Finest-5 Product reads #19
Behavioral science can boost your conversion rates, Options not roadmap, and other reads…
Hi! Belated Happy Sunday,
Everyone knows Product Management is complex. I have tried to define why in my twitter post. Mostly to say it’s a combination of so many things that even if we do not end up doing everything, we must be familiar with and look into so many domains.
This newsletter summarizes the best reads from 100+ articles I go through every week with the sole purpose of helping you become better at product with minimal effort.
How behavioral science can boost your conversion rates
Behavioral science to understand the product has been going on and will continue to grow. Here is another of a beautiful article that tries to understand some real-life examples of changes made taking into consideration some predictive user behavior. Continue reading..
Key Takeaways:
- On day 1, users have the most momentum they will ever have. Catching them at this moment with the right features and mental model will drive higher opt-in rates and engagement.
- The immediate benefit to the user of taking the action should be higher than the cost of the action.
- When we feel like something is ours (the “endowment effect”), we may be likely to value it more.
Options, Not Roadmaps
Though personally I am a supporter of roadmap and only for the clarity you get while road mapping. This is a very interesting take on how roadmaps can be negative and how keeping a set of options, while choosing only what to build in the next cycle, can be useful. Continue reading..
Key Takeaways:
- Without a roadmap, we can completely change course without paying a penalty.
- What’s wrong with committing to future work via roadmap?: uncertainty, expectations, guilt
- Decide on which actual ideas to build one cycle at a time, while keeping options for later.
How You Can Use Cohort Analysis to Measure Customer Retention
We all must have heard cohort analysis and somewhere, some profits it provides. Here is a detailed guide on how to use cohort analysis and what works and what not. A must-read if you are actually looking to understand the power of cohort analysis. Continue reading..
Key Takeaways:
- With low customer stickiness, businesses soon run out of new customers, and ultimately slip into a downward spiral of negative returns.
- There are two types of cohort analysis: acquisition cohort, behavioral cohorts
- Cohort analysis and churn analysis help understand customers, but are different
Collection, analysis, action: A beginner’s guide to the product stack
We all know the importance of data that we collect to understand the actions users take and the behavior they portray. With SaaS taking over and many many tools being available for data, we should properly define our product stack. Continue reading..
Key Takeaways:
- A product stack is simply a collection of tools that allow you to collect, analyze, and act on data that is created by users
- To build a product stack that gives you these necessary insights, there are three core components to know about: collection, analysis, and action.
- The future value of quality data significantly outweighs its early setup cost.
Representing Customer Segments on Your Opportunity Solution Tree
A different take on the customer segment and defining opportunities or needs is through an opportunity solution tree. Here we build a narrative on different customer segments and choose the opportunity that has the most impact. Continue reading..
Key Takeaways:
- The opportunity solution tree is a storytelling tool. It helps us explain why we’re doing this work and when and where our customers have unmet needs.
- To be customer centric by definition implies that you know who those customers are and what their specific needs are.
- We should take time to think through which customers we need to focus on to most influence our goal or success metrics.
Product of the week: Tango
Make how-to guides with screenshots in seconds
Tango is a simple product, but I found it very useful. I have had to download screen recorders and then do this and that. Now, I can do everything so fast. Do have a look for yourself. And yes, learning curve! I cannot find any.
