by: James Young
A Short Introduction to a Product Portfolio
Associations exist to create value for their members.
They typically do this through offerings (events, membership, learning, publications, etc.). A product portfolio is an approach to organizing your offerings in a way that can be strategic, value-driven, and market-centric.
A robust product portfolio helps get new, high-quality products to market efficiently and in anticipation of growing and diverse market needs. Over time, your product portfolio contains only high-performing products. Initially, this may seem easy, but often it’s harder than you think.
How is this achieved?
- Pull together a diverse team. Ideally your team is cross functional with a broad and diverse perspective on your association.
- List your products. Even if you don’t use this terminology, what do we offer? Include all value-drivers, not just the tangible things you sell.
- Talk to finance. What are people buying? Can they run reports to help you identify patterns?
- Identify the person or unit responsible. Who is responsible for each product?
- Describe your current product pipeline. This is the process you take to get from idea to execution on a new product, program, or initiative.
- Understand the product life cycle. Your product life cycle is the length of time from when a product is introduced until you no longer offer it.
- Build logical connections. Find areas or commonality across the portfolio in order to find areas you can leverage.
- Conduct a stakeholder analysis. Define the stakeholders for each of your products.
- Team build. Use the product portfolio as a tool for team-building and to tease out product similarities.
- Update the portfolio. Do this at regular intervals.
Outcomes
- Ensure each product (or product line) has a clear strategy (value proposition, persona map, buyer’s journey)
- Clarified product lines with identified interdependencies (answers: “what do we do?”)
- Aligned pricing strategy across the portfolio (link to market positioning)
- A high-level product life cycle
- Refined processes for getting good, in-demand ideas to market efficiently
- A simple product cost model
- Utilize a common, repeatable framework for new product creation
About the Author
James Young is founder and chief learning officer of the Product Community®. Jim is an engaging trainer and leading thinker in the worlds of associations, learning communities, and product development. Prior to starting the Product Community®, Jim served as Chief Learning Officer at both the American College of Chest Physicians and the Society of College and University Planning.