Keywords: Managing a Digital Product 101
There are three pillars of Product Development:
Business, Design, Engineering
-Data & Analytics
-Acquisition & Retention
Discovery is a continuous process.
How do you know that you are making a product or service that your customers want? How do you ensure that you are improving it over time?
Discovery isn’t a one-time activity. A digital product is never done. It can and should continue to evolve. As we learn more about our market, as our customers’ needs change, as new technology becomes available, good products adapt.
Product Market Fit
- Understanding the customer, user persona
- Asking the right questions and getting feedback
- Monitoring the analytics KPIs like (NPS, DAUs) to deduce user satisfaction.
- Constant personal touch for feedback with users.
Market Research & Competitor Analysis
How big is the market? Guestimate: Top down or Bottom up
Direct: similar solution and distribution channel
Indirect: similar solution different markets
Examples in Swiggy context:
indirect-cure fit, DIY food kits
potential- google, dineout
substitute-home cooks, grocery stores
Learning from customers
Design is intentional to guide the users.
Affordance: expectation setting
Wireframing: UI & UX
Balsimiq, Figma, Draw.io
- UI architecture
- Information architecture
MEAN, MERN etc
Native Apps(most expensive, time consuming but best experience): OS specific designed(java/ kotlin for Android & swift for iOS). Use hardware capabilities like camera, GPS etc. Google Maps
Progressive Web Apps: Websites that look like apps. Wont be able to use native components like bluetooth, face ID etc. Twitter
SQL vs NoSQL
SQL: relational databases are structured in a table format. Scalable and easy to analyse but difficult to change structure. You cannot introduce new columns are you wont have the information for previous users.
NoSQL: more dynamic for unstructured data. Designed to easily allow addition of new type of information
more information on: https://medium.com/p/409658334b59/edit
Communicate with JSON.
Internal: developed for internal communication.
Open: google etc
In case of APIs, client sends a request to server to request information.
In case of Webhooks, it is the server which initiates the requests to the client.
Once the request has been initiated application could use internal APIs to process the data fetched from Webhooks.
Sending asynchronous notifications is a good use case of webhooks rather than sending timely requests in loop using APIs.
use case of webhooks: Zapier
Third party APIs
End to End Example
Data & Analytics
Measure the right things: What to build? How are the products doing? What do I prioritise? How is the experiment doing?
What why and how of measuring product metrics
Data -> Analysis -> Insight
Metric -> Product Analysis -> Product Insight
Raw Data is queried through SQL and BI Analytics is performed on them. Platforms like sisence.com, holistics.io cover full scope from data integration to visualisation.
Behavioural Analytics: about how users interact with the product: Google Analytics, Mixpanel, Hotjar, Segment, Clevertap.
Transactional Analytics: SQL
Sentiment Analytics: NLP on data from platforms like Twitter, Quora, Reddit
User Feedback Analytics: NPS analytics
North Star Metrics: Every team must have a metric they optimise for. Not everyone should focus on revenue as it'll make them believe anything that brings money is a good idea. NSM expresses value, vision & strategy and is actionable and measurable.
Behavioural Metrics: DAU, MAU, Clickstream
Success Metrics: designed for specific features in isolation
Revenue Metrics: No. of orders, Ticket size, CAC, LTV
The AARRR Funnel:
Idea Hypothesis Experiment Result
Acquisition & Retention
CAC metric for different channels is different. Generally referral<WOM<SEO<SMM<SEM.
Engagement: gamification, rewards. book-hooked
Monetisation: revenue>cost, LTV>CAC
Net Promoter Score
must have, should have, could have, wont have
Reach *Impact *Confidence/ Effort
most common agile framework: scrum
Human Centered Design: Sprint by Jake Knapp