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November is coming to a close, and that means it’s time for our monthly AMA roundup! This month we hosted 3 Slack AMA sessions with these lovely Product People:
This month we asked about Product Strategy, and they told us their go-to frameworks. Each of them gave a very distinct answer, which goes to show that part of being a great PM is discovering your own style.
What is your go-to Product Strategy framework?
For any long-term strategy formulation, I generally use a modified version of the BCG 2*2 matrix, with one axis representing user segments (existing vs new) and one axis representing new markets/geos (existing vs new) along with an existing product SWOT analysis.
This helps in understanding opportunities with existing and new user segments, and in existing/new markets.
I almost never using any framework as written—I take it as more of a starting point. I suppose my most common go-to for product validation is the classic Feasibility/Viability/Desirability, although I tend to add operational viability as a fourth category (and sometimes “political desirability” if I’m working with clients…!)
Love this question. I like using the Weighted Goals framework and the MoSCoW framework. Weighted Goals helps assign metrics to business objectives and help quantify the ROI. MoSCoW helps with feature prioritization for think big/greenfield product opportunities.
How can someone from non-Product roles transition into the field?
If you work in a Product org, the best path would be to take additional responsibility beyond your core role. Assist PMs in feature discovery through data, or take up new Product Discovery by conducting user & data research. Some companies also offer rotation programs which are a great way to experience PM and showcase your PM skills.
Students with little/no PM experience can stand out by showcasing hobby-projects which showcase product skills or by taking on additional product-related work in your current job.
As an aspiring PM I’m getting rejected by many companies for not having 2-4 + years proven experience, especially Google. Any advice?
I don’t think you’ll likely to get a job at Google, or most companies, without several years of PM experience. The only ‘new to role’ PMs are on the APM track, which seems to be for new grads. Sorry to be so honest. Could you try moving sideways in your own organisation first? That’s generally easier.
Is engineering experience helpful in starting a career in PM?
Having an engineering background, though not necessary for you to succeed in a PM career, is definitely an advantage as you are able to make better product decisions keeping engineering tradeoffs/feasibility/cost in mind.
What is the one thing that you would advise a junior Product Manager on their first day in office?
There are many things to focus on when you first start. This can’t be done in the first day (maybe over the course of a couple months), but focus on building relationships with your team and stakeholders so you can influence without authority.
What was most difficult about your transition into a lead/senior PM role?
I would say the most difficult part is from a timing perspective to build a strong rapport and trust with my stakeholders across Engineering, Analytics, Marketing, Program, etc. teams. It does require a lot of time as PM to build these relationships as you work on Product Discovery to ideation to shipping and iterating your products. But once you build that momentum with your teams, you naturally will become the single threaded owner of your products/features, gain the support of your team, and expand your ownership/scope to get to the lead/senior level.
How would you suggest a new PM learn and grow their skills in a company where the Product culture is not prominent, and the manager is not an active mentor?
Any book recommendations to become more familiar with concepts in the very first months of the PM career?
What textbook strategies for PMs do you not recommend or deprioritize?
This is situational. It depends on what field and industry you’re in.
For example, a Data Platform PM verses a Growth PM. Your strategy for growing your product as a Growth PM will be focused on market development and customer growth/expansion stages. This may require more intensive market competitor research, customer meetings, etc. to inform your roadmap priorities. While a Data Platform PM, they may be working in a later stage in the product life cycle (maturity) and will be focused engineering/system design and finding solutions to expand infra capabilities to lower cost/maximize efficiency.
What are some of your favorite tools to manage the Product Roadmap? We tried Miro, Trello, Asana. While all of them are great in some aspects, I think there could be a better product that checks all the boxes. Looking at the big picture, good UX, great for following tasks etc.
I’ve tried most of these tools, and, unfortunately, no tool is perfect because PMing in general is done differently across different teams, orgs, industries etc.
I’ve usually found a mix of spreadsheets, docs and a wireframing tool (like Balsamiq, Figma etc) good enough for me to do my job well
Check our collection of the best tools for Product Managers
I’m trying to find Product-Market Fit for a two-sided platform between users and content creators. What are good metrics to track other than DAU, MAU?
