Become a Product Manager – Udemy

What is a Product Manager?
Enabler, Communication Hub, Prioritizer, etc.

Four major phases of product lifecycle:
1. Introduction
Product first introduced to the market
Little to no competition
Typically loses money
Users are early adopters
2. Growth
Accepted by marketplace
Sales rise
Start improving the product
Few competitors
3. Maturity
Sales peak
Competitors enter the market
4. Decline
Sales diminish
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
Employees
Metrics
Users
Customers

Getting to the real user need: Why? Why? Why? Why? Why?…

Types of Competitors:
1. Direct
2. Indirect
3. Potential
4. Substitute

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?

Market Sizing:
Top-Down approach
Bottom-Up approach

Four steps to Epiphany:

1. Customer Discovery

  1. State Hypothesis
  2. Test Problem Hypothesis
  3. Test Product Concept
  4. Verify

2. Customer Validation

  1. Get ready to Sell
  2. Sell to visionary Customers
  3. Develop Positioning
  4. Verify

Pivot

3. Customer Creation

4. Company Building

  1. Reach Mainstream Customers
  2. Management and Culture Issues
  3. Transition the Customer Development teams into Functional Departments
  4. 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

cdc.PNG

 

Pre-Product
– Validation
– What should go in it?
– Do people want it?
– Is there a market?

Post-Product
– Established Customer Base
– People paying and engaging with the product
– Leads

3qs.PNG

 

pppp.PNG

 

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:

  1. Growth and Activation
  2. Engagement
  3. Retention
  4. User Happiness
  5. Revenue

 

Metrics frameworks:

AARRR:
Acquisition
Activation
Retention
Referral
Revenue

HEART:
Happiness
Engagement
Adoption
Retention
Task Success

UXSTRAT_Fig20_Pam_HeartFramework

Metrics measurement tool:
Kissmetrics
CrazyEgg
Optimizely
Mixpanel
Google Analytics

Vision -> Goals -> Metrics -> Initiatives -> Releases – Epics -> Stories and requirements

Epics Spec sheet (Documentation) = Requirements document
1. Introduction
– 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

Roadmapping:
1. Near term
2. Mid term
3. Long term

Prioritizing:
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
3. MoSCoW

 

Wedding Cake is the final product, cupcake is the MVP.

mvp

 

  1. Vision / Positioning Statement
  2. Goals / Non-Goals
  3. Scoping
  4. Feature List / Prioritize
  5. User Flows
  6. Wireframes
  7. Prototype / User testing