Venture into Product Expansion with Confidence

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| |  3 Steps to Strategically Execute Product Expansion  
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| |  Many companies look to grow by adding new products to their portfolio, usually for one of three reasons: internal strategy, external influence, or a failing core product.  
Why and how you explore a new product have a huge impact on your likelihood of success. 

  * When product expansion is part of the internal company strategy and you have the right team to execute it properly, the probability of success is maximized — greenlight that venture.
  * But when a company is seeing conversion or engagement problems with its core product and turning to expansion to hit its growth objectives, it’s a sign to hit the brakes.

Irem Metin, former VP of Product Expansion & Growth at Upwork, has launched numerous new products and partnered with Reforge to help product teams systematically approach the decision to expand into ideas that overlap with their core.

  1. Get honest with “the why”
  2. Check the health of your core product
  3. Adjust investment to maximize success

Minimize risk and maximize success in your product expansion opportunities using our framework to determine healthy product overlap!  
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Read the article here.  
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| |  Marketplace Experimentation Can’t Be One-Sided  
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| | In a traditional SaaS business, product teams experiment with a feature, see if the results make an impact, and then roll out that feature.  But in marketplaces, you have two customers to cater to — the demand side and the supply side — each with its own dedicated team.  
If the demand-side team rolls out new experiments without evaluating the risk and requirements of the supply-side, the experiment can have detrimental impact on marketplace dynamics.   
Demand-side and supply-side product managers need to work together to make sure that any experimentation on the demand-side enables the supply-side to understand the impact to suppliers and prepare for mitigation if necessary.   
Phil Farhi, former CPO at Thumbtack, and Adam Grenier, VP of Growth at Eventbrite, put together the Risk-to-Supply Spectrum for product managers at marketplaces to sharpen their experimentation approach.   
With this spectrum, product managers can: 

  * Understand the potential impact that a demand-side feature would have on the supply side
  * Determine what experiment to run to prove or disprove the impact
  * Prepare supply-side product resources for next steps

  
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Read the article here.  
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