Hooked - Creating Habit-Forming Products
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This document provides an overview of product management fundamentals. It discusses key concepts like the product management continuum, switching costs, following metrics, pricing models, and the hooked model of user engagement. The hooked model explains how triggers, ability, motivation, and investment work together to drive user actions in a continuous cycle. The document also outlines the typical product lifecycle stages from conception to steady state operations or end of life.
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Hooked - Creating Habit-Forming Products
- 1. PRODUCT MANAGEMENT FUNDAMENTALS YOU CAN USE - Rajeev Soni
- 4. PRODUCT MANAGEMENT CONTINUUM Senior Developer System Architect Technical Product Manager Product Manager Product Marketing Manager Marketing Manager Business Head Product Manager Marketing / BusinessTech Design
- 5. DISTILLED KNOWLEDGE • Switching cost • Hooked model of engagement • Requests vs Real Problems • Following the metrics • Pricing - A Value Model
- 6. SWITCHING COST • Cost to a user/customer to switch to a competitive or substitute product • Financial: Monetary • Procedural: Effort/time based • Network effect based • Data and compatibility based • Psychological
- 7. Building an engaging technology product
- 8. What are some of the most engaging tech products you know and use?
- 10. The Hook Model
- 12. Trigger
- 13. Triggers cue the user to take action External • Paid Trigger • Earned Trigger • Relationship Trigger • Owned triggers Internal
- 14. Exercise •Which internal trigger do you experience frequently? •What might be places and times to send an external trigger?
- 17. How can you improve someone’s ability? Make what they need to do simple.
- 18. Elements of Simplicity • Time—how long it takes to complete an action • Money—the fiscal cost of taking an action • Physical effort—the amount of labor involved in taking the action • Brain cycles—the level of mental effort and focus required • Social deviance—how accepted the behavior is by others • Non-routine—The action matches or disrupts existing routines
- 20. Motivation
- 24. Rewards of the tribe — Gratification from others. Rewards of the hunt — Material goods, money, or information. Rewards of the self — Mastery, completion, competency, or consistency.
- 25. Exercise •What rewards do you get from the products you use everyday?
- 27. Investment Unlike the action phase, which delivers immediate gratification, the investment phase concerns the anticipation of rewards in the future. Can you give some examples?
- 28. Investment Investments in a product create preferences. What products do you prefer? Why?
- 29. Investment Investments increase the likelihood of users returning by improving the service the more it is used. They enable the accumulation of stored value in the form of content, data, followers, reputation, or skill. How do you create value for the products you use?
- 30. Investment Investments increase the likelihood of users passing through the Hook again by loading the next trigger to start the cycle all over again. Assess your own behavior and see how you get hooked?
- 37. Product Lifecycle • Conceive • Plan • Develop • Iterate • Launch • Steady State • Maintain or Kill