A process of experimentation can help in determining what product to build by allowing product managers to test different ideas and hypotheses. This process involves creating a hypothesis, designing an experiment to test it, analyzing the results, and then making decisions based on those results. This iterative process allows for continuous learning and improvement, and helps ensure that the product being built is one that will provide real value to customers. It also reduces the risk of building a product that customers do not want or need.

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Escaping the Build Trap: How Effective Product Management Creates Real Value

How do you get ahead of your competitors and deliver actual value for your customers? It takes more than just launching one new feature after another....

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Companies stuck in the build trap measure their success in terms of outputs rather than outcomes. They stop producing real value for their users, lose market share, and are vulnerable to disruption. To get out of the build trap and become a product-led organization requires four key components. First, develop an effective product manager role that understands the market, how the business works, the vision of the company, and the needs of the customers. Next, develop a corporate strategy that enables product managers to make good decisions. Step three is to develop a process of experimentation to determine what product to build. Finally, build a product-led culture that organizes around outcomes over outputs, one where learning and achieving goals is rewarded and getting close to customers is encouraged.

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A product-led culture that focuses on outcomes over outputs is characterized by several key elements. First, it emphasizes understanding the market, the business operations, the company's vision, and the needs of the customers. Second, it encourages the development of a corporate strategy that enables product managers to make informed decisions. Third, it promotes a process of experimentation to determine what product to build. Lastly, it fosters a culture where learning and achieving goals are rewarded, and getting close to customers is encouraged.

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