498: Real-world use of product life cycle management – with John Rovnan

Mastering product lifecycle management – for product managers Watch on YouTube TLDR Product lifecycle management is key to successful product development and innovation. This article explores the stages of a product’s life, from launch to retirement, and how they differ across industries and product types. Here are the main takeaways: * The classic product lifecycle stages are introduction, growth, maturity, decline, and retirement. * For software and SaaS products, development and lifecycle management often overlap. * Ongoing customer feedback is vital throughout the product’s life. * Teamwork across different departments is crucial for effective lifecycle management. * Strategies need to be adapted for different types of products and industries. * Innovation is key to extending and improving the product lifecycle. Understanding these ideas and using them well can help product managers handle the complexities of product lifecycle management and drive innovation in their companies. Introduction In today’s fast-moving business world, product lifecycle management is a must-have tool for product managers and innovators. As markets change and customer needs shift, knowing how to guide a product through its various life stages is crucial for staying competitive and growing. Today we’re with John Rovnan, who takes us through the details of product lifecycle management, explaining strategies and best practices to help product managers excel. Understanding the Product Lifecycle The product lifecycle is a core concept in product management and innovation strategies. It covers a product’s entire journey from idea to market retirement. Let’s break down the traditional stages of the product lifecycle: Stage What Happens Introduction The product is launched and introduced to customers Growth Sales and market share grow quickly Maturity Sales growth slows down, competition increases Decline Sales decrease as newer products enter the market Retirement The product is taken off the market It’s important to note that the product lifecycle can look very different depending on the type of product and its industry. For example, a software product’s lifecycle might be quite different from a medical device’s lifecycle. In regulated industries like healthcare, the product lifecycle often faces more constraints due to rules and regulations. This can affect how quickly changes can be made to a product and what strategies can be used throughout its life. When Product Development and Lifecycle Management Overlap One key insight from the podcast is that product development and lifecycle management are increasingly overlapping, especially in software and SaaS industries. This blending of stages offers both opportunities and challenges for product managers. On one hand, it allows for more flexible and responsive product development, with the ability to quickly make changes based on customer feedback. On the other hand, it can make it harder to clearly separate different stages of the product lifecycle. For software products, the traditional “big bang” launch is often replaced by a more gradual rollout, with features being introduced bit by bit. This approach allows product managers to: * Use the software itself as part of the research process * Try techniques like “concierge MVPs” and “fake doors” to gauge interest * Continuously gather and use customer feedback However, this blurring of development and lifecycle management can also create challenges. For example, product managers can get mired in the backlog a...