_Product Discovery (1).pdf

Instructor Product Discovery DPDM Lecture #2 Wenping Huang Product Manager, at Tamara  Bootcamp Agenda Product Foundation Product Discovery Product Delivery...

Instructor Product Discovery DPDM Lecture #2 Wenping Huang Product Manager, at Tamara  Bootcamp Agenda Product Foundation Product Discovery Product Delivery Product Launch Topics in Product Management Something to Share  Activity 1 1 Minutes What is a Product/Market Fit  Product/Market Fit The smallest delivered product that meets the needs of a specific target market and works for our business  Discovery Vs. Delivery Discovery Delivery Given a problem to solve, the activity of discovering Building products that provide the necessary scale, a solution that is valuable, usable, feasible and performance, reliability, and security for us to viable. Performed primarily with prototypes and release, sell, support, and maintain the product rapid testing with users, customers, engineers and with confidence stakeholders.  Activity 2 1 Minutes Is it Better to Delay a Product or Release it Broken?  Discovery Goals Building the right product - release quickly and often ○ More Iterations → Learning → Innovation Building the product right - release with confidence ○ Protect brand, revenue, customers, employees ○ Accuracy, reliability, performance, scale, privacy, security Right FLow Will they buy it/use it? (value) Can they use it? (usability) Can we build it? (feasibility) Can it work for our business? (viability)  Activity 3 5 Minutes Develop a problem statement Team A: Customer Service Bot Team C: Hospital Appointment Application Team B:Delivery Application Team D: Hajj and Umrah Application  Problem Statement Short and concise Creates awareness Explains the issues Aligns the team  Problem Statement Solves the problem of easily storing and sharing files in the cloud. Solves the problem of legally streaming music.  Activity 4 1 Minutes What is the Need for Product Discovery?  Product Discovery Learn & Understand Define & Decide Ideate & prioritize Prototype & test  Product Discovery Search Validation Methods: Methods: ○ Opportunity Assessment ○ MVP ○ Business Model Canvas The fake door ○ Value Proposition Canvas Concierge MVP ○ Opportunity Solution Tree Single-feature App ○ User Story Map Piecemeal ○ Journey Map ○ Prototypes ○ Customer Interviews Search  Activity 5 1 Minutes What can Happen if We Neglect the Search Part?  Opportunity Assessment Exactly what problem this will solve? (Value Proposition) For whom do we solve that problem? (Target Market) How big this opportunity? (Market Size) How will we measure success? (Metrics/Revenue Strategy) What alternatives are out there? (Competitive Landscape) Why are we best suited to pursue this? (Our Differentiator) Why now? (Market Window) How will we get this product to market? (Go-To-Market Strategy) What factors are critical to success? (Solution Requirements) Given the above, What’s the recommendation? (Go or No-go)  Value Proposition Canvas Builds upon the Business Model Canvas Aims to focus the product on the customer needs and values. Customer Value Proposition Map by Wyamee template | Miroverse  Business Model Canvas A framework by Strategyzer Used to quickly communicate business ideas and concepts Paul Edge's Business Model Canvas template | Miroverse  Opportunity Solution Tree A framework by Teresa Torres. Before jumping into solutions and prototypes, take a breath and consider the various ways you might be able to attack this problem.  User Story Map A framework by Jeff Patton. A technique for providing a holistic view of a problem or solution space. This technique finds holes in our thinking, informs prototypes or release scope, and improves planning and estimates Bluefruit Software's User Story Mapping with Walkthrough template | Miroverse  Journey Map Customer/user-centric map of an entire end-to-end experience. It can help identify pain and opportunity points as well as reveal gaps between teams Stéphanie Walter's User Journey Map | Miroverse  Advanced Search Methods Open Source Intelligence (OSINT) refers to the process of gathering Reverse engineering is the process of taking something apart information from publicly available sources. This type of intelligence collection to understand how it works. Here's a simple breakdown: involves using tools and techniques to find, analyze, and use information that is accessible to anyone. 