Paweł Huryn 🇺🇦’s Post

Just loved the 12 Product Principles shared by David Pereira. No wonder Marty Cagan and Ask Muraya have recommended his new book, Untrapping Product Teams. While there is no one-size-fits-all, those principles worked for David and dozens of other teams globally. And are 100% aligned with my experience. My favorite 4: 1. Focus on the goal and say no to distractions Context switching kills our energy and limits deep work. The more we switch context, the less valuable work we can create. Strive to focus on a single goal at a time. 2. First build to learn, then to scale As Ash Maurya says, “Learning speed is your unfair advantage.” It’s not about building everything perfect from the beginning. It’s about focusing on learning first, and then when you understand how to drive real value, you build it right. 3. Continuously measure the impact of your work Increasing velocity means nothing. More features aren’t the same as more value. Sometimes, you will benefit from removing distractions so users find what matters. The key is to measure the outcomes continuously. 4. Focus on solving current problems over future problems Sometimes, we have problems staring us in the face, but before solving them, we ask, “What if that happens?” Up to a certain point, we need to consider some potential scenarios, but solving the problems we do have is what matters. Future problems mainly don’t come to exist and distract teams from solving the real ones. -- Enjoy this? In a free post published today: - The most essential tool available to a PM - 4 Strategy Principles - 4 Discovery Principles - 4 Delivery Principles - 4 Collaboration Principles - My Q&A with David - A free PDF to download No email, no paywall: https://lnkd.in/dzktGRrB 🙌

As a PM, your main goal is maximizing the value for your customers and business. But many struggle to prioritize ideas in practice. There are two ways of doing this: --- Approach 1: Opportunity Score by Dan Olsen In his book, The Lean Product Playbook, Dan Olsen suggests a brilliant way of answering these questions. You start by asking the customer about the importance and satisfaction with the ability to achieve specific outcomes. The assumptions are simple: - The more important an outcome is, the more value we can create. - The less satisfied a customer is, the more value we can create. So the Opportunity Score = Importance * (1 - Satisfaction). I love Dan’s approach because it’s simple, easy to understand, and intuitive. --- Approach 2: Opportunity Score from Jobs to be Done An alternative Opportunity Score from Jobs to be Done can be expressed like this: Opportunity Score = Importance + MAX(Importance - Satisfaction, 0) Selected rules based on the Jobs-to-be-Done book: - Opportunities > 15 represent extreme opportunities - Opportunities > 12 represent high opportunities - Opportunities > 10 represent solid opportunities - Opportunities <= 10 are appropriately served or overserved --- You might think that the two formulas differ significantly. So, let’s look at them using the same scales and axes for Importance and Satisfaction (I multiplied everything in Dan's approach by 10). As you can see in the picture, both approaches yield similar results where it matters the most: for the underserved needs! --- In my new post, I share specific questions and templates and discuss other critical aspects: - Detailed calculations - Maximizing value for the business - Other factors you need to consider - Questions you should be asking as a PM - The recommended, an extremely simple approach The customer value part is free: https://lnkd.in/dWGPRuic --- Regardless of the formulas, as a Product Manager, focus on the bigger picture, not just the numbers in "Excel." It’s way more important to immerse yourself in customer and business context, look at the data, ask the right questions, and apply common sense. Hope that helps! --- P.S. I highly recommend The Lean Product Playbook: https://lnkd.in/dhk4iQWp

I created a free AI PM recruiter to help you prepare for the first product interview 🧪 It asks common, random questions about experience, situation-based scenarios, and motivation for a specific job offer. After finalizing the interview, you will receive: - A honest, detailed feedback - Suggestions on what to improve - Recommended techniques like a STAR framework Instructions and links (no paywall): https://lnkd.in/dXtaA42x

The ultimate list of product metrics for PMs, June 2024: • Acquisition: How do users find you? • Activation: How do they experience value? • Retention: Do they stay with you? • Revenue: How do you make money? • Referrals: Do they tell others about your product? • Engagement: How do they interact with your product? Now in detail: 1. Acquisition Metrics • Bounce Rate • Conversion Rate • Landing Page Conversion Rate • Customer Acquisition Cost (CAC) • Channel Effectiveness • Traffic Source Distribution • Cost Per Click (CPC) • Click-Through Rate (CTR) 2. Activation Metrics • Time to Value (TTV) • Onboarding Completion Rate • Onboarding Drop-off Rate • User Activation Rate • Trial-to-Paid Conversion Rate • First-time User Conversion Rate • Product Qualified Accounts (PQA) • Product Qualified Leads (PQL) 3. Retention Metrics • Churn Rate • User Retention Rate • Cohort Retention Analysis • User Renewal Rate • Customer Lifetime • Product Adoption Rate • Customer Health Score 4. Revenue Metrics • Average Revenue Per Account (ARPA) • Customer Lifetime Value (CLV or LTV) • Customer Profitability • Monthly Recurring Revenue (MRR) • Annual Recurring Revenue (ARR) • Expansion Revenue • Net Revenue Churn • Net Revenue Retention • Average Contract Value (ACV) • Gross Margin 5. Referral Metrics • Virality Coefficient • Customer Referral Rate • Referral Conversion Rate • Net Promoter Score (NPS) 6. Engagement Metrics • Daily Active Users (DAU) • Monthly Active Users (MAU) • Stickiness • User Satisfaction (CSAT) • Session Length • Session Frequency • Feature Usage • Customer Effort Score (CES) • Task Success Rate • User Feedback Score 7. Bonus: Agile and Lean Metrics • Lead Time • Time to Market (TTM) • Cycle Time • Work In Progress (WIP) • Throughput • Time to Learn (TTL) • Work Item Age • Velocity ---- Don't try to track everything. Instead, focus on just a few key metrics that matter the most. How to do that? Here are two free resources: • Are You Tracking the Right Metrics? https://lnkd.in/e2nPHZvd • The North Star Framework 101 (PDF, 13 pages): https://lnkd.in/dGK9wAKs Hope that helps. What would you add to the list?

