Book Summaries and Product Flashcards
Who are the characters/customers? Who is main protagonist?
- Aaron Sorkin - your protagonist needs to have clear intentions and there must be a formable obstacle in his/her way
- Facebook, the guy who wanted to know a girls relationship status
- 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
What are the insights/motivations?
- Ask the five whys.
Economics of Trust
Trust affects two outcomes speed and cost [buffet closed billion dollar deal in days on trust]
Differentiators between manager and a leader
Inspiring leaders!
3 types of PM KPIs
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)
NRR
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
DAU/MAU
STICKINESS - monthly users who return daily
DAU/WAU
STICKINESS - Weekly users who return daily
WAU/MAU
STICKINESS - Monthly users who return weekly
PES
Product Engagement Score. Combines Adoption, stickiness, and growth
Time to value
time from when customer starts using product until they get to value
CIO First 100 Days - Phases
1 ) Listen and learn
2) Map out current strengths and weakness
3) Set a strategy, with digital transformation
4) Focus on strategy
DAG
Directional –> one way
A-clical –> no cyclces
Graph
[Very formalized workflow for transition data]
idempotent code
code that will give you the same results no matter what errors it hits [smart auto retry which quality checks]
Income Statement Walk
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
Impact of 1 Percent
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
Types of Buyers
Relationship –> p Offer high value/enhancements
Valueà off the middle; most common
Priceà Offer Basic; min level to work
Three Pricing Strategies
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
Framing the product
have three options of IPAD 😊
Types of Prices
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
Four phases of a product [corporate email examples]
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
Lean Startup - you need to iterate, faster feedback early in the process
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
Purpose to Strategy to Goals
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]
Daniel Pink…it’s not money its
- Autonomy
- Purpose
Mastery
- Purpose
Why do we portfolio plan?
So we can optimally use resources to maximum value, balance risks, and support strategic initiatives à -Key piece is prioritization!
Product Roadmaps Customer First
Need to Focus on Customer Driven Road mapping. Each feature needs to solve a customer problem.
Roadmap
Features across a timeline; not a super detailed project plan
Prioritization
Process should be reusable, bought in by stakeholders, with minimum subjectivity, minimum ambiguity
MoSCOW
Must/Should/Could/Wont
You want to focus on high value, low effort and high value high effort, rest are distractions
Riskiest Assumption Test …(RAT)
‘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?
Viability
are they willing to pay for it, if they like it
Minimum Viable Product
what is it the minimum product that can be bought or sld
MMP
Minimum Marketable Product
MLP
Minimum Lovable Product
Story Telling
· 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
