How to Know You are Building the Right Thing by Zalando Sr PM
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Main Takeaways: -How to better Discover, Define, Design and Deliver according to your product lifecycle -Key aspects to uncover during the product discovery -Frameworks and techniques that will help you build confidence
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How to Know You are Building the Right Thing by Zalando Sr PM
- 1. www.productschool.com How to Know You are Building the Right Thing by Zalando Sr PM
- 2. CERTIFICATES Your Product Management Certificate Path Product Leadership Certificate™ Full Stack Product Management Certificate™ Product Management Certificate™ 20 HOURS 40 HOURS 40 HOURS
- 3. Corporate Training Level up your team’s Product Management skills
- 4. Free Product Management Resources BOOKS EVENTS JOB PORTAL COMMUNITIES bit.ly/product_resources COURSES
- 5. 5 5 How Do You Know You Are Building The Right Thing? Learn how to navigate with confidence through all product phases
- 6. Hello! I am Raluca Bujoreanu ● Senior product manager ● Design sprints facilitator ● Previously: ○ Marketing Manager ○ Strategy & Growth Consultant ○ Startup founder ● Master’s degree in Marketing Management ● >10 years e-commerce & building tech products https://www.linkedin.com/in/ralucabujoreanu/ 6
- 7. 7 7 How Do You Know You Are Building The Right Thing?
- 8. You get ideas from everywhere INDUSTRY 8 MANAGEMENT INVESTORS TEAM USERS COMPETITION
- 9. 9 “Listening to everyone’s opinions is important, but it doesn’t mean a product manager should implement every suggestion.” Melissa Perry, author of ‘Escape the Build Trap’
- 10. You get #greatideas from everywhere 10 INVESTORS #understanding TEAM #understanding USERS #understanding COMPETITION MANAGEMENT INVESTORS INDUSTRY
- 11. 11 “The first truth is that at least half of our ideas are just not going to work.” Marty Cagan, author of ‘Inspired’
- 12. Find ways to Validate Risk FAST 12 Effort Value Quick wins Use caution Avoid Major features
- 13. The product manager’s role is to reduce risk prior to building anything.
- 14. Adapted from ‘Testing Business Ideas’ - Strategyzer series Desirable Feasible Viable Types of risks “Can we do this?” “Should we do this?” “Do they want this?” The product manager’s role is to reduce risk prior to building anything.
- 15. Adapted from ‘Testing Business Ideas’ - Strategyzer series Desirable Feasible Viable Types of risks “Can we do this?” “Should we do this?” “Do they want this?” Your product The product manager’s role is to reduce risk prior to building anything.
- 17. Problem Definition Solution Understand Observe Define Ideate Prototype Test Design Thinking Process PROBLEM SPACE SOLUTION SPACE
- 18. Problem Definition Solution Understand Observe Define Ideate Prototype Test Design Thinking Process PROBLEM SPACE SOLUTION SPACE Build the right thing Build the thing right
- 19. 19 Product lifecycle model INTRODUCTION GROWTH MATURITY DECLINE Economic theory developed by Raymond Vernon
- 20. 20 Product lifecycle model INTRODUCTION GROWTH MATURITY DECLINE Economic theory developed by Raymond Vernon
- 21. 21 Product lifecycle stage Business objective Product objective Product manager objective Gain awareness Convert first customers Increase revenue Grow customer database Getting to product - market fit Expand scale and stay competitive Sustain market share and drive innovation Optimize business Increase customer retention Remain profitable OR kill the product Reduce expenses Maintain loyal customers INTRODUCTION GROWTH MATURITY DECLINE Adapt rapidly by using insights from customers and market Define the product value proposition Validate product desirability and viability Generate traction ● ● ● ● Accelerate growth and support more users with a better product Allocate resources wisely and focus on unicorn features. Maximize viability and feasibility Show rapid progress ● ● ● ● Evolve value proposition and focus on customer satisfaction Identify new product opportunities. Ensure product development speed. Innovate without accidentally damaging the brand Invest in promising future ideas ● ● ● ● Think strategically about next steps: Pivot, Resurrect current offer or Phase out. Ensure continuous communication with your customers Reduce costs to minimal level Identify the winning solution ● ● ● ●
- 22. 22 Product lifecycle stage Business objective Product objective Product manager objective Gain awareness Convert first customers Increase revenue Grow customer database Getting to product - market fit Expand scale and stay competitive Sustain market share and drive innovation Optimize business Increase customer retention Reduce expenditure and remain profitable Remain profitable Maintain loyal customers INTRODUCTION GROWTH MATURITY DECLINE
- 23. 23 Product lifecycle stage Business objective Product objective Product manager objective Gain awareness Convert first customers Increase revenue Grow customer database Getting to product - market fit Expand scale and stay competitive Sustain market share and drive innovation Optimize business Increase customer retention Reduce expenditure and remain profitable Remain profitable Maintain loyal customers INTRODUCTION GROWTH MATURITY DECLINE Adapt rapidly by using insights from customers and market Define the product value proposition Validate product desirability and viability Generate traction ● ● ● ●
