ISPMA India Webinar: The product management principles using the powerful concept of story-telling. This session will help define product value proposition and articulate it well for the users. A successful product is like a guide who helps its users to overcome specific problems to achieve success.

1. Disclaimer :
The content of this presentation has been prepared based on publically available information (source has been quoted wherever applicable) and the
individual perspective of the author based on his professional experience. The purpose of this document is to facilitate a discussion on this topic and
hence is not a definitive recommendation on any aspects.
Leveraging the power of story for product ideas
ISPMA Webinar
Sunil Mishra – Product Manager & Author
Date – 06 June 2020

2. Why your product
should tell a story
3

3. Need for Pattern
2
We remember our favorite songs even after
several years, in fact most of us can hum
them pretty accurately.
But can we reproduce the traffic noise of the
morning taxi ride in the evening?
• At the fundamental level, in both situations discrete sound waves are hitting our eardrums with
similar intensity.
• The only difference between the two is – the sequence of sound waves. If the traffic noise is in
tune, we can remember it just like songs.

4. Need for Simplification
2
In 1983 when Steve Jobs launched
Lisa, he released a nine-page ad in
NYT, explaining all its technical
features
After a brief stint at Pixar, when Steve Jobs
returned to Apple, his campaign was with just
two words Think different.
The Story of Apple before Pixar was about itself, but later it was about their users.
Apple understood their customers were all living, breathing heroes. They were the hero in the story.

5. 2
• Lacuna of our short term
memory
• Ability to Convert
information into long term
memory
• Focus of human brains on
well-structured information
Need for association and causality

6. Storytelling - earliest form of communication
2
• Basis of cognitive revolution
• Only humans can create stories
• Stories trigger our imagination
and creativity
• Stories create a basis of
collaboration

7. How to construct
a good story
3

8. Elements of a story
2
Reference : Building your story Brand by David Muller

9. 2
Story telling perspective
• The central character is the hero of the story.
• The hero is never the strongest person, he or she is just a common person.
• The audience of the story relate to this common person.
Product management perspective
• We often make a mistake that our product or the brand is the hero.
• The hero of the story are the users of your product.
• The product should fit into the plot of the users.

10. 2
Story telling perspective
• In any story, villain is the most important aspect
• The villain could be a person, situation or even the self conflict
• The hero wants something but the problem is stopping him or her
Product management perspective
• Identifying the right problem the user is facing is like half solving it
• The problem can be external, internal or even philosophical
• It should answer the why aspect of the product

11. 2
Story telling perspective
• If the hero can solve the problem himself or herself, there is no story
• At the same time the hero is not looking for another hero
• The hero is looking for a guide to solve his or her problems
Product management perspective
• This is where the product role comes up
• The product should help the user overcome the problem
• The product must generate trust at this stage

12. 2
Story telling perspective
• The mentor or the guide is trusted by the hero
• The guide gives a plan of action to the hero
• The clarity of plan gives confidence to the hero to proceed
Product management perspective
• The plan is the conviction that your product can solve the user’s problem
• The product as a guide must provide clear solution to the problem
• It should answer the ‘How’ aspect of the product

13. 2
Story telling perspective
• The mentor encourages the hero to fight against the villain
• The mentor supports the hero through the challenge
• The mentor adapts the plan to suit situation
Product management perspective
• The call to action can be direct (buy now) or transitional (free trial period)
• The product should collect the feedback from the user
• It should adapt based on the feedback

14. 2
Story telling perspective
• If there is nothing at stake there is no story
• Humans are oversensitive to loss aversion – prospect theory
• Failure is like the salt in food – an optimum quantity is needed
Product management perspective
• What will the customer lose in case he or she does not buy your product
• A false fear may backfire
• There should be a proper cost benefit analysis for the user

15. 2
Story telling perspective
• At the end of the journey the hero is a transformed person
• It can be wining some power, unification with a loved one or just maximizing self potential
• The extent of the transformation captures the usefulness of the story
Product management perspective
• The final proof of the product – closing the story gap
• The aim should not be just user satisfaction but ‘advocacy’
• A successful product results from the pride of the users

16. How to test
your story?

17. Testing your story
2
Pre-mortem of product story
1. Conduct a thought experiment with the ideation team to imagine that 2 years
down the line the product launch was a big disaster.
2. Every team member must speak about the disaster for few minutes.
3. This exercise brings down the optimism of the plan by giving legitimacy to the
doubts.
Planning Fallacy
• Our plans are always most optimistic
• It assumes alignment of all factors
• As per CB Insights 80% of the start-ups wind up within first 2 years

18. Example of
a software product

19. Finacle Mobile Teller
2
Revolutionize Branch Banking with Digitalization

20. Finacle Mobile Teller- One-stop-solution
2
For all the branch
operation
activities with
designated
workflows for
each role
Teller
Relationship
Manager
Agent

21. List of supported functions
2
Onboarding and cross sales
Account Functions
Transaction Management
Customer Onboard 360 degree view of
Customer
Product
Offering
Account
Opening
Deposit Requests &
Loan Enquiry
Account
Management
Cash Transactions,
Fund Transfer
Service Requests for
DD, Cheque/check
Teller
Functions

22. Stitching the product story
2
A character A teller in a bank
Has a problem Is limited to the branch, cant serve customers remotely
And meets a guide And adopts a tablet based software solution
Who gives them a plan That gives ability to do virtual visit to customers
And calls for action And serves the unbanked
To avoid a failure And avoid Loss of existing customers
And result in success Finally it helps in optimizing the wealth of his customers

23. Reference books
2
• ‘Building your story brand’ by Donald Miller
for the elements of a story
• ‘Thinking slow and fast’ by Daniel Kahneman
for ideas on pre-mortem of stories
• ‘Sapiens’ by Yuval Harari
for significance of fiction in cognitive revolution of humans