[Summary] How to Build Digital Products

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Rohit Gupta

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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

Know your customers

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.

Define KPIs in advance

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.

Use multiple data source

Be clear on context of the idea

Ask “What if”

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

Faster network effect

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

IBM

Computers were hard to build

Hold both software and hardware

Facebook

Network effect

Personalization

Bundling e.g. groups, pages, events, messenger, Instagram, WhatsApp etc

Difference between PM and PMM

Product Management

Internal focused

Prioritize backlogs

Analytics focused

Create PRD document

Focused on customer

How they use the product

Interact with engineering and testing team

Build product to solve customer problem

Product Marketing Manager

External communication

GTM strategy

What drive outside people to use the product

PM and PMM

Customer advocacy

Persona and use cases

SDLC

KPI driven (use cases for both role would be different)

Product Evangelism

PM: Motivation for customer

PMM: What are customer needs are?

Marketing Interaction

PMM: Marketing campaign

PM: Spoke person of the product

Cross functional team (Influence large number of external stakeholders)

Competitive Analysis

PMM: How competitors are giving message to audience

PM: To keep track of feature and solutions

Pricing

PM: ROI

PMM: Revenue is optimized (PMM KPI)

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