18th November

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

Hello, Product Fans!

It's time to feast on the first issue of Product Tapas, where we distil the vast world of product management into small, shareable, digestible bites. This week, we're not just scratching the surface; we're diving deep into the heart of what makes product management tick.

🔥 What's Cooking This Week:

🎙️ Pod Bites: As a huge Lean Startup fan, experimentation in Product is front and centre for me. This week we’re spotlighting a great segment from “The Product Experience” podcast. Get the lowdown on 'Experimentation' with Faith Forster and Iqbal Ali, and discover some top tips. Perfect for those who love practical, data-driven decision-making.

🤖 GPT & Tool Time: Principles and frameworks are essential, but let's talk about getting things done. We’re featuring 5 great GPTs including the ‘Practical PM GPT’ - a no-nonsense tool that's all about practicality and pragmatism in the trenches of product management. It's time to roll up your sleeves and turn strategies into actions.

🔥 Not boring: From Brian Chesky questioning the PM role to the latest on Peloton's new strategy and news of the market for ChatGPT Plus subscriptions on eBay, we've got your news cravings covered.

Plus, much more!

So without further adieu, welcome to Product Tapas.

Let's dive in and savour each bite.👇

📰 Not boring

• Brian Chesky (on Lenny’s Podcast) re-ignites the question of what PMs should be or whether PMs are even needed. Much excite for keyboard warrior PMs.

• Peloton Product managers try a new plan 

• A new way to cash in on ChatGPT - Plus subscriptions are being listed on eBay after OpenAI blocked signups

• Fitbit Charge 6 review: practically a pixel band

• Apple Music Classical is now available on the iPad

• Singapore approves new USD-backed stablecoins

• Mom and pop shops are cutting software spending, creating jitters on Wall Street

View more →

📰 Time Saving Tools & GPTs

• Outrageous AI Video tool from Heygen. Turn text into videos with AI avatars and voices; clone voices, change language and more.

• Product Management GPT (The Feature Story Weaver 📜✨)

  • Helps create feature stories for products.

  • Conversation Starters: Can you assist me in creating a feature story for my new product? or
    How can I make my product's feature story more engaging and compelling?

• Super Practical PM GPT (The Tactical Advisor 🛠️🗺️)

  • Offers specific, tactical product management advice with practical examples and templates.

    • Conversation Starters: Can you provide me with tactical advice on handling a product management challenge? or

      I need a practical template for product management, can you help?

• ProductGPT (The Comprehensive Guide 📘🌟)

  • Guides in all aspects of Product Management.

  • Conversation Starters: What are some essential strategies for effective product management? or

    Can you guide me through the product management process for a new launch?

• Product Management Guide (The Roadmap Architect 🌐🔍)

  • Assists in creating a roadmap and backlog, and can imitate a Customer Development interview.

  • Conversation Starters:

    How do I create a product roadmap for my upcoming project? or

    Can you conduct a mock Customer Development interview for my product idea?

• AI Product Management Mentor (The AI Product Sage 🤖🌱)

  • Specializes in guiding AI Product Management.

  • Conversation Starters: What are the key considerations in managing AI-based products?

    or

    How can I align my AI product management strategy with current market trends?

🫦 Product Bites

🌟 Navigating Strategy, OKRs, and KPIs: A Guide for Success

📖 Read the full article
Zoom in on the critical differences between Strategy, Objectives and Key Results (OKRs), and Key Performance Indicators (KPIs) – your trifecta for organizational ninja moves.

🤔 What's Going On?
Ever felt tangled in the web of Strategy, OKRs, and KPIs? This piece cuts through the confusion with a cool family vacation analogy. 🚗 Picture this: Strategy is your roadmap 🗺️, OKRs are the milestones you're gunning for 🎯, and KPIs? They're the health checks keeping your journey smooth 🏥. Get these three in sync, and you're on the expressway to growth and efficiency.

💡 What Does This Mean?
Getting the hang of this trio is like unlocking a secret level in the game of business 🎮. Strategy sets your compass 🧭, OKRs propel you forward 🚀, and KPIs keep the engine running 🛠️. Mastering their interplay isn’t just smart; it’s crucial for any org wanting to ace the long game.

Why Should I Care?
In the fast lane of today's biz world 🌍, mixing up Strategy, OKRs, and KPIs can throw you off course. But get them right, and you're steering towards better team mojo, sharper decisions, and goals that actually sync with your vision 👌. Whether you’re leading the charge or part of the cavalry, this is know-how that can make or break your journey to success.

🤖 AI Transforming Customer Support: New Roles and Skills Emerge

📖 Read the full article

🔍 What's Going On?
AI is shaking things up in customer service 📞, transforming traditional roles into careers packed with growth and innovation. Imagine AI tools like 'Fin' from Intercom handling the mundane, while human agents tackle the complex and creative💡. It's a game-changer for job satisfaction and role enrichment.

💭 What Does This Mean?
The rise of AI in customer service isn't just tech talk; it's about birthing new roles 🌱 – think conversation designers and knowledge managers. It’s about valuing skills like problem-solving 🧩, emotional intelligence ❤️‍🔥, and adaptability 🌊. This isn't your old-school training; it's about evolving skillsets to keep up with the tech tide.

🌟 Why Should I Care?
This AI revolution in customer support is doing more than just boosting efficiency ⚙️; it's carving out more rewarding career paths 🛤️. Sure, customer satisfaction and resolution rates are still key, but the spotlight is on enhancing the entire customer journey – a blend of human touch and AI smarts. For businesses, this is a golden ticket 🎟️ to top-notch service and a team that’s not just skilled, but also happier and more engaged.

