This post is part of a series recapping — The CPO Series — 12 webinars in which successful Chief Product Officers share their unique insights and experiences on all aspects of CPO craft, from leading product org to working with the board to tips for CPOs to drive impact quickly.
A common misconception around portfolio management is that you have to hit a certain size before you can employ it. However, the reality is that even within a single product team, every organization will have swim lanes of work. And those swim lanes are bets that your company is making – but what bets should you focus on?
Bets Every Product Portfolio Needs
Wyatt Jenkins, Chief Product Officer at Procore, shared with us the 4 types of bets in his product portfolio that have allowed him to excel:
- Explore Bets: Allow you to discover new ways to do things
- Grow Bets: Help you push into a new market, go to enterprise, etc.
- Sustain Innovation Bets: Optimize and improve your product
- Sunset Bets: Backlog of the things that need to be fixed – have them included in annual planning to be done once or twice a year
Product leaders and Chief Product Officers will have a competitive advantage if they leverage this alignment early in an organization. Turn this into a simple exercise with a product portfolio tool like Dragonboat. Dragonboat allows you to set your focus during strategic planning and align across the team.
With Dragonboat, you can work cross-functionally to determine where you’ll invest across your big bets. You can also collaborate with teams during their bottoms-up planning to ensure strategic alignment prior to execution.
If you want to find out how Dragonboat can be leveraged for portfolio management and allocation, book a personalized demo.
