Know your 5 layers, says Daniel Elizalde.
In Summary: The Internet of Things is considered by many to be the 4th Industrial Revolution, but unlike the first three, it's not a new technology - it's a new way of combining existing technologies. The Internet of Things is all about connecting devices and sharing data. As a result, it will require a new kind of Product Manager.
From the embedded software that allows you to implement communication to the Cloud, to the end-user applications that your customer will see and interact with, Daniel outlines the 5 layers of the IoT stack so PMs can understand the decisions and tradeoffs they will need to make when working within it.
One of the challenges of IoT applications is that they can generate an enormous amount of data, so PMs will need to have a good idea of the type and amount of data they’ll be collecting on a daily basis.
When designing end-user applications, it's very important to understand your user and their primary goal for using your product (aka the 'Job to be Done.')
Product Managers will need to understand each layer of the stack, and how they all fit together into a complete IoT solution.
To succeed, a company must never lose sight of its GEM: growth, engagement and monetisation, says Nir Eyal.
In Summary: When it comes to monitoring and regularly communicating what matters, the GEM framework is valuable to companies and Product Teams. Growth, engagement and monetisation are interlinked. Each is insufficient on its own.
Growth is about getting the right message in front of people who need what you have. Nir calls these 'external triggers,' they can be delivered through multiple channels.
Engagement changes according to the nature of your product. It could be once a year (like a vacation planner) or once an hour, like Facebook. If your product isn’t used often it becomes less useful, and eventually customers never return.
Monetisation means turning some of the customer value you create into cash. Over the long term, there’s only one way to achieve it: you need to see a future market that others don’t and be able to protect it with a 'moat', like regulation, brand or network effect.
We're in the value delivery business, says Ellen Gottesdiener.
In Summary: Value is the single most important basis for making decisions in Product Management. Yet, we don’t tend to qualify, quantify or discuss what value means enough. A key duty of a Product Manager is optimising development based on the changing landscape of value.
Most people consider value in terms of money, but that is not always the case. It can be something intangible such as 'trust' or 'belonging'.
To have a holistic understanding of value, and to make value-based decisions that help deliver the product, a smart Product Manager needs to know who the product partners are and what they consider valuable. Different stakeholders will have diverse views on what a product’s value is. The best products evolve from collaboration among all product partners.
Great Product Management relies on partners transparently leading value delivery by continually defining what value means for the ever-evolving product.
They key to success, says Gaurav Oberoi.
In Summary: Gaurav is sceptical of the view that Product Specs mean slower releases, over-planning and generally wasted time. In fact, he has worked with world-class teams who followed agile principles, shipped code daily and measured their success on what they shipped - yet still prized specs as a key part of their process.
Good product specs should cover the problem, measurable goals, the context, details of the solution and the timeline. Above all, they should be short, set the direction and point at the vision.
Writing a spec may seem like extra work, but it’s not. Effective specs will help you and your team save time, and deliver with confidence.
Metavallon's Phyllis Nikolaou cracks the code.
In Summary: A quick guide to building a game-changing product.
First of all, know your market. Learn what your customers value and what makes a product irresistible to them. Understand what they love and what they fear, the two most powerful forces shaping their behaviour.
Product development is all about making your initial idea better, more innovative and more competitive. This involves a lot of testing and decision-making. Building something is the best way to get your first customers and kick start the process of learning why some features work and some don't.
Don't just offer something incrementally superior. In a world of instant-gratification that overflows with new products, only 10x better will grab attention and maintain it.
Finally, the price. Behind every business success story, there is good pricing. Getting the right value on your product can catapult you to growth and prosperity. Getting it wrong can be your Titanic .