I’m not an expert here, although I did do an interesting ‘post-mortem’ on a failed marketplace. Generally your typical Product Metrics go out the door for a marketplace. My colleagues at DV who have done this more than I generally talk about ‘inventory’ available for matching, and successful match ratios on both time.
It’s also very much about balance between supply and demand—although don’t be afraid to artificially add supply if you need to (i.e. buy it elsewhere… ever heard Zappos origins story?). Focus heavily on your conversion funnel. Also focus on the QUALITY of a match—how satisfied were they (vs. other channels?). Be clear on your value proposition to both sides, and really measure that.
And one of my favourite metrics—cost of SUCCESSFUL ‘match’. Take total cost of acquisition on both sides, and divide by matches that went well (however you measure that).
How do you resolve conflicting product requirements? There’s often conflicting priorities between increasing revenues (from wider stakeholders) and increasing interactivity/engagement on the app.
There’s different priorities, that’s cool, but you need to be on the same page on overall strategy upwards wherever it converges – e.g. company level, business unit level, etc.
You need to very clearly draw the relationship between interaction/engagement and revenue. Assuming you don’t work for a non-profit, today’s interaction = tomorrow’s revenue, right? Are you crystal clear on your customer funnel?
I’ve personally found thatPirate Metrics are useful when making the case for engagement in the past.
Having founded your own company previously, and now a leader at a major company how do you coach your team to have the same entrepreneur mindset of trying a new way of thinking to solve an issue for your users?
A lot of this is grounded in building a strong creative / experimental culture in your teams, and of course, it’s easier said than done. I usually try to accomplish this culture in the following ways:
How does one convince stakeholders and sponsors that the dev team needs to spend time on technical debt? It won’t provide visible value to the end customer, but it IS important for the upkeep and health of the overall system.
Ha, I feel your pain. Here’s what I learned the hard way: NEVER try to sell tech debt. It won’t work. Just set aside X% (usually 10-20%) of your capacity for tech debt, and just do it.
But do push your tech leads hard to prioritise within their wish list. If this fails—or they see through it—then I’d strongly suggest risk avoidance. Make the negative impact of not addressing your tech debt sound so scary that execs would never dream of accepting the risk
Giving an example, I recently oversaw a migration from a legacy front-end framework that was no longer supported to a new one. Zero customer impact, if we did it right. I found some scary numbers around number of bugs, and impact of outages on revenue. And while numbers don’t lie, they can be massaged
Does your work always come in the format of a problem statement? Could give some examples of problem statements that you have worked on?
Some examples of problem statements:
I wish work always came in the format of a problem statement, but usually it does.
Sometimes, however, PMs grapple with very open-ended problem statements which fall under what I call ‘unknown unknown’ where even the problem statement is open ended
How do you approach a broad problem statement like: ‘grow the monetization revenue from the platform by introducing new initiatives or products’?
This question needs 30 mins for itself, but let me try to summarize some key questions you’d wanna ask to build the strategy for such a broad problem statement:
Any guidelines or frameworks that you would use to assess and quantify customer feedback?
General guidelines or frameworks:
In a case where your instincts/gut feeling is pointing in a direction different from the data approach, which will you choose?
I am personally a firm believer in the concept of ‘gut’ in Product decision making. However, for gut to trump hard evidence (like data), the gut feeling has to be explainable in some way, either through user research, interviews, industry insights, anecdotal evidence, etc.
How do you create products or features in an existing product that caters to millions of people?
Existing product feature discovery generally stems from the following sources:
Any final tips for aspiring Product Managers?
My advice for aspiring PMs:
Yes! No matter where you are on your Product Management journey, I would advise you to focus on delivering results. Taking a page out of Amazon’s Leadership Principles: To deliver results you have to be right a lot. To be right a lot, you have to be customer obsessed and insist on the highest standards, which in turn requires you to dive deep and invent and simplify.