HaaS PM Summary Flashcards

1
Q

The 4 Key Questions

A
  1. Q1
    i. What is the value my organization providing?
    ii. to whom?
    1. How is my organization creating the value?
    2. How is my organization delivering the value?
      How is my organization capturing the value?
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2
Q

jobs to be done

A

Focus on ‘jobs to be done’. Jobs to Be Done is a theory stating that customers don’t buy products, they buy the completed jobs the products help bring about. For example, someone doesn’t buy a screwdriver because of its features, they buy what the screwdriver ultimately does for them: helps assemble furniture so their home looks better.

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3
Q

Story Telling 6 steps

A
  1. Who are the characters/customers? Who is main protagonist?
  2. What are the insights/motivations?
  3. What is the problem/conflict?
  4. How do you solve the problem? What is your value prop?
  5. How does it work?
    i. 3 points!
    1. What exactly does it do? How does it address the specific issue of the customer
    Context
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4
Q

Use based need

A

are the tasks that need me done (aka I need to feed my family)

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5
Q

Usability needs

A

ergonometric, ability to use it (shower is more than just getting you clean)

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6
Q

Meaning based needs

A

externalities beyond use and usability (going to water hole is good for community, wants the cigarette case to camouflage his medical conditions)

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7
Q

Interviewing

A

8 to 12 interviews usually the sweet spot
Interviewee should do 90 of the talking
Six steps to an interview
1. Introduction
2. Kickoff
3. Build Rapport
4. Grand Tour – the meat
5. Reflection
Wrap Up

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8
Q

2 vs 3 options in market research

A

We are not good at binary decisions. We are between 50 to 70% good. ADD A THIRD OPTION! à Conjoin analysis is the best

PM should be the expert in the customer problem and solution

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9
Q

Customer Lifetime Value

A

Margin*Lifetime – Acquisition Cost

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10
Q

Margin

A

Average margin/profit per period per customer

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11
Q

Churn

A

average percent of customers lost per period

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12
Q

Acquisition cost

A

average amount spent to acquire a new customer

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13
Q

Lifetime

A

1/churn

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14
Q

How important is customer satisfaction?

A

Customer satisfaction only explains 1% of firms success – McDonalds has lower sat then target [to gain more market you need specialize less]

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15
Q

4 Ps redone to SAVE

A

Product to SOLUTION
Place to Access
Price to Value
Promotion to Education

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16
Q

Segmentation

A

Segmentation is breaking a market into segments
Watch for mass market thinking à ‘this product us so useful anyone could use it’ à need to get focused

A customers product knowledge is also a segment. From 1) first time prospect who just want to be hand held and told what to 2) sophisticates who want to talk technology and tell you want to do

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17
Q

Targeting

A

Asses each segment attractiveness and then choosing what segment to target. Startup usually start to target a single segment then grow. Aka less mature, less segments. More mature, more segments.

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18
Q

Positioning

A

Select your designed position and then implement with SAVE

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19
Q

Solution vs Job

A

Job = Communication
Solution = email, cell phone pigeon. Job doesn’t change over time but solution does

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20
Q

Three ways to position your offering:

A
  • Unique àthe only product with X
  • Better àtwice as much X as Y
    Cheaper àsame as Y but cheaper
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21
Q

Marketing Cheer

A

Marketing Cheerà Stand for something; strand for something different; stand for something different that is important

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22
Q

Positioning Statement

A

Positioning Statement
For proposal programs
the “Room in a Box”
is the secure ecosystem
that let’s you focus on rocket science
For reference, here’s the Dove example:
For people with sensitive skin
the Dove brand
is the liquid dishwasher detergent
that is gentle on hands.

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23
Q

Channels

A

Channels exists for a MUTUAL BENEFIT for the final customer and producers. The more layers you add the more % of revenue taken.

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24
Q

Indirect Distribution

A

Indirect Distribution – Words with friends via Apple App Store

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25
Q

Direct Distribution

A

Direct Distribution – farmer, selling directly to customer at farmer market

26
Q

Reseller

A

Reseller – acquired the product and sells it directly

27
Q

Distributor

A

Distributor – take possession of bulk units of products and distributes them to reseller

28
Q

Value Add Resellers (VARS)

A

Value Add Resellers (VARS) – exactly like a reseller but add value to sell product, aka installers, implementation consultants

29
Q

Balance Sheet Walk

A

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

30
Q

Power of 1 Percent

A

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

31
Q

Cost Plus

A

is simplest; but good be too high or too low for value

32
Q

Competition Drive Pricing

A

compare to competitors

33
Q

Market Share Based Pricing

A

to increase market share we pull price level; it hurts industry profits

34
Q

Value Based Pricing

A

nothing to do with what it cost, what is the value/roi to customer!’ [IDEAL]
GE move to value based pricing by charging by the hour; AWS moved to value based pricing by going to pay as you go. If you can get 15 to 20% of value in price, you are doing great. Customer will not give you all the value or close to break even.

35
Q

Types of Buyers

A

High End/Feature –> Offer high value/enhancements
Relationship –>the one who wants to play golf with you, need a solid product but want to trust you
Valueà off the middle; most common
Priceà Offer Basic; min level to work

36
Q

Three Pricing Strategies

A

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

37
Q

Types of Prices

A

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

38
Q

Four phases of a product [corporate email examples]. The addressable market penetration goes to 100% over the phases

A
  • 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
39
Q

Lean Startup

A

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
a. 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 less than lifetme value?

40
Q

Viral Curve

A

Viral-spike in sales then peders out

41
Q

Arrested Development Curve

A

Arrested Development – Sales plummet when a disruption hits (aka MP3 players when Iphone got big)

42
Q

Purpose àStrategy àGoals

A

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]

43
Q

Daniel Pink…it’s not about the money its

A
  1. Autonomy
    1. Purpose
      Mastery
44
Q

Why do we portfolio plan?

