Product Case concepts, Product Management, Product Metrics, Product Metrics, Saas Terminology, Market Sizing, PM Interview, Rob's Decode & Conquer +, Decode and Conquer, Product Metric Frameworks, Interview - Product Strategy, Product Manager Intervi...
Questions to Ask About Role
**What are top 3 qualities looking for in a candidate -How technical is the role? -How much time on writing requirements... managing timelines... building roadmap... etc -Where do ideas come from? Bottom-up or Top-down? -Manage innovation? Is product relatively change averse or willing to take informed risks? -How do you make design decisions? Surveys... studies... A/B testing? -What is most challenging about being a PM here?
Market-sizing Questions
- "I'm not that familiar with this market, so if my assumptions are off, please correct me." - Memorize data about the region - Write the information, best to draw a table
Story 3: Making custom jellyfish website
- 2 inefficiencies solved with technology: vouchers and live shipments, cut labor force - Made possible distribution through retailers - Led to working on Forward platform for all custom e-commerce
What are the three parts you should keep in mind when Comprehending a situation of a design question?
- Context - Goals & Metrics - Constraints
What are some common constraints & assumptions to clarify in a design problem?
- Deadlines. When do we have to achieve our goal? - Resources. How much money, engineers, and other resources do we have to achieve the goal? - Scalability. How many visitors are we expecting? What's the distribution of read vs write operations? What kind of write operations are we expecting? Is it lightweight like text updates, or is it substantial like video upload? - Platform. Is it for web, iOS, or other? - Geography. Which country or region is this for? Are there technology constraints such as limited device penetration or slow, inconsistent Internet access? Are there regulatory constraints?
Google: Why want to work there
- Fertile for entrepreneurs, it's a collection of startups but with distribution of a large company. Very telling that acquired entrepreneurs stay there for a long time - The obvious - Google thinks 10X - Googlers are curious
Story 1: Fore seeing crowdfunding
- I recognized wave of crowdfunding before anyone - Saw it's power of solving catch 22 of manufacturing - Became poster child for crowdfunding - Resourceful, had bootstrapped until then
What are the best design principles to cite when critiquing?
- Innovation - Utility - Ease of Use - Sense of Honesty
Customer Experience Gets Great Attention
- top priority across industries - Chief Experience Officers (CXO) - Qualtrics evolved from offering a survey tool to offering: experience management system - customer experience - brand experience - product experience - employee experience
When & Where do Customer Experiences Occur
- touchpoints between consumer & organization, or organization-related content/entities - communication media (TV, Radio, etc.) - retail and online stores - websites - social media - influencers
industry concentration
-0-10,000: higher value more concentrated market is among small number of sellers -pure monopoly would lead to HHI value of 10,000 -compete against more, but smaller competitors or few, but larger competitors
Empathy Map
-A way to understand the user's needs / pains...etc
A/B Testing -names -best practices
-A.k.a split testing or bucket testing -Version A (control) vs Version B (challenger) to see which has higher conversion rate -"cooked" term for when test is complete -Lift = increase Best Practices -Test should run until at least 95% chance to beat control -Test for a minimum of 7 days (takes into account weekdays and weekends -Do not focus on just one metric. Make inventory of important metrics before and after every test you run -Create segments and run A/B tests on them separately to gauge big picture
Common PM Duties
-Analyze log files for data trends -Prioritization of backlog -Launch preparation -Post launch analysis -Create mock-ups
Decision Matrix
-Benefits / Cost / Mitigations -Option A / B
User Journeys
-Break down into stages of interacting with the product -For each stage, write down the key actions Good User Journeys help to... 1) Empathize with the customer 2) Discover product improvement opportunities
cost per unit
-CPU -cost associated with each unit sold -costs associated with development, distribution, production, marketing, advertising, and others
Heart Framework -and Goals Signals Metrics
-Categories used to help define metrics -Try to have a few metrics in each category Happiness: measure of user attitude (via survey)... net promoter score, satisfaction Engagement: level of user involvement (# of visits per week) Adoption: new users of product / feature Retention: rates at which users are returning (churn) Task Success: behavioral metrics such as efficiency, effectiveness and error rate
Change -conflict -time -communication
-Conflict is inevitable with change. How you respond determines your reactions -Success with change takes time to obtain, it is not a straight line path. -Communication should be a priority for every manager at every level of the firm -When you are so sick of talking about something that you can hardly stand it, your message is finally starting to get through
Business Oriented Metrics
-Cost to acquire a new customer (CAC) -Customer lifetime value (LTV) -Monthly recurring revenue generated (MRR) -Average revenue per user Conversion
Key SCRUM Meetings
-Daily Scrum -what'd you do yesterday? -what will you do today? -any blockers? -Sprint Review -1/2 day; demo work to stakeholders -acknowledge achievement -Sprint Retrospective -Sprint Planning -1/2 day; 60% must haves -Backlog Refinement
market framework
-Datamonitor -do rules/regulations encourage or discourage competition -if law makes it difficult for new companies to enter market place--> discourage competition--> lower market framework score
Personas -Why?
-Develop a deeper understanding of customer needs and how to solve for them -Guide product development by creating features that help them achieve their desired outcomes -Prioritize which projects, campaigns, and initiatives to invest time and resources on -Create alignment across the organization and rally other teams around a customer-centric vision
5E's Framework
-Entice. What event triggers a user to enter into the UX funnel? -Enter. What are the first few steps in the UX funnel? -Engage. What task(s) is the user trying to accomplish? -Exit. How does the user complete the task? -Extend. What follow-up actions occur after the user completes the task?
Market Entry Checklist -Company Fit
-Expertise -Economies of scale -Access to distribution channels -Good relationships with suppliers -Related to existing brand promise
Types of Roadmaps
-Gantt -Scrum Sprints -Story Map
Bass Model
-diffusion model -Nt: # of people owning product at time t m: market potential p: coefficient of innovation/probability of someone buying product bc of marketing q: coefficient of imitation/probability of someone buying product bc of word-of-mouth
Most an Advertiser Would Pay for Ad
-expected profit from click -conversion rate typically 2-5% max for ad = expected profit per click = conversion rate * profit per conversion
competitive intensity
-extent to which companies exert pressure on one another -determined by Herfindahl-Hirschman Index (HHI)
product line
-group of related products sold by same company -metrics used to assess are depth, width, and revenue: used to compare to other companies and assess if following stated strategy
customer pull
-how much power customers have -if small number of customers, each customer has a lot of power bc companies need their business -if large number of customers, each customer has less power bc company can sell to other customers
Cohort Analysis
-how users engage with product over time -shows how much users like your product -"cohort" is a group of users -look at retention of cohorts after 6-12 months
gates for product scoring model stage
-previous products -competing products -other ideas
Herfindahl-Hirschman Index (HHI)
-quantifies competitive intensity -square all market shares of all companies selling products in given industry and add them together
Datamonitor's market competitive intensity index
-quantifies nine metrics in three areas: market framework, supplier push, customer pull
diffusion
-rate by which product is adopted into market place -usually follows S-shaped curve
strategic and organizational fit
-stage and gate 1 -managers determine if new product is good fit and averaged together -must be comparison point (gate) to determine if product is good or bad-usually middle of scale -info comes internally
product scoring model
-stage and gate 2 -quantify idea relative to competing products -lower-level employees can give feedback -rate described product relative to competing products along dimensions that will likely determine product success (ease of use, durability, etc.) -scores added or averaged together -info comes internally
concept test
-stage and gate 3 -assessing customer acceptance of product idea prior to introducing it to the market -described to consumer -info comes externally -still an idea so may be hard for consumer to understand
market and competitive analysis
-stage and gate 4 -in-depth analysis of market (potential customers) and industry (competitors) -will look at number of potential customers, size of competitors, competitive intensity
product cost
-stage and gate 5 -costs associated with development, production, and distribution -if product is profitable (meets gate) move onto next step
test marketing
-stage and gate 6 -selling product on limited basis to assess actual customer response -track consumer trial, revenue, and consumer awareness -if they meet the gate then full scale launch
Funnel -Uber example
-start broad then narrrow -broad inputs that narrow down into final product or output -develop, measure and optimize -a funnel is made up of the measurement of the key event at each step of the flow or user journey -By putting these measurements together you can see where the leakage is in the funnel. The leakage is where people stop completing the task they set out to do 1. Discover the pain points 2. Find the reason for the problem 3. What is the impact of the problem Uber's 2 Funnels 1) on boarding 2) booking transportation
P-Value
-used to determine statistical significance of scientific test -A/B testing validation -reflects risk tolerance and confidence in test -X < 0.05 -larger sample size the more confident in result -does not always mean its an accurate assumption
1/18
.055
1/17
.058
1/15
.067
1/11
.09
1/9
.11
1/8
.12
1/7
.14
1/6
.16
1/100
0.01
1/50
0.02
1/25
0.04
1/20
0.05
1/12
0.083
1/9
0.1111
1/8
0.125
1/6
0.16667
1/5
0.20
1/4
0.25
1/3
0.3333
CTR Google Display Ads
0.35%
Click-through-rate for Google Display Ads
0.35%
3/8
0.375
2/5
0.40
1/2
0.50
3/5
0.60
5/8
0.625
2/3
0.6666
3/4
0.75
4/5
0.80
5/6
0.8333
7/8
0.875
Average Conversion Rate Display Ads
0.89%
Population of Africa
1 billion
Avg Conversion Rate Display Ads
1%
1) US GDP 2) US GDP Growth Rate 3) US Corporate Tax Rate 4) US Smartphone Penetration 5) US % Under 18 6) US % Over 65
1) 17 trillion 2) 2% 3) 35% 4) 70% 5) 23% 6) 13%
1) US population 2) Ave people per household 3) # households in US 4) Life expectancy US 5) Life expectancy World 6) Storage cost per GB
1) 300mm 2) 2.5 3) 100mm 4) 80yrs 5) 65-70yrs 6) AWS is 0.023/gb
1) World population 2) European population 3) Asia population 4) Hours in a year 5) Minutes in a year 6) San Fran / NYC population 7) # airports in US 8) # cities in a state
1) 7.2 billion 2) 700mm 3) 4 billion 4) 9000 5) 500,000 6) SF = 850k NYC = 8.3MM 7) 5000 8) 100
What is a powerful way to visualize a customer persona? What are each of the elements?
1) A 2x2 matrix. 2) - [name], the [persona] (maybe a stick-figure) - Behaviors - Demographics - Needs & Goals
Steps for Designing Product Question
1) Ask questions about problem (clarify) 2) Provide structure 3) Identify users / customers 4) Use cases? Why use product? 5) How well is product w/use cases? 6) What features / changes to improve? 7) Wrap up *Remember to define MVP. Then other features are improvements do ROI
Root Cause Analysis (5 Whys)
1) Ask why problem happens and write down answer below problem 2) Ask why again if it doesn't identify root cause 3) ... repeat E.g. Q: Why did your car stop? A: Because it ran out of gas Q: Why did it run out of gas? A: Because I was lazy ...
How to Build Trust w/Stakeholders?
1) Be willing to learn and let others know 2) Understand the industry and tech 3) Use metrics / stats to reduce subjectivity 4) Communicate and be transparent...keep stakeholders up-to-date
The 5 C's (product pricing)
1) Company 2) Competitors 3) Customers 4) Collaborators 5) Climate
CIRCLES Method (how to approach design problem)
1) Comprehend Situation 2) Identify Customer 3) Report Customer Needs 4) Cut through prioritization 5) List solutions 6) Evaluate trade-offs 7) Summarize Recommendations
Pricing Strategies
1) Cost Plus Pricing 2) Value Pricing 3) Competitive Pricing 4) Experimental Pricing
Steps to Plan Analytics Implementation
1) Define the product vision 2) Define the KPIs that meet the product vision 3) Define the metrics that allow you to hit your KPIs 4) Define the funnels (via user journeys) that affect your metrics
Ways to Change Competitive Strategy
1) Diversifying revenue sources 2) Building barriers to entry 3) Being the "One-Stop Shop for ___" 4) Being the Low-Cost Leader 5) Reducing Reliance on a Key Buyer or Supplier 6) Testing a New Market
Managing Change -Kotter's 8 Steps
1) Establish sense of urgency 2) Create guiding coalition 3) Develop a vision and strategy 4) Communication change vision 5) Empower broad-based action 6) Generate short-term wins 7) Consolidate gains and produce more change 8) Anchor new approaches in culture
Revenue Estimation Question Solving Steps
1) Estimate revenue for a single store / product 2) Estimate total # of store (total units) 3) Multiple 1 and 2 for revenue
Common Problems with Products
1) Falling profit 2) Falling revenue 3) Falling sales volume 4) Declining new customers 5) Increase in costs 6) Decline in traffic 7) Decline in new visitors
Pricing Models
1) Free, Ad-Supported 2) Freemium: basic is free but premium costs $$ 3) Tiered 4) A La Carte 5) Subscriptions 6) Free Trial 7) Razor Blade Model
Segmentation
1) Geographic 2) Demographic 3) Psychographic 4) Behavioral
Steps for Improving Product Question and Favorite Product
1) Goals 2) Problems 3) Solve Problems 4) Validate Success 1) What problems does it solve? 2) How does it accomplish goals? 3) How does it compare to alternatives? 4) How would you improve it?
What are the high-level areas to talk through when answering a design question?
