Finest-5 Product reads #31
Growth competency, UX improvments and other product reads
Hey, Happy Sunday,
When I was interacting with Swapnil today, I realised how the life of a product manager is so different with the stage of organisation. In startups, the world is chaotic and creative, whereas, in established orgs, it’s so goal oriented and process oriented. I believe there is no right way to do Product management. It evolves as per need.
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The Growth Competency Model: Build Stronger Growth Teams
Growth Competency Model can help to identify and close gaps, as well as to provide direct feedback and career development advice to their team members.
Key Takeaways:
- Your ability to create individual Growth Loop Models and comprehensive, end-to-end Growth Models is paramount to shaping your Growth roadmap.
- Growth is multi-faceted and your team members will need to lean on different skills throughout the ascension of their careers.
- Communication is an often-overlooked, but it’s extremely important to master.
5 UX Improvements That Could Save Lives
Apple’s amber alert is an interesting and high-impact product that is slowly losing its purpose due to not so great UX.
Key Takeaways:
- Priming Effect: Visual cues help people recall specific information in their short-term memory.
- Singularity Effect: People care disproportionately more about single, identifiable individuals than abstract groups or concepts.
- Closure: People seek a clear answer and conclusion to ambiguous situations. It’s why people hate missing the end of a movie.
Apple Maps vs Google Maps
There are a lot of comparison of google and apple maps. Everyone knows google is a clear winner. Here is how it comes down to good vs great UX.
Key Takeaways:
- Context is the foundation of great UX — not raw data — and Google contextualises this better by also showing you when a store next opens.
- Most people prefer being told what the consequences of the data are, not purely the data itself.
- Product teams often downplay low frequency events, because the probability of it happening is very slim. But the key is to identify which of those rare events leads to outsized horrific (or very annoying) outcomes.
8 Things You Didn’t Know About The Product Discovery Process
Product discovery is a never-ending process that helps us find what to build. However, not all the product discovery done is unbiased or structured.
Key Takeaways:
- Successful products rarely just pop into the minds. More often, great products result from a rigorous and effective product discovery process.
- Product discovery is about answering three basic questions: biggest pain point, potential solutions, feasibility
- When you specify everything up front, you end up with requirements that become outdated or are not needed.
How to Calculate Customer Lifetime Value
CLTV is a metric that shows the total revenue a business can reasonably expect from a single customer account throughout the business relationship.
Key Takeaways:
- Customer Lifetime Value = (Customer Value * Average Customer Lifespan) ; Customer Value = Average Purchase Value * Average Number of Purchases.
- If you’re a subscription-based company, you can increase your average order and customer lifetime value by encouraging your customers to switch to an annual billing cycle.
- If a customer comes up with a good idea, credit them for the help and consider sending them something as a token of appreciation.
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