A while ago I posted an article on people that I think have something really valuable to say to product leaders. One of those people I discussed was Eric Ries, author of the blog http://www.startuplessonslearned.com. I also promised that I’d share a glossary to map the nomenclature and concepts he uses with the terminology I use in my writing and my work with product teams.
It may have been Muhammad Ali in the boxing world, but in the product world, it’s hard to argue that Steve Jobs wasn’t the greatest ever.
One of the most important concepts in all of software is the notion of minimum viable product (often referred to as “MVP”). But if you’ve been around software products for a while, you know that term is used in many different ways, and while the term intuitively resonates with people, there’s often a lot of confusion about what this really means in practice.
One of the constants in our business is competition. Very occasionally you find a company that has established a monopoly position, but for the most part, if the market you’re serving is a real market with real customers with real needs, you either have competitors already, or you will very soon.
If your company is one that still allocates product development funds based on approval of projects, then you still have the old “project-based funding model.” This is mostly a situation in either large companies, or those that have an IT-style legacy, but the mindset often exists even in small companies too.
In my last article I wrote about the importance of product passion, and I said that one of the reasons this passion is necessary is for product evangelism.
One topic I’ve never written explicitly about is the need for product passion. I’ve referenced it at the top of the list of traits for good product leaders, but it’s easy to take this for granted especially since the people I surround myself with professionally are generally very passionate about products.
Good product teams must be good at product discovery, which means they must get good at learning quickly. They need to be able to zero in on the appropriate target customer, identify the key problems to solve for those customers, and typically the most difficult part of all, apply technology and user experience design to come up with good solutions that will solve those problems.
There are several skills and activities that are important when coming up with great products. In my last article, I argued for the absolute necessity of having good data about how our products are actually being used.
I know this topic is going to sound far-fetched to many of you, but I am finding too many product teams out there that either aren’t instrumenting their product or site to collect analytics, or they do it at such a minor level that they really don’t know what users are doing on their site or how their product is being used.