Synopsis: The Art of Product Management


I was fortunate enough to bump into a presentation from Sachin Rekhi (@sachinrekhi) called The Art of Product Management.

VSDE

It was an excellent read. Here’s a synopsis from it, for my product management friends.

Product managers drive the Vision, Strategy, Design, and Execution of their product.

Vision – articulates how the world will be a better place when you succeed

  • A compelling vision articulates how the world will be a better place when you succeed
  • Get excited about being at least one step forward, one step closer to it
  • Best format: write a customer oriented vision narrative. Jeff Bezos expects a 6-page narrative!!
  • A vision is valuable only if it inspires the entire team
  • Communicate the vision — the power of repetition — just as it takes 7 impressions to garner a response to a marketing message, you need to constantly repeat your vision. Ask your team about what they’re doing and gauge if they are communicating along the lines of the vision, using words & phrases from the vision.

Strategy – iterate & refine until you find product-market fit and you are dominant in your market

  • It’s about how are you going to win
  • A vision should be stable, but your strategy needs to be iterated on and refined until you find product-market fit and until you are dominant in your target markets. Again refine to expand to new markets and find product-market fit there.
  • A better fit leads to a more appealing product for the target market
  • A faster fit means the product will enjoy maximum differentiation for a longer period of time
  • Best format: Product-Market Fit Hypotheses
    1. Target Audience — bulls eye of your very best potential customers
    2. Problem You’re Solving — it’s important to articulate the problem independent of the solution, get to the root of the problem than scratching the symptoms, fall in love with the problem you’re solving for your customers and not with the solution
    3. Value Propositions — not the feature list, but the promise to your customers on the value you will deliver for them
    4. Strategic Differentiation — why is your solution 10x better than the leading alternatives
    5. Competition — how will your solution win against direct competitors and indirect alternatives
    6. Acquisition Strategy — how will you find & attract your potential customers in a cost-effective way
    7. Monetization Strategy — what are your primary and secondary ways to make money, is there strong willingness to pay
    8. KPIs — what are the right metrics for you to know if you are headed in the right direction. Spend time frequently (almost everyday) reviewing critical metrics & dashboards.
  • Minimize your dimensions of innovation. Don’t innovate on all aforementioned dimensions, instead innovate on few and use best practices for the rest.

Design – keep it simple and bring emotional intelligence

  • Work hard and iterate to keep it simple
  • A compelling design delivers a useful, usable, and delightful experience to your customers, by bringing emotional intelligence to your design
  • Develop personas – a persona typically describes the goals, pain points, behaviors, and psychology associated with members of a particular segment. Give them a name, a profile image, and sometimes associate a background history with them. A team usually develops one or more personas to represent the core audience of users they are optimizing their product/experience.
  • Increase Exposure Hours — it is the amount of time your team spends with observing customers
  • Delight through attention to detail and by making people feel accomplished
  • Measure delight through NPS

Execution – it’s not about project management it’s doing whatever it takes to win

  • Be relentless, it determines whether you’ll make your vision a reality
  • You must spend about 60% of your time in execution, else it will go wrong
  • Execution is not about project management, but doing whatever it takes to win
  • Ensure you’re pointing the team in the right direction. Reward engineering velocity.
  • Execution Loop: Define >> Validate >> Iterate
  • #1 Goal: Increase execution loop velocity
  • Establish yourself as the curator, not the creator of great ideas. Everyone contributes great ideas.
  • First nail it, then scale it — first build software quickly (no elegance required in architecture, etc.), validate it, and then scale it with elegant architecture.
  • Invest in retrospectives

Hope you found this blog post useful. Thanks to Sachin Rekhi @sachinrekhi. Cheers!

 

 

 

 

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3 qualities of leadership folks I most enjoy working with


The leadership team is ultimately responsible for the success of their companies.

They have teams of their own — product, marketing, sales, engineering, etc.

Being product managers sitting in offshore offices across India, as we are not part of the leadership team in the headquarters (due to timezone differences, onsite office vs. offshore office mindset, etc.), it is essential the leadership team attempts to take the product managers along with them in their journey of steering the company.

Essentially, there are some qualities we expect in our leaders and below are the top 3 qualities of leadership folks I most enjoy working with:

Three fingers

1. Groom team members into future leaders
2. Share business, company, and priority updates instantly
3. Give credit to team for successes

Would love to hear what others think!