PM Flashcards
1
Q
8 Product/market fit hypotheses
A
- Target Audience
- Problem you’re solving
- Value you’re proposing
- Strategic differentiation
- Competition
- Acquisition
- Monetization strategy
- KPIs / Metrics
2
Q
Studying a Product
A
- Target audience persona
- Problem you’re solving
- Value you’re proposing
- KPIs / Metrics
- Competition
Current:
- Strategic differentiation
- Acquisition
- Monetization strategy
- Vision
- What can be Improved
3
Q
Estimation Qs
A
- Clarify questions
- Base equation
- Expand equation
- Catalog variables
- State assumptions
- Do the math
- Sanity check
4
Q
Improving a Product
A
- Improvement goals
- Problems
- Possible solutions
- Business / technical implementation
- Metrics to validate
5
Q
Designing a Product
A
- User personas and KPP
- Goals and Use Cases
- Current products, is there an obvious weakness?
- Features to address weakness
- Business / technical implementation
6
Q
Favorite Product
A
- Why is it your favorite? (Useful, Usable, Delightful)
- Problems its solving
- How? Why is it good?
- Compare with competitors
- What to improve?
7
Q
Launch a Product
A
- The product
- Launch target (quick growth, ensure a positive reaction, upfront monetization, validation)
- Launch design (limited/unlimited, user type, mvp/full, channel, risks)
- Launch implementation (1. pre: articles, newsletter, social media 2. during: demos, press release, events 3. post: testimonials, referral, retention)
8
Q
Pricing strategy
A
- cost-plus
- value-pricing
- competitive-pricing
- experimental
9
Q
Pricing model
A
- ad-supported
- tiered and freemium
- fixed
- a-la carte
- razor blade
- trial
10
Q
Strategy
A
- Study a product framework
- SWOT, Porter’s 5 forces
- Possible Strategies:
- building barrier entry
- acquisition / partnership
- reducing reliance on key supplier
- diversifying revenue streams
- being the low-cost leader
- testing new market
11
Q
Market a Product
A
- The product
- The customers (who, kpp, trends)
- The competition (No. of, unique advantage, resource)
- The landscape (expertise, brand)
- Market (4ps, AIDA)
12
Q
Frameworks
A
8 pmf Improve a Design a Strategy Market a Study a Launch a Price a Favorite Estimation
13
Q
Price a Product
A
- To determine your value metric, think about the ideal essence of value for your product—what value are you directly providing your customer?
- Customer segments: most valued feature, willingness to pay, ltv, cac
- pricing strategy
- pricing model
14
Q
Pricing checklist
A
- localize
- freemium is an acquisition, need to know how to convert
- “one month” will work better than “X percent off”
- 9s for discount brand 0s for luxury brand
- Social proof is important. Case studies can boost willingness to pay by 10-15% in both B2B and in DTC
- Design helps boost willingness to pay by 20%
- The more integrations a customer is using, typically the higher their willingness to pay and the better their retention. I wouldn’t charge for the integrations, but I’d use this as a tool to get people hooked in and paying more or buying different add-ons.
15
Q
How to reach early customers
A
- Who are your early target users, and where they currently congregating, offline?
- Who are your early target users, and where they currently congregating, online?
- Do your friends fit into the target user group? If so, have you invited them yet?
- Does your product rely on UGC? Consider curating the early community.
- Is your value-prop incredibly strong? Consider throwing up a waitlist.
- Is your product innately social? Consider relying on existing users to invite new users.
- Who are influencers of your target users, and how could you get them to talk about your product?
- What’s a unique, compelling, fresh story you could pitch press?
- Could you build a community now, to leverage later?
