5 Strategies for Digital Product Management

An idea arises, a problem is detected, an unexplored market is found, but suddenly you see yourself facing the harsh reality: An idea is nothing if not executed .

It is common to interpret execution, creation and management of products , with the development itself, programming, code ... A digital product is much more than that, and to create one, we generally follow some essential strategies to at least reduce the chances of failure. Here's what I've learned so far:

1. Know Your Customer More Than Yourself

If you are creating a digital product it is because you want to solve a problem, a possible "pain" of a group of people. If this is not your goal then I suggest you think more about your business.

Talk to your prospects and get accustomed to doing this, since you will do it by the time your business exists. Make sure that you are creating something that will really solve these people's problem. Do not stick to your idea, stick to the desire to solve their problem.

2. Planning is gold. Do this in product management.

Do not spend energy right from the start with name, brand, ... Remember that you are creating a business, and focusing initially on "packaging" it in a beautiful way will only get you out of the main focus of finding out if you can actually solve it the pain of your client.

In order for you to begin to execute the solution that you have idealized, it is very important to define each detail very well. Be honest with yourself and make a rational assessment of what you want to develop. Do you know the market you want to enter? If you do not know, how can you know? Already know what are the possible technical solutions to develop your product ? Can you imagine a monetization model?

3. Delivered soon, always delivered

Now that you are deeply aware of the pain of your prospective client and have already thought through all the possible solutions you have come up with, it is time to rush and validate your hypothesis. Find the quickest way to get your problem solved and see if it really is what it needs. Check here how to do the validation of your business without wasting time and money.

Every process and methodology is valid when applied in order to achieve results quickly. That is why today startups innovate quickly, most of them follow the Lean Startup methodology , created by Eric Ries , where we briefly run to test our solutions, measure the test result, learn from this data, improve the solution, and We tested again.

4. Be data-driven

Being "data-driven" is basically making decisions based on the data. These data may have to do with the use of your product, the efficiency of an acquisition channel, the churn rate, etc ... Sometimes we believe in something so much that we let it influence our decision making in digital marketing.

This has as much to do with the functionalities of your product as with your own business model. Sometimes you are delivering the ideal solution, but in a non-sustainable billing model or spending too much money on a channel that has little effect, for example. Stay alert to the data and make the decisions based on them.

5. Focus on Engagement

Do not just look at the amount of new customers your product is gaining, it is very important to analyze how often it is used by current customers. The more present you are in your customer's life, delivering solutions to your problems, the less likely they will stop using your product.

Being close to the customer is key to understanding it and thereby improving your product based on its use and feedback. See, for example, how you can structure a Customer Success area in your business and how it can help you delight your customer and keep you engaged with your product.

Posted on July 19, 2018 at 01:27 PM