Litlyx’s Post

How we are approaching Product Development? When it comes to developing a product, it’s essential to start by identifying the problem. Current Problems in the Analytics Landscape: 1) Long setup times 2) Complicated and lengthy documentation 3) Minimal support 4) Lack of innovation in existing solutions 5) There are no developer first tools in Analytics We recognize that "beating a giant" like Google Analytics is an impossible task. Our goal is not to compete head-on but to introduce "freshness" to a field that hasn't seen significant innovation in a long time, bringing the user experience at the center of our product. My take on how a product should be developed in 2024. 1) Simplicity Over Complexity: Avoid over-engineering. Users prefer clean, straightforward solutions. A great product is easy to use and understand. 2) User-Centric Features: Don’t waste time developing features based solely on internal ideas. Engage with users already testing your solution to understand their needs, then iterate based on their feedback. 3) Concise Documentation: Technical products should have clear, concise, and easy-to-follow documentation. Users should not have to spend excessive time deciphering poorly written guides. Sometimes, success is about knowing what NOT to do as much as knowing what to do. Your solution should be slim, easy to use, well-designed, and understandable regardless of the user's experience level. We are focused on creating a technical product, and while this approach might not apply to every niche, it’s the foundation on how we are developing Litlyx. After multiple project failures, I’ve learned from my mistakes and now I’m iterating based on those lessons. Now, let's give a space on a question that a lot of investors and peoples in the fields asked me in these days. "Why should people use (and pay for) your product when Google Analytics is free?" We also offer a free-forever plan to showcase our product's potential. This plan is ideal for users who need a quick overview of their website or web app activity. People should have a wide range of tools to choose from as they grow. While Google Analytics is a robust free tool, our product offers a combination of simplicity, innovation, scalability, and dedicated support that can significantly enhance the analytics experience, providing a fresh perspective that has been missing for a long time. We are committed to creating the best solution for web analytics and data aggregation available, and we hope users choose our solution to overcome the challenges they face every day on analytics collection. Hope you find this interesting! Check out Litlyx.com.

New Post: What are minimum marketable products (MMPs)? - https://lnkd.in/gJw3qyYk - In the realm of product management, people talk about minimum viable products (MVPs) as if they’re the only thing that matters. While there’s nothing wrong with a strong MVP focus, it’s important that you don’t forget the more mature minimum marketable product (MMP) in the process. MMPs are a key step in successful new product launches, as they go beyond the user to assess the market and help ensure commercial success. This article explains what a minimum marketable product is, how it differs from a MVP, how to define it, and examples of successful launches. What is a minimum marketable product (MMP)? Some people say that an MMP is an MVP that users are willing to pay for. I don’t necessarily agree — products might be monetized in various ways, for example, through ads or partnerships. A minimum marketable product is the simplest version of a product that can be released and: Solves at least one key user problem (to attract users) Solves it well (to keep users) Can be monetized (to fuel further growth) MMP = solution for problem + retention + monetization strategy MMP vs. MVP The main difference between a MVP and a MMP is that first validates assumptions about users, while the latter MMP validates assumptions around the market. A MMP is also a starting point for commercial success, not just hypothesis confirmation. A MVP doesn’t have to be monetized or have any growth strategy. It doesn’t even have to be a working product. You can validate assumptions with a: Fake door MVP Concierge MVP Wizard of Oz MVP MVPs can help you validate specific assumptions about users and their behaviors, but they aren’t necessarily a great tool for validating the actual market. Although you can get some insights about willingness-to-pay or the viability of growth loops, you must go to the actual market, get real money, and compete with real competition to truly validate the product and its business model. If you launch a product that works and has a growth and monetization strategy in place, you can test if it: Solves the user problem Makes users stick Generates profit A successful MMP is also a source of extra cash for further development and extra users for further research. A failed MMP gives you a signal it’s time to pivot. How to define minimum marketable product Before developing your MMP, you need a strong sense of the problem you’re solving for and the solutions that might work. If you don’t, go back and do user research. After this you need to go deeper to uncover: What features your target audience desire What users are willing to pay for features To determine what features and solutions you users want most, you can perform max-diff surveys. When it comes to willingness-to-pay, Van Westendorp is a way to go. If you don’t have the means to perform quantitative studies, you can