1. Taking Apart 2. Understanding How It Works To know a product from 360 degrees, you need to check 3 aspects of data 3. Recreating or Improving Product log ○ Frontend website history: use wayback machine ○ App history: update log in app stores Growth trace ○ Paid ads ○ SEO ○ ASO ○ CRM ○ Social media ○ Product community Investment & Finance ○ Investment round ○ Annual report ○ Media press for big events/ milestones Validation  Activity 6 1 Minutes What can Happen if We Neglect the Validation Part?  MVP “That version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort” - Eric Ries Read: ○ The lean startup, Eric Ries ○ The Lean Product Playbook, Dan Olsen Bram Kanstein's The MVP Experiment Canvas template | Miroverse Examples of MVP  User Prototype A simulation of all or part of a user experience that requires no coding by engineers (normally created by the designers). Used for rapid internal iteration, as well as viability testing with stakeholders and value/usability testing with users  Feasibility Prototype These are creating by and for the engineers to help tackle technical risks. These rarely resemble the final product. As with all discovery, speed should be optimized over reuse.  Discovery Pitfalls Confirmation-biased discovery. Over-built discovery. Over-processified discovery. Partial-team discovery. One-tool discovery. Big-bang discovery. Outsourced discovery. Break 10 minutes  Activity 7 1 Minutes What are the Different Research Types?  Research Problem: ○ Identifying problem/s to solve. User: ○ Identifying stakeholders facing the problem/s. Product: ○ Identifying value that solve the problem. Market: ○ Identifying the segment/industry where the user is within.  Quantitative VS. Qualitative Quantitative data is numbers-based, Qualitative data is interpretation-based, countable, or measurable. descriptive, and relating to language. Sources: Sources: ○ Sales ○ Interviews ○ Customer acquisition cost ○ Reviews ○ Click-through rate ○ Customers using your products ○ Daily/Monthly average users ○ Competitors customers ○ Net promoter score ○ Recent wins ○ Lifetime value ○ Recent losses ○ Monthly/annual recurring revenue ○ Focus Groups ○ Website traffic ○ Open-Ended Survey Questions ○ Social media followers/engagement ○ Observing Customer Behaviors ○ Close-ended survey questions  Activity 8 1 Minutes Which Research Type is the Best?  Quantitative VS. Qualitative - Benefits Quantitative: Qualitative: ○ There is no shortage of quantitative data, ○ This type of data is excellent at capturing which means it’s easier to gather and intent. uncover patterns. ○ Even a few in-depth conversations can help ○ Capturing the data can also be automated you uncover why a problem is urgent. and sorted into dashboards making it easy to ○ It can be the key to the outside-in digest and review on a regular basis. perspective. ○ It can uncover new opportunities in ways quantitative cannot through simple conversation. ○ It reminds us that the people who purchase our products are people, and we can learn how to be more authentic in the relationship.  Quantitative VS. Qualitative - Challenges Quantitative: Qualitative: ○ The quantity is absolutely an advantage, but ○ There are many reasons product it’s also easier to get distracted with professionals might not invest time in information that doesn’t add value (noise) or capturing this type of data. simply feel overwhelmed by the volume. ○ Quantitative data is time-consuming. It’s also ○ Inconsistent collection methods could create hard to get schedules to align with information that isn’t dependable. customers if you’re trying to conduct focus ○ Privacy is a growing concern in every groups or one-on-one interviews industry, so you have to be thoughtful about ○ Storing this type of unstructured data can be your collection and protection of data. a daunting task. Finally, cleaning and organizing data can be ○ Many product professionals who do take the costly and time-consuming. time to collect this data struggle to uncover clear patterns.  Activity 9 1 Minutes How should you write an interview question?  Customer Interviews Before: ○ Define desired outcome. ○ Prepare your script. During: ○ Follow the script. ○ Keep engagement. ○ Drive the session. ○ Take notes. After: ○ Distill notes. ○ Send thank you note/MOM.  