Some say the PM has to work 50+ hours a week. And continuously fight fires. I call BS. Here are 9 proven tactics to turn chaos into clarity: 1. Respect your strategy You can't be everything to everyone. Strategy requires tradeoffs. Some customers will be delighted, others disappointed. And that's a good thing because the best way to win is by being unique. 2. Set goals and trust your teams Providing baby-step instructions might result in a positive feedback loop, causing others to expect even more detailed instructions. Instead, communicate the vision (Why), strategic context, and goals so that people can make better decisions. Build a sense of ownership. Embrace the Netflix model: "Lead with context, not control." 3. Leverage the Pareto principle According to it, 80% of outcomes result from 20% of actions. Identify and double down on that 20% to get even more from them. Eliminate the rest. 4. Work in a single-threaded mode Multitasking is a myth. According to the research presented by Gerald M. Weinberg, each additional project or task is a loss of ~20% of productivity. Single-threaded teams are one of the secrets of Amazon's success. 5. Prioritize your tasks ruthlessly Many things busy PMs do don't matter. Will anyone ever read this 20-page-long document? Do you need this 2-hour meeting? Can you make it in 15 min? Or can it be done async (Slack, Teams)? 6. Apply the Last Responsible Moment (LRM) strategy One-way door decisions made too early can be risky and might backfire. Delay those decisions until the cost of not making a decision is greater than the cost of making it. 7. Don't fall in love with your ideas Embrace a culture of experimentation. Identify assumptions, perform experiments, and gather data to inform your decisions. A good failure is when the value of the lesson is greater than the cost of the lesson (credit: Alberto Savoia). 8. Don't obsess over frameworks Whether you use Scrum, OKRs, Opportunity Solution Tree, North Star Metric, or any other canvas, method, or framework, remember that its value is primarily in its underlying principles. Put effort into understanding them. But then trust your instincts and common sense whenever needed. 9. Take care of yourself Take breaks, get enough sleep, and exercise. Find a hobby unrelated to your work (mine is learning about the Universe). The quality of the hours you work is far more important than the quantity of hours spent working. - Hope that helps. I'm still learning and don't know everything. What would you add to that list?

It's crazy, I measured it for the first time. The average scores by role: - APM: 9.7 - Product Owner: 11.4 - Product Manager: 12.2 - Senior Product Manager: 12.6 - Head of Product: 12.9 - CPO: 13.0 The average score of my premium subscribers, regardless of the role: 13.5 I'm so happy. We're learning and growing together. You are amazing! 👏🚀😊 More information: https://lnkd.in/dDpxA5W4

Excited to share our new open PM Skills Assessment. It consists of 20 simple-choice questions about Product Discovery. After submitting the form, you will immediately see: - The correct answers and points - Detailed feedback and explanations - Learning materials to study and improve Based on the early results, the excellent scores: - PO/APM: 12+ - Product Manager: 14+ - Senior Product Manager: 16+ You can check your score here: https://lnkd.in/dm8ra6j4 🙌 --- As always, after a few days, I’ll publish aggregated stats here: https://lnkd.in/dDpxA5W4

I have a crazy idea. I will pay $100-$500 / hour to interview PMs from leading tech companies such as Google, Meta, Amazon, Airbnb, Canva, Uber, and Netflix. The goal is to understand how they really build products: - What works well? - What could be improved? - What company leaders don't mention publicly? About the initiative: - The interview will take an hour. - I guarantee you will stay anonymous. - I will pay for the interview right after the conversation (via PayPal). - I will write a post about your company only after interviewing at least three independent sources. Interested? Let me know, and I'll contact you by email, if you qualify: https://lnkd.in/dVA6EuDm (Collected emails will not be used for any other notifications)

Every PM should know the Double Diamond by heart. But using it is an easy way to fail as a PM. It’s a highly linear process without any feedback loops. And it ends with launching a product. So, it doesn't represent Product Discovery. In the epic YouTube video, Natasha Jen referred to this linear process as “Bullsh*t,” arguing that creativity is much messier: https://lnkd.in/dzuqhP5N --- How to fix those issues? 1. Add iterations The first step is embracing the messy nature of product discovery, with many iterations possible at every step. 2. Get rid of developing and releasing Product Discovery results in a validated Product Backlog, not in launching your ideas. Thus, I suggest redefining the two phases: - Replace "Develop" with "Ideate": In this phase, we brainstorm possible solutions and explore hidden assumptions. - Replace "Deliver" with "Test": In this phase, we test selected assumptions and pinpoint ideas we want to take into implementation. 3. Embrace Continuous Discovery and Continuous Delivery We got rid of developing and releasing ideas. In Continuous Discovery and Continuous Delivery (aka Dual-Track Agile), this is the second stream that runs in parallel: - The goal of Product Discovery is to discover the product to build. - The goal of Product Delivery is to deliver the product to the market. --- In my new free post (no email, no paywall): https://lnkd.in/d7hvsuw9 - The Double Diamond of Design Thinking - How to Add the Missing Pieces? - The Double Diamond of Product Discovery - The Triple Diamond of Product Management (Beta) Can't wait to get your feedback. What are your thoughts?