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Intro to Product Management - IIT Roorkee 09-09-17
- 1. Intro to Product Management IIT Roorkee 09/09/2017 Adam Paul Walker @walkadm
- 2. What is Product Management? "The product manager is often considered the CEO of the product and is responsible for the strategy, roadmap, and feature definition for that product or product line.” (source)
- 3. What is a Product Manager? ● Their Scope includes: ○ Sales ○ Marketing ○ Operation ○ Technology ○ Design
- 4. How to think about product | Business First Good product must make good business first “If a product can’t fuel a business then its quality will disappear as its value erodes and competition emerges. And that’s something a lot of great products forget: survival is the best product strategy.” - Des Traynor, Founder of Intercom
- 5. Source Is it a problem worth solving?
- 6. How to think about product | Zero to One ● Market / Timing ○ Is there an “A” market - is it big and growing? (forget A & B teams and ideas) ● 10X Improvement ○ Think Flipkart: It started with 10x books than any bookstore.
- 7. How to think about product | Zero to One ● Monopoly & Economies of Scale ○ Is it a "Blue Ocean” opportunity? ○ Think: can your product scale i.e. deliver increasing returns with the same inputs? ● Distribution ○ Can you leverage network effects?
- 8. How to think about product | Zero to One ● Positioning & Brand & Design ○ Think: how Tesla positioned itself for the high-end market as it’s Go-To-Market ○ A brand is a promise to deliver an experience: which is a functionality or an emotion
- 10. How to think about product | Zero to One ● Durability ○ What will stop another company from wiping out your business? (I.P.; high switching-cost) ● Secrets - "Great companies have secrets: specific reasons for success that other people don’t see.”
- 11. How to think about product | Zero to One ● The “Pain Killer” ( Sequoia Capital) ○ Solve burning problems - this is the first approach to acquire customers
- 12. How product is managed: Research & Plan 1. Set the product vision - what, to whom and value 2. Collect Ideas & Feedback (includes surveys) 3. Iterate product vision
- 13. How product is managed: Be a Scientist 1. Define the hypotheses that underlie product vision: what/whom/value 2. Design experiments to test those hypotheses of what/whom/value 3. Define product roadmap 4. Lead execution of product delivery: coordinate
- 14. How product is managed: Ship & Retool 5. Ship product 6. Get feedback 7. Retool hypotheses 8. Iterate product
- 15. How product is managed: Ship & Repeat 10. Ship product 11. Iterate product roadmap 12. Rinse & repeat
Editor's Notes
- https://blog.intercom.com/good-products-bad-businesses/
- https://blog.intercom.com/good-products-bad-businesses/
- Uber employs more than 600 people in India (08/16, YourStory) , Ola ~6,000
- People need to eat apples because it’s good for their health Find out what color apples are appealing to people Decide to go with red apples
- People want to eat apples because they are healthy I run two experiments where 1. I sell apples next to oranges and I say that apples are unhealthy and oranges are healthy 2. I sell apples next to oranges and I say nothing 3. I sell apples next to oragnes and I say that apples are healthy and oranges are unhealthy
- 6. Discover that people actually purchase apples because they are less expensive than other fruit, like pomegranates, so people see apples as an alternative fruit, but are conscious about his price, so only certain apples would be better for the market than others