3 Key Biases in Product and How to avoid them
1. Affinity Bias
Affinity bias is the unconscious tendency to get along with others who are like us. It is easy to socialize and spend time with others who are not different. It requires more effort to bridge differences when diversity is present
Engage, Engage and Engage 2. Confirmation Bias
A confirmation bias is a type of cognitive bias that involves favouring information that confirms your previously existing beliefs or biases.
Involve multiple stakeholders Understand statical relevancy 3. Survivorship Bias
Survivorship bias is the act of focusing on successful people, businesses, or strategies and ignoring those that failed.
Be clear on context of the idea Overcoming Cognitive Biases
1. Authority Bias
The tendency to attribute greater weight and accuracy to the opinion of an authority figure. Example: Giving a higher weightage on feature that is suggested by senior member.
2. Survivorship Bias
Survivorship bias is the act of focusing on successful people, businesses, or strategies and ignoring those that failed.
Seven skills of Product Manager
Technical: Work effectively with engineers Management: Light process to deliver results Creative: Generate ideas that matters Business: Deliver shareholder value Marketing: Package and position ideas Design: Work well with design; value simplicity Consumer Science: Insight via qual, survey, data & A/B tests Branding for Builders
Brand
It is the unique story that consumers recall when they think of you.
Uber vs Lyft
People started using Lyft because of a lot of allegation against Uber. It led people to uninstall the application.
How to Build And Break Software Monopolies
Two ways to be indispensable in the business
Own finite resource e.g. Land, Talent, AT&T’s Infrastructure Operate a network that’s hard to leave e.g. WhatsApp, Facebook Software has three unique characteristic
Personalization e.g. Netflix’s homepage Low cost to copy or zero marginal cost e.g. Windows office Two ways to make money in software industry
Bundling: Take a product + build a feature Unbundling: Extract a feature and make it better standalone Examples
Computers were hard to build Hold both software and hardware Bundling e.g. groups, pages, events, messenger, Instagram, WhatsApp etc Difference between PM and PMM
Product Management
Interact with engineering and testing team Build product to solve customer problem Product Marketing Manager
What drive outside people to use the product PM and PMM
KPI driven (use cases for both role would be different) PM: Motivation for customer PMM: What are customer needs are? PM: Spoke person of the product Cross functional team (Influence large number of external stakeholders) PMM: How competitors are giving message to audience PM: To keep track of feature and solutions PMM: Revenue is optimized (PMM KPI)