Welcome back, dear readers, and thank you for joining me on this journey as I share my learnings from transitioning from Engineering to Product Management. In my previous blog post, we talked about the six fundamental stages of a Product (Why, Who, What, Where, How, and When), focusing on the essential ‘Why’ and ‘Who’ stages. Today, let’s continue our exploration by uncovering the pivotal ‘What’ and ‘Where’ stages, which play a crucial role in shaping the direction and impact of your product.
During my time as an Engineer/Architect, I often found myself jumping straight into the ‘How’ stage once the initial brainstorming and feature selection were completed. Even after transitioning to Product Management, I continued following this familiar and comfortable methodology, oblivious of the fact, that it might not be the most beneficial approach for our customers and stakeholders. It was only after reading “The Lean Startup” by Eric Ries, a recommendation from one of the best managers I’ve had the privilege to work with, and subsequently diving into “Running Lean” by Ash Maurya, another excellent recommendation from my mentor, that the concept of a “Minimal Viable Product” began to dawn on me.
These eye-opening reads emphasized the importance of thoughtfully considering every feature in a product. We need to understand the value it brings to customers and stakeholders and determine the most effective way to reach these customers. This approach helps us create products that truly address the needs and desires of our target audience, leading to greater success and satisfaction for everyone involved.
Similar to my previous blog, let’s explore the critical questions we need to address in the ‘What’ and ‘Where’ stages. During the ‘What’ stage, we will assess the features and components of our product, taking the time to thoughtfully consider each element’s relevance. It is important that these components align with our core objectives and resonate with our customers’ needs, ensuring a product that truly adds value. Moving on to the ‘Where’ stage, we will examine the channels and platforms through which our product reaches its intended consumers. Understanding the most effective and efficient distribution methods becomes vital in optimizing our product’s visibility and accessibility, ultimately shaping its success in the market.
What — The Minimal Viable Product
The Minimal Viable Product (MVP) plays a pivotal role in product development and Product Management. It involves creating a basic version of the product, focusing on the most essential features and functionalities needed to meet initial requirements and deliver value to early adopters or customers. Defining the MVP is achieved by answering the “What” questions, enabling us to validate the product idea and gather feedback for further iterations and improvements. Here are some top questions to ask.
What are the primary goals and objectives of your product? What does success look like?
Clearly defining the primary goals and objectives of your product is fundamental in Product Management. These overarching goals will guide decision-making throughout the development process, providing a clear direction for achieving success. Success can be measured by both ‘Metric driven,’ with tangible indicators, and ‘Principle driven’, by aligning with core values. Striking a balance between these perspectives ensures a purpose-driven approach that stands strong even under scrutiny.
What is the value proposition of your product?
Crafting a clear and concise value proposition is paramount. It must effectively communicate the unique benefits and advantages your product offers to its users. A compelling value proposition will resonate with your target audience, setting your product apart and compelling them to choose it over competitors.
What are the essential features and functionalities of the product?
Identify the must-have features that directly address the pain points of your target users. Ruthlessly prioritize the most important features based on their impact and feasibility to ensure your product delivers value from the very beginning.
What problem does each core feature address?
Connect each core feature of your product to specific pain points or challenges faced by your target users. Understanding the direct impact of each feature helps prioritize and communicate their value.
Where — The Go-To-Market strategy
You might wonder why I am talking about a Go-to-Market (GTM) strategy ahead of discussions about product development and roadmap. Bear with me — there’s a reason for this. A robust GTM strategy is the linchpin for effectively positioning your product or services in your intended market. It’s the blueprint that guides your steps, decisions, and efforts to create awareness, stimulate demand, and execute a successful product launch. A well-crafted GTM strategy is the answer to the “Where” questions, helping us pinpoint the target audience, refine product positioning, identify distribution channels, set appropriate pricing, foster customer satisfaction, and drive business success.
Where Are Your Product’s Target Market Segments?
Begin by segmenting your target market based on relevant characteristics — be it demographics, behaviors, or needs. This segmentation practice empowers you to tailor your product and marketing efforts, enabling a more meaningful connection with each distinct group.
Where Does Your Product Fit in the Customer’s Journey?
