Product Management Class#3 PDF

PRODUCT MANAGEMENT Class#3 PRODUCT MANAGER A good product manager must be experienced in at least one, passionate about all three, and conversant with practitioners in all.  Discovery & Framing Problem Product Statement proposition ...

PRODUCT MANAGEMENT Class#3 PRODUCT MANAGER A good product manager must be experienced in at least one, passionate about all three, and conversant with practitioners in all.  Discovery & Framing Problem Product Statement proposition  How does it work? A tailored approach to your product challenge DOUBLE DIAMOND PROCESS DISCOVERY TECHNIQUES 1.Customer interviews 1.Product analytics 1.Competitor analysis 1.The five ‘whys’ technique 1.Brainstorming 1.Prioritization techniques 1.Prototyping 1.Usability testing DISCOVERY TECHNIQUES Ask Observe Test Retry  PRODUCT ANALYTICS TOOLS Hotjar MS Clarity Google Analytics.. METRICS & NORTH STARS Customer Acquisition Cost (CAC) Retention rate. Churn rate. Conversion rate. Traffic (paid/organic) Daily Active User and Monthly Active Users. NORTH STAR A north star metric is the key measure of success for the product team in a company. It defines the relationship between the customer problems that the product team is trying to solve and the revenue that the business aims to generate by doing so. NORTH STAR EXAMPLES - Total Hours Netflix Viewed. - Weekly Uber Active Riders. - Gross Amazon Merchandise Volume. - Daily Facebook Active Users. Whatsap - number of messages p sent IS THE NORTH STAR FIXED FOREVER? EXAMPLE OF CHANGED NORTH STARS Netflix, the north star metric, which was initially the number of DVDs rented, has morphed into the time spent by subscribers watching streaming content. Nokia was too late to shift the North Star for touch screen mobiles. PRODUCT LIFECYCLE A product life cycle is the total amount of time that a product is available to consumers, from when it’s first introduced until it’s removed from the market. EXAMPLE FOR PRODUCTS IN DIFFERENT LIFE CYCLE STAGES Declined Growth EXAMPLE FOR PRODUCTS IN DIFFERENT LIFE CYCLE STAGES Maturity Growth IPOD LIFECYCLE MVP (MINIMAL VIABLE PRODUCT) MVP VS RAT (RISKIEST ASSUMPTION TEST) The main purpose of the riskiest guess test is to “test” your wildest guesses about your product, customer, and business model. Moreover, this must be done before you start building your product. This diagram assumes the user wants to drive from point A to point B! It deliver multiple products (scooter, bicycle, car,.. ) When it is possible that the user wants to arrive to point B without driving, then a Taxi or Uber will be much cheaper than building a bicycle REVERSE DOUBLE DIAMOND https://www.smashingmagazine.com/2023/08/improving-double-diamond-design- process/ “Iterating Towards The Traditional Double Diamond” DYNAMIC PRODUCT DISCOVERY Dynamic product discovery is characterized as: Continuous and dynamic: Dynamic product discovery includes the use of sequence-based roadmaps that are continuously updated when new data is uncovered, objectives change, and delivery progresses. Integrated: Dynamic product discovery integrates seamlessly with delivery systems, processes, and tools. This enables bi-directional data sharing and full transparency and context sharing across the team. Data driven: All relevant data is captured in a single place — from business objectives, customer feedback, sales demands, design, and development in a single place. This includes both formal and adhoc customer and user feedback on key product discovery questions. Team-oriented: Team members are involved in all phases of product discovery, including problem identification and investigation, solution brainstorming and evaluation, and prioritization and communication. HOW TO DEFINE A NORTH STAR