one versus the other? Whether you need, you know, one is gonna work well with Instagram ads, but another one was actually is actually gonna do better if you market it on Facebook, or this one needs Google ads, or you're gonna drive traffic via magazines and things like this. And so understanding the products and that marketing strategy and what the products are you're trying to achieve, and maybe there's a long-term goal too. So maybe the whole point of your product. Portfolio is that at the end, you want to have these 15 products in your wheelhouse because the customer experience is really great when you have those 15 products all designed and built by the same company, and they all work together seamlessly. And so maybe it's for cost reasons. So looking at cost reasons, what's it going to cost $10 million to release, develop, launch, market all 15? But if we break it up, then you don't have to spend all of it up front and you can start generating cash flow. And so cash flow strategy is sometimes part of— well, it's really oftentimes part of your portfolio strategy of, well, how do you optimize your product launch sequence and your product portfolio to make sure that you get as much cash flow as you can while offering something that the customer actually wants so that you can get to the point where you release these other products? Because if you become insolvent if you are not able to sell anything, and that's not going to be really good for getting investors to put up money or for you to be even willing to put in more money in additional products if you're having issues. So you also want to strategize, you know, what, what's going to be a good first product that's going to sell, capture people's attention, and allow you to create more products inside of your portfolio. Hey, thanks for watching. We really appreciate our viewers. And if you haven't subscribed yet, please do subscribe to our channel so you can get more great videos like this in your feed and like the video. If you want to learn more about the Peterman Design Firm, please check us out on our website, petermanfirm.com. You'll find link and information in the description. And of course, we're on all social media as well. So check us out there. Awesome. All right, thank you. Thank you.