For a product line or platform to achieve its full potential, product strategists must constantly look for innovative ways to add value to their offerings. This involves not only identifying potential growth opportunities but also understanding how to pitch those ideas to business leaders.
As a product strategist, careful idea management will allow you to lay the groundwork for product development by proactively encouraging buy-in from key stakeholders and decision-makers.
Identify & Understand Your Stakeholders
Before pitching an idea to your leadership team, identify potential allies who can benefit from your product suggestions. Your stakeholders have a vested interest in the success of your idea and can help support its implementation. Project managers, executives, and team members can all provide you with valuable insights, share input that shapes the development of your project, or advocate for your idea with others on your team.
Understanding how your idea could impact each potential stakeholder can help you identify and dispel any potential objections they may have. It also allows you to strategically pitch your idea to decision-makers in different roles based on their goals and level of involvement.
The RACI matrix is a useful framework that can help you identify stakeholders and categorize their involvement with your project. It details the level of involvement of different stakeholders based on the following categories1:
- Responsible – The responsible stakeholder refers to the person who actively completes the project or task.
- Accountable – Accountable parties oversee the responsible parties, delegating tasks, outlining expectations, and approving the final product.
- Consulted – Consulted parties share suggestions and feedback to support completing a task. They can provide insights into how the project may influence others on the team.
- Informed – Informed parties are individuals who need to be aware of the high-level development of the project but aren’t involved in the day-to-day minutiae and details of each task.
Applying the RACI Matrix to Domain Reselling
Imagine you’re a product strategist interested in pitching domain reselling to enhance your platform. As the person spearheading the idea, you become the responsible party. At this point, building relationships with the accountable, consulted, and informed parties can help you develop a strong foundation of support for your idea.
Accountable parties include the company leaders who would ultimately take responsibility for the project's outcome, such as product strategist executives. When approaching these stakeholders about domain reselling, emphasize elements of domain reselling that directly relate to the project's success, such as the ability to offer an integrated, end-to-end solution to your customers.
Implementing domain reselling services involves some level of technical expertise. Those who provide this input, such as product engineers, would qualify as consulted stakeholders. As you plan your idea, connect with a product engineer to get their input about the implementation process. Focus on listening to their ideas and concerns, then share how domain reselling can facilitate scalable growth and complement the other features and products they’re developing.
When communicating with informed parties, such as the head of business development, focus on the big-picture implications of becoming a domain reseller. Showcase how domain services can differentiate your company from competitors, introduce new revenue streams, and take advantage of market trends. Emphasize how domain reselling services can rapidly scale with minimal technical lift and discuss how pricing models can support the company’s bottom line.
By taking a personalized approach to each role in the RACI matrix, you can strategically advocate for domain reselling based on the priorities and concerns of each stakeholder.
Craft Winning Product Ideas
Incorporate perspectives from each of your stakeholders to generate mutually beneficial product ideas. Company leaders may be more likely to adopt your suggestions when they see how the idea fits within your existing product development framework.
Put simply, crafting successful ideas involves taking a collaborative approach that considers the diverse needs and concerns of each team member.
As you brainstorm the details of your idea, use various ideation techniques to expand upon your core concept. Here are a few methods to try:
- Mindmapping – Mindmapping involves drawing a diagram that shows the relationship between a central idea and various sub-topics, such as opportunities and roadblocks. By creating a visual representation of your idea, potential stakeholders can see how the idea supports company goals.
- Gap filling – Also known as gap analysis, gap filling is a solution-oriented brainstorming strategy focusing on finding ways to address pain points and achieve a goal. In practice, you come up with any potential drawbacks and then find actions to address those issues.
- Brainwriting – This group ideation method works by having multiple people develop a few ideas based on a single question or topic. Then, others in the group use those ideas to add their suggestions. Brainwriting can help push the boundaries of your initial idea and uncover potential opportunities.
- SWOT analysis – By assessing the strengths, weaknesses, opportunities, and threats related to a project, you can get a general idea of the factors that could influence its success. To that end, SWOT analysis leverages critical thinking to uncover challenges and identify opportunities for future innovation.
By brainstorming with stakeholders about domain reselling, for example, you can develop a holistic understanding of how domain reselling could challenge or benefit different aspects of the company. Each of these methods provides you with the opportunity to align the objectives of various stakeholders, helping them to understand the value of domain reselling well before making your official pitch.
Create a Compelling Pitch
A successful product development pitch tells a story about how your idea can fit into the existing product roadmap and drive future innovation. When crafting your pitch, adopt a solution-oriented mindset and focus on how your idea meets the needs of each of your stakeholders.
Each time you introduce a challenge or pain point, follow up with a strategy for overcoming it. Practicing rebuttals to potential issues can help you deliver a confident, persuasive pitch that effortlessly redirects any objections to your idea.
When pitching domain reselling, emphasize how domain services enrich and complement the core purpose of your products. Anticipate concerns about long-term growth by discussing how customizable implementation options make it easy to scale domain services along with your product. As you share the main points of your pitch, consistently outline the connection between domain reselling and your team’s unique mission.
Be Persistent and Follow Up
Even with the most successful pitch, your company may not adopt your idea right away. Be proactive about gathering feedback and learning about potential objections to your pitch—then, follow up.
You may realize that you haven’t addressed a certain pain point or discover a more relevant audience for your pitch. Look for innovative ways to apply your idea in different contexts.
Introducing Domain Reselling as a Strategic Product Enhancement
Being strategic about how you introduce product proposals to leadership can increase your chances of success and ensure that your best ideas have the chance to come to fruition. Namely, collaborating with stakeholders to develop thoughtful pitches can help ensure your ideas become innovative product features.
And now, with a stakeholder-focused idea management strategy, you can improve your product offerings by introducing domain reselling to your company. Domain reselling naturally complements a wide range of digital products and services, seamlessly supporting your bottom line and encouraging engagement with your platform.
By collaborating with Identity Digital, you can find the best way to position domain reselling within your platform and provide value to your entire team of stakeholders. Reach out to the Identity Digital team today to learn more.
1 Forbes Advisor. What Is A RACI Chart? How This Project Management Tool Can Boost Your Productivity. https://www.forbes.com/advisor/business/raci-chart/