Why Product Strategists Should Embrace Conjoint Analysis

Aside from my work with product strategists, I’m also a quant geek. For much of my career, I’ve written surveys (to study both consumers and businesses) to delve deeply into demand-side behaviors, attitudes, and needs. For my first couple of years at Forrester, I actually spent 100% of my time helping clients with custom research projects that employed data and advanced analytics to help drive their business strategies.

These days, I use those quantitative research tools to help product strategists build winning product strategies. I have two favorite analytical approaches: my second favorite is segmentation analysis, which is an important tool for product strategists. But my very favorite tool for product strategists is conjoint analysis. If you, as a product strategist, don’t currently use conjoint, I’d like you to spend some time learning about it.

Why? Because conjoint analysis should be in every product strategist’s toolkit. Also known as feature tradeoff analysis or discrete choice, conjoint analysis can help you choose the right features for a product, determine which features will drive demand, and model pricing for the product in a very sophisticated way. It’s the gold standard for price elasticity analysis, and it offers extremely actionable advice on product design.  It helps address each of “the four Ps” that inform product strategies.

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Product Management Is Political. Deal With It.

Politics is a word that we use so loosely that it risks losing meaning altogether. When we talk about office politics, as some recent posts by product management bloggers, we're usually expressing scorn for odious behaviors that stand in the way of some rational course of action. Every organization is susceptible to politics, in this negative sense, including every development team. Better to assume it, or even take advantage of it when possible, than to pretend that some magic tool or methodology will do away with politics.

Can't Live With Politics. Can't Live Without Politics
In their blogs, both Jim Holland and Jennifer Doctor recounted a session about politics at a recent Product Camp in Seattle. The topic struck a nerve, as evidenced by the outpouring of complaints from the audience. We've all heard them, whether we're product managers or not: Empire builders put themselves ahead of the interests of the group; real decisions happen in a back channel, instead of in the open; teams decide in haste, and repent at leisure . . . It sounds as if this session was as therapeutic for the audience as it was informative.

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