You can't be a PM or business owner without a deep understanding of machine learning: establishing the business value and then rallying a team to deliver to that value without falling into the many unique pitfalls of ML programs. Here is a "cheat sheet" compilation of how to deliver machine learning products and programs, highlighting practical tips from someone who's been on the journey.
Product-market fit is the degree to which a product satisfies a strong market demand. It is widely considered to be the first step to building a successful venture, whether a new startup, a new business unit or product within an established company.
Only 4% of startups make it past the seed funding stage, and from there, only 70% go on to generate consistent revenue, according to the How To Win podcast. The most common reason is simply a failure to find enough customers. Those percentages are even lower when you factor in failed product launches at established companies. Product-market fit eludes so many.
So what are the secrets to achieving product-market fit? And how do you know when you've got it?
Strategic planning is hard, but everyone thinks they can do it themselves.
Earlier this year I wrote a tongue-in-cheek post to illustrate how to 'hack' the LinkedIn algorithm to get a lot of views. It took me 2 minutes to write a post, and I got over 2,000 views just that day.
Consultants will tell you that it takes time for a new website to rank highly with Google SEO. Yet I was able to get some of my new website's pages to rank #1 within a few weeks, without any paid ads.
I have done program management, business development and marketing for 20 years, but I'm no SEO expert. But since I had some success just experimenting with SEO part-time, I thought to share my findings.
Tired of generic 2022 predictions about remote work, cloud, and data? Here are 5 specific trends for software business leaders to consider:
The entire Wikipedia entry for Web3 is being considered for deletion by moderators due to the general lack of clarity on what Web3 actually is. Indeed, it took me several days of reading Web3 silicon valley articles and podcasts, and contrasting them with other reputable analyses, to piece it together.
This post cuts out the jargon and summarizes in plain language what Web3, NFTs, and the Metaverse are, how they're tied together, as well as the known issues of the technology and business model behind them.
It's never a great sign when the Product Manager is handed a technology with an assignment of "figuring out the use cases". Great products should be a labor of love, the result of an entrepreneurial person who felt the pain of a problem first-hand, or had great empathy for someone else's problem, and then passionately invested time and energy to solve that problem.
Launching a new business? Whether you're newly self-employed or planning to be the next Amazon, the principles for a startup founder are the same.
One of the biggest challenges of a new startup is generating marketing qualified leads (MQLs). A startup is a race: you are burning through limited funding, and every day you need to go all-out before funding runs out. Along the way, you are demonstrating progress to leadership and investors, and there's no better way to keep their confidence than pointing to a pipeline of fresh daily leads.
So how do you get MQLs for your startup ASAP?
Talking to customers to uncover unmet needs is the most critical part of product strategy. The key to growth is a deep understanding of your target customers. Simply relying on internal ideas is not enough, nor is it enough to just look at google analytics and product usage data. You actually have to talk to the market.
Read my article The Complete Guide to Customer Interviews That Drive Product-Market Fit. When you get to the customer interview, take heed of these crucial guidelines!
You're at an established company that wants to break into a new market or new geography. Where do you start?
CIOs (Chief Information Officers) are smart, busy, and flooded with meetings. Internally, their peers and teams are constantly notifying them of status and new fires. Externally, they are flooded by sales calls. It's exhausting.
So how do you get an audience with them? And when you do, how do you get their attention and respect? In short: how to talk to a CIO?
Product leaders know they need to tailor their roadmap to customer demand. They base these decisions on market intelligence from the usual sources:
These sources are important, but are often indirect and lagging information, not to mention other biases. For those that just want to appease their boss, this may be enough. What you release next may or may not be successful, but at least you can show that you based your roadmap on sources. But for those that really care about a product that sells and users love, you need to balance this with more direct and predictive sources of intelligence.
Popularized by Amazon, a Single-Threaded Owner (STO) is a leader who is 100% dedicated and accountable to a new initiative such as inventing a new product, launching a new line of business, or executing a digital transformation. The Single-Threaded Owner is responsible for turning strategy into real results.