ga - product management for entrepreneurs
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Product Management for Entrepreneurs
Wan Li ZhuFairhaven CapitalBlog: hacktrend.comMarch 2012
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Product Management
Development• Specifications• Architecture• Programming• Testing/QA
Engineering Customer
Marketing• Product positioning• Channel/sales• Partnerships• Business models
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Part 1:Product Development
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Product Development Lifecycle
Idea
Spec
BuildTest
Feedback
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The Constraints of Software Projects
Features
Speed Quality
Choose 2 of the 3
The winning combo: Quality + Speed (less features) ?
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Waterfall vs. Lean – the oversimplified version
Waterfall Lean
Philosophy Know what you’re doing before you do it. Plan, spec, develop, test, ship.
Don’t know what’s right until market validates it, so throw it out there and iterate fast.
Origin Software on CDs The web 2.0, SaaS
Where Large, old school software companies
Startups
Suitable for Enterprise customers
Consumers
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Waterfall vs. Lean – striking the right balance
• Instead of long specs, aim for high level requirements and more wireframes
• Agile process (i.e. SCRUM, pair programming) + regular triage to manage bugs
• Prototype - test in small user groups to gather feedback and iterate quickly. A/B testing
• Shift more towards a waterfall method when working with an outsourced development shop
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Roles in a Technology Organization
Starting out:• (CTO)• Developer• Outsourced UX
As the company grows:• CTO / VP Product /
Architect• Developer• Designer (UX)• Test (QA)• Operations• Biz-specific roles: User
Education, Community Mgr
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What is a spec?
• Wireframes – storyboards to quickly iterate on features and UI
• Scenario – describes a user with a complex goal performing multiple actions (use cases)
• Use case – a sequence of steps performed by a user that represent features in the software
• Requirements – discrete must-haves that the product must meet
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Spec Example:
• Scenario: Joe is a college student and wants to stay on top of what his friends are up to. He first looks up his friends by their email address, then adds them, and once he’s connected checks regularly for their status updates.
• Use cases– Add friends– Approve friend request– Monitor newsfeed– Comment on newsfeed item
• Requirements– Must be able to look up people by email, by name, by school, etc.– Must be able to add friends (send invite to connect)– Must allow user to approve (or disapprove) of a request to friend– Must allow users to update their status with text, picture, location, etc– Newsfeed must be cached and updated on increments of X minutes– Etc etc
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User Flow Diagram
Quick way to define user experience, get sense of complexity
Forces you to flush out the product logic and flow
Can be created with MS Visio, Lucid Chart (online)
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Storyboard (wireframe)
Search
1. Type in search term 2. Click search
Keep it low-fidelity! Use for brainstorming, debating functionality, UI design iterations
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Spec drives dev, test, marketing
Spec
Dev
Test
Marketing
Architecture / dev designTime/effort estimatesCode + documentation
QA plan / test casesPerformance / scalabilitySecurity
Product demo videoProduct positioningMarketing collateralSupport documentation
ScenariosUse casesFeaturesPrioritizationUX wireframes
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Spec Best Practices
• Stay organized: each scenario contains multiple use cases, each use case contains multiple requirements.
• Prioritize (high, med, low) all scenarios, use cases, and requirements - you will need to cut features to make deadlines. When cutting, keep track of dependencies.
• Other requirements - Don’t forget requirements that are outside of explicit use cases, i.e. security, scalability.
• Outsourced development - More detailed specs. Make sure code is well-documented, ask for developer design docs.
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Bug curve
Time
# of Bugs
Release
Fix/iterate
QA to a point, then release and fix/iterate. SaaS/agile - release earlier and more often.
Enterprise – need a certain level of qualityConsumer – users can do some of the testing, fix rapidly
Track bugs using a system i.e. FogBugz
FeatureComplete
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Suggested Reading
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Part 2:Business Models / Marketing(for Consumer Internet Startups)
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Factors for success in consumer internet• Viral built into product
– Sharing/collaboration is baked into the core use case (photo sharing)
• Value increases with more use– Makes it harder to leave (Dropbox)
• User engagement and repeat use– High # of vectors for engagement (Facebook), universal tool (Google)
• Low user input to value ratio – Minimum friction to get to value
• Distribution/buzz– Partnerships, celebrities, prominent investors
• High value user demographics– Female, teens, wealthy
• Adapting a successful model to new channel/device
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Network effect
Users
Search Traffic
Advertisers(Adwords)
Publishers(Adsense)
Users
User traffic + content
Advertisers Apps
Publishers
VideosUsers
Advertisers
What are the viral loops in your model?
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Go-to-market
• Staging your big vision– Plan for platform but simple features first - consumers can only absorb so
much.
• Multi-sided platforms: Create standalone value first– Focus on the side of the platform that is more desirable (to the other side of
the platform)
• Seed the platform– Trusted networks (i.e. universities)– Aggregate existing content– Recruit content creators
• Price @ free to capture market– Only works if you can monetize through other means (!)– Pricing at free also deters new entrants
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Positioning
• Be careful of “we’re more ____ than _____” and “we do ____ plus a lot more”
• Differentiate/position by…– Vertical– Device/channel (mobile)– Audience– Geography
• Against large incumbents– Misaligned economics– Feature gaps– Too small to move needle
• Type of market affects positioning– Emerging - define– Fragmented/crowded -
aggregate– Mature/declining - disrupt
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Creating and sustaining momentum
• Regular new product launches – Creates PR buzz and educates users
• Viral built into product– Lowers user acquisition cost and sustains PR momentum– OK to explicitly incentivize users to invite others
• Search engine optimized landing pages– Auto-generate content to attract organic search traffic
• Content focus and community development– Flavor of the day/month, popular trends
• Partnerships– Google/Facebook don’t need your 1M users, they need better ways to monetize
existing user base.