Product Chats Podcast

Why Knowing When to End a Product is as Important as Knowing When to Begin

09.15.2023 - By Pragmatic InstitutePlay

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“We have to introduce a product with the idea that it's not going to live forever” - Paul Young

 

In today's episode, host Rebecca Kalogeris and Pragmatic instructor, Paul Young, dive deep into a topic that often gets overshadowed by the glitz of product launches: the "sunset" or "end-of-life" phase of a product.

 

They explore how understanding when to retire a product is as vital as knowing when to introduce one.

 

Paul explains that every product has a lifecycle and will eventually need to be phased out. The speed of innovation in the technology industry is compressing these lifecycles, making it more critical than ever to have a plan for sunsetting products.

 

There is no one-size-fits-all indicator for when to sunset a product, but Paul suggests several metrics to monitor. These can range from revenue and cash flow to the efficiencies a product creates or its alignment with a company's mission.

 

Key Conversations:

Sunsetting a product is not passive; it requires investment and must be prioritized against other business activities.

Just like a product launch process, there must be a process for its end-of-life.

Metrics to monitor to know when sunsetting is the best next step.

End-of-life phases: "end of sale," "end of support," and "end of life.”

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What You'll Learn:

How to uncover strategic opportunities in your market.

Ways to define your product team roles and responsibilities effectively.

How to prioritize actual vs. desired business goals.

Techniques to engage with the market for win/loss analysis.

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