Keep in Mind No leading questions or hypothetical questions. No closed questions, don’t give users an “easy way out” of a questions. Be prepared to stand the silence and let users “figure it out” or think. Never, correct users, their answers/behavior shows you the reality. Always use their language, even if they butcher your brand or product naming. Don’t iterate the questionnaire in between sessions. Use context questions in the beginning to build rapport. Split up the responsibility of leading the interview and of taking notes.  Formulating Questions “Do you like to use free weights at the gym?” “What types of equipment do you like to use “How many times do you plan to go to the at the gym?” gym this year?” “Describe your gym schedule last year.” “Would you say cardio classes are a better “What type of exercise gives you the best workout than weight lifting?” workout?”  Activity 10 5 Minutes Create interview questions Team A: Customer Service Bot Team C: Hospital Appointment Application Team B:Delivery Application Team D: Hajj and Umrah Application  Activity 11 10 Minutes Conduct interview Team A: Customer Service Bot Team C: Hospital Appointment Application Team B:Delivery Application Team D: Hajj and Umrah Application  Assumption Vs. Hypothesis Assumption: Hypothesis: ○ A thing that is accepted as true or as certain ○ A supposition or proposed explanation made to happen, without proof. on the basis of limited evidence as a starting point for further investigation. Characteristics: ○ Testable. ○ Precise. ○ Discrete.  Assumption If we create an intuitive interface then users will move their storage online If we give consumers a legal option to stream at a low price, they will sign up for subscriptions  Activity 12 3 Minutes Create a Hypothesis Team A: Customer Service Bot Team C: Hospital Appointment Application Team B:Delivery Application Team D: Hajj and Umrah Application  Hypothesis - Testable Your hypothesis is testable when it can be We believe that Generation Z prefers pop-up supported (validated) or refuted stores over branches. (invalidated) based on evidence. We believe that young adults between 18-24 will spend more time in temporary pop-up stores that are placed in coworking spaces, compared to traditional banking branches  Hypothesis - Precise Your hypothesis is precise when you know We believe that young adults don’t plan for what success looks like. Ideally, it describes their future. the precise what, who, and when of your hypotheses. We believe that the majority of young adults between 18-24 don’t save more than $100 per month for their retirement.  Hypothesis - Discrete Your hypothesis is discrete when it describes We believe that our digital platform helps us only one distinct, testable and precise thing increase conversion rates and save money in you want to investigate. call centres. We believe that our digital platform will help us increase conversion rates by 5%. We believe that our digital platform will help us save $200M in call centres over 3 years. Break 30 minutes  Activity 13 1 Minutes Why is Experience Design Important for DPM?  Experience Design An approach to creating experiences for people that solve a problem, generate emotional responses from the user, drive usage and customer behavior. Experience design pulls from user needs, feelings, emotions, and opinions to create great products, services, processes, environments, or strategies.  Experience Design Design Ethnography  Experience Design Frameworks - Double Diamond The two diamonds represent a process of exploring an issue more widely or deeply (divergent thinking) and then taking focused action (convergent thinking)  Experience Design Frameworks - Design Thinking Design thinking is an iterative, non-linear process which focuses on a collaboration between designers and users. It brings innovative solutions to life based on how real users think, feel and behave.  Low Vs. High Fidelity Low Fidelity: High Fidelity: ○ Low fidelity wireframe will present as a basic ○ High fidelity will look as close to the finished illustration of a product's intended layout and product as is possible within the limitations user journeys. of the UX design tool that is being used. ○ Great for high-level brainstorming and ○ Often called wireframes. collaboration. Fidelity Examples  User Flow Design A user flow is a visual representation of how the user moves through a website or application and shows what happens at each step along the way. These steps are called user flows because they reflect the path a user takes while navigating a website or app Reflection It’s a Wrap! THANK YOU!