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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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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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How do you stay innovative and provide the right values for customers? Effective product development allows companies to sustain, grow, and thrive in both old and new markets. Our Product Development framework is useful for aspirational product developers who want to learn the product development process and for seasoned product managers who want to improve workflows with additional tools.
Does your product management process feel like it's lagging behind with the wrong tools? Our Product Management Toolkit collection includes some of the top tools that major companies like Apple, Amazon, Spotify and TikTok use to manage their products. See how these companies target customers, position their product’s value, determine when a product is ready to launch, and use strategic viral loops.
How do you take your product management to the next level? Due to popular demand, we've expanded our Product Development Toolkit to include more tools and frameworks from how to create a price sensitivity matrix, define your total addressable market, conduct a cost benefit analysis, prioritize your ideas with MoSCoW, and make use of a Kano diagram to launch successful products.
How can you tell if a product idea will work out? This Minimum Viable Product presentation guides the initial triage of tasks to the development and execution of the MVP. More importantly, it includes North Star metrics that would ultimately determine if the MVP is successful. Use these slides to align stakeholders and communicate product vision.