What's the best product lifecycle model for your product?

The Waterfall model, while less common in today's agile-oriented product development landscape, still holds importance in certain scenarios within the product life cycle. It offers structured, sequential phases that can be beneficial for projects with: Well-Defined Requirements, Regulatory Compliance, Large-Scale Projects,Client Preferences, Legacy Systems etc. However, it's important to recognize that Waterfall has limitations in adapting to changing requirements and may not be the best fit for all product development scenarios. In many cases, a hybrid approach that combines Waterfall and Agile elements can offer flexibility while maintaining structured processes.

AGILE FOR THE ITTERATIVE WINS: Agile tends to be an optimal model for products where iterative learning and easy/fast updates can be made - which tends to be best for services and software but not for hardware and infrastructure. Even if the environment is complex or dynamic, the agile model may not be economically viable for products that much be 'right' at launch. So consider the product category and generate lists of what components can possibly be changed, from easy to difficult/expensive. This choice falls under the "Viability" aspect of a Product Vision where companies can win by pushing a faster product cadence 'IF' they have the right core competencies in place - or else end up with "waggle" (a waterfall-agile mediocre mix).

To effectively leverage the agile model, initiate with transparent backlog prioritization 🎲. Ensure alignment with stakeholder expectations and keep refining the product vision through constant iteration. Prioritize user stories that provide immediate value, and utilize feedback loops to fine-tune features. 🔁 Integrate testing early and often to identify potential issues and adapt swiftly. It's about creating a balance between pace and precision in product development for optimal results. ⚖️ This iterative process not only minimizes risk but also maximizes product relevance and customer satisfaction. 🎯

Do consider introducing an innovation lab sprint – a dedicated effort focused on exploring new solutions or technologies. With my former team, we ran an innovation sprint around chatbot technology, which resulted in a 35% decrease in customer service calls. Another interesting idea is 'mob programming'. Rather than working separately on parts of a challenge, the entire team works on the same problem at the same time. It's intensive, but can result in improved communication and quality. We saw a 40% drop in post-launch bugs after trying this out on a complex project. These methods could bring a breath of fresh air to your agile strategy and help combat potential chaos.

“Perfection is achieved not when there is nothing more to add, but when there is nothing left to take away.” This summarizes the importance of the Lean Model. Adopting a lean approach involves stripping away unnecessary features and focusing on what truly adds value to the customer. By removing complexity and honing in on the core functionality, teams can create products that are elegant, efficient, and user-friendly. This not only enhances the user experience but also reduces development time and costs.

This is more to it In banking career that spans over 16 years now most bank products are developed based on data as well as competition.

Product reviews are highly recommended, the feedback from the product consumers is quite vital in helping the organization produce for the consumer who is at the center of all they do. Market oriented organisations are customer centric, they will produce to meet customer needs and satisfy the customer to retain them.

The continuous model promotes agility, quality, collaboration, and customer satisfaction while minimising risks and resource waste. It has become a favoured approach for many organisations looking to thrive in dynamic and competitive markets.

It totally depends on the product which you need to deliver , it’s stage , budget, ROI and finally how valuable it is to end users.

PRODUCT VS CATEGORY LIFECYCLE: Your products may span the 'bell curve' of product adoption, but most industries are rather mature and your product strategy choices may actually be influenced far more by the industry or category life cycle. Consider layering multiple tiers of 'life cycle' (industry, category, economic) to see how your innovation fits within the broader context of markets and competition. Zoom out from the micro view of features and functionality to better map the long-range view of a life cycle in its entirety.