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Mind the Product

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Building for change: When transformation and product management meet

Product Development

What are product features? Definition, examples, and 5 types

B2B product management

Artificial Intelligence (AI) & Machine Learning (ML)

Building Product Teams

Business Strategy

Data Driven Product Management

Digital Transformation

Diversity and Inclusion

Minimum Viable Product

OKRs

Prioritisation

Product Design

Product Research

Product Development Process

Product Ethics

Product Discovery

Product Leadership

Product Management Career

Product Strategy

Stakeholder Management

🌎 <a href="https://www.mindtheproduct.com/world-product-day/" style="color:#FFFFFF;text-decoration:underline;">Happy World Product Day!</a> Be sure to celebrate product, yourself, and your peers today! 🎉

Why teams often struggle with OKRs: A conversation with Jeff Gothelf

Lessons from my first year as a Prod Ops Manager

How Google makes AI work at Enterprise scale – Miku Jha (Director, AI/ML and Generative AI, Google Cloud)

5 ways to invent and simplify as an AI/ML product manager

Product Manager

Sarone Thomson

In the first talk of this year&#8217;s World Product Day at ProductTank Auckland, Jeff Patton sheds light on product metrics. He says they don&#8217;t have to be confusing and frustrating, in fact they are quite simple.
When people talk about metrics, words like Revenue, ARR (Annual Recurring Revenue), and NPS come to mind, but these are &#8220;measures of business success, it is not the same as measuring product success&#8221;.
<a href="https://www.mindtheproduct.com/world-product-day-2022-product-insights-from-around-the-globe/" target="_blank" rel="noopener">Check out World Product Day 2022: Product insights from around the globe</a>.
<h3>South Park Underpants Gnomes Profit Plan</h3>
In this short video, South Park Underpants Gnomes Profit Plan, the Gnome explains their business model.
<iframe loading="lazy" title="YouTube video player" src="https://www.youtube.com/embed/tO5sxLapAts" width="560" height="315" frameborder="0" allowfullscreen="allowfullscreen"></iframe>
We learn that there are three phases in the Gnome underpants business model.
Phase 1: Collect Underpants
Phase 2: ?
Phase 3: Profits.
Likewise, Jeff models product development as:
Phase 1: You have a product idea, in the form of features, capabilities etc. With the constraints of time, cost, and scope, you build your product.
Phase 2: Launch the product and measure user behaviour. How do they see it, try it, and use it? Will they keep using it? Say good things about it? Will they pay and continue to pay for it? Is the product efficient or effective?
Phase 3: This is about your organisational goals. Is your product sustainable in terms of growth, revenue, and costs? What&#8217;s the ROI, brand awareness, and market share?
<h3>Simple Models for Mapping Adoption</h3>
We learnt that revenue is a lagging indicator in Phase 3,  and this happens after enough people are using your product in Phase 2.
Jeff explains that in Phase 2, we should focus on the leading indicators,  as these &#8220;let us know when things are about to go wrong&#8221;. He introduced us to some simple models that he uses to map the adoption experience, the Metrics Mountain, and the Product Journey.
<figure id="attachment_16115" aria-describedby="caption-attachment-16115" style="width: 785px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="wp-image-16115" src="https://www.mindtheproduct.com/wp-content/uploads/2019/05/sarone-2-300x225.jpg" alt="" width="785" height="589" srcset="https://www.mindtheproduct.com/wp-content/uploads/2019/05/sarone-2-300x225.jpg 300w, https://www.mindtheproduct.com/wp-content/uploads/2019/05/sarone-2.jpg 640w" sizes="(max-width: 785px) 100vw, 785px" /><figcaption id="caption-attachment-16115" class="wp-caption-text">The Metrics Mountain and the Product Journey.</figcaption></figure>
Note that Metrics Mountain replaces the funnel metaphor. Jeff says that the funnel metaphor is fundamentally broken as, in reality, nothing falls out of the funnel when you shake it.
In software, users tend to drop off as we scale to new heights, hence scaling a mountain through the different stages. You have more users at the Acquisition stage, a subset of users will climb to the Activation stage, a smaller subset to the Retention stage, smaller still to the Revenue stage, and finally a few make it to the Referral stage.
Using LinkedIn for learning as an example. Jeff takes us through the measurement of a user&#8217;s journey from the start to using the product for its intended purpose, mapping out the Product Journey to the stages of the mountain.
Jeff advises us to &#8220;be mindful of where people are on their journey&#8221;. For example, people searching for a class at the Retention stage may well be people to watch out for as they may likely refer and be an advocate for your product.
<h3>Key takeaways</h3>
What are the key takeaways from this <a href="https://www.mindtheproduct.com/put-your-nostalgia-goggles-on-its-world-product-day/" target="_blank" rel="noopener">World Product Day</a> talk?
<ul>
<li>Understand what people use your product for</li>
<li>Think through your users&#8217; journey</li>
<li>Continuously reflect on every feature you build and release</li>
<li>Data is exhaust, not fuel</li>
</ul>
They&#8217;re shown in the image below.
<figure style="width: 879px" class="wp-caption alignnone"><img loading="lazy" decoding="async" src="https://www.mindtheproduct.com/wp-content/uploads/2019/05/13a1b149-11a7-4987-a071-b586e6089bd7_sarone-3-300x225.jpg" alt="" width="879" height="659" /><figcaption class="wp-caption-text">All you need to know to sound smart. Key takeaways</figcaption></figure>
<h3>There&#8217;s more where that came from! Access more insights from World Product Day over the years below:</h3>
<ul>
<li><a href="https://www.mindtheproduct.com/put-your-nostalgia-goggles-on-its-world-product-day/" target="_blank" rel="noopener">Put your nostalgia goggles on, it’s World Product Day</a></li>
<li><a href="https://www.mindtheproduct.com/world-product-day-2021-epic-talks-tweets-awards-gifs-and-more/" target="_blank" rel="noopener">World Product Day 2021 – epic talks, Tweets, awards, GIFs and more!</a></li>
<li><a href="https://www.mindtheproduct.com/the-producttank-awards-2020/" target="_blank" rel="noopener">The ProductTank awards 2020</a></li>
</ul>