1) Goals & Constraints 2) User & Use Cases 3) Prioritize Use Cases 4) Brainstorm Solutions (5) Summarize
Survey Best Practices
1) Keep the survey short Max 5 minutes to fill out Include progress bar 2) One question at a time 3) Explain the survey to users in beginning and thank them at the endd 4) Order the questions properly Add sensitive questions at the end
Make an App "Sticky" From the Start
1) Let the user try it with no strings attached 2) Keep away from indirect competitors 3) Advertise the possibilities and benefits first 4) Less is more 5) Bridge the gap between the physical and digital worlds
Why Metrics?
1) Maintain focus 2) Set common goal for team 3) Hold everyone accountable 4) Object decision making
Ad Pricing
1) Pay-Per-Click 2) Pay-Per-Impression: sees ad but doesn't have to click 3) Pay-Per-Action: clicks on ad and pays for product
4 P's Framework (marketing plan)
1) Product (establish uniqueness / value) 2) Price 3) Promotion (where to advertise) 4) Place (where to sell)
4 Components to Good Product Strategy
1) Real Pain Points means "Who is it for?" and "What is their pain point?" 2) Design refers to "What key features would you design into the product?" and "How would you describe your brand and voice?" 3) Capabilities tackles the "Why should we be the ones doing it?"and " What is our unique capability?" 4) Logistics is the economics and channels, like "What's our pricing strategy?" and "What's the medium through which we deliver this?"
How should you approach any product design critique?
1) Revealing your design criteria, capping it to three. 2) Explaining how the product may or may not meet your criteria. 3) Being specific, offering evidence, and contrasting with similar products.
Porter's 5 Forces
1) Rivalry among competitors 2) Buyer Power 3) Supplier Power 4) Threat of Substitutes 5) Threat of New Entrants
SWOT Analysis (strength / weaknesses and threats)
1) Strengths 2) Weaknesses 3) Opportunities 4) Threats Strengths: characteristics of the business or project that give it an advantage over others Weaknesses: characteristics of the business that place the business or project at a disadvantage relative to others Opportunities: elements in the environment that the business or project could exploit to its advantage Threats: elements in the environment that could cause trouble for the business or project Y-Axis: Internal / External X-Axis: Helpful / Harmful *Strengths / Weaknesses can be about product offering not just organization
Topic to Covers for Launch Strategy
1) Target Market 2) User Types 3) MVP or Full Product 4) Distribution 5) Rollout 6) Buzz 7) Partnerships 8) Risks
How should you summarize your product/feature design recommendation?
1) Tell the interviewer which product or feature you'd recommend. 2) Recap on what it is and why it's beneficial to the user and/or company. 3) Explain why you preferred this solution vs others. 4) Note any actions you'd take to explore this idea further.
Key Usage Metrics (actual metrics to look for)
1) Time on Site 2) Repeat Visits 3) Unique Visitors 4) Active Users 5) Feature Usage
Causes for a Bad Product
1) Tunnel Vision 2) Unclear Goals 3) Product Neglect 4) Customer Avoidance - spend at least 3hrs per week 5) Inability to Say "No"
Topics to Discuss for Marketing Strategy (understand A, B, C...)
1) Understand the Company 2) Understand the Competition 3) Understand the Customers 4) Understand the Landscape 5) Market Your Product
How to Gather Metrics (specific ways)
1) Usability Testing 2) Customer Feedback 3) Traffic Analysis 4) Logs 5) A/B Testing
Key Product Metrics (users, conversion...etc)
1) Users / Traffic 2) Conversion 3) Referral Rates / Types 4) Engagement 5) Retention 6) Revenue 7) Costs
Key Product Factors (e.g. users / goals...etc)
1) Users and Goals 2) Strengths 3) Challenges 4) Why Why Why 5) Priorities / Values 6) Competitors 7) Trade offs
Every product design answer should (3):
1- ID up to 3 design criteria 2- Explain how prod lives up to design criteria 3- Be specific, use evidence, contrast w/similar prods
9 Design Criteria (top 4 first)
1- Innovative 2- Usefulness 3- Unobtrusive 4- Honest 5- Aesthetic/minimalist 6- Understandable 7- Long-Lasting 8- Environmentally Friendly 9- Through down to last detail
Summarize Design
1- Product/feature recommending 2- What it is, why is it beneficial 3- Why this solution over others
2 general product design tips
1- Think big and extreme, not small/mundane 2- Practice thinking of 2-3 solutions on spot, but present 1 indepth
3 Pillars of Design
1. *Feasibility* - How technically possible is the feature given the resources and tools you currently have? 2. *Desirability* - Do your customers actually want it? 3. *Viability* - How does this feature relate to or support your overall strategy and the requirements of the market?
6 Ways to Hold Data
1. Array (list) 2. Hashtable (key value pairs) 3. Trees and Graphs (nodes and edges in a tree) 4. Linked Lists (problematic) 5. Stack (list, added/removed from top) 6. Queue (list, added/removed from bottom)
***8 Steps to Design/Improve a Product
1. Ask questions to understand problem 2. Outline structure of how you're going to answer 3. Identify diff users 4. Identify use cases 5. Identify current alternatives strengths/weaknesses 6. Identify features to address those weaknesses 7. How validate solution THINK FUTURISTIC 8. Summarize
Active Gmail Users
1.1 billion
5/4
1.25
Africa Population
1.2B
China population
1.3 billion
Population of China
1.3 billion
4/3
1.333
India Population
1.3B
China Population
1.4B
3/2
1.5
Asia Pacific Social Network Users
1.5 billion
WhatsApps users
1.5 billion
Asia Pacific Social Network Users
1.5B
WhatsApp Number of Users
1.5B
Philly Population
1.5M
Global Ecommerce Shoppers
1.6 billion
Global Number of Users Purchasing via E-commerce
1.61B
7/4
1.75
Facebook users
1.8 billion
Asia Number of Internet Users
1.8B
Facebook Number of Users
1.8B
Population of Australia
20 million
GDP of US
20 trillion
US smartphone install base
226 million
USA Smartphone Install Base
226M
US Percent Under the Age of 18
23%
US percentage under age 18
23%
Hulu Paid Subscriber Base
27M
US internet users
286 million
USA Number of Internet Users
286M
Pinterest Number of Users
291M
Person per household
3
Population of Chicago
3 million
love and hate model
3 questions to ask about every journey stage Love - what do customers love? what about different customers? Hate - what do they hate? What do different customers hate?
Global internet users
3.2 billion
Global Number of Internet Users
3.2B
US Average Time Spent per Day on Mobile
3.7 hours
Los Angeles Population
3.9M
Total number of businesses in the United States
30 million
US Percent with Bachelor's Degree
30%
US percentage with Bachelor's degree
30%
Households by income
30% High Income 50% Middle Income 20% Low Income
Snapchat usres
300 million
India Smartphone Install Base
300M
Snapchat Number of Users
300M
US Population
300M
Population of US
320 Million
US Population
320 million
North America Number of Internet Users
320M
Twitter Number of Users
321M
United State Population
323M
Population of the United States
325 million
Population of U.S.
330 million
US Corporate Tax Rate
35%
Africa Number of Internet Users
353M
iOS US Market Share
36.5%
Latin America Number of Internet Users
385M
4P's of Marketing (Marketing Mix)
4 P's framework help product manager & marketers in putting the right product in the right place, at the right price, at the right time. Product Pricing Promotion Place
Asia population
4 billion
Population of Asia
4 billion
Generation Breakdown
4 bucks 25% each [Gen Z] 0-15 [Gen Y] 15-30 [Gen X] 30-45 [BB + Other] 45+
LA population
4 million
Population of LA
4 million
People per Age group
4 million 0-10; 11-20; 21-30; 31-40; 41-50; 51-60; 61-70; 71-80
Asia Population
4.4B
Population of Canada
40 million
Percentage of internet users in the world
40%
Population of South America
400M
Europe Social Network Users
412M
7*6
42
South America Population
423M
India Number of Internet Users
462M
8*6
48
Google's # of employees
50,000
Global Mobile Share of Web Traffic
50.30%
Men/Women
50/50
Minutes in a year
500,000
US Percent Married Adults
52%
7*8
56
Apple Music Paid Subscriber Base
56M
Americas Social Network Users
599M
Number of YouTube Videos Watched Every Day
5B
Pandora Paid Subscriber Base
6.8M
Population of Italy
60 million
Americas Social Network Users
600 million
GDP per capita in U.S.
60K
Median Household Income
60K
Android US Market Share
61.7%
Europe Number of Internet Users
636M
Japan Smartphone Install Base
63M
UK Population
65M
Seattle Population
687K
Global population
7 billion
World population
7 billion
World Population
7.4B
Life expectancy world
70
Formula: how long for something to double, doesn't work for extremely high growth
70 / % increase e.g. 70/10% per year equity growth of property = break even in 7 years
Population of the United Kingdom
70 M
Population of Thailand
70 million
US Smartphone Penetration
70%
US smartphone penetration
70%
Google employees
70,000
China smartphone install base
700 million
European population
700 million
Seattle population
700,000
China Smartphone Install Base
717M
China internet users
731 million
China Number of Internet Users
731M
Europe Population
739M
Europe population
740 million
Brazil Smartphone Install Base
79M
World Population
7B
Population of NYC
8 million
NYC Population
8.4M
NYC population
8.5 million
Life expectancy U.S.
80
Life expectancy in U.S.
80
People per Generation
80 Million 4 Generations: 0-20; 21-40; 41-60; 61-80
Life Expectancy of an American
80 years
US Life Expectancy
80 years
US life expectancy
80 years
Population of Europe
800 million
San Francisco population
800,000
San Francisco Population
806K
Google # of Employees
80k
Android Global Market Share
86.8%
QQ Number of Users
899M
HBO NOW Paid Subscriber Base
8M
NYC population
8M
Hours in a year
9,000
Middle East Social Network Users
93M
Average Cost-per-click on Display Network
<$1
Avg CPC Display Network
<$1
Lifetime Value Question Solving Steps
= Ave contribution per sale * Sales per year * # of years per customer
Scrolling
>Long Scroll - 1 long scroller >Infinite Scroll >Parallax Scrolling - 2D content moves as user scrolls
Data Management
>Search Filters (advanced search) >Settings >Context **e.g. 30 items left, or, because you viewed this item**
What questions can/should you ask when Comprehending the context of situation in a design question?
"5 W's and H" (* = "3 W's and H") - What is it? * - Who is it for? * - Why do they need it? * - When is it available? - Where is it available? - How does it work? *
eCommerce Facts
# Global Purchasers: 1.6B Total Global Sales: $1.92T Total USA Sales: $390B Avg. Annual eCommerce $/User: $1,200 USA Shipping Volume: 10B
Monetization Metrics
# Paid Users Avg Rev/User Avg Rev/Paying User Avg Rev/Daily Active User Lifetime Value Conversion Rate to Paying
conversion rate
# of app visitors who complete an action divided by total # of app visitors
Market Entry Framework: Competitive Env
# of competitors, their partner ecosystem, access to distribution channels, differentiated products
Market Size Question Solving Steps
# of people in population * % target customers * purchase frequency * quantity purchased * price per unit
Click through rate (CTR)
# of users who clicked an ad divided by # of times the ad was delivered (the impressions). measures the percentage of people who clicked on an ad to arrive at a destination-site. Hey
Gmail Monthly Cost per User (storage & bandwidth)
$0.05
Average Cost-per-thousand-impressions for Android Banners
$0.15-$1.50
Avg CPM Android Banners
$0.15-1.50
Average Cost-per-thousand-impressions for iOS Banners
$0.20-$2.00
Global Average Annual E-Commerce Revenue per User
$1,189
Global Total Online Sales
$1.915T
Google Annual Rev
$100B
STP
* Segmentation: Grouping customers or buyers * Targeting: Choosing segments that would appreciate and seek out the product's benefits * Positioning: Develop detailed product positioning and marketing mix for the segment
10 Principles of Good Design (and best ones)
**Innovative **Makes a product useful (utility) Aesthetic **Understandable (ease of use) Unobtrusive **Honest Long lasting Thorough / detailed Environmentally friendly As little design as possible
Loyalty Loop
A continuous process of delivering substantial value and customer experience to keep customers using the product, adopting new features, increasing usage, and renewing.
Free Trial
A customer acquisition strategy that provides a partial or complete product to prospects free of charge for a limited time. Typically, a free trial runs for 14 or 30 days.
Freemium
A customer acquisition strategy that provides access to part of a software product to prospects free of charge, without a time limit. A freemium product does not limit the amount of time a prospect can access the software, but often limits users in some way such as through stripped-back features or allowed amount of usage.
Customer Experience (CX)
A customer's perception about a company, brand, or product, based on all touchpoints, interactions, and engagements
MRR Churn Rate (a.k.a. Gross Revenue Churn)
A percentage of MRR (Monthly Recurring Revenue) lost from existing customers at the start of the period for which MRR churn is calculated. MRR churn rate is always positive (positive churn rate means the company loses money), because it does not include upsell and cross-sell.
Customer Churn Rate
A percentage of customers lost due to churn (cancellation or failure to renew). It is calculated by dividing the number of churned customers by the number of customers at the start of the period for which churn rate is calculated.
Break-even
A point when a company generates enough revenue from a customer to cover all the costs and expenses it took to acquire this customer.
Engagement Loop
A practice of using insightful in-product usage data, along with engagement tactics, to influence prospects and customers to re-engage with the product and experience more value.
Product-Qualified Lead (PQL)
A prospect that signed up and demonstrated buying intent based on product interest, usage, and behavioral data.
Critical Path Dependency
A relationship where preceding tasks affect succeeding tasks in a sequence of activities.
Customer Journey
A series of all touchpoints a customer has with a company, brand, and product to reach a certain milestone.
