Product Management 101 @ HETIC

Talk given @ HETIC, a french university, on Product Management and, more specifically, the Customer Development methodology from Steve Blank.

Transcript

1. Product Management 101
3. Strategic Planner Balistik#Art Mention Growth + Design TOTEMS Product Design
4. Dataparis.io + data.gouv.fr HETIC’s projects
5. What does it mean to be a Product Manager? How do you build great products? How to get products ideas? Our Planning
6. What does it mean to be a Product Manager? 1
7. Product Manager != Project Manager
8. What How When Who Why Product Manager Project Manager ’’Ian Mc Allister GM Amazon
9. Product Manager == Project Manager’s « client »
10. « CEO of Product » That is, advocate for the Business and the End User
11. Market Analysis & Business Customers Analysis Product Roadmap & Specifications How it should be
12. Market Analysis & Business Customers Analysis Product Roadmap & Specifications UX Design Bug tracking + Dev Growth + PR How it is most times
13. Then, should a PM have a technical background? It depends.
14. Technical basics requirements How web dev works (front-end, deployment, server implications) How mobile dev works (guidelines, deployment…) APIs & Integrations Data Analysis (Basic SQLs, Excel, Stats…) Dev best practices
15. How to be a good PM? Always know the current status and context, Jump from small details to big picture, Be a good communicator and make things easy for people, Know your customers and think through the edge cases, Have thick skin.
16. Eventually, it’s mostly about empathy.
17. How to develop empathy?
18. Cool Reads: Good Product Manager/Bad Product Manager Behind Every Great Product
19. How do you build great products? 2
20. First, people don’t buy products. They buy better version of themselves.
22. « There are no facts inside your building » ’’Steve Blank Serial Entrepreneur
23. Therefore, build through Customer Development.
24. Customer Discovery > Customer Validation > Customer Creation > Company Building Customer Development Process MVPs / Agile Development
25. #1 Customer Discovery: What should I build and for whom? Hypothesis (Problem, MVP, Pricing, Demand Creation, Market, Competition) Test Problem Reality Check & MVP Test MVP Verify or Iterate
26. Testing a problem You can measure interest with a Landing Page, But eventually, you should « get out of the building » Customer Discovery Customer Validation Customer Creation Company Building
27. Running Interviews Open ended questions and avoid yes/no, Abstract your problem by a level, Pay close attention to emotions, Challenge your hypothesis, Shut up. Customer Discovery Customer Validation Customer Creation Company Building
28. Fuck surveys. Customer Discovery Customer Validation Customer Creation Company Building
29. MVP != Small/Cheap Product Customer Discovery Customer Validation Customer Creation Company Building
30. MVP != Broken Product Customer Discovery Customer Validation Customer Creation Company Building
31. MVP == Hypothesis tester Customer Discovery Customer Validation Customer Creation Company Building
32. MVPs are not necessarily coded Customer Discovery Customer Validation Customer Creation Company Building
33. TOTEMS + Steve B. Anecdote
34. « Do things that don’t scale » ’’Paul Graham YC Co-Founder
35. #2 Customer Validation: Have I built something people want? Get ready to sell finished MVP, Sell to « earlyvangelist », Measure Product/Market fit Verify or Iterate
36. Get ready to sell Articulate a Unique Value Proposition (what, who, why) Product website (Landing, Pricing, SU/SI, About, Tour) Define AARRR & Conversion Funnel Drive « just enough » trafic, validation != growth Customer Discovery Customer Validation Customer Creation Company Building
37. « Build it and they will come,” is not a strategy; it’s a prayer » ’’Steve Blank Serial Entrepreneur
38. Sell! Sell! Sell! But sell it first to the interviewees Customer Discovery Customer Validation Customer Creation Company Building
39. Measure Product/Market fit Basic conversion dashboard that measures AARRR metrics Activation and Retention are most critical Customer Discovery Customer Validation Customer Creation Company Building
40. Product/Market fit: Are we there yet? Are you making money? Is it satisfying? Are you getting referrals? Did you create habits? Customer Discovery Customer Validation Customer Creation Company Building
41. #3 Customer Creation: Have I built something people want? Sell from few to many, Choose market type (existing, re-segmented, new) Define positioning, Prepare launch.
42. Dropbox Launch + Reddit
43. #4 Company building: Now what? Build company culture & missions, Hire management & leadership culture, Go mainstream.
45. Cool Reads: 4 steps to epiphany Lean startup
46. How to get products ideas? 3
47. « The way to get startup ideas is not to try to think of startup ideas » ’’Paul Graham YC Co-Founder
48. #Don’ts
49. Don’t solve problems no one else have Be aware of what people what and what the reality is
50. Don’t take things for granted Question everything.
51. College != Entrepreneurship Open your mind to a leading field. Drop entrepreneurship classes.
52. Painful & Unsexy ideas
53. #Dos
54. Live in the future, then build what's missing. Be empathetic & be on the leading edge of some rapidly changing field
55. Just. Build. A.k.a the power of side projects
56. Do the job you’re trying to solve Get to know the stakes and find what is missing
