Congratulations!
You’ve made it through the entire series. Armed with the knowledge from previous articles, you can now give valid answers to the following list of questions. In case you don’t know an answer to a question, ask in your organization and if no one knows – it’s up to you to get this info!
Enjoy!
| 1. How do you know you currently have the optimal feature mix? 2. How do you know you’re currently investing in building the right features? 3. How do you quantify the impact of each feature on your revenue stream? | https://prnt.sc/vBkqZbtjAI0x To drive max revenue, features from different quadrants need to be positioned, packaged, sold and monetized differently. |
| 1. Are your people aligned around a single Product vision? 2. How do you know we’re solving for the right customer pain? 3. In which areas are you currently relaying on observation and memory, while at the same time having data to support your product decisions? 4. How do you measure if a specific feature is adding or taking away from your business goals? 5. Do you know which customer segments have highest willingness to pay? 6. How do we validate you’re not underpricing certain customer segments? 7. Could there be a hidden market segment within your current user group, who are willing to pay more, but aren’t because you don’t know they exist? 8. How efficient is your G2M strategy? 9. Is your product’s experience in accordance with latest accessibility standard for your market (WCAG)? 10. Are you aware of the interconnectedness of your KPIs depending on product’s lifecycle? 11. Are you aware that localising your pricing can help you achieve 50% growth increase? 12. Would your customers be interested in getting some of their data back so they can make more informed decisions? 13. Are you ware of lateral business models and spin-off opportunities your current setup is enabling you? 14. Are you aware of the wider context in which your products are being used? 15. How do you know if you’re putting right information in front of right users each time in your product? 16. Do you have a Data strategy in place to capitalize on revenue-generating opportunities for your end customers? 17. Are you optimally leveraging your USP and is there space for improvement? 19. Do you know how to identify use cases, build pipelines, validate and use data for your AI strategy? 20. Do you know how to solve for bulky Roadmaps/Requirements and replace them with strategic initiatives while eliminating the Backlog? | Going into each of these questions, existence and lack of their answers leads to identifying gaps in your process and product. Filling these gaps ultimately builds your Product strategy. |
| Are you picking up on: 1. Changes in your users behaviour and feature usage ? 2. Changes in evolving regulatory environment 3. Crucial competitor, technology and market dynamics 4. Hints from engineering on areas which need improvement + hints from different customer-side stakeholders (Marketing, Product, Sales, Support) 5. Do you have a Data strategy and awareness of opportunities it brings to your end customers? | All of these points generate potential units of monetizable value. Your product has many of these and your goal is to capture them. btw – Sometimes, your real competition isn’t obvious: Just like Apple realising their real competitors isn’t Samsung. But a pen. |
| 1. How are potential customers discovering your product? 2. What information are customers seeking during their research? How can you help them? 3. What factors are most influential in customers’ decision-making process? 4.What resources and guidance can you provide to help customers maximize the value of your product? 5. How do you plan on creating feedback loops to ensure continuous improvement? | Answer these questions to learn more about your customers’ journey. |
As you move forward in your role as a Product Manager, remember the power of asking the right questions to yourself, your organization and customers is vital.
By continuously seeking customer feedback, identifying your gaps in knowledge, and exploring new opportunities, you’ll not only enhance your product strategy but also drive meaningful value for your organization. Keep iterating, keep learning, and keep striving for excellence in everything you do.
Good luck!