Product-Led Go-To-Market Strategy
An action plan that describes repeatable and scalable processes for how a company acquires, retains, and grows customers, driven by in-product customer behavior, feedback, product usage, and analytics
Go-To-Market (GTM) Strategy
An action plan that describes repeatable and scalable processes for how a company acquires, retains, and grows customers.
initial Value Unit
An engagement or set of engagements that advance the customer through a core use case.
Product/Market Fit
An experimentation process of finding customers in a target market with a problem that your product can address for a price (or total cost of ownership) well below the level of value that's provided in exchange. A broader but related concept, company/market fit, combines pain-product fit and customer-message fit ideas.
Customer Experience Strategy
An ongoing process of assessing and managing customer experiences across the customer lifecycle.
Personalized Customer Experience
An ongoing process of designing and delivering targeted messages and experiences that create meaningful customer engagements.
E Marketing Media Campaign
Analyse, Planung, Steuerung, Gestaltung, Durchführung und das Controlling von Online Marketingaktivitäten innerhalb einer Kampagne über digitale Medien und Kanäle zu den Kunden, mit dem Ziel einen unternehmerischen Mehrwert zu generieren. Online Marketing Mix aus: Price Product Placement Promotion
Discounted Cash Flow (Perpetuity)/Valuation/NPV
Annual Cash Flow / (Discount Rate - Growth Rate)
What does a good design critique include? Why?
Any good design technique includes a scorecard. Why? It's an objective way to determine if a product passes or fails based on predetermined criteria.
Produktvariation
Anzahl der Produkte im Programm konstant Produktpflege Geringfügige Produktänderung (bugfixes) Produktmodifikation Produkt Relaunch, Neue Version bei umfassenden Veränderungen
Produktdifferenzierung
Anzahl der Produkte im Programm vergrößert sich Differenzierung im engeren Sinne Differenzierung für bestimmte Käufersegmente, Mass Customization Differenzierung im weiteren Sinne Differenzierung für den Gesamtmarkt, Produkvarietät
How many ideas should you shoot for when brainstorming solutions for a design question?
At least TEN. The good ones usually happen between 7-12...
AIDA Customer Decision Model
Attention Interest Desire Action (Nurture)
General Creativity Templates
Attribute Dependency, Replacement, Subtraction, Multiplication, Division
ARPU
Average Revenue Per User -figures out value users place on your product -Total Revenue / # Users in Period
Average Revenue Per User (ARPU)
Average Revenue Per User or ARPU is the amount of money you get from a customer on an average every month. If your pricing remains constant and yet you are getting more ARPU with every passing month, it means what you and your team is doing to generate more value, is working. Better marketing and customer support can help in this regard.
Other Internet Facts
Avg. Mobile Screen Time per Day: 3.7 hours Mobile Share of Global Traffic: 50.3% # Youtube Videos / Day: 5B Total iOS Apps: 2.2M Total Android Apps: 2.6M
Churn Rate
Churn Rate is the percentage of customers who stop using your product every month. To get the churn rate, you have to divide the number of customers lost in a month by the previous month's total customers. It is a good indicator of product health and is absolutely critical for monthly subscription products. You cannot make your churn rate zero as no matter how good your product is, some customers will still leave. What you can definitely do is keep the churn rate healthy and continuously strive to make the product better to lower it.
Estimation Steps
Clarify, log assumptions Think of Edge Cases EQ Sanity Check
CTR
Click Thru Rate -1.3 to 3% is target depending on industry -ratio of number of clicks to impressions (Total Clicks on Ad) / (Total Impressions)
Enterprise Software Facts
Cloud Infrastructure Spending: $36B Traditional Infrastructure Spending: $61B Total IT Spending on Enterprise Soft: $351B Global ERP Software Spending: $34B Global CRM Software Spending: $26.3B Global IT SaaS Spending: $246B
Before and After Analysis
Consider the before and after impacts of your proposed change
Having all action buttons follow a similar design pattern in an application is an example of this design principle
Consistency
Havining similar operations and similar elements for achieving similar tasks.
Consistency
A toaster only accepting sliced bread and a form only accepting certain data rules are examples of this design principle.
Constraints
Limiting the range of interaction possibilities for the user to simplify the interface and guide the user to the appropriate next action relates to this design principle.
Constraints
funnel metaphor
Consumers start with number of potential brands in mind (funnel's wide end), marketing directed as they reduce that number (move through funnel), emerge the one brand they choose to purchase o Today - funnel concepts fail to capture all touch points/key buying factors resulting from explosion of product choices and digital channels, emergence of increasing, well-informed consumer o Need a more sophisticated approach to help marketers navigate this that's less linear and more complicated
Grid Web Layout
Content-heavy sites want to display all primary items with equal hierarchy.
Total conversion rate
Conversion Rate of entire funnel (CTR * Conversion Rate)
Provide 5-7 examples of Retention metrics
Conversion rate recommendation engine conversion rate Shopping cart size visits from activated users per month Daily and monthly active usage Time in app Star rating sessino length % of userse that rate the app Interval between logins Churn( or turnover)
Persona -what to include -what makes a good one?
Behaviors -degree of loyalty / usage Demographics -age, gender, income, education -country, climate, population Needs & Goals Include on Card... -Name / Title -Goals -Attributes (demographics) -Needs / Challenges -Skills / Behaviors Good Personas are... -reflect patterns from Research -focus on current state -are realistic -help understand users
Definition E Pricing
Bewusstes Bilden / Einstellen und kontinuierliches Management von Preisen innerhalb ökonomischer Märkte Preismanagement innerhalb des Internets mit Aktualisierung und Beschleunigung
Web Design Patterns: Components (3)
Bookmark & Organization Data Management Scrolling
Bottom Up vs Top Down
Bottom Up: ideas come from devs / PMs Top Down: ideas come from execs that supply long term vision
Bounce Rate
Bounce Rate is the percentage of visitors who land on a page but do nothing and leave. It is good for measuring the performance of specific landing pages.
Breakeven Market Share
Breakeven Volume / Market Size How much of the market would you need to capture to make it worth your investment?
Card Web Layout
Browsing large part of site interaction, but displaying the details for each item would clutter the screen.
Gmail Pricing Plans
Business (15 GB), Unlimited
Dwell Time
Dwell Time is the amount of time a user spends in a single session on average. Dwell time can indicate how engaging your content or product is. Digging deeper into this metric can help find many anomalies.
CIRCLES - E - Evaluate trade-offs
E - Evaluate trade-offs - Use pros & cons or trade-offs approach - Trade-offs approach o Customer satisfaction o Implementation difficulty o Revenue potential
Operating Margin
EBIT/Sales Operating Income/Sales Revenue - COGS - SG&A - R&D
EBITDA Margin
EBITDA / Sales or Revenue Revenue - COGS - SG&A - R&D + D&A
It conserves resources and minimizes physical and visual pollution throughout the lifecycle of the product.
Environmentally-friendly
Vorteil E Marketing bei Customer Journey
Erfolgsmessung mit einfachen Trackingtechnologien Untersuchung des Klick und Suchverhaltens von Kunden
Customer Acquisition Cost (CAC)
Every business needs to scale profitably and a Product Manager needs to understand how to do so. Acquiring customers is a big cost associated with every business. Customer Acquisition Cost or CAC is the estimated cost of getting one new customer. For example, if for every $1000 that you spend on a campaign, you get 10 customers then your CAC will be $100 for each customer. Understanding CAC is crucial if you want to focus on sustainability of your product or business in the long run.
Design principle of making it clear to the user what action has been taken and what has been accomplished
Feedback
Using visual, tactile, audio elements to communicate to the user that they have takenan action and the consequence of doing so are examples of this design principle.
Feedback
Story 13: Making choices with a trade off
Firing people with jellyfish art vs taking VC money. Building things in a certain order at Simility despite everything broken. Led with sales centric features.
Financial Terms -Fixed Cost (examples) -Variable Cost (examples) -Gross Profit -Market Penetration -Operating Margin
Fixed Cost -Insurance -Rent -Utilities -Advertising Variable Cost -Materials / Labor -Shipping Gross Profit = Revenue - Cost of Goods Sold -In accounting, gross profit, gross margin, sales profit, or credit sales is the difference between revenue and the cost of making a product or providing a service, before deducting overheads, payroll, taxation, and interest payments Market Penetration = Customer / Potential Customers Operating Margin = Operating Income / Total Revenue
DIGS Method
For behavioral questions: - Dramatize the situation: provide context and details that emphasize your importance - Indicate the alternatives: be thoughtful and analytical by listing three approaches to problem - Go through what you do: emphasize yourself as the driving force - Summarize your impact: provide numbers and qualitative statements the validate your impact
CIRCLES Method
For product design questions: - Comprehend the situation: ask clarifying questions and state assumptions - Identify the customer: list potential customer personas and choose one to focus on - Report the customer's needs: provide a user story that conveys their goals, desires and potential benefits - Cut, through prioritization: prioritize, assess tradeoffs and make decisions - List solutions: brainstorm at least three ideas that exploit future trends and customer behavior - Evaluate tradeoffs: define your tradeoff criteria and analyze the solution through a pro and con list - Summarize recommendation: specify which you would recommend and explain why
Big Picture Framework
For questions about marketing campaigns: - Goals: state overall business objectives and intermediate marketing objectives - Segmentation: group buyers by attributes to identify those who would benefit - Targeting: choose segments that would appreciate the product - Positioning: create a product image for the segment - Product: develop new product ideas using the CIRCLES method - Place: choose the distribution channel that best meets the business goals - Promotion: match promotional tactics with your strategies - Price: use breakeven analysis for existing products and the pricing meter for new products
Cut, through prioritization
For use case. - If a certain feature is a win/lose, use corp strategy to decide ○ e.g. feature increases revenue by 5% but decreases engagement by 3%. What is company's strategic goal? Large company don't care about additional rev and big on engagement and making a sticky platform. Or younger company paying off debt.
Net Promoter Score (NPS)
For your product to grow, your customers need to become promoters. Net Promoter Score or NPS uses the question "How likely are you to recommend the product to someone" and asks the respondents to rate it on a scale of 1-10. Promoters are the ones who rate it in the range of 9-10 and detractors in the range of 1-6. Subtracting the percentage of detractors from that of the promoters gives you the NPS. It is to be noted that NPS is not a percentage but a whole number.
Step 1 of 5 in design process
Gather BACKGROUND
5Es Framework
Helps brainstorm different stages of the customer experience:
How I am sure that I am choosing right customer experience
If you meet success criteria in labs, test new design through an AB Test built by engineering team. Now you'll be able to measure your hypothesis against quantitative feedback from AB Test. If the AB test successfully meets measurements identified in hypothesis, then productionize the feature and release it to the rest of the customer base
Digitale Customer Journey
Im stationären Verkauf: Produktauswahl nach Anbieterauswahl Im E Commerce, erst Produkt, dann Anbieter Problem dabei: Viele Informationskanäle führen zur Informationsüberlastung (Information Overload) Wichtig den Kunden da abzuholen, wo die Entscheidung entsteht -> Emotion wichtig, einfache Prozesse
Google Specialized Search Products (5)
Image Patents Trends Scholar Shopping
Where see yourself in 5 years
In PM role, testing ambition
Step 2 of 5 in design process
Define GOALS and CONSTRAINTS
Step 4 of 5 in design process
Define REQUIREMENTS
AARM Framework
Defines metrics for a product: - Acquisition: tracking customer signups - Activation: getting lazy users to complete registration - Retention: getting users to use service more and behave in a way that helps the user or business - Monetization: collecting revenue from users
Velocity Metrics
Describes how long it takes a company to achieve certain milestones. This includes the average number of days it takes a prospect to go from signup to becoming a PQL, and the average number of months it takes a company to break even (when CLV>CAC).
Human Centered Design
Design consistency in terms of font, images, buttons, links, etc is key in building and leveraging existing familiarity for the user Use buttons over links to persuade the user to take action Reduce the amount of text so that the user is not fatigued by text on screen; too much text could cause the user to leave the app Use images to quickly communicate context to the user Provide feedback to the user that the actions taken were successful or failed Visual hierarchy: present things in order of importance by color, placement, size, etc
Design leader who developed 10 principles of good design
Dieter Rams
How do you evaluate tradeoffs between solutions when answering a design question? Is there a more rigorous way to do so?
Discuss the pros and cons. Bonus: Define tradeoff criteria. Such as customer satisfaction, implementation difficulty, and revenue potential.
STAR
Do you struggle to give concise answers to interview questions? Are you unsure how to share your accomplishments during an interview without sounding boastful? The STAR interview response technique can help. Situation Task Action Result
How would you track success after selecting your primary solution?
Metrics Identify key metrics (use AARM to brainstorm)
Streaming Services - Paid Subscriber Base
Spotify: 100M Netflix: 150M Apple Music: 56M Pandora: 6.8M Hulu: 27M HBO Now: 8M
SWOT analysis of companies and products
Strengths (internal) Weaknesses (internal) Opportunities (external) Threats (external)
Profit margin
Net Income/Sales
SCAMPER (brainstorming)
Substitute -What part can be substituted without affecting whole? Combine -How to merge two idea in innovative way (e.g. phone tech and camera) Adapt -How to tweak and adjust for better output Modify -Change to release more innovative capabilities Eliminate -Remove a part of process / product to improve it Reverse
Typische Touchpoints
Suchmaschine Mobile Online Werbung Social Media Freunde POS TV Radio
Recent management shake up at Google
Sundar Pichai, former SVP of mobile and chrome, now second in command overseeing everything except YouTube and offshoots like Nest/Calico
How many ideas should you share when presenting solutions for a design problem?
THREE. Think up ten and choose the best three.
