Product Management 101 @ HETIC

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Product Management 101

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Strategic Planner Balistik#Art Mention Growth + Design TOTEMS Product Design

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Dataparis.io + data.gouv.fr HETIC’s projects

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What does it mean to be a Product Manager? How do you build great products? How to get products ideas? Our Planning

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What does it mean to be a Product Manager? 1

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Product Manager != Project Manager

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What How When Who Why Product Manager Project Manager ’’Ian Mc Allister GM Amazon

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Product Manager == Project Manager’s « client »

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« CEO of Product » That is, advocate for the Business and the End User

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Market Analysis & Business Customers Analysis Product Roadmap & Specifications How it should be

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Market Analysis & Business Customers Analysis Product Roadmap & Specifications UX Design Bug tracking + Dev Growth + PR How it is most times

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Then, should a PM have a technical background? It depends.

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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

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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.

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Eventually, it’s mostly about empathy.

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How to develop empathy?

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Cool Reads: Good Product Manager/Bad Product Manager Behind Every Great Product

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How do you build great products? 2

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First, people don’t buy products. They buy better version of themselves.

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« There are no facts inside your building » ’’Steve Blank Serial Entrepreneur

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Therefore, build through Customer Development.

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Customer Discovery > Customer Validation > Customer Creation > Company Building Customer Development Process MVPs / Agile Development

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#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

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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

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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

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Fuck surveys. Customer Discovery Customer Validation Customer Creation Company Building

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MVP != Small/Cheap Product Customer Discovery Customer Validation Customer Creation Company Building

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MVP != Broken Product Customer Discovery Customer Validation Customer Creation Company Building

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MVP == Hypothesis tester Customer Discovery Customer Validation Customer Creation Company Building

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MVPs are not necessarily coded Customer Discovery Customer Validation Customer Creation Company Building

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TOTEMS + Steve B. Anecdote

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« Do things that don’t scale » ’’Paul Graham YC Co-Founder

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#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

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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

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« Build it and they will come,” is not a strategy; it’s a prayer » ’’Steve Blank Serial Entrepreneur

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Sell! Sell! Sell! But sell it first to the interviewees Customer Discovery Customer Validation Customer Creation Company Building

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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

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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

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#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.

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Dropbox Launch + Reddit

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#4 Company building: Now what? Build company culture & missions, Hire management & leadership culture, Go mainstream.

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Cool Reads: 4 steps to epiphany Lean startup

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How to get products ideas? 3

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« The way to get startup ideas is not to try to think of startup ideas » ’’Paul Graham YC Co-Founder

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#Don’ts

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Don’t solve problems no one else have Be aware of what people what and what the reality is

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Don’t take things for granted Question everything.

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College != Entrepreneurship Open your mind to a leading field. Drop entrepreneurship classes.

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Painful & Unsexy ideas

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#Dos

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Live in the future, then build what's missing. Be empathetic & be on the leading edge of some rapidly changing field

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Just. Build. A.k.a the power of side projects

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Do the job you’re trying to solve Get to know the stakes and find what is missing

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Find dying / frozen industries Disrupt. That. Shit.

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Number of people who want to use your product How much they want it

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Competition is one of the signs of a good idea Find what are they overlooking. Just go ask users.

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French products don’t suck. Sacrebleu. 4

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Your turn to build a product Elevator pitch + MVP 5

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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?

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Institutions / Governments Your clients

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Emerging Markets Your market

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Energy Food/Water Education Internet Infrastructure Finance Transport Housing Santé

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Summarize in 3 minutes.

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[PDF] http://inft.ly/3bUYKmV

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Pitch Reviews 60 min 6

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Slack

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What metrics should I track for SAAS products? Introduction to SAAS metrics 7

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LTV, Churn, MRR, Cohorts, Average Revenue per Customer, Cost per Acquisition, [Key activity Metric for YOUR product]…

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Churn Rate = Churned Customers / Total Customers If 1000 / 60 000?

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MRR (Monthly Recurring Revenue) = Total Number of Customers * (Total Revenue / Numbers of Customers)

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CAC = Total cost of Sales & Marketing / No of Deals closed

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Months to recover CAC How many months of revenue from a customer are required to recover your cost of acquiring that customer (CAC)

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LTV = Life Time Value?

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Customer Life Time = 1/Churn Rate If 3% monthly churn?

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LTV = Customer Life Time * Average MRR per Account Simply put: LTV = ARPU / Churn

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Cohort Group of customers that started in the same month

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Ugly table from hell Cohort Analysis

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Growth hacking your product Rapid & Scalable Growth 8

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Airbnb & Craiglist

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Hotmail

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Hubspot

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How to structure a product team? Tools + Workflow examples 9

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Team Communication Aim for inbox zero

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But, be smart about e-mails Streak + Rapportive + Sidekick

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Assign tasks & Visualize roadmap Everyone should know who’s working on what Really cool example

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Iterate on Product Prototype fast, together.

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Test Test fast and easy

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Reach to your Customers Personalized event-triggered messages

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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 ….

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Build an eﬀective product roadmap Tips & Examples 10

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A few tips ﬁrst.

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#1 Set company principles & Focus Pin it to the board. Everyone should know it, always.

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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. »

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#2 Set goals and progress SMART goals.

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#3 Update based on product feedback What's been going on recently with the product? What has been delivered since the last roadmap update?

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#4 Near term product improvements What are you going to be focusing until next quarter? List & explain the themes.

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#4 Long term product improvements What are the most important themes over the next year?

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#5 Individual Projects What? Which Theme? When to ship?

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How to build features? Problem/Solution spaces + Ramen Framework

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Problem/Solution spaces

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Problem space User benefit Solution space Product repercussion

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I hate to enter my credit card number Let’s allow buyers to pay in one click Amazon’s One Click Buying

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Problem space Customer Understanding Solution space What users can react to

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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

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Prioritize your features Introducing the Kano model & small tweaks

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“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

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Product features formula Fp = (Un + Bv) - (e + t)

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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

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Bv = Deﬁne Business Value ≤ 10 How this will profit to my business (acquisition, activation, retention…)?

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e = Deﬁne eﬀort to build Estimate effort to build in scale from 1 to 0 (learning curve, infrastructure issues…)

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T= Deﬁne time factor ≤ 10 Estimate time scoring

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Fp (Feature Price) = Feature Value - Feature Eﬀorts Feature eﬀorts = t + e Feature value = Un + Bv Sweet spot No go Not sure Not now

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Ressources Blogs & people to follow 11

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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/

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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

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hello@gillesbertaux.com + @gillesbertaux