- 24. 24 Product lifecycle stage Business objective Product objective Product manager objective Gain awareness Convert first customers Increase revenue Grow customer database Getting to product - market fit Expand scale and stay competitive Sustain market share and drive innovation Optimize business Increase customer retention Reduce expenditure and remain profitable Remain profitable Maintain loyal customers INTRODUCTION GROWTH MATURITY DECLINE Adapt rapidly by using insights from customers and market Define the product value proposition Validate product desirability and viability Generate traction ● ● ● ● Accelerate growth and support more users with a better product Allocate resources wisely and focus on unicorn features. Maximize viability and feasibility Show rapid progress ● ● ● ●
- 25. 25 Product lifecycle stage Business objective Product objective Product manager objective Gain awareness Convert first customers Increase revenue Grow customer database Getting to product - market fit Expand scale and stay competitive Sustain market share and drive innovation Optimize business Increase customer retention Reduce expenditure and remain profitable Remain profitable Maintain loyal customers INTRODUCTION GROWTH MATURITY DECLINE Adapt rapidly by using insights from customers and market Define the product value proposition Validate product desirability and viability Generate traction ● ● ● ● Accelerate growth and support more users with a better product Allocate resources wisely and focus on unicorn features. Maximize viability and feasibility Show rapid progress ● ● ● ● Evolve value proposition and focus on customer satisfaction Identify new product opportunities. Ensure product development speed. Innovate without accidentally damaging the brand Invest in promising future ideas ● ● ● ●
- 26. 26 Product lifecycle stage Business objective Product objective Product manager objective Gain awareness Convert first customers Increase revenue Grow customer database Getting to product - market fit Expand scale and stay competitive Sustain market share and drive innovation Optimize business Increase customer retention Reduce expenditure and remain profitable Remain profitable Maintain loyal customers INTRODUCTION GROWTH MATURITY DECLINE Adapt rapidly by using insights from customers and market Define the product value proposition Validate product desirability and viability Generate traction ● ● ● ● Accelerate growth and support more users with a better product Allocate resources wisely and focus on unicorn features. Maximize viability and feasibility Show rapid progress ● ● ● ● Evolve value proposition and focus on customer satisfaction Identify new product opportunities. Ensure product development speed. Innovate without accidentally damaging the brand Invest in promising future ideas ● ● ● ● Think strategically about next steps: Pivot, Resurrect current offer or Phase out. Ensure continuous communication with your customers Reduce costs to minimal level Identify the winning solution ● ● ● ●
- 27. 27 27 How Do You Know You Are Building The Right Thing In Each Stage?
- 28. Problem Space Build the right thing Solution space Build the thing right Desirability Who are my potential customers? What are their unmet needs and goals that are not solved in the market? Feasibility Do I have the resources to solve the problem? Viability What customer groups and problems shall I focus on? Desirability What solution will cover the customers needs? Feasibility How fast can I build it with the existing resources? Viability How can I create value? How many customers are actually buying my solution? INTRODUCTION Product objective: Getting to product – market fit
- 29. Problem Space Build the right thing Solution space Build the thing right Desirability Who are my core customers and non-users? What are their needs and goals? How well is my product meeting their needs? Feasibility Do I have the resources to solve the problem fast? Viability How can I best serve my customers? How can I attract new groups of customers? Desirability What solution will cover more customers needs? Feasibility How can I create value faster? Viability How can I create more value? How much can I scale? GROWTH Product objective: Expand scale and stay competitive
- 30. Problem Space Build the right thing Solution space Build the thing right Desirability Who are my best customers? Which customers churn? What are their needs and goals? Feasibility Viability How can I turn my best customers into loyal ones and reduce churn? Desirability Do the customers love it? Feasibility How can I innovate faster? How can I test the new experiences in a risk-free environment without hurting my brand? Viability How can drive innovation? Is the experience indeed driving value ? MATURITY Product objective: Sustain market share and drive innovation
- 31. Problem Space Build the right thing Solution space Build the thing right Desirability Why do my customers leave? Which customers are still loyal? What are the current needs and goals? What is competition doing? Feasibility Viability What customer problems can I still fulfill? How many customers could I still serve? Desirability How can I best serve my loyal customers? Feasibility How can I generate impact with my existing resources? Viability How can I innovate? Is the experience profitable? DECLINE Product objective: Reduce expenses and remain profitable
- 32. 32 32 Sounds great…. but how? and how long does it take?
- 35. 35 35 “Launch and Learn. Everything is Progress.“ Danielle LaPorte Author, Entrepreneur
- 36. www.productschool.com Part-time Product Management Training Courses and Corporate Training