3 Ways to Pay for an Ad
Pay per click Pay per impression (CPM is cost per mille) Pay per conversion
5W's & H
The 5W's & H also help product manager in asking a right question and gather information about the problem before jumping into solution or some conclusion. What is it? Who is it for? Why do they need it? When is it available? Where is it available? How does it work?
Customer Conversion Rate
The Customer Conversion Rate is a great metric to know how well you are doing to turn prospects into customers of your product. A small increase in the customer conversion rate can increase your revenues significantly. It is the percentage of prospects who end up converting to paid customers. It is measured by taking the number of leads in a particular month and dividing that by the number of new customers added during that month.
Porter 5 Forces
Porter's Five Forces Framework is a tool for analyzing competition of a business. It draws from industrial organization (IO) economics to derive five forces that determine the competitive intensity and, therefore, the attractiveness (or lack of it) of an industry in terms of its profitability. It helps you in product strategy & roadmap planning. Threat of New Entry Threat of Substitute Power of Suppliers Power of Buyers Market Rivalry
Step 5 of 5 in design process
Prioritize and select a SOULTION.
4 P's of Marketing
Product Price Promotion (marketing) Place (distribution)
Produktdifferenzierung: Mass Customization
Produktion von Produkten und Leistungen, welche die unterschiedlichen Bedürfnisse jedes Nachfragers treffen mit der Effizienz einer vergleichbaren Massenfertigung. Grundlage: Co Design Prozess (von Hersteller und Kunde) zur Definition der individuellen Leistung, zwischen Anbieter und Nutzer Geht über Individualisierung hinaus, da Kunden kollaborativ auch in den Wertschöpfungsprozess miteingebenden werden
Profit Breakdown
Profit= (price x volume) - (Fix Cost + Variable Cost)
What is AdSense
Program whereby websites can show Google ads on their own websites to earn ad revenue
Evaluate
Pros/Cons of solution Design criteria
Definition Customer Experience Management
Prozess des strategischen Managements alle Erlebnisse des Kunden mit einer Marke an sämtlichen Touchpoints des Unternehmens zum Kunden
Types of Metrics
Qualitative: usability testing Quantitative: traffic analysis Comparative: A/B testing Competitive: monitor competitors
Average Selling Price (ASP)
The amount of revenue per customer generated.
Customer Acquisition Cost (CAC)
The average amount that a company spends to acquire a single customer. CAC is the sum of all customer acquisition costs, including sales and marketing expenses (and salaries), divided by the number of customers acquired during the same period.
Digital Transformation
The change associated with the application of digital technology to all aspects of human society.
Value Gap
The discrepancy between what a customer expects from the product and the value received or perceived.
Kommunikationsmatrix (2x2)
Traditionelle Massenmedien - TV, Radio, Print, Plakate Direktkommunikation - Vertreter, Handelsvertreter, Kundenservice Allgemeine Online Kommunikation - Email, Banner, Digitale Reklame, Virales Marketing, Portal Sponsoring Persönliche Online Kommunikation - Personalisierte Werbung, Persönliche Email, Persönliche Webseite
What do in spare time
Triathlons, mtb, coding classes, freelance projects web design
M*M
Trillion
Internet Users by Major Country
USA: 286M (89%) China: 731M (52%) India: 462M (36%) Japan: 118 (93%)
A design which is ____________ clarifies the product's structure. Better still, it can make the product talk. At best, it is self-explanatory.
Understandable
Prozess der E Kommunikation: Sender Empfänger Modell
Quelle - Organisation / Individuum, die Botschaft sendet Kodierte Botschaft - Technische Übersetzung der Botschaft, Digitalisierung Medium zur Übertragung - Methode zur Übertragung, Email, Banner, Video Dekodierte Botschaft - Interpretation der gesendeten Botschaft - Technisch: Umwandlung in analoge Form Empfänger - Organisation / Individuum, die Botschaft empfängt Feedback zurück an die Quelle - Bewertung der Reaktion des Empfängers - Interaktion als aktive Reaktion auf die Botschaft Umwelteinflüsse auf allen Ebenen - Störungen, die Botschaft überlagern - Veränderungen der Botschaft - Missverständnisse, Ablenkung
CIRCLES - R - Report the customer's Needs (Use Case)
R - Report the customer's Needs (Use Case) Obtain the customer's needs Document as a user story - As a <role>, I want <goal/desire>, so that <benefit> Example: Discover New Books and Write a New Book
What model should be used for prioritization?
RICE Model Reach - How many people will be impacted? Impact - What is the benefit of that user story (L to H)? Confidence - Probability of success Effort - Complex + How much time it will take (i.e. 8 mos) Reach * Impact * Confidence / Effort Put into a table. Can modify this approach When: Selecting the User Persona, Use Case/Pain Point, Final Solution
What is every prioritization matrix or scorecard ultimately based on?
ROI
Populations: USA
United States: 320M NYC: 8.4M Los Angeles: 3.9M Chicago: 2.7M San Francisco: 800K Seattle: 700K
Design which is ________ should is both neutral and restrained, and leaves room for the user's self-expression.
Unobtrusive
Estimation for pricing, consider
Upselling, average item at SBX $5, but ppl buy non drinks so maybe $6
Customer Journey
Reise eines potentiellen Kunden über verschiedene Touchpoints: Von der Inspiration und Bedürfnisweckung über Informationsbeschaffung und Suche bis zur finalen Zielhandlung.
Market Entry Framework: Market Fit
Relation to existing brand promise, expertise, economies of scale, distrib channels, supplier relationship
5 Ways to Gather Data on Product
Usability Testing Customer Feedback - NPS Score Traffic Analysis Internal Logs A/B Testing
Listing Solutions stage of CIRCLES
Use SCAMPERS or General Creativity Templates to brainstorm x2-3 Tip: think big
rawson et al 2013
Use whole journeys, not just touchpoints • Companies have focused on touchpoints but this narrow focus on maximizing satisfaction at these points -> distorted picture that customers are higher than they actually are and divert attention from the important customer's end to end journey • Organisations successfully managing the entire experience -> enhanced customer satisfaction, reduced churn, increased revenue, greater employee satisfaction • More touchpoints, more complexity - companies need to embed journeys in their operating models (identify journeys they need to excel, understand performance) • Identify key journeys - draw on customer and employee surveys to assess performance • Understanding current performance - examine each key customer journey to understand causes of performance (additional research) • Journey-based transformations take years to perfect, but reward is high customer and employee satisfaction, increased revenue, lower costs
SCAMPER
Used to brainstorm ideas - Substitute - Combine - Adapt - Modify - Put to other uses - Eliminate - Rearrange
MOB
Used to rate product advertising effectiveness - Memorable - Oh, Product - Benefit
Good design emphasizes the product is ________ whilst disregarding anything that could possibly detract from it.
Useful
What is an effective way to describe a customer's wants/needs?
User Stories "As a <role/persona>, I want <goal/desire> so that <benefit>."
What is a reliable way to prioritize?
Using a matrix with the following headers: - Revenue - Customer Satisfaction - Ease of Implementation - (Overall Score)
Pre-existing mental models
Utilizing habits people are use to e.g. flipping through photo book -> for digital photos, flick with finger
VIRO Framework
VALUE Rarity Imitability Organization
Design principle that the more easily an element is to see, the more likely users will know about them and how to use them.
Visibility
Prioritizing what interface elements are on screen and hiding those less important is an example of this design principle
Visibility
Estimate Question Math -Volume of Sphere
Volume of Sphere -4/3(pie)(r^3)
Instrumente der E Kommunikation
Werbung Banner, Pop Ups, Ad Breaks, Email Verkaufföderung Promotions, Intranet, Extranet, Allianzen Public Relations Informationsveröffentlichungen, Emails Sponsoring Site Sponsoring, Sponsorships Event Marketing Product Placement, Digital Events Direktkommunikation Direct Mailings, Newsletter, Webseitenindividualisierung Multimediakommunikation Online Kataloge, Interaktive Trainings, Internet Telefonie, Chats
Zero Data (Empty State)
What a prospect sees during their initial signup process when no data is available in the product. To address this, guide the prospect through a journey that populates, uploads, or integrates data to a product.
Jobs to be done
What customers need, want, or desire to get done in their work and in their lives.
What to consider when developing a product
What is special about this product? Are there simlair products out there? What are the advantages and disadvantages of this products? How does this product fit in our existing product mix? Does it complement anything we're already doing? What is the goal of introducing this product?
5 C's of Product Pricing
What is the best price for your products or services? This 5 C's framework helps you to determine the optimum price tag for your product. Company Objective Customer Cost Competitor Channel: Distribution Channel
REAN
What should your digital strategy look like? How should you market your product? Are you using the right channels? The REAN model, popularised by Steve Jackson help product manager or product marketers to answers such questions. Reach Engagage Activate Nurture
Define Recursion
When a function can call other functions, including itself.
Focus 10
When don't have a basis of estimation, think of 10 friends and determine estimate based on this. Then adjust a bit for bias
Agile, Lose Big Picture Focus -Why? -How to fix
Why -lack of clear roadmap from PM -myopic view of team (only focused on one section of product) Fix -Story mapping
Why should we hire you? In general, what to talk about
Why good fit or what can offer company
Story Points -Why? -Key points
Why? -Avoid scope creep -Establish team velocity -Quickly establish estimates -Eliminate subject hour estimation based on developer skill -Complexity, Effort, Doubt -Not based on hours Base 2 sequence: 0, 1, 2, 4, 8, 16
Initial consideration
consumer considers an initial set of brands (Based on brand perceptions, exposure to recent touch points) - Brands in initial consideration can be 3x more likely to be purchased eventually
If a Product is in its Declining Stage....
define a niche market, analyze competition's play, or think exit strategy
purchase decision
disrupted by negative customer feedback and motivation to accept it
Pine & Gilmore 1998 "Welcome The Experience Economy" Harvard Business Review
economic value increasingly differentiated by experiences factors of demand: experiences= memorable, personal, sensations
If a product is in its growth stage...
emphasize marketing and competition
Internet of Things
enables more of the physical and natural world to be integrated into and to become accessible via the internet enables greater access and connection to customers
Customer Experience
every relevant phenomenon/behavior - thought - feeling/emotion - psychological process (memory, belief, attitude formation) - senses (sight, smell, sound, touch, taste) - action * customer- related phenomenon/behavior is considered "relevant" to an organization if it is in someway related to organization's brand, product, profit, etc.
post purchase experience
expectations built based on experience to inform the next decision journey
information search
find best solution searching internal/external environments (print, visual, WOM), options open, online search, staff help
If a product is in its mature stage...
focus on manufacturing, costs, and competition
perceptual map
graph that displays in 2+ dimensions the location of products or brands in consumers' minds
Marketing Software
hardware= stores, warehouses, salespeople, etc. software= set of programs/plans/designs that enable, guide, or influence the customer experience
satisfaction
if satisfied --> brand loyalty (skip information search and evaluation)
#of people who saw your add
impression
Provide 5-7 examples of activation metrics
new registed users Mobil app opens Number of searches on a website or app New cart started (commerce) User inforamtion given( personal, creditcard, etc) Number of accounts created
width
number of product lines
depth
number of products in a line
aligning marketing with journey
o from focusing brand advertising on the initial-consideration phase to developing Internet properties that help consumers gain a better understanding of the brand when they actively evaluate it o may need to retool their loyalty programs by focusing on active rather than passive loyalists or to spend money on in-store activities or word-of-mouth programs Four kinds of activities can help marketers address the new realities of the consumer decision journey: 1) Prioritize objectives and spending - to be more specific about touch points used 2) Tailor messaging - win part of the journey with greatest revenue oppt. 3) Invest in consumer-driven marketing - internet, buying properties attracting customers (websites, WOM programs, customized advertising) 4) Win the in-store battle - important selling factors of packaging, customers influenced by visual dimension (e.g. favourable shelf position)
loyalty
ongoing relationship starts here
customer journey phases
phases presenting potential battlegrounds where marketers can win or lose: 1) Initial consideration 2) Active evaluation 3) Moment of purchase 4) Post purchase experience
ideal point
place on perceptual map consumer would like product to be in certain category
position
place product or brand occupies in consumers' minds relative to competing offerings
active evaluation
process of researching potential purchases, adding/subtracting brands as they evaluate what they want (e.g. information gathering, shopping) - Brands under consideration can expand rather than narrow as consumers seek information/shop a category - Most touch points involve internet reviews, WOM from family, recollections e.g. GM - strong sales incentives to win during this phase but the real challenge is the initial-consideration and post purchase (e.g. Honda dominates with loyal purchasers that generate positive WOM)
journey based thinking
process-based thinking by grouping people by the route, not destination --> continuous improvement • customer segmentation - customers grouped by product purchased • route segmentation - customers grouped by the route they took to buy the product • devices you "touch" capture Customer Journey data o all channels and devices that have an IP address (e.g. cookers, fridges) o all stages on each journey - shopping, working, social media, travel • digital data examples of better journeys Maintenance done for customer instead of just informing the car issue Fit fix into journey of owner
Estimation for stores, base off of
ratio of residents/store one area
problem recognition
recognition of the need (internal or external stimuli like adverts, awareness)
moment of purchase
selecting brand at purchase
evaluation of alternatives
shortlist options, influenced by customer's attitude and involvement
How to Build Effective Customer Experience
stimulate positive emotions/feelings and memories by qualitative research: - identify journey, path, or buying-related process - construct a map of journey including potential paths - understand what makes for success and for failure during each pat of journey - develop mechanisms to reduce the likelihood of failure and increase likelihood of success - identify customer experience related "clues" that are perceived by consumers via their senses and influence their feelings, thoughts, and actions
Customer Acquisition Costs
the amount of money a firm spends to convince a customer to buy a product or service (total cost of marketing outreach divided by sales in a given period)
customer journey
the complete sum of experiences that customers go through when interacting with your company and brand - is a circular journey (research) o Subjective - what they think, not you or another customer o Context: History - steps and experience that got them there Future - their end goals (you can forecast, use data from those with similar journeys) Now - what options they have now (you can help them in real time) o Modelled by using stream or timeline data at any scale o What people are interested in and all timescales (by seconds, years) or higher scales (buying a car v coffee)
Customer Buying Process
the consumer typically passes through these stages before purchase and they can skip or reverse the steps Aim - make it easy from problem recognition to purchase decision, but more important for customer to be successful and be loyal o Used in context of customer journeys and is modelled to understand their different stages 1) Problem recognition 2) Information Search 3) Evaluation of alternatives 4) Purchase decision 5) Satisfaction 6) Loyalty 7) Post-purchase experience
Big data information value chain
the information flow within a big data system as a series of steps needed to generate value and useful insights form data (Curry, 2016) - Used as a decisions support tool to model chain of activities to deliver a valuable g/s - Made up of a series of subsystems each with inputs, transformation processes and outputs 1) Data 2) Information 3) Knowledge 4) Decisions 5) Actions
touch points
the many critical moments when customers interact with the organization and its offerings on their way to purchase and after
positioning
using marketing mix to influence consumers' perceptions of products or brands
Computing Likelihoods of Success in Journey
visit store -> find product -> like product -> purchase product .9 x .9 x .9 x .9 = 65.61% vs. find product -> like product -> visit store -> purchase product 1 x .9 x .9 x 1 = 81.00%
"Relevant" Touchpoints (continued)
website, app, social media, store, etc. with other "relevant" entities/elements (other customers) context/environment: real, virtual, customer's mind and memory
Affordance
when the appearance of a specific control suggests its function
Ansatzpunkte für Produktvariation / differenzierung
Ästhetische Eigenschaften (Design) Physikalische Funktion als Eigenschaften (Material) Symbolische Eigenschaften (Marken) Value Added Services (Kundendienst)
CIRCLES - L - List solutions
L - List solutions - Be creative and list your solutions - Possible methods o Reversal Method - i.e. if the problem for the user is they need a new car buying experience since they don't have time to visit a car dealership, a potential solution could be the car dealership can deliver cars to test drive to the user o Attribute Method - List all possible attributes that make up a potential solution and mix and match it o Why? Method - outside of the box/status quo...i.e. create a coffee mug with insulation in it - Think big - Have at least 10 ideas...only discuss the top 3
What does being a PM mean to you?
Leader Define Goal Explain Vision -responsible for guiding the success of a product and leading the team that is responsible for improving it -liaison between stakeholders and implementation teams -PMs are extremely valuable to build the bridge between the outside (market, customers, external stakeholders, partners) and the inside (all the sources around the product)
context
Lemon and Verhoef, 2016 customers now interact with firms through numerous touch points in multiple channels and media, customer experiences more social in nature - firms need to integrate multiple business functions and external partners to create/deliver positive customer experiences • Address importance of experiences in today's society & opportunities to benefit from creating strong and enduring customer experiences
Customer satisfaction (CSAT)
Lets you see how customers are feeling specifically about your support interactions, and can take a pulse of how your team's responses are being received. .
United States Facts
Life Expectancy: 80 Years People/Household: 2.5 Median Household Income: 53K GDP: 16.8T % Smart Phone Penetration: 70% % Bachelors Degree: 30% % Married Adults: 52% % < 18: 23% % > 65: 13%
what we know about customer experience
• Customer experience dynamics - customer's dynamic external env large influence on customer experience (e.g. economic situation, recession) • Mapping the customer journey - customer journey analysis to understand/map the journey from the customer perspective and requires customer input • The multichannel journey - differing preferences and usages of channels and segments can be identified • The multidevice and mobile journey - mobile channels offer location based, time sensitive oppt to create touch points, better suited for search then for purchase • Customer experience measurement - multiple customer feedback metrics predict customer behaviour
Global smartphone install base
2.8 billion
Global Smartphone Install Base
2.8B
What's measured in concept test
-degree of liking -expected purchase frequency -price expectations -image
Days from PQL to Customer
Measures the average number of days it takes a PQL to become a customer.
Google Annual Revenue
$110 billion
CPM Video Ad
$12.80
Cost-per-thousand-impressions for Video Ad
$12.80
US GDP
$16.8T
Global Ecommerce Sales
$2 trillion
Average Cost-per-click on Google Search Ads Overall
$2.14
Avg CPC Google Search Ads
$2.14
Twitter Annual Ad Revenue
$2.5B
CPM Display Ad
$2.80
Cost-per-thousand-impressions for Display Ad
$2.80
Apple Annual Revenue
$215 billion
Global IT SaaS Spending
$246B
Global CRM Software Revenue
$26.3B
Facebook Annual Ad Revenue
$26.8B
Facebook Annual Ad Revenue
$27 billion
Global Enterprise Resource Planning Software Revenue
$34B
Total IT Spending on Enterprise Software
$350 million
Total IT Spending on Enterprise Software
$351B
Cloud Infrastructure Spending
$36 billion
Cloud Infrastructure Spending
$36B
Google's market cap
$380B
USA Total Online Sales
$390B
USA Ecommerce Sales
$400 billion
Snapchat Annual Ad Revenue
$404.5M
Google's revenue from ads in 2012
$42B
GSuite Pricing Plans
$5 and $10 per month per user
US median household income
$53,000
US Median Household Income
$53K
Traditional Data Center Infrastructure Spending
$60 billion
Google Annual Profit
$60B
Google's 2013 revenue
$60B
Traditional Data Center Infrastructure Spending
$61B
Google Annual Ad Revenue
$79.4B
Google Annual Ad Revenue
$80 billion
ROIC
(Gain on investment - Cost of Investment)/ Cost of Investment (Value - Initial Investment)/ Initial Investment
Breakeven formula
(P-VC)*Q = FC
How do you calculate the RICE score of a product/feature?
(Reach * Impact * Confidence) / Effort
Conversation Volume/Volume per Rep
(sometimes called "tickets") is the amount of conversations you are receiving or your reps are responding to on a regular basis. This could be an average, or a total for the amount over the past year, month, week or day. You can also determine how many conversations each of your reps is responding to.
Pirate Metrics (AARRR)
* Acquisition * Activation * Retention * Revenue * Referral
CLICKS framework
* Comprehend and clarify the situation * List metrics * Identify tradeoffs * Choose North Star metric and justify * KPIs — what drives this metric * Summarize
CIRCLES framewok
* Comprehend the situation (5Ws) * Identify customers and segment * Report customer needs / customer journey * Cut (prioritize) * List solutions * Evaluate tradeoffs * Summarize the recommendation
10 Principles of Good Design
* Innovative * Useful (utility) * Aesthetic * Understandable (ease of use) * Unobtrusive * Honest * Long-lasting * Thorough / detailed * Environmentally friendly * As little design as possible
4Ps & 3Cs of Marketing
* Product * Price * Place * Promotion * Customers * Company * Competitors
RICE
* Reach - how many people will this impact? * Impact - how much will this move the needle? * Confidence - how confident in success? * Effort - how long will it take?
Porter's 5 Forces
* Rivalry among competitors * Threat of new entrants * Threat of substitute products * Bargaining power of buyers * Bargaining power of suppliers
conjoint analysis
-consumers evaluate attractiveness of various combinations of features and forces people to make trade-offs among various features -part of assessing the market (stage 4)
Story 4: Growing pains going through YC
- Leadership - Moved into much bigger warehouse - 15 employees + other suppliers - Had to establish company culture
Story 5: Using my SMB experience to help consulting clients
- Learn goals of customer - Consolidating platforms - Getting rid of inefficiencies and headaches
Customer Experience Examples
- Lexus airbag recall experience at Lexus of Watertown - New Hampshire EZ-Pass experience - JetBlue in flight experience (Orlando to Boston) - Amazon bicycle-seats return experience - Zappos Bogs rainboots exchange experience
Types of Questions
- Market Sizing - Population Based - Household - Worldwide Market - sizing - Preposterous Cases: silly questions - Factor questions: "What factors would you consider if..." - Written Group Case and Tests. - Written Exercises
What kind of solutions should you avoid when thinking big for a design question?
- Me too ideas. - Integration ideas.
Story 6: Designing to production
- Moved to production in China - Built relationships, named Becky's baby - Organized without a hitch - Got to point where I trusted them with design
What is NFC
- Near Field Communication - Short 5cm RFID tech - Just bring two things close, no pairing needed - Tag doesn't need batteries
Story 10: Using data/analytics with JFA
- Once stabilized, used data to create rules for blogs, affiliates, flash sales, write ups, etc., very formulaic - Grew 40%, reduced headache factor which is very important, e.g. following weather patterns, gave free replacements
What does the RICE acronym stand for?
- Reach. How many people will be impacted? - Impact. What's the benefit of that user story from low to high? - Confidence. What's the probability of success? - Effort. How much time will it take?
Story 8: Selling Other Company's Refurbished Tanks
- Resourceful - Loophole in cheap way to manufacturing - Started getting press early, set up steady traffic
What are some common goals & metrics to clarify in a design problem?
- Revenue - User acquisition - User retention - Market share - Customer satisfaction - Conversion rate - Basket size
Story 7: Selling Tank to Seattle Restaurant
- Sales skills, $25K and had nothing - Resourceful, used that to build infrastructure for company
Story 2: Converting from VC funded to profitable
- Saw a problem and fixed - Difficult challenge: laying people off - It worked, led to acquisition - Company culture important - Worked only with good people then
What are a few "bonus" criteria that can help to make prioritization more complete?
- Strategic Importance - Probability of Success - Workaround Availability
Story 12: Mentoring an employee
- Took mark in off street, mentored into programmer over three years
FB: What are 4 types of relevant teams Oscar mentioned?
- Topic: eg terrorism, child safety. Specialists in that adverse behavior no matter where it shows up. - Behavior oriented: eg extortion, behavior not content. - Structure: metrics, ml models - Surface: in charge of protecting their particular surface like pages or messenger and work with other teams
10 elements of customer delight
- Understanding the 10 key elements can assess company's success at delivering them and taking the action needed to transform - 10 elements create a service design and delivery report card to help measure how successful company is in creating a superior experience with and for you customers - Assessment created to set priorities for improvement 1. Empathy 2. Expectations 3. Emotions 4. Elegance 5. Engagement
Story 11: Failure of Chat Basket
- Was trying to capture X factor - Poor way to incubate an idea: Frankenstein idea
5W's and H
- What is it? - Who is it for? - When is it ready? - Where will it be available? - Why should I get it? - How does it work?
Story 9: Selling Chargerito to the Press
- What worked and didn't - Shotgunned it in a few weeks - Secret is good product, everything else follows, I recognized it when I saw it - Voluntarily turn down PR offers
Power of Customer Experience
- beyond product: more than goods (physical products), more than services (intangible products) - beyond customer service - beyond interactions - beyond present time
Devices and Connectivity
- can increase the opportunity for, amount of, and types of interactions - smartphones, tablets, digital voice assistants (amazon echo, google home)
Companies with Strong Focus on Customer Experience
- disney - benihana - amazon - apple - google - costco
Why is customer experience important?
- enhance differentiation / distinction - reduce price sensitivity - reduce friction in exchange - increase loyalty - increase speed and efficiency for customers - increase profits
Wider Span of Customer Experience
- the greater the opportunity for interaction with or availability to consumers the wider the span of the customer experience which can be engaged by marketers
Questions to Ask a Company
-How do all of the products fit together? -Who are the competitors? How does the company differentiate? -What is the revenue model? -What do customers love / hate about product? -What are the key metrics? How many users... conversion rate... growth rate? -What are your product weaknesses? -What are the product's competitive advantages? -What threats are there impending? -
Net Promoter Score
-How likely are you, on a scale of 0 (not at all likely) to 10 (extremely likely), to recommend this product or service to a colleague or friend? -A company's Net Promoter Score is the percentage of promoters less the percentage of detractors -"Detractors" answer from 0 to 6 -"passives" answer 7 or 8 -"promoters" answer 9 or 10
GAME Framework
-How to establish metrics for a project G -> Goals (user and business) A -> Actions M -> Metrics (use ARM) E -> Evaluations
How do you improve the user experience?
-Human centered design principles - User labs for small group qualitative direction -Develop a hypothesis around a new design that says "I believe [insert design change] will [insert improvement to experience and relation to goal]. I will know this is successful if [insert some metric of success]. -Test hypothesis by executing task analysis against new designs in User Labs with a few users. They will provide rich qualitative direction to help refine design.
KPIs
-Key Performance Indicator -Do not answer why -Measure performance, monitor progress, data for decision making -KPIs are derived from the product vision and tell you how well your product is meeting the vision Examples -Deviation of set hours of work -Planned budget deviation -Missed milestones -Cost variance metrics
Market Entry Checklist -Characteristics
-Market Size -Market Growth -Profit Margins -Market Trends
Multi-Variate Testing
-Multivariate involves testing multiple differences. Instead of 2 versions of a page, create N variations with different version of elements on each page -Can show that a footer has no effect on conversion -Really good for redesign efforts -Requires a lot of traffic / data to run variations
Survey Checklist (best practices)
-My survey has a clear objective -My survey has a defined target audience -I know what I want to achieve with my survey -My survey questions are not ambiguous -I know where people will respond to my survey (at home, at work, on the bus...) -I know what I will do with the responses and how to action them -I know how I will distribute my survey (via email, social media...)
Common Issues Facing PMs
-No direct authority; have to convince -No measurement -Rapid shuffling of teams / projects -Success theater -Infrequent acknowledge failures -No connection to core metrics -No PM retrospectives -No tweaking / iteration -Shiny objects
Agile Issues
-Not enough design time -Sprints are too short -Not enough user feedback -No sprint planning -Lacking big picture -Poor communication -Dependency issues
Market Entry Checklist -Competitive Environment
-Number of competitors -Competitors resources (human capital, $$) -Competitors unique competences (distribution channels)
Cohort Metrics
-Number of sessions per user (cohort of users), over time -Session duration for a cohort, over time. -Number of user actions per session, for cohort, over time. -Action completion rate & differences between different cohorts
What Makes a Good PM?
-Ownership of product -Convincing and persuasive (lead / influence) -Be optimistic and positive -Get technical -Celebrate others -Be fearless when discussing ideas
Customer Oriented Metrics
-Product usage or adoption -Percentage of prospects who take an action in response to campaign -Percentage of users who take action in product -Customer retention or churn rate -Quality (# of bugs)
ARM Framework
-Questions to help establish metrics A -> Acquisition and Activation -what actions do users take to get value and come a customer? R -> Retention and Engagement -what gets my users back to product? M -> Monetization and Revenue -what format of payment does product take?
Agile Key Tenants -Advantages / Disadvantages
-Respond to change quickly -Iterative and Incremental -Communication, transparency, constant feedback Advantage: respond and deliver quickly Disadvantages: hard to scale, difficult to create roadmap
ID Customers
-Think of a few personas, pick 1 -Think of demographics (age sex income location) -Think of user behaviors (go to class, take notes)
Issue Trees -e.g. How can we increase our profitability?
-Use in Why Why Why -Start with high level question and break down via a tree
What channels can be used for showing digital offers? Which channel will be more useful and why?
-Web, mobile and email channels can be used for showing digital offers because their outreach, CTR and conversion rates can be tracked digitally -The more you can allocate your marketing budget into lower CAC channels, the more customers you can obtain for a fixed budget amount
Comprehend Situation
-What is it for -Who is it for -Why do they need it -How does it work
stage-gate system
-also known as the product development process -multiple stages a new product must pass through before being commercialized -gate serves as the comparison point
supplier push
-amount of power suppliers have -if small number of suppliers, each one has a lot of power as buyers don't have many options -if large number of suppliers, suppliers have less power bc buyers have more options
2 Ways to Search
1. Binary: Divide list in half and compare midpoint to desired element, repeat keep dividing in half. 2. Graph: can be depth first or breadth first. With depth, search A node and ALL it's children before trying B node. Breadth (wide) is opposite.
5 Types of Data Structures
1. Boolean (true false) 2. Integer (whole number, not a fraction/decimal) 3. Float (number with a decimal place) 4. Character (8-bit that represents all letters and numbers) 5. Hash table (key value pair)
Population-based questions
1. Break down population by generation. 2. Make assumptions by generation. 3. Calculate %s and then numbers by generation. 4. Review final answer ** Always draw a chart
8 Steps to Estimation (quantitative) Question
1. Clarify, repeat back, ask about ambiguities 2. Catalog data you know 3. Make equation 4. Think about edge cases and incorporate (5. Combine all the equations) (6. Review and state assumptions) 7. Do the math, make sure correct units 8. Sanity check, e.g. order of magnitude
factors affecting diffusion
1. Complexity of product 2. Compatibility of product with existing products and consumer knowledge 3. Whether product can be tried before being purchased 4. Relative advantage of products over existing products 5. Whether others can observe you using product
4 Different Pricing Methods
1. Cost-plus 2. Value, how much they willing to pay 3. Competitive, check competitors 4. Experimental
6 Things to Know About Company's Culture
1. Culture, what is it 2. Values, motto 3. History 4. Interviewers, meh 5. Key People, executives 6. Organization
Amazon's Leadership Principles
1. Customer Obsession 2. Ownership (Long term view) 3. Invent and Simplify (innovate) 4. Are Right A Lot of the Time (Good business instinct) 5. Hire and Develop the Best 6. Insist on the Highest Standards 7. Think Big 8. Bias for Action 9. Frugality 10. Vocally Self Critical 11. Earn Trust of Others 12. Dive Deep (audit frequently, no task below you) 13. Have Backbone; Disagree 14. Deliver Results
3 Overall Themes Google Interviews On
1. Design: Aesthetics of product, intuition 2. Analysis: Data-driven, knowing what you don't know, measure whether it's working 3. Business: How does this fit into larger business model
6 Example Market Strategies/Reasons for a Product
1. Diversify revenue sources 2. Build barriers to entry 3. Be one stop shop for ____ 4. Be low cost leader 5. Reduce reliance on key supplier 6. Test new market
7 Pricing Models
1. Free, ad supported 2. Freemium 3. Tiered, segmented by feature, customer or volume 4. A la carte, pay each feature separately 5. Subscriptions 6. Free trial 7. Razor blade model
Some Example Questions to Ask
1. Where do you see company in 5 years? 2. What is the most important metric of X product? 3. Why did your company do this (without being negative, just curious)? 4. How is the role of PM evolving?
What are greatest strengths
1. Get shit done/tenacious, see trends (jellyfish tank, crowdfunding) when nobody else does 2. Have touched absolutely everything 3. Creative (jellyfish tanks, chargerito, figure drawing, web design) yet analytical always thinking about the funnel. 4. Great at sales: sold $25K tank when had nothing 5. Well-networked: put a lot of effort in that, can always ask for advice 6. Resourceful, err on moving fast, e.g. redesigning charerito last minute, selling other company's jellyfish tank retrofitted before my own
Weaknesses
1. Have not worked in big corporate environment, but with small business when managing vendors, retailers, accounting, etc., really managing team of several dozen people. 2. Move too fast, too resourceful, often have shotgun approach err on side of brute force.
Google: 4 of their Product areas I said I wanted to work on
1. Home Automation acquisitions, like Nest and DropCam 2. E-commerce tools I used extensively while running my own company, like Google Ads and Analytics 3. Consumer products I personally use all the time, like Gmail and Drive 4. Medical hardware products where my degree in biology and experience in mass manufacturing would be useful, like Lift Lab's anti-tremor spoon and other anti-aging Calico products
Prioritization Methods
1. Impact / Effort Matrix 2. Feasibility, Desirability, Viability 3. ROI Analysis 4. Theming 5. RICE 6. Kano Model
My favorite products
1. Inbox. Gmail, I live in my inbox, now called Inbox, nice that it now incorporates to do list because that's what it did before, they should do conditional return to inbox 2. Kibana 3. Spoon Rocket in theory, now Sprig 4. Asana, great user experience
Kundenbeziehungsprozess
1. Kontaktprozess / Awareness Aufgabe: Produkt platzieren, Potenzielle Kunden erkennen E Business: Online Werbung, Big Data Analytics 2. Auftragsgewinnungsprozess / Consideration Aufgabe: Präferenzen erzeugen, Vorzüge aufzeigen E Business: Big Data Analytics, Email Info 3. Kaufprozess / Purchase Aufgabe: Kaufzeitpunkt erkennen, Angebot E Business: Elektronisches Angebot, Email Information 4. Nutzungsprozess / Consumption Aufgabe: Verhinderung von Enttäuschung, Service, Zufriedenheit erzeugen E Business: Service Webseite, Kundenforum, Email 5.a Neuauftragsgewinnungsprozess / Reconsideration Aufgabe: Präferenzen erhalten, Infos über Updates E Business: Big Data Analytics, Web Forms, Angebote 5.b Abwanderungsprozess / Dissatisfaction Aufgabe: Verhinderung, Analyse der Gründe, Beschwerdemanagement E Business: Analyse der Kundenhistorie aus Datenbank 5.c Rückgewinnungsprozess / Reconsideration Aufgabe: Auswahl der Rückgewinnungstargets, Kundenvertrauen wiederherstellen E Business: E Kundendialog, Service Webseite, Incentives
4 Ways to Sort an Array
1. Merge Sort: first left, then right, then merge. Splits in half 2. Quick Sort: Starts with a pivot point and sorts from there 3. Insertion Sort: Uses sublists? 4. Bubble Sort: Goes through list and orders elements
8 Things to Know About Company's Strategy
1. Mission: look it up 2. Strategy 3. Strengths 4. Weaknesses 5. Challenges 6. Opportunities 7. Threats 8. Future
Consumer Buying Behavior
1. problem / need recognition 2. search behavior 3. alternative evaluation 4. purchase behavior 5. post purchase behavior
7 Things to Know About Company's Products
1. Products: What are the major ones how do they all fit 2. Competitors 3. Customers/Market 4. Revenue 5. Love/Hate: What are customers' strong opinions 6. Metrics: What are they doing well / poorly at? 7. News and Rumors: Form an opinion
Steps to provide a reccemendation
1. Propose 3 solutions 2. Discuss the pros and cons of each recommendation 3. Make a single recommendation
4 Stages of Product Life Cycle
1. Research/Planning 2. Design 3. Implement/Test 4. Release
KPI -holy trinity
1. Retention 2. Growth 3. Montization
3 Part Structure of a Story
1. Situation 2. Action 3. Result
Qualities of Great Product Manager
1. Strategic Thinker — Understanding the current needs of the product and how it fits with the company's overall vision. 2. Passion for Products — Love what you make, love what you do. 3. Empathizes with the Customer — and understand the customer's wants and needs. 4. Interviews Customers — Gather insights from your customers, learn their pain points and discover opportunities. 5. Aspires to Build Great Experiences — Understands that user experience is paramount for product success. 6. Keeps Score — Identify the key metrics and track performance, establish baselines to measure success. 7. Ability to Prioritize — Keep things in order, understand what needs to be completed first and what needs to wait. Use customer feedback for prioritization. 8. Collaborative Leader — Management is a collaborative process, you cannot be dictatorial and expect to inspire your team. 9. Execution — Action-oriented, you get things done.
Product development process
1. Strategy 2. Idea generation 3. Idea screening 4. Business Analytics 5. Development 6. Test Marketing 7. Commercialization 8. New product
Case Interview Process
1. Structure a. Listen and ask clarifying questions. b. Layout your structure first and steps you'll need to take. Then add numbers 2. Assumptions: a. Don't worry if they are off. b. Base them in some sort of logic. 3. Estimate or round off numbers to make calculations easier. 4. Answer: a. Review your answer. b. If it's off, tell the interviewer and pick new number but don't explain the process again.
8 Things to Think About For Product Launch
1. Target Market 2. User Types 3. MVP or Full Product 4. Distribution 5. Rollout, to whom first, gradual, bet? 6. Buzz 7. Partnerships 8. Risks
4 Overall Themes Facebook Interview On
1. Technical/Logical: quantitative, metrics, some code 2. Design 3. Futurist: what will it be like 4. Guru: What are your core strengths
4 Steps in a Product Launch
1. The Product 2. Launch Goals 3. Launch Design 4. Implementation pre and post
6 Things to Know About Your Role
1. The role 2. Idea generation: bottom up or top down 3. Practical vs. crazy 4. Things to Changes: come in with ideas 5. What you want it: passion 6. Why it's a good fit
7 Key Metrics of a Product
1. Users/traffic 2. Conversion 3. Referral Rates 4. Engagement 5. Retention 6. Revenue 7. Costs
4 Ways to Describe Favorite Product
1. What problems does it solve, how 2. Why users fall in love with product 3. How compare to alternatives 4. How could be improved
Chicago Population
2.7M
Population of Vietnam
100 million
US Households
100 million
Households in the U.S.
100 million (3 per household)
Spotify Paid Subscriber Base
100M
USA Parcel Shipped Volume
10B
Japan Number of Internet Users
118M
iOS Global Market Share
12.5%
Japan Population
126M
US Percent Over the Age of 65
13%
US percentage over age 65
13%
Households in U.S
130 million
Population of Mexico
130 million
11 x 12
132
Brazil Number of Internet Users
139M
Middle East Number of Internet Users
141M
13 x 11
143
12 x 12
144
Netflix Paid Subscriber Base
148M
12 x 13
156
12 x 14
168
13 x 13
169
Africa Social Network Users
170M
12 x 15
180
13 x 14
182
13 x 15
195
14 x 14
196
Instagram Number of Users
1B
WeChat Number of Users
1B
Picture storage size
2 MB
How many smart phone users in the world
2 billion
CTR Google Search Ads
2%
Click-through-rate for Google Search Ads
2%
US GDP Growth
2%
Working hours in a year
2,000
Typical conversion rate
2-5%
Total iOS Apps in App Store
2.2M
US Avg People per Household
2.5 people
US People per Household
2.5 people
Total Android Apps
2.6M
Avg Conversion Rate Search Ads
2.7%
Average Conversion Rate Search Ads
2.70%
5Es Framework
A brainstorming checklist for various stages of the UX. Helps build customer journey maps. -Entice. What event triggers a user to enter into the UX funnel? -Enter. What are the first few steps in the UX funnel? -Engage. What task(s) is the user trying to accomplish? -Exit. How does the user complete the task? -Extend. What follow-up actions occur after the user completes the task?
What is the 'Why? Method'?
A brainstorming framework. Challenge the status quo.
What is the 'Attribute Method'?
A brainstorming framework. List all the product attributes. Mix and match to get interesting new combinations.
What is the 'Reversal Method'?
A brainstorming framework. Reversing the situation helps uncover new possibilities.
Customer Lifecycle
A framework that describes the process a customer goes through when considering, buying, using, and advocating a product or service. There are four critical stages: acquisition, adoption, retention, and expansion.
Three loops and when to use it
A framework that describes the three different ways users can add value to a company Data Loop Viral Loop Compulsion Loop
Product Lifecycle
A framework that helps a company organize its marketing and sales of a product, from introducing it to the market to when sales peak and decline.
What is the CIRCLES Method?
A guideline on what makes a complete, thoughtful response to any design question. It's a memory aid that prevents us from forgetting a step in the interview.
Critical Path Method
A method used to estimate the minimum project duration and determine the amount of scheduling flexibility on the logical network paths within the schedule model.
Customer Behavior Index (CBI)
A metric (often normalized) that measures how engaged your prospects and customers are based on their in-product activity and usage.
Customer Engagement Touchpoint (or Customer Engagement Interaction)
A single moment when a prospect or customer comes in contact with your brand, company, people, product, or message through various channels and devices.
5 Whys
A technique in which you repeatedly ask the question "Why?" to help peel away the layers of symptoms that can lead to the root cause of a problem
Kano Model
A technique that categorizes customer requirements into three types: 1. basic needs - Does the product work? table stakes 2. performance needs - How efficient is it? stated, more is better 3. attractive needs (delighters) - what makes me love it? unspoken, surprising
AARRR: Startup Metrics for Pirates
A very helpful framework by Dave McClure, 500 Startups for a product manager to define success metrics for any product or feature. It'll also help you measure your funnel and enable you to optimize it for the better. Acquisition — where/what channels do users come from? Activation — what percent have a "happy" initial experience? Retention — do they come back and re-visit over time? Referral — do they like it enough to tell their friends? Revenue — can you monetize any of this behavior?
Orders of Magnitude
A*B = n digits (A) + digits (B) = digits (A*B) 823 * 1032 has 6 or 7 digits
Days to Break-Even know
Measures the average number of days it takes a customer to generate enough revenue to cover the CAC. In other words, it shows how quickly a company recovers its CAC.
Days from Signup to Customer
Measures the average number of days it takes a prospect to become a customer.
Organic v/s Paid Traffic
Measuring traffic to your app or website from both organic and paid channels is necessary to understand how your product is growing. It helps you make better decisions about your marketing campaigns.
What is the true arbiter of go vs no-go for a new feature?
A/B Testing
Product Success Metrics acronym
AARM -Acquisition - Sign ups, low bar since many things free now. Lazy registration, bare minimum -Activation - Getting users to fully 'register', do things like upload photo, complete profile, etc -Retention - Getting users to use service often, e.g. adding data , checking feed, inviting others -Monetization - # paid users, avg rev per user
Improve Conversion Rates
AB Test elements of landing page: call to action, tag lines, hero images, button positioning, descriptions, etc. Personalize messaging. Be persistent with visitors who've shown interest. Offer customer support throughout sales process.
AARM Framework and when to use it
Acquisition Activation Retention Monetization Use it to identify a metric
Google Business Products (3)
Adwords Google apps for businesses, e.g. Drive, Email, Calendar, Docs, etc Cloud (remote servers)
The ____________ quality of a product is integral to its usefulness because products we use every day affect our person and our well-being.
Aesthetic
When sheet metal is on a door, suggesting that it is too be pushed, rather than pulled, this is an example of what design principle
Affordance
Design the system for digital offer system for one channel then asked me what I will do to launch digital offers in another channel.
After identifying the data required for app, I would see if there were any available data stores that could be used and identify new stores that we'd need to build. Then I'd find out if any of existing data stores talk to one another (why?) Then I'd build a service layer that would orchestrate the data and do calculations required to present the right data to the user interface. This layer would be built with a service oriented architecture because that allows for faster enhancements and releases to a service. Would leverage a deployment automation tool like Artemis PAR to do 1 click deployments, reduce manual testing and enable deployments without days of lead time. Build UI in components such that each feature is independently modified and released Security? Entitlements engine and proxy service
Product Engagements
All of the interactions that prospects have inside of your product. See "Non-product engagements."
Non-Product Engagements
All of the interactions that prospects have outside of your product. See "Product Engagements."
Report customer needs
As a <role> I want to <goal/desire> so that <benefit>.
Customer Lifetime Value (LTV)
As the name suggests, it is the estimated value generated by a customer over their lifetime, before they churn. It is the amount of net profit (revenue in some companies) that you can generate from a customer over his lifetime. You get this value by multiplying the average profit per month from a customer with the average lifetime of a customer in months.
FB: 3 proactive ways to drive the interview
Ask clarifying questions State your assumptions Take time to gather thoughts
What types of questions do you need to prepare for?
Behavioral, Product Design, Estimate, Metrics, Tech, and Product Strategy
Where are vast majority of Google's ads shown
Search results
What does the acronym CIRCLES stand for?
C - Comprehend the situation I - Identify the customer R - Report the customer's Needs C - Cut, through prioritization L - List solutions E - Evaluate trade-offs S - Summarize your recommendation
CIRCLES - C - Cut, through prioritization
C - Cut, through prioritization - Use a quick model/framework to prioritize which user story to go with. ROI - Use a table or RICE model
Google's Key Executives
CEO: Larry Page Chairman: Eric Schmidt Co-Founder: Sergey Brin
What framework is used for Product Design questions?
CIRCLES
Acronym to outline steps in product design question?
CIRCLES -Comprehend the situation -ID the customer -Report customer needs x2 -Cut, through prioritization -List solutions x3 -Evaluate trade-offs, mention design criteria -Summarize recommendation
Advertising Facts
CTR for Google Search Ads: 2% CTR for Google Display Ads: 0.35% CPM for Display Ad: $2.80 CPM for Video Ad: $12.80 Avg. CPC on Google Search Ads: $2.14 Avg. CPC on Display Network: $<1 Avg. CPM for iOS Banners: $0.20 - $2.00 Avg. CPM for Android Banners: $0.15 - $1.50 Avg. Conversion Rate Search Ads: 2.7% Avg. Conversion Rate Display Ads: 0.9%
Typical click through rate
CTR: 1%
M/M
Cancels out
Web Design Patterns: Layouts (3)
Card Grid Magazine
BCG Matrix
Cash Cow -generates more cash than is needed to maintain market share so excess should be reinvested Dogs -are worthless, low market share and low growth - only value in liquidation Question Marks -are high growth, low market share -require far more cash than they can generate -become Dogs when the growth stops -liability Stars -are high market share, high growth -always generates profits -becomes Cash Cow all products become Cows or Dogs -all dependant on obtaining a leader share of market before growth slows Balanced Portfolio has: Stars - high share and high growth assure future Cash Cows - supply funds for growth Question Marks - can be converted to stars w/added funds
FB: What's the high level team I'd be a part of
Community Integrity
Omnichannel Approach
Companies create contextual engagements with customers that look and feel the same across channels and devices.
5 Cs Analysis of Environment for Product
Company Competitors Customers Collaborators, e.g. distributors Climate
Why you want to work here? In general what to talk about
Company research and relevant experience
What does each letter stand for in the CIRCLES Method?
Comprehend the Situation Identify the Customer Report the Customer's Needs Cut, Through Prioritization List Solutions Evaluate Tradeoffs Summarize Your Recommendation
TCP/IP Data Flow
Computer -> Application Layer (HTTP) -> Transport Layer (TCP) -> Network Layer (IP) -> Data Link Layer Ethernet
continuous improvement
Customer Journey -> Collect Data -> Improvement (then loop back) • Map journey using stages and sub-stages in a Customer Journey model to understand your customer's journeys • What data can you collect at each stage? o 10Es o Love & Hate model • Analyse the data, find patterns, make improvements, repeat to loop
Core User Properties
Top of Mind: come directly, not because of reminder or google search...etc Recurring: do they come back again and again? Referring: do they share with others?
Immersion
Customer Journey muss geräteübergreifend online und offline betrachtet werden. Die Grenze zwischen Online und Offline verliert immer mehr an Bedeutung. Hybrider Kunde: Wechselt kontinuierlich zwischen Verkaufskanälen hin und her. ROPO: Research online, buy offline
CSAT
Customer Satisfaction -measures short term happiness (transactional) -does not address how user feels about company as a whole -typically use 1 to 5 scale -# of satisfied customers (4/5) / # of responses "How would you rate your overall satisfaction with the service [or product] you received?" Diff w/NPS -NPS is about long term happiness -NPS measures loyalty
TAM
Total Addressable Market -Quantify market size / opportunity -Bottom Up: figure out how many toothbrushes sold in stores and for what cost -Top Down: market share and total market size
Aspects of Effective Customer Experience
Customer: thoughts, feelings/emotions, psychological processes (memory, belief, attitude formation), senses (smell, sound, touch, taste), actions
Vergleich traditionelle vs E Communication
Traditionelle Kommunikation Unternehmen pusht auf Kunde, Kunde gibt Antwort Interaktive Marketing Kommunikation Unternehmen und Kunden stehen in Pull / Push Relation zueinander. Das Antwort äußert sich als Feedback, das wechselseitig in beide Richtungen geht.
If you were Google's CEO, would you be concerned about Microsoft?
Customers Company Competition The point is to understand purchase behavior as a cycle wherein the customer must first be aware of your product, then they have to evaluate it against their needs and competitors' offerings, and then they finally purchase it. After the purchase decision, the customer relationship continues and your company should likely work to foster a strong relationship."
Acquisition cost per customer per channel
Cost per click divided by total conversion rate
Step 3 of 5 in design process
Create PERSONAS
Return on Investment (ROI)
Current value of asset - Purchase value of asset divided by purchase value of asset
The 3 C's Marketing
Customer -unmet need?, segment?, price sensitive? Competition -strengths / weaknesses, concentration, potential substitutes Company -strengths / weaknesses, value chain, value add?
repositioning
changing consumers' perceptions of a brand or product using marketing mix (on a perceptual map)
Google Web Products (4)
chrome search toolbar bookmarks
post purchase experience
compare product with previous expectations - Be careful to create positive post-purchase communication to engage customers - most important part to repetition
How to preface design problems
I'll think about -Goals -User & use cases -Prioritize use case -Brainstorm solution
If a product is in its emerging growth stage, you should:
concentrate on R&D, competition, and pricing.
Provide 5-7 examples of acquisitions metrics
Daily sessions Cost per Acquistion Cost per Click Cost per Impression SEO mailing list open rate Mailing list conversion rate mobile app downlods Number of instals Cost per install Amount of leads Amount of impressions
Wichtige Kriterien der Customer Journey
Dauer der Kaufentscheidung Anzahl der Kanalkontakte Abstand zwischen den Kanälen Anzahl der genutzten Kanäle
Billion / Million B/M
K
M/K
K
List 5 customer personas for: [choose a product in the room]
Examples include: - Food Lovers - Soccer Moms - College Students - Small Business Owners
FB what are 3 fundamental review areas
Execution Product Sense Leadership and Drive
Bookmark & Organization
F.A.T. >*Favorites, Bookmarks, and Wish Lists:* Users forget or cant find content they particularly like >*Activity Feed:* Users want to stay updated on site activity. >*Tagging:* Content is so broad that users don't want to skim through it all.
Users by Platform
Facebook: 1.8B Snapchat: 300M WhatsApp: 1.5B WeChat: 1B Instagram: 1B Twitter: 321M Pinterest: 291M
Preisdifferenzierung
Gleiche Produkte -> Unterschiedliche Preise Ziel: Gewinnsteigerung durch Abschöpfen der unterschiedlichen Zahlungsbereitschaften Differenzierung nach Raum, Zeit, Menge, Leistung Beispiele: Flugtickets
Mobile OS Market Share
Global: Android: 87% iOS: 13% USA: Android: 61% iOS: 37%
Internet Users by Continent
Global: 3.2B North America: 320M Asia: 1.8B Europe: 636M Africa: 353M
Google Home and Office Products (11)
Gmail Docs Sites Calendar Voice Wallet (card and phone syncs with online payments account) Translate Drive Analytics Chromecast (broadcast to multiple screens, you have to sync your app to an existing google video streaming app, which then sends the video to the chrome cast device and screen) Glass
Favorite Google product and why
Gmail: - I live in my inbox - Simple enough for my mom to use, hugely powerful for superusers - 3rd party apps can add powerful functionality. Companies literally started on gmail platform.
Dieter Rams Ten Principles of Good Design
Good design is: 1) Innovative * 2) Makes a product useful * 3) Aesthetic 4) Understandable * 5) Unobtrusive 6) Honest * 7) Long-lasting 8) Thorough down to the last detail 9) Environmentally friendly 10) As little design as possible
Google Social Products (3)
Google Plus Blogger Hangouts
Ad Revenue by Platform
Google: 80B Facebook: 30B Twitter: 2.5B Snapchat: 400M
Why are you leaving current job
Got very good offer for acquisition, went traveling, have done side projects and learned a lot. But really want to sink my teeth into something long term. Want to have an impact, product manager position seems like way to be entrepreneurial, but have access to distribution.
Gross Margin
Gross Profit/Sales Revenue - COGS
4 D's
Here's a very simple yet effective time management technique. Before responding to any request, filter them through the 4D's framework, a simple yet effective time management method: Do's Defer Delegate Dump
What is the general response structure you should use for Product Design cases?
Here's how I would think about improving Google Maps. - First, I'd like to understand the goals and constraints. - Then, I'd explore the user and their use cases. - Next, I'd prioritize the use cases and focus on brainstorming solutions for the most urgent use case.
Good design is __________. It does not attempt to manipulate the consumer with promises that cannot be kept.
Honest
Prospect (user) onboarding
How a prospect moves through initial signup, experiences initial value, and reaches PQL status. It is designed to help users become familiar with the product and realize initial value as soon as possible.
