ABOUT PRODUCT SCHOOL
Learn how to become a product manager and get a PM job. 8-week part-time product management training courses in 8 locations across the United States.
- Only focus on growth after you are certain of product market fit, a good metric to measure product market fit is to determine the retention rate over time.
- Growth = acquisition – churn + resurrection
- Growth is not just about acquiring new users, rather, its about helping people experience the value of your product
- Growth comes from the 1st best user experience that communicates the value of the product pertaining to that one specific individual (if the user speaks Chinese vs English and the product supports Chinese, ETC )
HOW TO DRIVE GROWTH
1. Have Good Metrics
Imagine your on boat and have broken compass, the more you use it the more lost you will become. Create a good working hypothesis and then define the key metrics that proves success for the hypothesis. Engage in product A/B testing, iteration and improvement, adapt learning from one environment to another environment
2. Understand The Problem Deeply Before Finding a Solution
Avoid arbitrarily pitching ideas for a potential solution, the ramifications are like the broken compass analogy. Instead, devote appropriate time and energy on a deep, multi-aspect understand of the problem and then systematically dissect and address the problem in bite size pieces.
3. Iterate Experiments with Thoughtfulness
Determine whether the outcomes of a product prototyping is the result of a bad idea or bad execution. If a given prototype or hypothesis yields successful outcomes, explore the process from zero leading up to success and replicate the learning to another environment or project.
THE IMPORTANCE OF EMPATHY
Stewart Butterfield Slack CEO: “Pretend you’re a human being”
The product is not as easy as you think, simply and clarify every step
Empathize with the user experience when implementing new features and make sure you understand the psychology of the user and learn to create a product based on the user profile and need. Remember that you are creating a product for a human being that has emotions and feelings. Use this as your starting point and not realize the importance of this when a product doesn’t perform or meets the end user’s expectations.