Reset PM Flashcards
The 4 Key Questions
- Q1 i. What is the value my organization providing? ii. to whom? 2. How is my organization creating the value? 3. How is my organization delivering the value?How is my organization capturing the value?
jobs to be done
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.
Story Telling 6 steps
- Who are the characters/customers? Who is main protagonist?
- What are the insights/motivations?
- What is the problem/conflict?
- How do you solve the problem? What is your value prop?
- How does it work?
i. 3 points! 1. What exactly does it do? How does it address the specific issue of the customerContext
Use based need
are the tasks that need me done (aka I need to feed my family)
Usability needs
ergonometric, ability to use it (shower is more than just getting you clean)
Meaning based needs
externalities beyond use and usability (going to water hole is good for community, wants the cigarette case to camouflage his medical conditions)
Interviewing
8 to 12 interviews usually the sweet spotInterviewee should do 90 of the talkingSix steps to an interview 1. Introduction 2. Kickoff 3. Build Rapport 4. Grand Tour – the meat 5. ReflectionWrap Up
2 vs 3 options in market research
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
Customer Lifetime Value (formula)
Margin*Lifetime – Acquisition Cost
Margin
Average margin/profit per period per customer
Churn
average percent of customers lost per period
Acquisition cost
average amount spent to acquire a new customer
customer’s average lifetime:
1/churn
How important is customer satisfaction?
Customer satisfaction only explains 1% of firms success – McDonalds has lower sat then target [to gain more market you need specialize less]
4 Ps redone to SAVE
Product to SOLUTION Place to Access Price to ValuePromotion to Education
Segmentation
Segmentation is breaking a market into segmentsWatch 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
Targeting
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.
Positioning
Select your designed position and then implement with SAVE
Solution vs Job
Job = CommunicationSolution = email, cell phone pigeon. Job doesn’t change over time but solution does
Three ways to position your offering:
- Unique àthe only product with X* Better àtwice as much X as YCheaper àsame as Y but cheaper
Marketing Cheer
Marketing Cheerà Stand for something; strand for something different; stand for something different that is important
Positioning Statement
Positioning StatementFor proposal programsthe “Room in a Box”is the secure ecosystemthat let’s you focus on rocket scienceFor reference, here’s the Dove example:For people with sensitive skinthe Dove brandis the liquid dishwasher detergentthat is gentle on hands.
Channels
Channels exists for a MUTUAL BENEFIT for the final customer and producers. The more layers you add the more % of revenue taken.
Indirect Distribution
Indirect Distribution – Words with friends via Apple App Store
