What is a Product Manager?
Enabler, Communication Hub, Prioritizer, etc.
Four major phases of product lifecycle:
Product first introduced to the market
Little to no competition
Typically loses money
Users are early adopters
Accepted by marketplace
Start improving the product
Competitors enter the market
Products phase out
Product Development Process:
1. Conceive: collect user problems, brainstorm solutions,
2. Plan: market research, business plan, roadmap, focus groups, user interviews
3. Develop: timelines, features, user stories, specs
4. Iterate: Finish MVP, early feedback, Prototype
5. Launch: position for public launch
6. Steady State: collecting metrics, analyzing product, optimize metrics, maximize ROI
7. Maintain or Kill: decide the future of the product
Sources of Ideas: EMUC
Getting to the real user need: Why? Why? Why? Why? Why?…
Types of Competitors:
The 5 criteria for understanding competitors:
1. Product Core: the core team, engineers, what is the team capable of
2. User base: How big is the competitors current user base
3. Design: How good is the competitor at Design
4. Brand: What is brand’s perception
5. Speed: How quickly can the competitor build stuff?
Four steps to Epiphany:
1. Customer Discovery
- State Hypothesis
- Test Problem Hypothesis
- Test Product Concept
2. Customer Validation
- Get ready to Sell
- Sell to visionary Customers
- Develop Positioning
3. Customer Creation
4. Company Building
- Reach Mainstream Customers
- Management and Culture Issues
- Transition the Customer Development teams into Functional Departments
- Build Fast Response Departments
Talking to your customers:
1. Figure out who you are targeting
2. Find candidates that match target group
3. Reach out and agree to talk
4. Interview them
Customer Development Cycle
– What should go in it?
– Do people want it?
– Is there a market?
– Established Customer Base
– People paying and engaging with the product
Four types of customer interviews:
1. Exploratory Interviews
2. Validation Interview
3. Satisfaction oriented Interview
4. Efficiency Interview
Best practices to run customer interviews:
1. Don’t talk about the solution. Talk about their problems and needs.
2. Don’t talk about your opinions
3. Create a comfortable environment
4. Don’t force the conversation, guide it
What? Why? Who? When? Where?
Ask open-ended questions.
Don’t ask binary questions. Have you heard of Uber?
Don’t ask leading questions. Would you like to save money?
Don’t make them lie? Have you ever cheated on a test?
That’s interesting. Tell me more.
Emails need to be short, personal, valuable.
Types of Metrics:
- Growth and Activation
- User Happiness
Metrics measurement tool:
Vision -> Goals -> Metrics -> Initiatives -> Releases – Epics -> Stories and requirements
Epics Spec sheet (Documentation) = Requirements document
– What features are we building?
– Why are we building those features?
– What metrics are you trying to improve?
– Early wireframes
2. Product requirements
– Details of features
3. Design requirements
– High fidelity prototypes
4. Engineering requirements
– Technology requirements
1. Near term
2. Mid term
3. Long term
1. Assumption testing: Value (1-10) + Importance (1-10) = Rank
2. BUC method: Business benefit (1-10) + User benefit (1-10) – Cost (1-10) = Rank
Wedding Cake is the final product, cupcake is the MVP.
- Vision / Positioning Statement
- Goals / Non-Goals
- Feature List / Prioritize
- User Flows
- Prototype / User testing