Notes - UseCase Podcast with Mona Gandhi
— Notes, Podcast, PM — 1 min read
UseCase Podcast with Mona Gandhi
What is PM?
- Intellectual curiosity, the ability to observe things and have an open mind, how you are affecting the problem that the user is trying to solve
- Identify TA/ identify natural behaviour
- Is your product creating a value/how badly do they need a product
- Is it a vitamin product vs painkiller product
- Power of storytelling is very important for user/stakeholder/team
- PM is both art and science
- Power of Observation is very important
- Not just how, ask why
- Going deeper is the art of PM, BE CURIOUS
How to identify PMF?
- NPS survey on how happy will you be when this product goes away
- Identifying your Northstar metric and consistently hitting it
Word of Mouth is underrated:
- Cult in a trial class says “we are cult”
- Uber adds emotional story about driver
- Zomato tells story about delivery guy
- Cred sent cake to office randomly
- Ikea gave vr headset to auto guys in Hyderabad
Skillset of PM:
- technical understanding
- product sensibility:good vs bad product
- changing your lens to a product lens
- understanding basic design principle
- have an analytical perspective
Hard skills of a PM:
- prioritise better
- what framework to use
- personality of constant curiosity
- personality of grit/motivation
On Growth:
Growth is primarily acquisition/retention/monetization
Acqusition:
- Identify TA/Behaviour/where they are
- It is to try users to product once
- PR helped AIRBNB, PR is not news about your funding round
- Identify which channel user is coming from and identifying LTV
- Build compounding growth loops so 1 user brings 20 others
Retention:
- Core focus of growth is in retention not acquisition
- Build trust in the product is the biggest retention hack
- Consistently deliver what it set to delivers
- DO THINGS THAT ARE UNSCALABLE AT THE BEGINNING, DO THEM TO TAKE YOU TO YOUR IDEAL SETUP
- AIRBNB founders identified their AHA moment as good pictures of the homes and built around them
- Airbnb employees themselves tried the homes
- Value of retention was tied into the acquisition channels
When somebody pays you money, you get different engagement, thinking about monetization is important