A

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

45
Q

How much WIP is right?

A

Working on 2 product at once is the sweet spot, any more, too much WIP (data below from IBM).

46
Q

Product Roadmap

A

Customer Firsts à 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

47
Q

MoSCOW

A

Must/Should/Could/Wont
You want to focus on high value, low effort and high value high effort, rest are distractions

48
Q

Riskiest Assumption Test …(RAT)

A

‘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?

49
Q

Viability

A

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

50
Q

Minimum Viable Product

A

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

51
Q

MMP

A

Minimum Marketable Product

52
Q

MLP

A

Minimum Lovable Product

53
Q

Story Telling Summary

A

· 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

54
Q

User Story Examples

A

As a registered user [THE PERSON]
I want to change my password [THE ACITON]
So I can keep my account secure [THE VALUE]

As a website visitor
I want to subscribe to the mailing list for a product
So I can get product updates through email

As an admin user
I want to disable a user
So I can prevent unauthorized logins by past employees

As a mobile app user
I want to save all my data to the cloud
So I can access it from another device

55
Q

Three agile principles for user stories

A

Working software is the primary measure of progress.
Our highest priority is to satisfy the customer through early and continuous delivery of valuable software.
Simplicity–the art of maximizing the amount of work not done–is essential.

56
Q

Additional details of user stories

A

-explanation of journey map
-DESCRIBE AN INENTION NOT A FEATURE
-use case’s
-pictures
-general info

57
Q

Acceptance Criteria of User Story

A

Conditions to validate the implementation of the user story

58
Q

Definition of ready for user stories - INVEST

A

Independent - can be developed in any order
Negotiable - open to a conversation/collaboration between PO and team
Valuable - add value to product
Estimable - has a relative size
Small - can be done within a sprint
Testable - can test the acceptance criteria to mark this done

Let’s cover each of them with a simple explanation.

Independent: Stories should be as independent as possible. When thinking of independence it is often easier to think of “order independent.” In other words, stories can be worked on in any order. Why is this important? It allows for true prioritization of each and every story. When dependencies come into play it may not be possible to implement a valuable story without implementing other much less valuable stories.

Negotiable: A story is not a contract. A story IS an invitation to a conversation. The story captures the essence of what is desired. The actual result needs to be the result of collaborative negotation between the customer (or customer proxy like the Product Owner), developer and tester (at a minimum). The goal is to meet customer needs, not develop something to the letter of the user story if doing so is insufficient! Remember, you can always ask the magic question to help drive the conversation.

Valuable: If a story does not have discernable value it should not be done. Period. Hopefully user stories are being prioritized in the backlog according to business value, so this should be obvious. Some people say each story should be valuable to the customer or user. I don’t like that way of thinking because business value encompasses more than just customer or user facing value. It includes internal value which is useful for things which are normally called “non-functional requirements” or something similar. I prefer to say the story has value to the “user” in the user story. In this way it is clear who is to be satisfied. Finally, remember the “so that <value>” clause of the user story. It is there for a reason – it is the exact value we are trying to deliver by completing the story!</value>

Estimable: A story has to be able to be estimated or sized so it can be properly prioritized. A value with high value but extremely lengthy development time may not be the highest priority item because of the length of time to develop it. What happens if a story can’t be estimated? You can split the story and perhaps gain more clarity. Sometimes splitting a story doesn’t help though. If this situation occurs it may be necessary to do some research about the story first. Please, please, please timebox the research! If you do not, it will take all available time thereby depriving the product of something else which could have been done instead.

Small: Obviously stories are small chunks of work, but how small should they be? The answer depends on the team and the methodology being used. I teach agile and suggest two week iterations which allow for user stories to average 3-4 days of work – TOTAL! This includes all work to get the story to a “done” state. Also remember not to goldplate user stories. You should do the simplest thing that works – then stop!

Check out our extensive resources on how to split user stories.

Testable: Every story needs to be testable in order to be “done.” In fact, I like to think of testable meaning acceptance criteria can be written immediately. Thinking this way encourages more collaboration up front, builds quality in by moving QA up in the process, and allows for easy transformation to an acceptance test-driven development (ATDD) process. As with negotiable above, asking the magic question can help ensure the user story is testable as well.

59
Q

Product Feedback - Common Problems

A
  • Getting feedback from surveys is difficult
    • Asking to get interviews, no show rate
    • Are you screener questions the right questions?
      Continuous research is a good concept, but you need goals and note taker (it needs rigor). RESEARCH IS SUCCESFUL IF YOU ANSWER THE QUESTIONS FROM THE TEAM.
60
Q

Product Feedback - Items to consider

A
  • Why do my users churn? How do I get them to higher tier?
    • Focus on the most important questions…brainstorm question as a team. What big assumptions do we have? Where are we stuck? Where do we need info?
    • You want to maximize value, minimize risk.
    • Product first, everyone should want to understand to do research. It can’t just be one person
    • Not everything should be researched. –> Focus on IMPACT.
    • There are some industry frameworks, but should be tailored to us.
    • USE AI TO SUMMARIZE
    • 300M dollar button, a massive usability issue at BEST BUY, people just wanted to check out as guest….
      https://articles.centercentre.com/three_hund_million_button/
61
Q

Percent of features deployed that are negative or neutral value?

A

50%!!!

We need to spend time up front to ensure we are investing in the right features.

Focusing just on throughput is a good metric, but doesn’t fix the problem if the demand signals/features are wrong.

VALIDATE WITH USER FEEDBACK