"Lean" Product Management

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Can Product Management benefit from Lean Startup practices?

Can Product Management benefit from Lean Startup practices?

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  • 1. “Lean” Product Management
    Can Product Management benefit from Lean Startup practices?
  • 2. 2
    Thank You to Our Sponsors
  • 3. About Me: Shardul Mehta
    Product management & marketing professional
    Early career: software developer
    Did my first start-up in 2000
    Yes, I was a dot-commer!
    Small business, family business, enterprise, B2C, B2B, SaaS, web apps, healthcare, retail services, financial services
    MBA, Tepper Business School, Carnegie Mellon
    B.S., Computer & Information Sciences
    Twitter: @shardulmehta
    www.linkedin.com/in/shardulmehta
    http://streetsmartproductmanager.com
  • 4. What is Lean Startup?
    • Started (and trademarked) by Eric Ries – serial entrepreneur, popular blogger
    • 5. “Lean isn’t about being cheap [but is about] being less wasteful and still doing things that are big.” – Eric Ries
    http://theleanstartup.com
    4
  • 6. What is Lean Startup?
    +
    Eliminate Waste
    New Product or Service
    Low burn startup
    Speed of iterations is key to success
    Slideshare presentation “Building a Lean Startup” by Ash Maurya
    http://www.slideshare.net/ashmaurya/building-a-lean-startup
  • 7. A synthesis of:
    “Customer Development”, a term coined by Steve Blank used to describe the parallel process of building a continuous customer feedback loop throughout the product development process as defined in his book The Four Steps to Epiphany
    Agile software development
    Application of Toyota’s lean production practices, which focuses on speed and waste reduction via a rigorous and disciplined process
    What is Lean Startup?
    • Running Lean is a term coined by Ash Maurya that defines a workflow for building web based software based on his own experiences of rigorously applying and testing Lean Startup practices
  • Principles of Lean Startup
    Validated Learning
    Lean Startup is about a methodology of learning
    A culture of discovery and validated learning is needed to truly have new product development
    Learning can be validated scientifically by running experiments that allow us to test each element of our vision
    Innovation accounting
    To improve outcomes and hold entrepreneurs accountable, we need to focus on the boring stuff: how to measure progress, how to set up milestones, how to prioritize work
    • Build-Measure-Learn
    • 8. The fundamental activity of a startups is to turn ideas into products, measure how customers respond, and then learn whether to pivot or persevere. All successful startup processes should be geared to accelerate that feedback loop
    7
    From http://lean.st/dharmesh
  • 9. Capture business model hypothesis
    Systematically test our plan
    Formulate testable, falsifiable hypotheses
    Not measurable (“leap of faith”):
    Being known as an “expert” will drive early adopters
    Specific and testable:
    Blog post will drive 100 sign-ups
    Validate qualitatively, verify quantitatively
    Pick bold outcomes to generate strong negative/positive signals to stop, refine or seek permission to move forward
    Create accessible dashboards to measure progress
    Communicate learnings early and often
    Iterate our way to Product/Market fit
    Have we built something people want?
    “Steps”
    Expected outcome too vague
    Specific expected outcome based on repeatable action
  • 10. Build a Lean Canvas
    Created by Ash Maurya as an adaptation of Alex Osterwalder’s Business Model Canvas, described in his book Business Model Generation
    Capture the Business Model Hypothesis
    Benefits:
    • Fast, compared to writing a b-plan
    • 11. Multiple canvases can be outlined in a single afternoon
    • 12. Concise: distill your idea down to its essence
    • 13. Portable: easier to carry, share, explain and update
    From “Lean Startup is a Rigorous Process, Ash Maurya’s blog, http://www.ashmaurya.com/2010/09/lean-startup-is-a-rigorous-process/
  • 14. Systematically Test Your Plan
    Ideal time to seek funding
    Do we have a problem worth solving?
    Have we built something people want?
    How do we accelerate growth?
    Are we ready to learn from customers?
    Focus: Validated Learning
    Experiments: Pivots (i.e., finding a plan that works)
    Focus: Growth
    Experiments: Optimizations
    Focus
    3 key questions:
    • Is it something customers want? (Must-have)
    • 15. Can it be solved? (Feasible)
    • 16. Will they pay for it? If not, who will? (Viable)
    Focus
    • Lay groundwork to build MVP and maximize future iterations for speed, learning and focus
    • 17. Build MVP for early adopters
    • 18. Launch!
    Focus
    • Identify the right metrics to measure Product/Market Fit
    • 19. Prioritize and act on learnings
    • 20. Systematically iterate toward achieving Product/Market Fit
    Focus
    • How does the “mass market” find our solution?
    • 21. Are they telling others?
    Continuous validation via carefully scripted customer interviews
  • 22. Iterate Our Way to Product/Market Fit
    Goals:
    • Is there a problem worth solving?
    • 23. How do customers solve this problem today?
    Before we build the right solution, we have to understand the problem first
    Goal: Define a test possible solution (before implementing it)
    Customers are better at articulating problems than visualizing solutions
    Goal: Use feedback from the demo to distill the product down to its essence (MVP) to build and test qualitatively with customers
    A strong signal grants us permission to move forward, but does not guarantee scalability
    Goal: Verify qualitative signals with actionable macro metrics
    From Running Lean by Ash Maurya
  • 24. Focus on the right stuff at the right time, and reduce waste
    Validate a problem is worth solving, before defining the solution
    Test our vision by measuring how customers behave
    Build a continuous feedback loop with customers throughout the product development cycle
    Find early (preferably paying) customers
    Decide what goes into Release 1.0
    Identify ideal time to seek dollars and resources
    Test pricing
    Maximize for speed, learning and focus
    Iterate for Product/Market Fit in small increments
    Benefits of Lean Startup
  • 25. 13
    Thanks Again To Our Sponsors