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

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

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

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

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

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.