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Product Manager - Coggle Diagram
Product Manager
Product Success Metrics
What gets Measured gets managed
Peter Drucker
Instantaneous Feedback mechanism is key
Choosing metrics for reporting
characteristics of a metric
- Understandable
- Rate or Ratio
- Correlated
- Changeable
Bucket of metrics
Exploratory vs reporting metrics
Exploratory is not reported but its tracked
Reporting Metric is to reporting up the chain
Revenue Metric
- Life time Value of Customer (how much the customer has spent on our
- ROI
- CCA (cost of customer acquisition) how much I've spent on Adds marketing and sales people
- CAC (cost of acquisition of customers)
Subscription type products
- ARR (annual recurring revenue) All customers combined
- MRR (monthly recurring revenue) All customers combined
User Happiness Metric (difficult to get but they are very important and relevant)
- NPS scores
- VOC
- Customer Feedback or complaints
Retention Metric (who is coming back)
- Resurrected users
- Returning users
Engagement Metric (mostly for consumer products)
- Twitter and You-tube examples
- Multiple Logins per day
- Times spent
- No. of tweets
- Average # of likes, Retweets, Followers
Facebook
Engagement Metrics
- Position Click
- Messages sent
- Time spent
- Average # of likes
Growth and Activation Metric
- Total new users
- new users by source
- Activated users
- % of people sighing up
- % of people download the app
- Average purchase price
Twitter
Growth metrics
- Total New users per ___
- Monthly /Daily active users
- Activated Users??
-
HEART framework
- Happiness - how happy is your user?
- Engagement - How engaged is your user in the short term?
- Adoption - How many interested uses have actually tried your product?
- Retention - How many users you retained long term?
- Task Success - How successful are you at following users to perform the most valuable task?
AARRR Framework
- Acquisition of user
- Activation of user
- Retention / Repeat of user
- Referral / Sharing (NPS)
- Revenue from the user
Customer Focuses
- Likes the product
- VOC
- Net Promoter Score (NPS)
- Referring the product
- Satisfaction
Business Relates metrics
- Customer Acquisition cost
- Development cost
- ROI
- Profit Margin
- Revenue
- Life time Value of Customer
Metric Examples
- Monthly active users
- Return Users
- Churn Users
- App store reviews
- Social media posts
Tracking The Metrics
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Crazy egg for Websites
- Click data
- heat-maps Where people have been clicking
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Mix Panel
- Similar to Kiss matrix
- Both web and mobile
- Calculators
- Individual user tracking
- sends push notification via emails
Optimizely
- Click analysis
- Super easy to use
- Its a AB testing tool
Segment
- Its a Metrics hub
- Switching the metric tools without loosing your past metrics and data
Stakeholder Management
Internal
- Marketing
- Sales Groups
- Customer Care/Support
- Implementation team
- UI/UX
- Legal
Cross functional teams
- Business
- Product
- Design
- Engineering
Scrum / Development Team
- Product owners
- Engineering & Testers
- Data Science teams
- Scrum Masters
- PMs
External
- Customer Representatives
- Customer Technical team
- Users
- Sales and marketing
Communication
Meetings
- Followup on activities items which needs them
- F2F or internet meetings
- Send meeting notes or recap email of discussion is greatly appretiated
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Informal Meetings (Lunch)
- Build Support
- Get Ideas
- Feedback
With Engineering team
- They are specifically interested in details
- Tell them future plan
- Before approaching the engineers try it out and then reach out to them for help
- Watch out for Tech debts (trust them on these ones)
- Do not treat them like agency (give them opportunity to innovate / feedback)
Work with Designers
- Give them creative freedom
- Don't treat them like agency
- Work closely as a team from scratch
- Don't tell them what to do
- Talk about problem first not solutions
Working with Executives
- Don't be very detailed in emails send them compact information
- Speak in terms of business effect not features and functionality
- Talk in metrics and revenue
- Talk to them in their style of communication hallway vs email etc.
Other stakeholders
- Talk to people on each team as much as possible
- Give them confidence that you understand the user base / Technology / business very well
- Update them on latest development as frequently as possible
- Outside stake holders tell them reason the solution is the way it is
Roadmap
Input to roadmap?
Ideas and Needs
E.M.U.C
- Employees
- Metrics (data)
- Users (VOC)
- Clients (B-B segment)
- Product Backlog
- Ideation
- Release Management
- Need and Problem
- Product Life cycle Management
- Enhancements
- Technical Depts
- Business Case Development
- Product Planning
CIRCLES Product Design
- Comprehend the Situation
- Identify the Customer (Persona)
- Report the Customer Need
- Cut Through Prioritization
- List Solution
- Evaluate trade offs
- Summarize your recommendation
Comprehend the situation
- Context
- Goal and metrics
- Revenue
- User acquisition
- User Retention
- Market Share
- Customer Satisfaction
- Conversion Rate
- Basket size
- Constraints and Assumptions
- Deadlines
- Resources
- Scalability
- Platform
- Geography
Identify the Customer (Persona)
- 2X2 matrix having Demographics, Behavior and needs and goals
Report the Customer Need
- User stories
- Use Cases
- Requirements
- Pain points
List Solution
- Reversal Method
- Attribute method
- Why? Method
Tip 1: Think Big
- Me too ideas
- Integration Ideas
Tip 2: Have 10 Ideas
Evaluate trade offs Based on
- Customer satisfaction
- Implementation difficulty
- Revenue
Summarize your recommendation
- Recommend a product feature
- Recap its benefit to Customer / Company
- Why I chose this vs others
- Explore this Idea further
Feature Triage / Prioritization
- Feature vs Attribute matrix
- RICE method
- Revenue Based prioritization
Feature vs Attribute matrix
- Revenue
- Customer satisfaction
- Ease of Implementation
- Strategic Importance
- Probability of success
- Workaround availability
RICE model
- Reach - How many customers will be impacted?