🎙️ Pod Review

Experimentation in Product Management: “The Product Experience”

13 Nov

Produced By Think & Do

Estimated Reading Time: 8 minutes - time saved 41 minutes 🔥

Dive into the "Experimentation" episode, where hosts chat with Faith Forster of Dext and Iqbal Ali, an experimentation guru. They unpack the critical role of experimentation in product development, from defining it to embedding it into your company culture.

🔍 Theme 1: Defining Experimentation

[00:06:16]

Faith Forster kicks things off by describing experimentation as a decision-making tool in data-scarce situations. Iqbal Ali adds that it's all about a systematic, data-driven approach to mitigate risks and optimize experiences. They agree: it's more than just A/B testing; it's a continuous process. 🔄🔬 

🔬 Theme 2: Common Mistakes in Experimentation

[00:08:54]

The hosts explore frequent blunders, like treating experimentation as an afterthought or lacking clarity in learning objectives. The key? Focus on insights, not just data points. 🎯

🧠 Theme 3: Setting Up a Culture of Experimentation

[00:11:15 - Setting up a culture of experimentation]

The hosts and guests delve into how to establish a culture of experimentation within a business. Faith Forster shares her experience at Dext, where they used experimentation to demonstrate progress and secure funding. They set up a system to prioritize experiments, focusing on the most impactful ideas and running quick tests to gather data. Iqbal Ali emphasizes the need to train teams in the experimentation process and align their roles with the overall goal. They also discuss the importance of reframing conversations and metrics to foster a culture of curiosity and learning. 🚀

🚧 Theme 4: Overcoming Resistance to Experimentation

[00:16:37]

The hosts and guests address the challenge of getting people to embrace experimentation, especially when experiments yield negative results or challenge existing beliefs. They suggest reframing the conversation from failure to learning and focusing on insights gained rather than conversion rates. Faith Forster shares her experience of using experimentation to de-risk a major pivot at Dext, emphasizing the need to communicate the purpose and metrics effectively. They also discuss the importance of involving data experts or statisticians to guide decision-making.💡

🧭 Theme 5: Experimentation Throughout the Product Lifecycle

[00:19:41]

Experimentation evolves throughout the product lifecycle. Faith Forster introduces a two-by-two matrix that maps the clarity of opportunity against the risk of getting it wrong. This matrix helps teams determine the right approach for each initiative, whether it's design-led, tech-led, or requires experimentation. Iqbal Ali adds that experimentation can be used to de-risk major changes during the discovery phase or to validate assumptions during the mature stage. They emphasize the importance of breaking down problems and using experiments to mine for insights.🌱

⏰ Theme 6: Duration of Experiments

[00:35:24]

How long should an experiment run? It depends on many factors, but balancing time investment with desired results is key. ⌛Iqbal Ali explains that the duration depends on variables such as traffic volume, conversion rates, seasonality, and the desired level of certainty. He mentions the concept of minimum detectable effect and the need to balance the time invested with the results obtained. Faith Forster suggests that the decision to continue or end an experiment should be based on the results obtained and the potential for further learnings.

⛗ Theme 7: Experimentation with Limited Traffic

[00:43:14]

Running experiments with low traffic? Iqbal Ali advises focusing on secondary metrics and using A/B testing to gather insights. He suggests looking beyond conversion rates and analysing user behaviour to understand the impact of changes. Faith Forster adds that user testing can also be valuable in understanding usability and perception issues. They emphasize the importance of de-risking solutions and adapting the experimentation approach based on the available traffic.📊 

Listen to the full episode to dive deeper into practical tips and guidance on setting up a culture of experimentation, overcoming resistance, and leveraging experimentation throughout the product lifecycle.

Podcast Link: [Apple Podcasts]

Timestamp Details:

• [00:00:44] Experimentation at Mind the Product conference.

• [00:03:34] Product experimentation and insights.

• [00:08:54] Common experimentation mistakes.

• [00:11:15] Experimentation for business success.

• [00:15:09] Going to markets through small businesses.

• [00:19:41] Fixing the language around experiments.

• [00:24:04] Assessment and prioritization process.

• [00:27:13] When to stop experimenting.

• [00:33:14] Other forms of experimentation.

• [00:35:11] How long should experiments run?

• [00:41:05] Minimum customers for experimentation.

• [00:44:24] A-B testing and metrics.

• [00:46:59] Navigating change as a product leader.

And that's a wrap on our first serving of Product Tapas 🌮! We hope you found this issue both insightful and time-saving, keeping you in the loop and ahead in the ever-evolving world of product management 🌐.

As we embark on this flavour-packed journey together, we're all about seasoning this newsletter with your feedback 📝. Got thoughts, suggestions, or burning topics you're itching to see? Don’t hesitate to hit reply and dish it out. Your insights are the secret sauce 🥫 that makes Product Tapas uniquely delectable.

Don’t forget to spread the word about Product Tapas to your colleagues, friends, and anyone else who'd savour these bite-sized insights into product management 🤗. After all, sharing is caring!

Stay tuned for our next issue, where we'll keep dishing out the most relevant, bite-sized wisdom nuggets in product management 🚀. Until then, keep innovating, questioning, and blazing your trail in the product world.

Alastair & the Product Tapas Team 🍽️.

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