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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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