This tutorial will briefly cover some tools that you can use to keep a tab on the performance metrics of your website.
Google Analytics is perhaps the most popular tracking-tool out there. Getting this set up entails adding a line of code to your webpage and gives you all sorts of usage data such as visits, bounce rate, pages per visit, and new visitors across both web and mobile.
In this tutorial, we will review the following product development methodologies:
Lean is a product development philosophy that emphasizes not expending effort until it is clear that the work is ought to be done. While following a lean approach to developing businesses or products, resources will be stretched until there is no option but to i...
Far from being a math problem that relies solely on the concepts expounded upon in classical economics, pricing is a problem whose solution is part art and part science and relies on both marketing and human psychology in addition to economic theory. This tutorial covers strategies that will aid you in your quest for increased profitability and happier customers by helping you figure out how to price your product.
While pricing, according to economic theory, is a simple problem that posits a producer will go on producing a good until they don’t lose money on the last item produced, the theory doesn’t translate well to the business models of technology companies — especially SaaS companies. For such companies, the marginal cost of delivering an additional unit of the good to the end-customer is essentially zero. Therefore, following the theory will lead one to price the good for free and make it impossible to recoup the fixed costs of production.
While most companies enter markets with some competition, a lot of technology companies produce new and innovative products and have no direct competitors. This precludes us from using the oth...
Feedback loops are a profoundly effective way of augmenting individual behavior — dynamic speed displays have fared far better at getting drivers to slow down than any previous attempts such as speeding fines and traffic cops setting up speed-traps. The difference between the two is that the former features a feedback loop that provides feedback in almost real-time and gives the user a chance to modify their behavior while the latter offers no such provision.
The product development process is comprised of seven phases:
Determining the product's future
The first four steps in the process are pre-launch whereas the final three take place during and after launch. This article will walk you through each of the phases to help you become better oriented with the product development process, identify the stage your product is currently in, and help you plan subsequent stages.
In this tutorial, we will cover a tool called “Feature Table” that will help you compare your product to that of you competitors’.
What is a feature table?
A feature table is a comparison chart that is used to objectively analyze the competitiveness of our products vis-a-vis those offered by our competitors. Most feature tables employ the following format:
One of your main responsibilities as a product manager is to out-do your competitors. Out-doing your competitors requires you to be ahead of the curve in your thinking and predict what your competitors will do next. One way of doing this is by evaluating your competitors along the following five dimensions:
Number of users
This article will discuss each of these five dimensions and give you context to better evaluate your competitors.
The first step in evaluating your competitors' engin...
There are four kinds of competitors, each with their own unique characterization. This article will help you identify your competitors, group them into various categories, and identify the manner in which you should be competitive against each.
The best way to go about identifying competition is to keep a track of every adversity you face in your attempts to gain customers — these could be biases, other entities, or even humans. It is important to remember that the biggest competitor, across all fields, is non-consumption. Doing this exercise will ensure that every possible hindrance to the adoption of your products is kept in mind while trying to figure out why your product is not being adopted. For instance, the ability of a human worker to do the same job as a robot may be a hindrance to the adoption of an automation solution.