With more than a 100 webinars conducted in 2020, we kept our community engaged with a lot of lessons delivered by global product leaders across the globe. With the cumulative number of attendees hovering over 10,000 enthusiastic participants from across the globe, we’ve helped launch product management careers for a lot of people.
With so many webinars, we’ve taken both qualitative feedback and quantitative data into account and have zeroed in on these five webinars. Without further ado, here are the top 5 product talks for 2020.
Apple has been one of the most innovative companies in the world. With the launch of the M1 chip, they’ve evangelized “Disruptive Innovation” like no other. What can we learn from a company that has been continuously innovating for the last 40 years?
Differentiation strategy: How Apple differentiates its own products and creates an urgency for the buyer to buy the newest version of their products. People who have recently bought the iPhone upgrade to the newer version as and when it’s released. Not a lot of companies can boast of this factor.
Willingness to pay: How do you make a person who has recently bought an iPhone to upgrade to a recently released version? Perception of quality has a direct impact on WTP in much the same way as rareness. The higher the quality, the higher the willingness to pay and we all know the quality of Apple products.
Maslow’s Hierarchy of Needs: It starts from physiological needs (food, water, shelter), then comes safety. Next are the belongingness needs (intimate relationships and friends). Then comes the need for esteem and at the top of the pyramid lies the self-actualization needs. Keep this in mind before building consumer products as building such products require a deep understanding of human psychology.
Product Managers take a lot of decisions every day and the decisions themselves are very diverse in nature. One moment, you take an engineering decision and the other moment you’re deciding if the design is pixel-perfect. Hence, it’s important for PMs to make use of frameworks to important decisions.
Second-order thinking: Your decisions will result in actions that you can mostly anticipate. But you have to think about the consequences of your decisions. Use funnels and loops to decipher that.
First-principles: First-principles are foundational assumptions that stand alone. These principles cannot be deduced from any other assumptions. This thinking is required to break down complex problems into smaller ones and then go about solving them.
Inversion Thinking Technique: A way of thinking to uncover what you don’t want to go wrong. First, define the problem that you want to solve. Then, invert it. What would you have to do to guarantee the failure of your objective? Then, fix the same problem by preventing it from happening. This technique helps you figure out potential errors or roadblocks that may not be evident at first glance.
Pricing is a very tricky part of launching a new product. When the product is entering the market for the first time, you don’t have the resources to measure the value of the product. How do you go about pricing it at just the right rate?
Adopt Value-based Pricing: Charge what a customer is willing to pay. If it’s anything less or more, then you’re making it difficult for the customer to purchase your product.
What is Value: It can be broadly classified into two categories- Value in use (does it solve the problem) and Value in choice (the value your product carries in comparison to your competitor). Identify the type of value you want your product to deliver and then price it accordingly.
Van Westendorp’s Price Sensitivity Meter: A technique for determining consumer price preferences. Asking these four questions to your TG can help you set the right price for your product.
Dropbox had a 3900% growth in less than 15 months with a first-of-its-kind referral program. Facebook became the first online service to have 1 billion MAUs. Slack has the highest conversion rate (more than 30%) among freemium software products. What makes these companies grow at such a high rate?
Design Thinking is slowly becoming one of the top skills needed for Product Leaders. If you aren’t designing keeping the end customer in mind, whom are you designing the product for?
Here’s the five-step process for incorporating Design Thinking into building products.
We thank all of our speakers for their time and knowledge and for making it possible for us to enable product enthusiasts across the globe increase their understanding of Product Management.
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