Book Summaries and Product

Question 1

Who are the characters/customers? Who is main protagonist?

Answer 1

1. Aaron Sorkin - your protagonist needs to have clear intentions and there must be a formable obstacle in his/her way
   
   2. Facebook, the guy who wanted to know a girls relationship status
   3. If you just have technology, you don’t have a main character. Google Wave
      Every meeting Bazos left an empty chair to remind people to thinking about customer

Question 2

What are the insights/motivations?

Answer 2

1. Ask the five whys.

Question 3

Economics of Trust

Answer 3

Trust affects two outcomes speed and cost [buffet closed billion dollar deal in days on trust]

Question 4

Differentiators between manager and a leader

Answer 4

Inspiring leaders!

Question 5

3 types of PM KPIs

Answer 5

1) Business Outcomes –> aka revenue
2) Product Usage –> users behavior inside your produce
3) Product Quality –> how well your product is doing what it supposed to do (response time, downtown)

Question 6

NRR

Answer 6

Net revenue retention (NRR). Percentage of revenue gained form existing customers over a given period of time. Should be over 100 as you expand your current customers and minimize churns

Question 7

DAU/MAU

Answer 7

STICKINESS - monthly users who return daily

Question 8

DAU/WAU

Answer 8

STICKINESS - Weekly users who return daily

Question 9

WAU/MAU

Answer 9

STICKINESS - Monthly users who return weekly

Question 10

PES

Answer 10

Product Engagement Score. Combines Adoption, stickiness, and growth

Question 11

Time to value

Answer 11

time from when customer starts using product until they get to value

Question 12

CIO First 100 Days - Phases

Answer 12

1 ) Listen and learn
2) Map out current strengths and weakness
3) Set a strategy, with digital transformation
4) Focus on strategy

Question 13

DAG

Answer 13

Directional –> one way
A-clical –> no cyclces
Graph
[Very formalized workflow for transition data]

Question 14

idempotent code

Answer 14

code that will give you the same results no matter what errors it hits [smart auto retry which quality checks]

Question 15

Income Statement Walk

Answer 15

Revenue
-Cost of Sales (any DIRECT cost of building the asset)
Gross Profit
-SG&A – selling, general and administration are the costs of doing business (marketing, sales accounting, leadership)
-R&D -
EBIT (Earnings before interest and taxes)
-Interest and Taxes
=NET INCOME

Question 16

Impact of 1 Percent

Answer 16

1% improvement in prices is a 10% net income improvement à Price is the most powerfu lbeing top line
1% improvement in cost of sales is a 8% net income improvement àcost of sales is more powerful usually since its usually larger than SG&A
1% improvement in SG&A and R&D is a 1% net income improvement

Question 17

Types of Buyers

Answer 17

Relationship –> p Offer high value/enhancements
Valueà off the middle; most common
Priceà Offer Basic; min level to work

Question 18

Three Pricing Strategies

Answer 18

Skim – high price for value; capture high margins at expense of volume
Neutral - competitive for value offered
Penetration – capture volume at expense of high margins

Question 19

Framing the product

Answer 19

have three options of IPAD 😊

Question 20

Types of Prices

Answer 20

List àAnchor value you communicate publically on website
Expert àideal customer that resonates with value prop
Target àOptimized profit number sales is empowered to utilize
Floor àMin profit to avoid a bad deal

Question 21

Four phases of a product [corporate email examples]

Answer 21

Four phases of a product [corporate email examples]. The addressable market penetration goes to 100% over the phases
* Introduction - SLACK
* Growth – Cloud Solution
* Maturity – On Prem Email Service | time to start to bundle
Decline – end user device storage |time to cut cost and sunset some offerings

Question 22

Lean Startup - you need to iterate, faster feedback early in the process

Answer 22

Lean Startup - you need to iterate, faster feedback early in the process
1. Find a solid biz model by validating your idea iteratively
a. Create a hypothesis then test it (aka MVP)
2. Tell value from waste with split testing (a b testing)
a. Make two version and get feedback
3. Never ever indulge in vanity metric
Need metrics that help you decide if you profitable or not. What does page views tell you? Other good metrics, are existing customers coming back? Is your cost for ad’s

Question 23

Purpose to Strategy to Goals

Answer 23

Purpose/Mission (10 ish years) - KINDLE [helping people read more]. It should not be monetary focused, what would happen if your company stopped existing?

Strategy (3 ish years) - how what is the unique way you are delivering that purpose KINDLE [everybook, every book, in every language, always available in 60 seconds or less)

Goals (1 year goals) - concrete and finite in time KINDLE [launch on Android by xyz date]

Question 24

Daniel Pink…it’s not money its

Answer 24

1. Autonomy
   
   2. Purpose
      Mastery

Question 25

Why do we portfolio plan?

Answer 25

So we can optimally use resources to maximum value, balance risks, and support strategic initiatives à -Key piece is prioritization!

Question 26

Product Roadmaps Customer First

Answer 26

Need to Focus on Customer Driven Road mapping. Each feature needs to solve a customer problem.

Question 27

Roadmap

Answer 27

Features across a timeline; not a super detailed project plan

Question 28

Prioritization

Answer 28

Process should be reusable, bought in by stakeholders, with minimum subjectivity, minimum ambiguity

Question 29

MoSCOW

Answer 29

Must/Should/Could/Wont

You want to focus on high value, low effort and high value high effort, rest are distractions

Question 30

Riskiest Assumption Test …(RAT)

Answer 30

‘I don’t know’ xyz. Start with testing your riskiest assumption and greatest EXTERNAL risk before INTERANL. Amazon started with books since there was low internal/external risk. Zappos external risk, will they buy shows online?

Question 31

Viability

Answer 31

are they willing to pay for it, if they like it

Question 32

Minimum Viable Product

Answer 32

what is it the minimum product that can be bought or sld

Question 33

MMP

Answer 33

Minimum Marketable Product

Question 34

MLP

Answer 34

Minimum Lovable Product

Question 35

Story Telling

Answer 35

· MAKE THE STORY PERSONAL (THEY NEED TO RELATE TO IT),
· START THE PRESENTAITON WITH A BANG (WHY 007 MOVIES START WITH EXCITING SCENE). Avoid agendas and opening statement
o Data point
· 4 out of 5 doctors can’t detect heart issue
o Striking visual
o Anecdote
· Bring the customer to life. Obama tells a story impact of program vs just the program.
· Every unicorn needs a nemesis (Apple –> IBM; Uber –> Taxi Driver)
· Simple, clear and compelling –> should be easy to past along!
· Why now - THIS IS THE PERFECT MOMENT (Millennial is now the largest genreation, they need help to save their money) –> YOUR KIDS MAY MOVE BACK HOME
· Keep it Brief
o “I would have written you a short letter, but I didn’t have the time” - Mark Twain
o 3 key points
· Copia - food repurposed
§ REQUEST
§ RECOVER
§ REPORT
· Put on a show
o Rehearse it
o Test Stage
o Body language (eye contact, coney confidents, PAUSSE TAKE YOUR TIME)
o MAD MEN CAROUSEL
· Appeal to emotions
Investors look for EXTREME CONVICITON –> Instagram