What is the Headline?

One of the best questions a VC asked me when looking to invest was, “What is the headline for the next release?” I cannot remember my answer and they ended up investing, so I guess it was good enough. What I do remember is what I thought: (1) Cleaning up some technology mess we did not get right last few releases, (2) Some features that probably should already be in, (3) some new capabilities that would actually create value for the customers. Well 1/3 was value add…

So how we get in such places and how to avoid this? Here are the guidelines I give product managers and the rest of the stakeholders:

(1)    Before scoping and requirements, declare the business objectives of the release. These may include opening new geographies, new segments, it may be simply something that demos well. Internal requirements like technology updates or cutting implementation hours are also important, but should be justified just like any other investment.

(2)    Separate features that help sell versus actually help create value for the customer. Many times the features that help sell and are most memorable in the sales cycle are not the ones that get used day-in and day-out.

(3)    Create a positioning document before the release development really gets going. This helps frame the context for the rest of the organization. From this you can drive messaging, sales training, press release, etc.

I realize the above can be “101”, but since I was asked the question, I have posed it many times and found an equally cautious answer.