core/freeform

Building Consumer-Grade Experiences for the Enterprise By Ciara Peter

What Makes a Great Product Manager by Graham Siener

The GIST Framework by Itamar Gilad

Scaling the Product and the Team by Rachael Shah

Decisions, Debt, and Other Dilemmas by Janna Bastow

Hacking Your Product Career by Gibson Biddle

How Medicine and Research Translates to Patients by Shree Patel

The Future of Product Management by Richard Harrison

Data Science and Digital Businesses by Ali Gulez

You Need A Product Strategy by Sam Odio

Product metrics for noobs by Jeff Patton

ProductTank Ahmedabad

ProductTank Bangalore

ProductTank Berlin

ProductTank Oslo

ProductTank Des Moines

ProductTank Bangkok

ProductTank Abu Dhabi

ProductTank Helsinki

ProductTank Pune

ProductTank Kraków

ProductTank Cardiff

ProductTank Mumbai

ProductTank Johannesburg

ProductTank Tauranga

ProductTank Bielefeld

ProductTank Vilnius

ProductTank Timisoara

ProductTank Stockholm

ProductTank München

ProductTank Düsseldorf

ProductTank Birmingham

ProductTank Norwich

ProductTank Heidelberg

ProductTank Malmö

ProductTank Barcelona

ProductTank Newcastle Upon Tyne

ProductTank London

ProductTank Perth

ProductTank Málaga

ProductTank Tokyo

ProductTank Braunschweig

ProductTank Edinburgh

ProductTank Pittsburgh

ProductTank Vienna

ProductTank Bristol

ProductTank Washington

ProductTank Raleigh

ProductTank Brno

ProductTank Paris

ProductTank Orlando

ProductTank Montréal

ProductTank Hong Kong

ProductTank Charlotte

ProductTank Exeter

ProductTank Manchester

Product metrics for noobs by Jeff Patton

Sarone Thomson

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