A product management framework for getting from an idea to scaled revenue.
Onil Gunawardana‘s 5Ps of Product (5PoP) is a framework designed to increase the success rate of developing products from concept to revenue. The framework is derived from the study of innovative product launches that have created growing revenue streams.
Overview
1. Plan: Start by fleshing out the overall company vision, mission, business strategy and values. Then develop a product strategy that articulates a vision for the overall product suite.
2. Problem: Start building individual products by identifying a Problem worth solving and then defining a Minimum Viable Product (MVP) that is an acceptable Solution for the target customer segment.
3. Product: Build and iterate on the MVP to find product-market fit. This includes designing the user interaction, user interface, and core functionality and then building the product with engineering. The Product component also includes discovering a repeatable sales process by iterating on pricing, packaging, and distribution channels.
4. Promotion: Scale the repeatable sales process by setting up end-to-end Operations, Marketing, Sales Support and Loyalty programs.
5. Platform: Describes the foundational elements that must be in place in a successful product organization. It includes developing frameworks, best practices, organizational structures, hiring methods, career paths, and leadership practices.
The key subcomponents of 5PoP are shown in the diagram below.
Sub Components
Each of the five areas has subcomponents that are outlined in detail here: Plan, Problem, Product, Promotion, Platform.
