Why Strategy Consultants Make Strong PMs By Shutterfly Dir of PM
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Main takeaways : - Dealing with ambiguous problems by breaking into smaller hypothesis using Minto pyramid - Powerpoint / Memo Storytelling with data
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Why Strategy Consultants Make Strong PMs By Shutterfly Dir of PM
- 1. www.productschool.com Why Strategy Consultants Make Strong PMs By Shutterfly Dir of PM
- 2. Join 40,000+ Product Managers on Free Resources Discover great job opportunities Job Portal prdct.school/PSJobPortalprdct.school/events-slack
- 3. CERTIFICATES Your Product Management Certificate Path Product Leadership Certificate™ Full Stack Product Management Certificate™ Product Management Certificate™ 20 HOURS40 HOURS40 HOURS
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- 5. Richa Sood T O N I G H T ’ S S P E A K E R
- 6. Public since 2000; Owned by Apollo PE last month Family of Brands - Lifetouch - Tiny Prints - Groovebook - Borrowlenses - Snapfish (soon) $2B+ Revenue https://youtu.be/08g_apUw1KU
- 7. “CSAT dropped. Fix it” Consulting Skills that PM’s exercise everyday 1. Fast decision making 1. Dealing with Ambiguity 1. Critical Thinking 1. X-functional communication “Launch a feature that drives customer engagement” “Need Marketing, Merchandising and Ops to deliver a feature” “Campaign launches tomorrow, there is a bug with promos”
- 8. Law of the vital few Typically, a small number of causes (the "vital" or "critical" few) drives vast majority of the results, with 20% of the causes driving 80% of the results. Remaining 80% of the causes constitute the long tail 80: 20
- 9. Invest your time and effort wisely Prioritize the vital few issues to tackle. Be more strategic before you get tactical. E.g. Understand the key questions and key personas before launching user test Know when to stop 80% of the answer enough, move on to something else Vs. focus on refining analysis E.g. fine tuning assumption of financial models Move faster Executives use this as a tool to make decisions with limited amount of information E.g. T-shirt size feature requests vs. detailed scoping for roadmap planning 80: 20 as Jargon
- 10. Situation: Background, Fact Based- one can argue these, generally +ve Complication: Problem, Be Objective and Neutral Questions: Diverse covering all aspects Answer: Recommendation. Cover alternatives explored + pros of the reco SCQA
- 12. - Written emails - Making x-functional asks - Executive summary if the executive is bottom’s up When to use
- 13. Written by First female Mckinsey Consultant Barbara Minto Key Pillars 1. Answer first 2. Break problem into hypothesis 3. Prove / Disprove hypothesis Pyramid Principle
- 14. - Get executives attention - They are already thinking, you get by-in fast - If not, get reaction/ feedback faster - Executives think ‘Top down’ - Spend time on big picture vs. details - You come across as direct & confident Answer First1
- 15. “Ideas in writing should always form a pyramid under a SINGLE THOUGHT” = Answer to executive’s question MECE = Mutually Exclusive Collectively Exhaustive Break problem into hypothesis2
- 16. Logically bucket hypothesis that must be true for the single thought to be true. Find the data that proves/ disapproves the hypothesis Summarize results Prove / Disprove Hypothesis3
- 17. CSAT can be fixed by altering PFC Tool setting Cards printing on a particular paper type print photos yellow What user sees on site / app does not match what they see in printed product EXAMPLE: Cards CSAT for print quality is dropping. Fix it. The newly launched PFC tool setting is causing photos to be blurry Launched a 50:50 CSAT test and control group without PFC won Prior to launch CSAT was X last year. There is no Q4 seasonality Same design on different paper prints okay Defects per million orders have remained consistent since Q4 2018 X% of users are selecting auto- enhance toggle and CSAT is same by cohorts xyz ILLUSTRATIVE MECE
- 18. When to use Executive communication Elevator Pitches Brainstorm / information sharing meetings
- 19. Strategy Framework for Problem Solving 4 P’s 3 C’s Porter’s 5 Forces
- 20. Strategy Framework for Problem Solving BCG’s growth share matrix Cost / Differentiation strategy
- 21. How to use Based on problem, understand which framework applies Guide to think through factors that may impact current problem Force a framework
- 22. PRACTICE SHARE @ WORK READ & LEARN
- 23. www.productschool.com Part-time Product Management Training Courses and Corporate Training
Editor's Notes
- If you’re interested to connect with other Product Managers, aspiring PMs, or those within tech, join our Slack community of over 40,000 professionals. It’s a great place to network and to find interesting content. We host a weekly AMA through our Slack channel on Tuesdays from 11:15am - 12pm PST. We have also recently launched the Job Portal where you can find the latest Product Management opportunities! As members of the Product School community, we'd like to provide you with these resources at your disposal.
- Product School’s Product Management Certificate Path comprises of 3 part-time courses for professionals with strong technical or business background who want to further explore Product Management at software-based companies. During Product Management Training you will first learn Product Management fundamentals to understand the software product lifecycle and what it takes to successfully transition into a product management role. You’ll then be trained to retrieve data, understand its value and make impactful decisions with SQL, data visualization and Tableau. Learn to understand your users to deliver exceptional UX/UI design and develop a robust digital marketing plan. During the Full Stack Product Management Training, you will deep dive into the technical knowledge to enhance your ability to work with agile teams. Finally, Product Leadership Training will elevate your product knowledge to become an effective Product Leader. You'll do an in-depth analysis on how to implement best PM practices on a strategic level to significantly impact your company’s portfolio and revenue. Learn the soft skills to manage product teams and manage stakeholders to deliver performing products.
- As well as individual courses we provide corporate training across the world! If you’d like to upskill your product team this is the best option for you. We have trained employees from multiple companies such as Deloitte, Salesforce, JP Morgan, Bank of America amongst many other companies across all industries.
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- Feel free to speak with me and I can point you in the right direction (explain where to apply). Or you can visit www.productschool.com Have a good night!