Crafting Product Success: Understanding Product Management frameworks & theories
Crafting product success requires a blend of intuition, collaboration, and continuous learning. In a recent session of the We Start pre-incubation program, Trishala Pillai, Product Manager at Walmart, shared few insights into achieving success in product development. Let’s dive into the key takeaways from her session and explore how these insights can shape our entrepreneurial journey.
Feeling Overwhelmed by Frameworks:
The session commenced by acknowledging the overwhelming nature of frameworks. While they offer guidance and structure to improve product quality, it was emphasized that they are not set in stone. Instead, they evolve as entrepreneurs progress on their journey.
Learning Online:
Accessibility to online resources for learning frameworks was highlighted as a crucial aspect. The importance of leveraging online platforms to grasp valuable concepts in product management and entrepreneurship was emphasized. Some influential figures and resources in the field of product management are Lenny Rachitsky, Aha, Miro, ProductPlan, ProductSchool, and ProductBoard.
The LUMA System of Innovation:
Introducing the LUMA system as a practical resource for entrepreneurs, providing a comprehensive guide to user research methods, empowering entrepreneurs to better understand their users’ needs and experiences.
Embracing the “Everything is Figure-outable” Mindset:
Everything in product management and entrepreneurship is learnable. With the resources available online, entrepreneurs can overcome challenges and acquire new skills.
Defining Product Success:
Product success was described as being achieved through cross-functional collaboration across various domains, including product, engineering, domain-specific functions, and design.
Investing time in Product Intuition:
It’s so important to invest in product intuition and compassion for your customer. We need to always empathize with our customer, to know who they are to understand their experience, but , compassion is one step ahead of empathy. Empathy means understanding your customers’ needs, while compassion involves actively addressing those needs. As a product manager or entrepreneur, it’s crucial to prioritize both. Invest time in understanding your customers’ domain and engage with them regularly through user research and feedback. Collaborate with them weekly to address any issues and monthly to stay informed about competitor products. By prioritizing empathy and compassion, you can build a product that truly resonates with your customers.
Working Smart:
Product management requires efficiency and quick iterative cycles. Working smart is essential, and leveraging tools like GPT can streamline tasks such as email automation and drafting. As an entrepreneur, embracing such tools can make marketing tasks more accessible, even without the budget for professional assistance. By leaning into these mechanisms, you can ensure that necessary work gets done efficiently without the need for outsourcing or delegation.
Delivering and Articulating Value:
It’s crucial to articulate the value of your product, even if it seems unrelated to its success. While some may believe a good product will naturally attract customers, marketing and communication are essential parts of the development cycle. As founders, investing in personal branding through platforms like LinkedIn or community forums can significantly benefit your business. Being vocal about your ideas and journey is important for building connections and attracting interest in your product.
Building a Memorable Product:
Ask yourself: Am I creating a product that people will cherish and remember? Not every product needs to be as iconic as Google or LinkedIn. Each product serves a unique purpose in our lives. As a founder, aim to develop a product that users will value, whether they love it immediately or come to appreciate it over time. Set ambitious goals, aiming for the stars to achieve real success. Aim high, and even if you don’t reach the moon, you’ll still soar among the stars.
These insights offer a roadmap for success in product development. By embracing continuous learning, collaboration, and understanding the emotional resonance of their products, entrepreneurs can navigate their entrepreneurial journeys with confidence.