Late Majority Product Management
2022 is an exciting time to be a product manager. The maturation of cloud technology, the rise of artificial intelligence/machine learning, and the overflowing coffers of venture capitalists make it a great time to be at the center of new product development. Product managers at firms that IPO’d in 2021 like Snowflake, Doordash, Palantir, Gitlab, FreshWorks, and Coinbase are riding high. Unfortunately, products in the early adopter and early majority stage of the technology adoption life cycle only account for a portion of the product managers working today. An equal, if not greater, number of product managers work on products that are in the late majority and laggard stages of the TALC. These products account for more than half of all software product revenue in 2021. Late majority product management is tough, but some has to do it.
In this article we will talk about:
- There is a Lot of Revenue and Profits in the Latter Stages of the TALC
- Is Your Product a Cash Cow or a Dog?
- Boston Consulting Group Growth-Share Matrix
- Most Late Majority/Laggard Products are Cash Cows or Dogs?
- The Challenges of Late Majority Product Management
- Shrinking Resources
- Employee Satisfaction
- Product Management Blocking & Tackling
- The Late Majority Product Management Manifesto
Technology Adoption Life Cycle
The Technology Adoption Life Cycle is a staple of modern software marketing. The concept was first presented in 1957 in a paper entitled The Diffusion Process by agricultural researchers Beal and Bohlen in 1957. Geoffrey Moore popularized the concept for software businesses in his 1991 book Crossing the Chasm.
The model breaks technology adopters into five groups:
- Innovators: Innovators are customers that are prepared to take a risk with new products. They seek innovation and are the…