We track Product so you don't have to. Top Podcasts summarised, the latest AI tools, plus research and news in a 5 min digest.

Hello, Product fans!

Here’s today’s sumptuous edition of Product Tapas! 🌮

What's Sizzling? 🔥 

📰 Not Boring: We cover the dramatic shift in the advertising landscape with X's ad sales plummeting by 50%, Tesla's intriguing new humanoid robot, and groundbreaking AI innovations, including speech recognition by AI made from human brain cells… plus more! 🌐

🤖 GPT & Tool time: Feast your eyes on groundbreaking time-saving tools, including Zupyak (Boost your search engine presence effortlessly), Envision: (Transcribe and summarize your Zoom calls in minutes) and LennyBot (GPT4 Trained on Lenny’s newsletter for top-notch insights) 💻🔍

🎙️ Pod Shots: Savour “The Future of Product" by Product School CEO & Founder. Gain insights into the evolving landscape of product management and the strategic role of the Chief Product Officer. Plus, explore the latest tools, the concept of product-led growth, and strategies for training and retaining top talent.

As always, don't forget to snag your free copy of our Product Audit Tool by introducing five friends to Product Tapas! 🎁

Here we go, diving into the final edition of the week! 🚀👇

📰 Not boring

• X's 2023 ad sales to slump c50%, to $2.5 billion

• Atlassian welcomes AI to the team - AI capabilities now available across Jira Software, Confluence, Jira Service Management and more

• Tesla unveils a new version of its humanoid robot - not at all terrifying…

• AI made from living human brain cells performs speech recognition👀 

• Some interesting thoughts on LEGO Fortnite

• Instagram introduces gen-AI powered background editing tool for US-customers

• Instagram is also making it easier to remove spammy followers

• Qogita — a wholesale marketplace for retailers — raises $86M Series B

• GM's Cruise robotaxi unit dismisses nine execs after safety probe

• Apple has launched a new journalling app

  View more →

📰 Time-Saving Tools & GPTs

1. Zupyak: Get more customers from search engines without the effort

2. Import, transcribe and get detailed AI notes of all your Zoom calls in minutes with Envision

3. LennyBot - A bot trained specifically on Lenny’s newsletter and a few great sources.

4. Product Tapas Product Audit tool: Our own comprehensive Product Management Audit tool 👀 👀 👀 allows you to thoroughly evaluate your organisation’s end-to-end product management practice, by gauging Product Maturity across four key areas:

   1. Strategy & Principles

   2. Execution & Delivery

   3. Team Capabilities

   4. Data-Driven Insights

   Featuring 19 targeted questions, this audit tool generates a dynamic visual output making it easy to pinpoint strengths versus development areas.

   Tailored recommendations then provide clear direction on reaching the next level of product management maturity and help facilitate productive prioritisation conversations with cross-functional partners.

   The full spreadsheet tool equips you to independently conduct audits while accessing the GPT version simplifies the process further. Drive organisation-wide product excellence through objective assessment.

   Sound interesting? Snag your free copy just by bringing 5 friends to our Product Tapas family using the link below [web users see newsletter for link] 🚀👇

🎙️ Pod Shots

The Future of Product

The product management landscape is rapidly evolving, and the year 2024 promises to be an interesting moment for the industry. In a recent podcast episode, Carlos Gonzalez d.v. Ambrosia, the founder and CEO of Product School, discussed the key trends that are shaping the future of product management.

Check out the short video below or read on to delve into these trends and explore how they are shaping the industry.

🕒 Estimated Reading Time: 2 minutes. Time saved 22 minutes 🔥 

📢 The Rise of the Chief Product Officer

The podcast episode starts by highlighting the significant shift in the role of product management over the past decade. The rise of the chief product officer (CPO) is identified as the main catalyst for this transformation. It is mentioned that over one-third of Fortune 100 companies already have a CPO, and this number is expected to increase to over 50 by the end of 2024. This shift is attributed to the fact that companies across various industries, including oil and gas, financial services, and healthcare, are investing in technology and becoming software companies. The role of the CPO is seen as crucial in driving revenue growth and positioning product teams as strategic functions within organizations.

🔧 Tools and Education in Product Management

The podcast emphasizes the importance of education and tools in the field of product management. It is mentioned that there has been a significant increase in education programs and initiatives focused on product management, both within universities and companies. The emergence of product schools and associate product manager programs, such as Google's Associate Product Manager Program, is highlighted as evidence of the growing emphasis on product education. In terms of tools, the podcast mentions the shift from using tools created for other professionals, like Photoshop, to using specialized tools for product management tasks. Examples of such tools include Figma for prototyping and various no-code or low-code platforms that enable product managers to build products without a technical background.