- Impact - Benefit of feature from Low - High?
- Confidence - Probability of Success?
- Effort - Time it takes?
Revenue Based matrix
- Revenue Impact
- Story Size
- Revenue per point of effort
- Priority
Assumption Testing
- Remove risky assumptions
- Score them on 1-10
- Value (1-10) + Importance (1-10) = Rank
- Done for all epics / Features
BUC method of prioritization
- Business Benefits (1-10) +
- User Benefits (1-10) Minus
- Cost (1-10)
- Benefit - Cost = FINAL SCORE
MOSCOW method
- Must have
- Could Have
- Should Have
- Would Have
Alternate to road map
Road maps are usually inaccurate
its done because
- To satisfy the leadership
- Due to regulatory compliance
- Customer demand by a time
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Market and Customers
- Market Research
- Client User Data
- Competitor research
- Client conversations
Market Sizing
- Top Down analysis - Find the total market size and estimate our market share ,by assumptions on market penetration need to be made arrive at our potential market size. This is easier but not accurate.
- Bottom Up analysis - estimation by current sales of other products cumulatively and estimate how much we can capture that sale
Resources
- Compete.com
- Industry research group reports
- Competitor site website
- Google add word
- Twitter and Reddit
Competition
Finding Competitors
- Capture - collect Known & Unknown
For known google with versus you would get some of them
For unknown search for solving a problem with who its needed for "Search: popular website" Reddit.com, yahoo answers, qora.com
Types of Competition
- Direct Competitor (they solve the Same problem solvers)
- Indirect (Solve same problem but generally in a different target customer group)
- Potential (serve similar customer group but not solve the same problem)
- Substitute - Solves the same core problem but in a different way and for a different target customers
5 Criteria to understanding competitor
- Product Core (Product Team)
- Size of their user base
- Design
- Brand
- Speed
Where to get these details?
- Funding of the competition (crunchbaes.com)
- Acquisitions
- New Features/Product (Mention.com)
also use Google Alerts
Feature Table
- Compare our product features and competitor product
This gives a sense of how competitive we are.
Need to know the edge where we can make a difference.
Usually compare only direct competitors
Customer Development
Developed by Steve Blank
4 steps to epiphany (book)
- Customer Discovery
- Customer Validation
- Customer Creation
- Customer Building
Customer Interview
Pre-Product customers
- Identify target group
- Define what problem you are solving
- identify potential customers
- 3 Question Stud (ask all 3 zeroed customers)
- Size
- Pain:Payment
- Accessibility
Post-Product customers
- Established customer base
- Leads whom you can interview
- Paying customers who can be engaged
Exploratory Interview
What are you looking for?
- When you are looking for new Ideas)
- Open for solutions
- Fishing for problems
- They are excited about
- Getting insights
What to Talk to them about
- Talk to them about their day
- Substitute for solving their problem
Validation Interview
- Test your theory
- Validate for a Feature/Solution
- Most commonly used
- Present the Idea and collect their honest feedback
- Ask the right questions
Satisfaction Oriented Interview
- Why customers are dissatisfied
- What should we stop doing
- Digging out what is not helping the customers
Efficiency Interview
- Who uses your product and why they use it
- Which features are they are using mostly and not
- How easy is this feature to use?
- If you want to do __ how do you do it?
Validated Learning
- MVP (Time, Money & opportunity cost)
7 Steps of MVP
- Problem vs Solution combination
- Assumptions associated (Find the riskiest)
- Build Hypothesis on the assumptions
- Establish Min.Criteria for Success
- Pick MVP strategy + type
- Execute
- Iterate, evaluate
Assumptions
- List them
- Identify the riskiest ones
- Risk Vs Difficulty grid
- Hypothesis about the assumption
MVP technique
- Email MVP
- Shadow button MVP
- 404 / Coming soon MVP
- Explainer Videos
- Fake landing page
- Pitch Experiments
- Concierge
- Piecemeal
- Wizerd of ozz
Types of PMs
- Internal PM
- Consumer PMs
- B to B PMs (SAAS based)
Internal PM
- Great Intro Role
- Integrate with other systems internally
- More of a Project Management
- Less risk of loss to customer
- Small # of users
Business to Business PM
- Good intro role
- Small # or users
- Little bit Flexible and creative
- Controlled by Sales
- Priority weighted by $$$
- Tight deadlines
- Not a very diverse solution may use one or very few platforms
B-C PM
- Uncertain
- Pressured role
- Millions of users
- Multiple platforms
- Can loose lot of $$$ for company
- Extensive testing
Traits of a PM
- Which Problem to solve
- Multi-task
-Work in a fast-paced environment
- Product planning
- Wire framing,Mock-up and/or prototyping tools (e.g. Sketch, In-vision)
**- Structured thinker
- Clarity of thought
- Excellent Communication Skill
- Great Presentation Skills**
**- Great listener
- Analytical
- Strategic Thinker
- Creative
- Interpersonal skills**
Wire-framing
its a low fidelity UI
- Its intentionally inaccurate
- Balsamiq
- Axure
- Omni Graffle
- Hotgloo
- POP
Mock-Up
- Photoshop
- Sketch
- Illustrator
- Axure
- UxPin
Prototype
- Axure
- POP
- KeyNote
- Invision
- Proto.io