Reforge · Product & Work
TIER 4 Fri, 28 Apr 2023 17:04:19 +0000
| | 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.
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.
| | 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: