General knowledge about PM is not enough.
To succeed in this role, you need to master 5 areas:
1. Know your customers
2. Know your market and industry
3. Know your competitors
4. Know your business
5. Know your product
Now in detail (TLTR) 🧵
#productmanagement #prodmgmt
To succeed in this role, you need to master 5 areas:
1. Know your customers
2. Know your market and industry
3. Know your competitors
4. Know your business
5. Know your product
Now in detail (TLTR) 🧵
#productmanagement #prodmgmt
1. Know your customers
Ask yourself: What are their problems, needs, and desires? What's truly important to them? What jobs do they want to perform? By which outcomes will they evaluate your product's value?
Ask yourself: What are their problems, needs, and desires? What's truly important to them? What jobs do they want to perform? By which outcomes will they evaluate your product's value?
A common mistake is to focus too much on a particular solution. Theodore Levitt famously said, "Customers don't want a drill, they want a hole in the wall."
A great approach is to segment customers by their underserved needs and work backward to identify their common characteristics (age, gender, education, etc.).
Tip: The User and Buyer may be two different people. In that case, they will care about different outcomes.
Tip: The User and Buyer may be two different people. In that case, they will care about different outcomes.
2. Know your market and industry
Understand your product's domain. What are the technological trends? What are the dynamics of your market and industry? Are there any regulations that constrain what's viable for the business?
I recommend @stratechery and @benthompson
Understand your product's domain. What are the technological trends? What are the dynamics of your market and industry? Are there any regulations that constrain what's viable for the business?
I recommend @stratechery and @benthompson
3. Know your competitors
Try to understand the vision and strategy of your key competitors. I usually advise using their products regularly. This allows you to understand their weak points and what they are good at and to better position relative to them.
Try to understand the vision and strategy of your key competitors. I usually advise using their products regularly. This allows you to understand their weak points and what they are good at and to better position relative to them.
At the same time, do not take it too far. According to the first @amazon leadership principle "(...) Although leaders pay attention to competitors, they obsess over customers."
According to Michael Porter, It's not about being the best. It's about competing to be unique.
According to Michael Porter, It's not about being the best. It's about competing to be unique.
4. Know your business
Your product vision and product strategy must be aligned with the brother company's vision and business strategy.
It's also essential to understand the organizational structure, dependencies between departments, and the distribution of power and interests.
Your product vision and product strategy must be aligned with the brother company's vision and business strategy.
It's also essential to understand the organizational structure, dependencies between departments, and the distribution of power and interests.
Ask yourself: What are the other products in your company's ecosystem? Are there any constraints (e.g., financial, sales, marketing) you should consider?
Tip: A few weeks ago, I wrote a LinkedIn post about working with stakeholders:
linkedin.com/feed/update/ur…
Tip: A few weeks ago, I wrote a LinkedIn post about working with stakeholders:
linkedin.com/feed/update/ur…
5. Know your product
As a PM, you need to become an expert on your product, including understanding functional aspects in depth.
Use analytics (like @pendoio ) to understand what users are doing across their product journey and gain valuable insights.
As a PM, you need to become an expert on your product, including understanding functional aspects in depth.
Use analytics (like @pendoio ) to understand what users are doing across their product journey and gain valuable insights.
It will allow you to make much better decisions.
Tip: It's essential to understand the technology specific to your product, at least to become "technology literate."
- - -
The good news is, it's not rocket science.
Anyone can learn this!
Tip: It's essential to understand the technology specific to your product, at least to become "technology literate."
- - -
The good news is, it's not rocket science.
Anyone can learn this!
If you like this thread, follow me @HurynPawel, like, and RT.
You will also love The Product Compass:
huryn.substack.com/?t
You will also love The Product Compass:
huryn.substack.com/?t
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