Quote Alexey Lee as saying: “Freedom Product Lab: we are launching a center of expertise in product management and e-commerce. Aviata, Ticketon, Arbuz are the companies that I was directly involved in launching and during the first years of development, and which are now developing within the Freedom group, these companies have been through many trials by fire, and continue to hold strong market positions, monthly generate hundreds of thousands of transactions and have millions of customer bases. I recently realized that although I am not a co-owner, I am very interested in watching their further development, share my ideas and thoughts on how they can continue to win in very competitive markets, and learn from their example myself. The idea of the Lab was born after conversations with Timur Turlov, the Top-managers of these companies: Ayuna Walter, Victoria Torgunakova, Valeria Reksha, and Renat Tukanov and Vitaliy Dyadchev; with the support of Aidos Zhumagulov, we realized that we can begin to create a centralized force of expertise in product management and technology: big data, personalization, UI / UX, growth hacking and lifecycle marketing, AI in e-commerce, high-load systems and much more - areas where cross- fertilization will be extremely useful, while maintaining decentralization and keeping industry expertise with business leaders. I am still focused on developing PineMelon, and in the Lab, I take on the role of one of the curators together with Renat Tukanov having a large context for these companies; the goal is rather to support the movement than to be inside, to give and receive benefits, as one of the companies participating in this knowledge exchange center. The ice has broken, the first couple of meetings have taken place and the exchange of information has begun. There are many ideas ahead; perhaps we will be able to give some knowledge outward, in digital form or in the form of meetups. We will keep you updated as we go!”

New Post: Aligning product metrics with business objectives - https://lnkd.in/gz9GcwcR - Aligning product metrics with business objectives is crucial for product-led companies. The reason is that it ensures a product’s development and performance are in sync with the vision of the company. As a product manager, this alignment helps you make informed decisions regarding all aspects of a product. Today you’ll learn the importance of product metrics and how to identify and map them to business objectives. Additionally, you’ll review some best practices and a case study to illustrate successful alignment strategies. Understanding product metrics Product metrics are quantitative measures used to evaluate product performance. They are crucial because you can extract actionable insights from them. These insights help you make better decisions regarding feature optimization, ultimately aligning the product’s trajectory with business goals. Product metrics can broadly be divided into three categories: Usage metrics — Tracks how often and how extensively the product is used (e.g., daily active users) Engagement metrics — Measures user interaction and satisfaction (e.g., time spent on the app) Retention metrics — Assess how well the product retains users over time (e.g., churn rate) They help you identify areas for improvement and market gaps. By using them effectively, the product continues to meet diverse user needs and stay on top in its category. Identifying business objectives As a product manager, you need to help your team align efforts with the set business objectives. These objectives should be crystal clear as they serve as a roadmap for what the business aims to achieve. You need to make sure: Establish specific, achievable, and time-bound targets to provide direction Ensure objectives are measurable to track progress and success Align business objectives with the overall company strategy to ensure cohesion Ensure that product goals support broader business goals, such as market expansion or customer retention Once your business objectives are clearly defined and aligned, you can ensure that your efforts are contributing to the broader goals of the organization. The alignment is crucial for mapping product metrics to these business objectives effectively. It’s a process in itself. Mapping product metrics to business objectives Mapping your product metrics to your objectives is a two-step process that helps you strategize for the long term effectively. Make sure that you do the following: Choose relevant metrics — Start by identifying the key goals of your business. Select metrics that directly reflect these goals. For instance, if your objective is to improve user retention, focus on metrics such as churn rate and customer lifetime value Create a metrics framework — You need to define clear relationships between metrics and goals, establish benchmarks, an

Testing Business Ideas: Validation Experiments Objective: Help PMs validate value, usability, viability, and feasibility of product ideas. 1. Validation Experiments Focus: Validate hypotheses on value, usability, feasibility, viability. Market Engagement: Test market response. Minimal Products: Simple versions delivering value. Feasibility Prototypes: Assess technical feasibility. 2. Market Engagement Experiments Goal: Validate market engagement. Email Campaign: Test value proposition, messaging. Tools: Mailchimp. Combine with landing page. Paid Ads Campaign: Test value proposition, messaging, CPC. Tools: Google Ads. Combine with landing page. Social Media Campaign: Test value proposition, messaging. Use influencers. Combine with landing page. Landing Page: Communicate value, gather leads, test willingness to pay. Fake Door: Test interest in non-existent product. Offer alternatives if ordered. Facade: Test interest in not-yet-available product. For physical products. Pinocchio: Test personal experience with non-operational product. Explainer Video: Demonstrate functionality, gather feedback. Use landing page, social media. Pre-Order: Validate demand, secure funding. Letter of Intent: Validate B2B willingness to buy. Provincial: Test viability with small user group. Use pop-up shops, limited releases. One-Night Stand: Gauge interest with temporary product version. Infiltrator: Test interest by placing product in another store. Crowdfunding: Validate demand, secure funding. Ensure target customer alignment. 3. Minimal Products Goal: Deliver value with cost-effective versions. Piecemeal: Simulate experience using existing tools, no-code solutions. Concierge: Simulate automated product manually (users aware). Wizard of Oz: Create illusion of automation (users unaware). Single Feature Product: Satisfy one need with limited product version. 4. Feasibility Prototypes Goal: Verify technical feasibility. Create prototypes to assess current technology capabilities. Tools Email Campaigns: Mailchimp, MailerLite, GetResponse, HubSpot. Paid Ads: Google Ads, LinkedIn Ads, Meta Ads. Landing Pages: Unbounce, Instapage. No-Code: Bubble, Zapier. Crowdfunding: Kickstarter, Indiegogo. This guide provides a step-by-step approach for PMs to systematically test and validate product ideas.

