In many many lurking start-ups, the goal is to deliver exponential revenue growth and perhaps even disrupt an industry. Markets are constantly evolving, customers demand more, technology advances expeditiously, and as Product Managers, we need to safeguard our Products from potential threats.
The 7T's of product management isn't a simple checklist but it is targeted to invoke deep thought and action. It enables Product Managers to work beyond Product Development to ensure they get traction and the desired results. The 7Ts of Product offers the Product Manager the opportunity to lift their focus from feature delivery and climb ‘the Product Management ladder’ to a higher point where they have a broader business perspective.
Team : At the core of every successful company is the TEAM! The Founders and initial team members need to have a diverse set of skills and complement each other to create a successful culture in the company. Also, having domain experience and exposure in the area of work could prove valuable. This is one of the key factors that investors also do take a look at while making investments in companies.
TAM: TAM is the total addressable market which is basically the total market demand for a particular product or service. It's the most amount of revenue a business can make selling that product in the market. This also gives good insights to capture data points as to what market share in the TAM your current product feature set can capture and how to grow the share in the total addressable market.
Timing: Everything in life comes down to being at the right place at the right time, in short TIMING. There are times when you might have an excellent product that can solve problems but the timing of launch and the need of the market at that instance could be at a bare minimum.
Traction: Having significant proof of traction, shows that you have achieved or are on the path to achieving a good market fit. This could be in terms of early adopter feedback, initial paying customers, or sales revenue for the product. This will in turn show that the product is on the right track.
Technology: It is really important in today's era to understand what domains your product will operate in and how you can leverage technology to take it to the next level. This could be leveraging existing tech for your solution or the creation of a new breakthrough technological advance in a particular field. This could help you to create a USP, have an edge against the competition and help you scale and protect again similar entrants in a crowded market.
Transformative: You win a market by being the first or the best. Your product or service should have the potential to transform the industry or the domain you are breaking into. This will help you dominate this space for a long time, and having a product with great impact and value proposition has a higher likelihood of success.
Ten X: Everyone in business wants to build the next big thing and 10x is certainly a good acceptable number for ROI, returns on investment, or as a parameter for growth MoM or YoY. Having a good product with a regular stream of revenue is a good way to reach this metric, making it a high growth and value company.
The 7Ts of Product offers Product Managers a new lens, an additional framework to exploit different Product levers to help them achieve their organization’s goals. Neglecting one aspect of product development and focusing excessively on the other usually leads to financial losses. With 7T's of product management, it’s possible to evade such consequences and increase the chances of the product succeeding in the market.