💰 Product as a Revenue Generator

The podcast discusses the changing perception of Product as a revenue generator rather than just a cost centre. It is mentioned that Product is now being perceived as a strategic function that can directly contribute to revenue growth. The podcast highlights the shift from product reporting to marketing or technology departments to having a seat at the table and being accountable for revenue generation. This shift is attributed to the digital transformation of companies, the availability of cost-efficient infrastructure like cloud services, and the ability to leverage websites and mobile apps for direct revenue generation. The podcast emphasizes the need for product teams to balance short-term revenue generation with long-term value creation for users.

🌟 Product's Role in Revenue Growth

The podcast delves deeper into the role of Product in revenue growth and highlights the concept of product-led growth (PLG). It is mentioned that Product can be a distribution channel and can drive revenue by increasing the adoption, retention, and expansion of existing customers. The podcast emphasizes the importance of product teams collaborating with go-to-market teams, including marketing, sales, and customer support, to leverage Product as an inbound channel. Examples of companies successfully implementing PLG strategies are mentioned, such as Airbnb and their focus on creating value for users upfront to make marketing channels more cost-efficient. The podcast also highlights the role of product marketing in enabling successful go-to-market strategies.

👥 The Expansion of Product Teams

The podcast discusses the expansion of product teams and the increasing intersection of Product with other functions within organizations. It is mentioned that product teams are no longer limited to product managers and that there is now a defined career ladder within product management, including roles such as associate product manager, product manager, senior product manager, group director, VP, and CPO. It also highlights the parallel track for individual contributors who want to continue growing without transitioning into management roles. The emergence of new roles within the product team, such as product marketing, is mentioned as a way to support the increasing relationships with other functions. The podcast emphasizes the need for product teams to collaborate effectively with sales, customer success, data, research, and other teams to drive successful product outcomes.

📚 Training and Retention of Top Product Talent

The podcast addresses the challenges of acquiring and retaining top product talent. It is mentioned that around 60% of product managers surveyed expressed a likelihood of leaving their companies within the next two years. The podcast emphasizes the importance of training and development in retaining top talent. Companies are investing more in training and empowering product leaders to make decisions about the type of training that works best for their teams. But it highlights the need for specific, custom, and advanced training that drives business outcomes. The importance of retaining top talent is emphasized, as the cost of acquiring and ramping up a new product manager is expensive. The podcast suggests that investing in training is a more sustainable strategy for retaining talent.

What Can I Do With This Information?

There are several key takeaways from the podcast transcript that you can apply to your role:

1. Embrace the role of revenue generation: Recognize that product management is not just about adding user value, but also about driving revenue growth. Understand the importance of balancing short-term revenue generation with long-term value creation for users. Look for opportunities to leverage your product as a distribution channel and collaborate closely with go-to-market teams to maximize revenue potential.

2. Stay informed about industry trends and tools: Stay up to date with the latest trends and tools in product management. Continuously educate yourself on new methodologies, frameworks, and tools that can enhance your product management skills. Explore specialized tools designed for product managers, such as Figma for prototyping or no-code/low-code platforms for building products without a technical background.

3. Expand your skill set and career opportunities: Understand the career ladder within product management and identify opportunities for growth. Consider pursuing advanced roles within the product team, such as senior product manager, group director, or VP. Alternatively, if you prefer to remain an individual contributor, explore roles like principal product manager or lead product manager that allow you to continue building and staying close to the product.

4. Foster collaboration with other functions: Recognize the increasing intersection of product with other functions within organizations. Build strong relationships with go-to-market teams, including marketing, sales, and customer support. Collaborate closely with these teams to leverage product as an inbound channel and drive successful go-to-market strategies. Embrace the role of product marketing in enabling effective product launches and positioning.

5. Invest in training and development: Recognize the importance of training and development in retaining top product talent. Advocate for training programs that are specific, custom, and advanced, and that drive business outcomes. Seek opportunities to enhance your own skills and knowledge through training programs, workshops, or certifications. Consider the specific needs of your product team and work with your business to provide training opportunities that align with those needs.

By applying these insights to your role as a product manager or leader, you can position yourself as a strategic revenue driver, foster collaboration across functions, and invest in your own professional growth and development.

🎙️ Listen to the full episode: here 

⏰ Timestamps: Timestamps:

• 00:00:35 - The Rise of the Chief Product Officer

• 00:02:42 - Tools and Education in Product Management

• 00:05:24 - Product as a Revenue Generator

• 00:07:19 - Product's Role in Revenue Growth

• 00:10:13 - The Expansion of Product Teams

• 00:16:41 - Training and Retention of Top Product Talent

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That’s a wrap.

As always, the journey doesn't end here! Keep exploring, keep questioning, and most importantly, keep growing in your product journey. Until our next issue, keep savouring the bites of wisdom we've shared. 🚀👋

Alastair & the Product Tapas Team 🍽️.