New Post: An overview of feature parity - https://lnkd.in/gpjAu9Xs - “So, tell me about your favorite product that you have worked on in your 10 years of product management,” asked the interviewer. I have appeared for umpteen interviews and this one was no different. And I knew at some point this question would come. I answered, “Backstage, a fresh content management system that we built to replace an older content management, Comet.” He asked, “Why is this your favorite?” To which I replied, “Because this was the longest project I worked on, it went on for two years and the complications and challenges were a juggernaut.” We went in-depth about the product, but the other reason this product was my favorite was that it was a migration project. Migration from an old system to a new system that could handle future use cases. Migration projects always have one important point of discussion — feature parity. Feature parity is when you develop a product that will replace the product already in place. To do this, you need to make sure that the new product has equal features or else it will harm the user experience. We had a brief discussion about feature parity since it was one of the core parts of the migration project. In this article, you’ll learn more about feature parity, how to achieve it, challenges you might face, and how to overcome them. What is feature parity? Feature parity is when you ensure the features between two versions of a product remain balanced so that the customer experience isn’t impacted. At Zalando, we had to make sure that all the features Comet already had were built into Backstage so that the internal users using Comet would be able to keep working as they normally would. This is where feature parity came into the picture. We had to figure out what features Comet had and try to build the same in Backstage. Why is feature parity important? When we were building Backstage, we had 500 users using Comet. The job of these users was to create content using our content management system. Let’s say when we rolled out Backstage, we missed out on a couple of core features. That would’ve impacted the entire content production. And in turn, would have impacted the end users. The following are additional reasons why feature parity is important. Reduced support burden If you have feature parity, there will be fewer questions coming to the support team about missing features or inconsistent behavior. This means a lesser burden on the support team especially when the product is migrated to the new platform. Simpler maintenance In addition to the reduced support burden, it’s easier for the engineering team to maintain the software. Ask any engineering team and one of the main problems is maintenance especially when the software is complicated and has hundreds of use cases. This is where having feature parity helps. Market relevance and competitiveness You don’t want to lose your customers to

Product KILLED Product. [Silently] . . . As you build more product, it will start overwhelming the users, and then two things might start to happen: 1. Increase in support calls/tickets 2. Drop in the usage (this is a silent killer, even in a best case scenario if you could identify this drop… many customers might have already started leaving) I'm sure you're thinking: "Sachin, the product needs to be continuously evolved. There is SO MUCH more to do." True, but... The more we do, the worse we also seem to get at it! That's NOT how it should work. More product objectively solves a wider range of use cases. Yet,  2 out of 5 users are a flight risk Why? Because companies are addicted to build more. They’ve forgotten that “product usage” is everything. Here’s how we fight  back: We have to create a product-help that is so good that it works across a broad spectrum of user-personas. What does that mean? We need to start building a multi-modal help system based on distinct user personas’ learning styles. Here’s a few suggestions: 1. Start with your most promising product/feature - Break down the entire user journey into a clickstream-style sequence - Identify the probable friction points at every step - Start creating answers for each of the friction point  - Adapt these answers for multi-modal content formats like FAQs, training videos, in-line tips, product tours, task lists, nudges. - Make these messages user-segment based. 2. Iterate - Forever - Never stop - Keep testing 3. Repeat it for other products/features TAKEAWAY: If you’re a product leader (or a founder), you should know product usage is a symptom that might not surface quickly on your radar. That doesn’t mean it’s not the ONLY WAY to scale your retention and sustainable growth. We must fight back against this silent killer. We have to create better help system to increase product usage in the least amount of time without any extra coding or new development We have to build a multi-modal based product help manifestation. It’s time to have your users addicted to your product. p.s. It is 2024. How are you going to have your users addicted to your product? Share your thoughts in the comments 👇 Let's learn together. 💯 Human written content