Understand how your product aligns with the customer’s journey — from initial awareness to contemplation and, ultimately, the buying decision. This understanding is pivotal in shaping your marketing tactics and messaging to harmonize with each stage of the journey.
Where are the concentration areas of your target audience? How can you reach them?
Identifying pockets of higher target customer concentration is crucial. These locales hold immense value for localized marketing techniques and targeted promotional events. Optimal distribution channel selection further facilitates reaching your intended customers. You have an array of marketing strategies at your disposal, including “above the line”, “below the line”, and “through the line”.
With these essential questions in mind, let’s return to the problem statement we discussed earlier in our previous blog and attempt to address these questions.
Problem Statement: Providing Access to Education and Learning for Children in Underserved Communities
What are the primary goals and objectives of your product? What does success look like?
The product aims to bridge the educational gap for underserved children, providing equitable opportunities. Success entails increased enrollment, improved academic performance, and uplifted socio-economic conditions, empowering children to shape positive futures.
Note: I will revisit the measurement of success using OKRs in a subsequent section of this blog.
What is the value proposition of your product?
Our product offers transformative education access, leveling the playing field for underserved children. By unlocking their potential, it catalyzes community progress and empowers the next generation.
What are the essential features and functionalities of the product?
Key features encompass a comprehensive curriculum, interactive learning tools, offline accessibility, progress tracking, community engagement platforms, parental involvement support, culturally relevant content, and teacher empowerment resources.
What problem does each core feature address?
- Curriculum Access: Counters limited relevant content.
- Interactive Learning Resources: Addresses engagement barriers.
- Offline Access: Tackles connectivity limitations.
- Progress Tracking: Tailors learning to individual needs.
- Community Engagement: Combats social isolation.
- Parent Involvement: Boosts family engagement.
- Local Content Integration: Bridges cultural gaps.
- Teacher Support: Mitigates educator scarcity.
Where Are Your Product’s Target Market Segments?
Our focus is on underserved children in both urban and rural areas, hampered by limited educational access due to socio-economic challenges.
Where Does Your Product Fit in the Customer’s Journey?
The product initiates the educational journey for underserved children, equipping them with tools for progress and personal development, leading to brighter futures.
Where are the concentration areas of your target audience? How can you reach them?
Locate areas with dense underserved populations. Collaborate with local community centers, schools, NGOs, leverage local events, and use online platforms for maximum reach and impact.
Measuring success through OKR’s
Having addressed these questions, let’s now dive into defining success using OKRs. But before that, let’s talk about the North Star. A North Star typically represents a singular metric that encapsulates your product’s core value and the essence it brings to your customers. In this context, an excellent North Star Metric for success could be “Lives Transformed through Education”. This metric encapsulates the primary objective of granting education access to underserved children, tracking the product’s tangible impact on their lives. It encompasses factors like increased enrollment, improved academic performance, enhanced socio-economic conditions, and community development.
With the North Star in mind, let’s proceed to outline the OKRs for this product.
Key Result 1: Enhance Lives Transformed
Achieve a cumulative score of 85% in the “Lives Transformed through Education” metric, utilizing a comprehensive impact measurement framework, within the upcoming fiscal year.
Note: This metric by itself will be a roll-up of other metrics like enrollment, course completion, academic performance, repeat signup.
Key Result 2: Reach and Engagement Expansion
Within the next two quarters, increase the count of active users in underserved communities by 40%, indicating expanded reach and deeper involvement.
Key Result 3: Recognized Impact
Secure coverage in a minimum of 5 reputable publications, spotlighting the product’s role in advancing education empowerment, within the coming year.
Key Result 4: Collaborative Ecosystem
Forge strategic partnerships with 5 local NGOs, 3 schools, and 2 influential educators to amplify the product’s influence and outreach within the forthcoming fiscal year.
Note: As mentioned earlier, the real-world definition, launch, and measurement of such a significant initiative may vary depending on specific circumstances and geographic locations.
I hope you enjoyed reading this blog as much as I enjoyed bringing this to life :-). In the next, and last, blog post of this series, we will explore the ‘How’ and ‘When’ stages, diving into the strategies and timing for product development and delivery. Stay tuned for more insights on this exciting journey!