57. Find dying / frozen industries Disrupt. That. Shit.
58. Number of people who want to use your product How much they want it
59. Competition is one of the signs of a good idea Find what are they overlooking. Just go ask users.
60. French products don’t suck. Sacrebleu. 4
63. Your turn to build a product Elevator pitch + MVP 5
64. Elevator Pitch Describe your startup idea What problem are you trying to solve? Who has it? What are you going to build? How will you attract potential users/customers? How are you going to make money? Who will you compete with?
65. Institutions / Governments Your clients
66. Emerging Markets Your market
67. Energy Food/Water Education Internet Infrastructure Finance Transport Housing Santé
68. Summarize in 3 minutes.
69. [PDF] http://inft.ly/3bUYKmV
70. Pitch Reviews 60 min 6
71. Slack
73. What metrics should I track for SAAS products? Introduction to SAAS metrics 7
74. LTV, Churn, MRR, Cohorts, Average Revenue per Customer, Cost per Acquisition, [Key activity Metric for YOUR product]…
75. Churn Rate = Churned Customers / Total Customers If 1000 / 60 000?
76. MRR (Monthly Recurring Revenue) = Total Number of Customers * (Total Revenue / Numbers of Customers)
77. CAC = Total cost of Sales & Marketing / No of Deals closed
78. Months to recover CAC How many months of revenue from a customer are required to recover your cost of acquiring that customer (CAC)
79. LTV = Life Time Value?
80. Customer Life Time = 1/Churn Rate If 3% monthly churn?
81. LTV = Customer Life Time * Average MRR per Account Simply put: LTV = ARPU / Churn
82. Cohort Group of customers that started in the same month
83. Ugly table from hell Cohort Analysis
84. Growth hacking your product Rapid & Scalable Growth 8
85. Airbnb & Craiglist
86. Hotmail
87. Hubspot
88. How to structure a product team? Tools + Workflow examples 9
89. Team Communication Aim for inbox zero
90. But, be smart about e-mails Streak + Rapportive + Sidekick
91. Assign tasks & Visualize roadmap Everyone should know who’s working on what Really cool example
92. Iterate on Product Prototype fast, together.
93. Test Test fast and easy
94. Reach to your Customers Personalized event-triggered messages
95. Automated workflow examples Github commit + merges in Slack #Product If upgrade/subscription push Yo/Slack #Biz New Github issue = New Trello card Open card with Slack snippet ….
96. Build an effective product roadmap Tips & Examples 10
97. A few tips first.
98. #1 Set company principles & Focus Pin it to the board. Everyone should know it, always.
99. Quora example: « We help the world get their questions answered now, and we create a lasting resource for others who may have the same question in the future. We focus on getting high quality questions and answers. »
100. #2 Set goals and progress SMART goals.
101. #3 Update based on product feedback What's been going on recently with the product? What has been delivered since the last roadmap update?
102. #4 Near term product improvements What are you going to be focusing until next quarter? List & explain the themes.
103. #4 Long term product improvements What are the most important themes over the next year?
104. #5 Individual Projects What? Which Theme? When to ship?
105. How to build features? Problem/Solution spaces + Ramen Framework
106. Problem/Solution spaces
107. Problem space User benefit Solution space Product repercussion
108. I hate to enter my credit card number Let’s allow buyers to pay in one click Amazon’s One Click Buying
109. Problem space Customer Understanding Solution space What users can react to
110. Ramen: user feedback for startups 5-10 min Q&A to understand user needs 30-50 min non-directed feedback 5-10 min explain features
111. Prioritize your features Introducing the Kano model & small tweaks
113. “Must be”: The essential feature, if this does not appear then our user will be deeply frustrated and unsatisfied. “Delighter”: A feature that can cause a great satisfaction if it exist. “Perfomance”: A feature that gives a lot of satisfaction or dissatisfaction proportionally to its promises. Prioritize based on your users
114. Product features formula Fp = (Un + Bv) - (e + t)
115. Un = Defining the User Needs ≤ 10 The satisfaction score from 0 to 5 is defined by user feedback. Combos: Must Be = 2, Delighter = 1, Perfomance = 1.5 Un = [0-5]*[2,1.5,1] ≤ 10
116. Bv = Define Business Value ≤ 10 How this will profit to my business (acquisition, activation, retention…)?
117. e = Define effort to build Estimate effort to build in scale from 1 to 0 (learning curve, infrastructure issues…)
118. T= Define time factor ≤ 10 Estimate time scoring
119. Fp (Feature Price) = Feature Value - Feature Efforts Feature efforts = t + e Feature value = Un + Bv Sweet spot No go Not sure Not now
120. Ressources Blogs & people to follow 11
121. 8 Blogs to follow http:/ /www.bhorowitz.com/ http:/ /avc.com/ http:/ /andrewchen.co/ http:/ /cdixon.org/ http:/ /dcurt.is/ http:/ /zachholman.com/ http:/ /joel.is/ http:/ /steveblank.com/
122. 8 PMs to follow https:/ /twitter.com/joulee https:/ /twitter.com/ianmcall https:/ /twitter.com/brian_lovin https:/ /twitter.com/kowitz https:/ /twitter.com/danolsen https:/ /twitter.com/pdavies https:/ /twitter.com/lukew https:/ /twitter.com/joshelman Bonus: https:/ /twitter.com/gillesbertaux/following
123. hello@gillesbertaux.com + @gillesbertaux