First Response Time
How long it takes for your team to reach your customers. It is averaged across all customers for a certain period of time: a day, a week, a month, or a year.
Rule of 72
How long until something doubles -increase x% /yr -double after 72 / x yrs e.g. 72 / 8 (compound int rate) = 9 yrs to double
HEART
How to choose right UX metrics for your product. You might want to consider the HEART framework designed by Kerry Rodden, Hilary Hutchinson and Xin Fu, from Google's research team. Happiness Engagement Adoption Retention Task Success
FB in Leadership and Drive, what 4 things they looking for + 3 personality traits (jfa tough leadership)
How you earn trust and take ownership How you process and grow from past experiences How you support the people around you How you overcome difficult situations + empathetic collaborator + conviction + be bold
FB in product sense, what are 4 things they're looking for. +2 bonus (blind)
How you identify who to build for and what their needs are. How you focus on creating value and impact. How you make intentional design choices. How you handle critique, constraints, and new data. + use whiteboard + build social value
FB in execution, what 4 things are they looking for + one bonus (PA)
How you set the right goals for a product and measure against them. How you identify, frame, and evaluate trade-offs How you analyze and debug problems. How you set your team up for success. + Focus on impact. Prioritize THE biggest goal.
CIRCLES - I - Identify the customer
I - Identify the customer List potential personas. Identify and use one for the case. Use a 2x2 Matrix o Name and image o Demographics o Behaviors o Needs and Goals Note: Always ask interviewer for their preference or if they want you to prioritize it (i.e.
Moment of Truth (MOT)
In marketing, the moment when a customer/user interacts with a brand, product, or service in a way that serves to form or change an impression about that brand, product, or service.
INVEST -story best practices
Independent Negotiable Valuable Estimable Small Testable
Anwendungsorientierte Faktoren der E Communication (3)
Individualisierung - Kommunikation segment oder Kundenspezifisch Intelligence - einfache und kostengünstige Marktforschung Interaktivität - Wechselseitiger Informationsaustausch
Payback Period
Initial Investment / Annual Cash Flow
Technological development is always offering new opportunities for ____________ design. But ____________ design always develops in tandem with ____________ technology, and can never be an end in itself.
Innovative
What are the roles in the technology adoption life cycle
Innovators- 2.5% Early Adopters-13.5% Early Majority- 34% Late Majority- 34% Laggards- 16%
Strategische Faktoren der E Communication (3)
Integration - E Kommunikation lässt sich gut in bestehende Kommunikation eingliedern Industrie Restrukturierung - Neue Kommunikationswege durch veränderte Industriestrukturen Independenz - Unabhängigkeit von Ort und Zeit (Live Chat, GoTo Meeting..)
Definition E Communication
Interaktive, multifunktionale Kommunikation unter Nutzung netzwerkbasierter und elektronischer Kommunikationsplattformen
What company created and made popular the RICE method of prioritization?
Intercom
What are he stages in the product lifecycle
Introduction Growth Maturity Decline
It avoids being fashionable and therefore never appears antiquated. Good design is _____________.
Long Lasting
Having an automobile chair control that looks like a chair is an example of this design principle.
Mapping
This design principle is about having a clear relationship between controls and the effect they have on the world.
Mapping
Google Geo Products (2)
Maps Earth (buildings, monuments, natural monuments, etc)
Market Entry Framework
Market Characteristics Competition Company Fit
Monthly Recurring Revenue (MRR)
Monthly Recurring Revenue or MRR means the revenue your product gets from the customers every month. It should include both New MRR and Add-on MRR. New MRR helps you get an idea of the revenue generated through new customers every month and Add-on MRR measures the revenue generated through add-ons such as additional product purchases. Add-on MRR is a good indicator of whether your customers find your product useful or not and if they are willing to increase their engagement with the product by investing more in it.
What are FB's 5 core values
Move fast Be bold Focus on impact Be open Build social value
MOSCOW
Must Have Should Have Could Have Would Have
P-Value
Null hypothesis is that metrics does not matter. P-Value <.05 means we reject the null, meaning it matters. Comfortable with anything less than .05
OKRs
Objectives and Key Results
Prioritization
Once you decide the list of features or request which you plan to work, but wondering which one to pick or test first, below prioritization frameworks help you in that: Impact vs Effort Weighted scoring Kano Model
RFM
One of the best customer segmentation technique based on user behaviour. It groups customers based on their history (how recently, how often and how much) and sends marketing communication accordingly. Recency Frequency Monetization
Grow CTR
Research target customer to understand messaging they respond to. Keyword research tool to find words customer likes/dislikes. Power words: provoke urgency, authority, performance, advanced tech, scarcity, social proof. Eye catching images. Clear call to action. Demographic targeting
ROI
Return on Investment -Ratio btw business value and complexity
Pre-Tax Income
Revenue - COGS - SG&A - R&D - Interest Expense
Net Income
Revenue - COGS - SG&A - R&D - Interest Expense - Taxes
Provide 5-7 examples of Monetization metrics
Revenue per customer Lapsed customers (inactive users) purchaes per (year, month, week) revenue per click cost of sale( ad spend/ revenue) Customer Lifetime value Cost of shipping % of paid users Deal size renewal rate monthly recurring revenue revenue per lead
5 Forces of Industry Analysis
Rivalry Amongst Existing Competitors Buyer Power Supplier Power Threat of Substitutes Threat of New Entrants
CIRCLES - S - Summarize
S - Summarize your recommendation - Summarize feature or product selection in 20-30 seconds - Approach o State which feature or product you recommend o Recap what it is and why it's beneficial to the user o Explain why you preferred this selection over others o Note any actions you'd take to explore this idea further
Acronym to manipulate prod/serv?
SCAMPER S.ubstitute C.ombine A.dapt M.odify/Maginfy P.ut to other use E.liminate R.everse/Rearrange
MVP Alternatives -SLC -RAT
SLC - Simple, Lovable, Complete -adds value the way it is, doesn't need a v2 -Snapchat started w/simple photo -simple is good, incomplete is not RAT - Riskiest Assumption Tests -only build enough to test biggest unknown -"Is this the smallest thing we can do test our riskiest assumption?"
SCRUM -Scrum Master duties -Product Owner duties
Scrum Master -establishes scrum practices / rules -ensures team is fully functional -sets up meetings -help with the backlog Product Owner -defines features of product; focus on ROI -track value and return -scope management / prioritize backlog -accept or reject work
Customer Satisfaction Metrics
Shows how engaged customers are, how much value they derive from your product, and whether they will recommend your solution to peers. Customer satisfaction reflects how a customer perceives the value and experience with your company, brand, and product. A few examples of metrics in this category include Net Promoter Score (NPS), Customer Behavior Index (CBI), and Customer Lifetime Value (CLV).
AIDA
Similarly, AIDA framework is also popularly used to optimize marketing channel and communication. It describes the effect of advertising media and helps to explain how an advertisement or marketing communications message engages and involves consumers in brand choice Awareness Interest Desire Action
Why I like Kibana
Simplicity bell curve (happy medium between simplicity and complexity). Works for first time users and power users. Similarly works for different users. Conveys right personality. Gets out of the way, spillway for potential energy.
Magazine
Site has a lot of regularly-updated content in multiple categories. Alternating sizes of columns, cards, and/or headlines
Market Entry Framework: Market Characteristics
Size, growth, profit margins, trends (regulatory, customer preference)
PESTEL
The outcome of PESTEL is an understanding of the overall, external picture surrounding the company. Political Economic Social Technological Environmental Legal
Net MRR Churn (a.k.a. Net Revenue Churn)
The percentage of MRR change based on churned and expansion MRR for the same period. It is calculated by subtracting expansion MRR from churned MRR and dividing that by MRR at the start of the period. Net MRR churn is the percentage of MRR lost from existing customers in a period.
MRR Expansion Rate (a.k.a. Net Revenue Retention Rate)
The percentage of MRR that is gained due to upsells and cross-sells to existing customers for the period for which MRR expansion is calculated. It is calculated by dividing the amount of expansion MRR by the starting MRR.
PQL-To-Customer Rate
The percentage of PQLs that convert to customers. It is calculated by dividing the number of customers by the number of PQLs. The PQL-to-customer rate shows how effectively your company converts PQLs to customers.
Signup-to-PQL Rate
The percentage of prospects that complete profile and in-product engagement requirements to become product qualified leads (PQLs). It is calculated by dividing the number of PQLs by the number of signups. The signup-to-PQL rate provides insights into how effectively your company engages prospects in the early stages of reaching initial value.
Signup-to-Customer Rate
The percentage of signups that become paying customers. It is calculated by dividing the number of customers by the number of signups. The signup-to-customer rate shows how your company, on average,
Visitor-to-Signup Rate
The percentage of visitors that visit your page and then sign up. It is calculated by dividing the number of product signups by the number of visitors to a signup page. The visitor-to-signup rate shows how effectively your company convinces visitors to sign up for free trials or a freemium.
Product Champion
The person who has the highest level of engagement with your product, and has a good understanding of who will be using your product in his/her organization, as well as which roles each user has.
Customer Onboarding
The process of getting a newly subscribed customer (or account) up and running effectively with your product, including training, account and team member setup and assistance with integrations. The goal here is to set up the customer to realize the full value of your product, thereby retaining customers while also expanding business within the account, or getting referrals from your happy customers.
Which step in acquisition funnel has the issue? How I can fix that issue?
The step that has the largest drop off in engagement is the one that needs to be addressed because therein lies the largest quantity of customers to engage
Customer Experience Era
The third wave of SaaS, where customers now research, evaluate, select, and share experiences that feel more like consumer experiences, including multiple touchpoints and interactions.
Moment of Joy
The time when a prospect feels the value in the product. Similar to the Moment of Truth; especially popular in the gaming industry. Successful product-led conversion connects moments of joy with recognition and rewards when a user performs a desired action.
Average Customer Life (ACL):
The total time (in days) of a relationship between a customer and the company. It measures an average number of days (or months) between the day a prospect becomes a customer and when the customer churns (or cancels)
CIRCLES - C - Comprehend the situation
There are 3 parts! Touch on each 1. Context - What is it? Who is it for? Why do they need it? How does it work? If no answers, make assumptions. 2. Goals and Metrics - Revenue, user acquisition, user retention, market share, customer satisfaction, conversion rate, basket size 3. Constraints and Assumptions - Deadlines, resources, platform (i.e. iOS, Android), Geography/Market Note potential competitors in the space. And SUMMARIZE before moving on to the customer
DIGS
There is another DIGS framework by Lewis C. Lin which also helps to answer the behavioural question in a structured and impactful way. Dramatize the situation Indicate the alternative Go through what you did Summarize your project
Valued (Golden) Features
These help companies understand which product capabilities deliver customer value and fill the Value Gap. The idea also provides a mechanism to know which customers receive value from product features, and which customers are not engaged at key stages in their lifecycle.
Contextual Engagement
This happens when the right customer receives the right messages at the right time through the right channel.
Value-Based Pricing
This involves knowing which product features customers value most.
Cost Per Conversation
This is price it costs your company to have each individual conversation answered. It is calculated by adding your employee salary, burden rate (usually about 50%-60% of salary) and the cost of your tools and then dividing it by the number of conversations for that same period.
In-Product Call To Action
This reveals prospects' buying intentions and helps to drive prospects to PQLs or conversion events.
Nothing must be arbitrary or left to chance. Care and accuracy in the design process show respect towards the user.
Thorough down to the last detail
Google's Company Mantra
To organize the world's information
If Orbitz derives 35% of its revenues from advertising and other sources, how much would its total revenue be? Assume that Orbitz's non-advertising revenue is $675M.
To solve for this question, you want to need to setup the equation: $657M non-advertising / (1 - 35% advertising and other revenues) = $657M / .65. You can round this to: ~$650M / .65 = ~$1B
Populations: World
World: 7.4B Europe: 738M Asia: 4.4B South America: 423M Africa: 1.2B China: 1.4B India: 1.3B Japan: 126M UK: 65M
Pick a product in the room. List three personas & pick one. List two user stories.
Write them down!
Why is evaluating the tradeoffs of proposed solutions beneficial?
You come across as thoughtful, analytical, and objective. You protect yourself from being defensive. You mentally prepare yourself for criticism by critiquing yourself. The interviewer will also have fewer things to criticize.
Google Media Products (5)
YouTube Books Play (music, movies, books, and apps) Picassa News
Unified Customer Profile Data
Your organization's system of record for all customer profile, company, and behavioral data.
Preisbündelung
Zusammenstellung von Produkten und die damit verbundene Preissetzung Arten: Reine Bündelung: Verkauf von Produkten in Bündeln (Kfz + Sonderaus.) Gemischte Bündelung: Auch einzelner Verkauf von Produkten (Smartphone und einzelner Vertrag) Entbündelung: Produkte nur einzeln angeboten
Nichtlineare Preisbildung
Zwischen Preis und Leistung gibt es keinen proportionalen Zusammenhang Nichtlineare Preisbildung basiert auf Absatzmenge und der Selbstselektion der Nachfrager. Anbieter gibt nur Tarifstruktur vor. Nachfrager verteilen sich auf Segmente. Ziel: Gewinnsteigerung durch Abschöpfen der unterschiedlichen Zahlungsbereitschaften Beispiele: Mengenrabatte, Buy three, get one free, Blocktarife, Pauschalpreise
Who Participates in Customer Experience
any entity that can impact the customer experience: - customer - other customers - employees - media - influencers - public, communities - governments
Concentrates on the essential aspects, and the products are not burdened with non-essentials.
as little design as possible
