bhumikatewary

Hello readers👋  This is a continuation blog of the Mapping Business Outcomes to Product Outcomes. Lets dive in and learn something new today.  Link to the previous blog -  Mapping Business Outcomes to Product Outcomes What is a KPI Tree? In simple words, a KPI tree is something that breaks down a company's business outcomes to product outcomes. To get a knack of breaking the BO to PO or make the metric more granular, we have to think about the metric as an equation. Lets take an example of revenue growth (% increase in revenue over a period of time) - In an ecom market- Revenue = Number of customers * Avg revenue per customer  or Revenue = Total units sold * Average selling price (ASP) Now taking one aspect, you break it down into more points like Number of customer ( Repeat customers, new Customers, churned customer) for your KPI tree.  What is Product Discovery? At its core, product discovery is all about data-informed reduction of uncertainty. Difference bet...

Hello readers👋  It's been a while! I am here with a new concept which is quite easy to understand and is a must know for a product manager but many don't know about this. It's something which helps you take better decisions whenever you are working on a feature. Well it is quite similar to the title of the blog - Mapping Business Outcomes to Product Outcomes But what are business outcomes and product outcomes and what is the meaning of mapping them? Let's interpret it  How to Business Outcome(BO) and Product Outcome(PO) come into limelight We generally talk about BO and PO when we have a proper vision and strategy in mind for a company as a whole. Business Vision and Strategy come into talks when there are multiple things a company can cater to but has to decide what is the true vision that a company is aiming for.  There are many problems in the world that a company can solve. Swiggy could solve the flight delays (Indigo crisis as you know) but it didn't right?! B...

 Hi readers 👋, I am up with a new blog. It's been a while since I've posted something but trust me with this blog you will grasp product concepts that will enhance your knowledge. So without any further adieu, lets get started. Now let me ask you a question- Have you ever wondered why you keep going back to Instagram and scroll through reels inspite of knowing that it's not beneficial for you? This is simply because you are stuck to Instagram and they have built algorithms to stick you to the app and its features.  Stickiness is a habit formation which is often measured formulaically as DAU (Daily Active Users)/ MAU(Monthly Active Users). The closer the ratio is to 1, the stickier your product is.  A quick distinction- Product Stickiness = how often users engage with the product features Customer Stickiness = how emotionally or behaviourally users rely on the product Related Concepts Customer Loyalty : Loyalty refers to emotional connection towards a product. It can exi...

  Hello readers👋 Hope you all are doing well! Today I am not sharing something that you must learn. It is something that comes from practice. If you have covered all the aspects of Product then I am sure you must be applying to different jobs to gain experience. While applying to different opportunities you may have come across assignments (not a new frontier ik 😛). So, if you want to practice some problem statements that are/may be present in your application journey then do read this blog. Now, you can definitely find many problem statements on the internet named Take Home Product Assignments but the benefit of going through this blog is that I have curated these problems with a lot of research and analysis, it will be easier for you to practice without any wastage of time.  What do companies ask in an assignment? Companies generally want to check your basic capability of how you understand the problem and whether you can work according to the company's future goals. Look ...

Hello readers👋 Today we will learn about Product Requirement Document and how to write one. It is the most essential document that a product manager builds for a feature release and sometime updates due to resource changes. So, let's delve deep into this topic! Why Product Managers write PRDs? 1. To clearly articulate the problem/feature requirements that the product needs so that the team understands the "why" behind the development effort. 2. Keeps the stakeholders aligned with the product's vision, scope and requirements which keeps everyone focused on shared goals. 3. Helps to layout the use cases, user stories and detailed requirements to the developers and designers for product development. 4. Highlights which features/functionalities are in priority to ensure timely delivery. 5. Helps to capture user needs, pain points and workflows based on research to meet real user needs and provide better experience to the customers of the product. (user-centric design) 6....

Hello readers👋 I think you have heard about Jira, didn't you? If not then I guess you did not dive deep into product management 😶. Well, let me introduce you to Jira! Jira is a software developed by Atlassian that assists with planning, tracking, reporting and releasing of projects in Agile teams.  🔗 -  Jira The best way to learn Jira is by practicing. You can watch some beginner-level tutorials to understand the working -  Click here Why do we use Jira? Are there other alternatives? 1. Jira helps in Backlog Management - Backlogs of user stories, tasks and bugs are managed using Jira keeping in mind the priority of the issues generated. 2. Jira helps in Sprint Planning and Tracking - In agile, Jira helps in sprint planning by assigning tasks to sprints. This enables the product managers to monitor progress and whether tasks are completed on dedicated timelines. 3. Jira helps to build Reports and Analytics - Built-in reporting tools (like burndown charts and veloci...

Hello readers👋 Today we will learn about basic jargons used in Product Management. It is a continuation of my previous blog where I had discussed about a set of basic PM jargons. If you haven't read it here's the link - Basic Product Management Jargons - I PRD  - A Product Requirements Document (PRD) is a document which helps the development, design, marketing and sales team understand the requirements/ essential details for a product or feature. It is intended to help the team to deliver the specific needs of the target audience. Some key components of a PRD are - product overview, objectives and goals of the product/feature, Requirements, User Scenarios and Use Cases, Wireframes/Mockups, Dependencies and Constraints, Acceptance Criteria, etc. A PRD can be updated throughout the product development process. A/B Testing - Also known as split testing or bucket testing, this is a UX research method used to compare two versions of the same feature/product to check which one perf...