How can you apply lean product portfolio management to complex products?

1 Define your product portfolio

The first step is to define your product portfolio, which is a collection of products or projects that share a common goal, customer, or market. You can use various criteria to group your products, such as value streams, themes, or domains. For example, if you are building a software platform, you might have products for different user segments, features, or integrations. By defining your product portfolio, you can clarify the scope, vision, and objectives of each product and how they contribute to your overall strategy.

2 Map your product portfolio

The next step is to map your product portfolio, which is a visual representation of the relationships and dependencies between your products. You can use different tools and techniques to create your portfolio map, such as roadmaps, value stream maps, or product tree diagrams. The purpose of mapping your portfolio is to identify the dependencies, risks, and opportunities across your products and to align your teams on the common goals and outcomes. By mapping your portfolio, you can communicate the big picture, coordinate the work, and monitor the progress of your products.

3 Prioritize your product portfolio

The third step is to prioritize your product portfolio, which is a process of deciding which products or projects to invest in and in what order. You can use various methods and criteria to prioritize your portfolio, such as value, cost, risk, or strategic fit. For example, you might use a scoring model, a ranking matrix, or a lean canvas to evaluate and compare your products. The goal of prioritizing your portfolio is to maximize the value delivered to your customers and stakeholders and to minimize the waste of time, money, and resources. By prioritizing your portfolio, you can focus on the most important and urgent problems and opportunities and avoid overloading your teams.

4 Validate your product portfolio

The fourth step is to validate your product portfolio, which is a way of testing and learning from your products or projects before committing to them. You can use various techniques and experiments to validate your portfolio, such as customer interviews, surveys, prototypes, or MVPs. The aim of validating your portfolio is to reduce the uncertainty and risk of your products and to validate the assumptions and hypotheses behind them. By validating your portfolio, you can gather feedback, data, and insights from your customers and stakeholders and use them to improve or pivot your products.

5 Review your product portfolio

The fifth step is to review your product portfolio, which is a regular and systematic evaluation of the performance and health of your products or projects. You can use different metrics and indicators to measure your portfolio, such as value, quality, satisfaction, or impact. For example, you might use KPIs, OKRs, or NPS to track and report your portfolio results. The objective of reviewing your portfolio is to assess the progress and outcomes of your products and to identify the gaps, issues, or challenges that need to be addressed. By reviewing your portfolio, you can celebrate the successes, learn from the failures, and make informed decisions about your products.