Product principles During New Year's Eve, reflecting on 2023 led me to analyze Gainy – a product I poured my heart into alongside some seriously awesome folks for the past three years: Mike Stukalo, Mikhail Astashkevich, Alina Yagfarova, Anton Gubarenko, Polina Median, and advisors Michael Rumiantsau, Julian Zegelman, Ihar Mahaniok, Tim Raiter, Peter Green, Artem Vysotsky, Liliana Pertenava, and many others. At the start of 2023, we launched an investment app by integrating a recommendation engine with a b2b investment platform, DriveWealth. We received incredible feedback from thousands of early customers and great product metrics indicating high engagement (30% DAU/MAU) and high Marketing ROI (1:3 CAC/LTV). We also passed the SEC examination for RIA; there is a separate TechCrunch article on this: https://shorturl.at/zJKP3. However, market challenges prevented further funding, leading to liquidation by year-end. Key learnings from a product perspective: 1) Focus on Core Functionality Excess in non-core areas of the product can detract from essential development.  By maintaining focus, you might save 3-6 months on your roadmap, which could significantly impact your ability to release a product and promptly secure capital. 2) UX Over Design Successful products prioritize business models and user needs over design. For instance, Gernot Zacke founded Grid, which has a simple design. Yet, it has identified a robust use case: offering customers upfront payment to their bank accounts based on the tax returns of the forthcoming year. This approach has garnered more than 2 million users in the app. 3) High Failure Rate of Ideas Understanding that 60-70% of ideas don't yield expected outcomes is crucial. Regular, meaningful experimentation is key to discovering viable product enhancements. Great teams conduct 10-15 product experiments per week. 4) Focusing on a single market or persona Yet often underestimated, posing a significant challenge for many early-stage companies. Many try to broadly target their product offerings without a deep understanding and focus on a specific persona. This approach typically results in a lack of clear product strategy, inappropriate metrics setup, dispersed feedback, insufficient engineering resources, and inadequate marketing reach to collect meaningful usage data. Adopting Ray Dalio's Principles (https://lnkd.in/gxxnCxwf), I've developed actionable Product Principles to maintain focus: https://shorturl.at/bcoT4. For that, I've combined wisdom from books like "Working Backwards..." by Colin Bryar and Bill Carr, "Inspired.." by Marty Cagan, and "Product Management's Sacred Seven..." by Parth Detroja, Neel Mehta, and Adi Agashe, as well as product blogs by Elena Verna and Lenny Rachitsky. Special thanks to Julia Nechaieva, Ilya Bukeev, Vlad B., and Peter Green for their invaluable product coaching. Their guidance has been instrumental in this journey.

Product approach to business. Let’s take a look at simple examples What is considered a product? A product is a separable service that solves specific user tasks. As a rule, it has its own audience and a permanent team that improves business metrics Creation and development of the product #1 Idea — How to create something (product) that users will be willing to pay for #2 Implementation — Assemble a team, tell what to do, control deadlines and budgets #3 Rethinking — We study the results (look at the metrics, communicate with users), understand what went wrong, plan changes #4 Profit — Get money from users, create a new product or improve an existing one (to get paid more for it) What do you need to know? ❏ Understand the need of the market (users) — think from the side of the user — talk to the user ❏ Be able to choose the most important (prioritization) — put forward hypotheses and set up experiments ❏ Be able to bring the task to implementation (developers) — we work flexibly ❏ Analyze the results (analytics) — we believe only in numbers — we put forward hypotheses and set up experiments ❏ Show profit growth to management (business) — believe only in numbers Product approach ❏ Thinking from the user side (CJM, JTBD, User stories, Be the user, empathy) ❏ Talking to the user (CustDev, collecting feedback, 5 Why’s, research, Soft skills) ❏ Working agile (iterations, Agile, Scrum, retrospective, OKR) ❏ We believe only in numbers (Data Driven, ROI, metrics, analytics, Unit economics) ❏ We put forward hypotheses and set up experiments (MVP, Fail Fast, A / B tests, prioritization) Case 1: creating an online store ❏ We think from the user’s side — we describe who we consider to be our user — we study competitors to understand prices and a set of products ❏ We talk to the user — we tell our ideas (prices, products) — we listen to feedback, we get new ideas ❏ We work flexibly — we collect the first version of the store “on the knee” — we go to show users, let traffic ❏ We believe only in numbers — we study the dynamics of sales, the cost of attraction, the purchased goods ❏ We put forward hypotheses and set up experiments — we build hypotheses “if you add such and such a product, then revenue will grow by so much” — “if you add such and such discounted products to the main page, then sales will change by so much” Case 2: creating a meeting room ❏ We think from the user’s side — we study for what types of meetings and at what time the meeting rooms are used — we study how it is done by other companies ❏ We talk to the user — we communicate with employees, find out what is convenient / inconvenient and why — we make a list of ideas, prioritize #productmanagement #management #marketing #customerservice #hr #hiring #UX #startup #web3 #tech #growth #digital #Growthhacking #projectmanagement #blockchain #UI #startup #fintech #agile #edtech #business #leadership #analytics #Productdevelopment #design #iot #ai #researchanddevelopment

Are you looking to refine your product strategy for application development investments? ClearScale's latest blog, "Crafting a Winning Product Strategy: Key Considerations for Application Development Investments," provides essential insights to help you make informed decisions and drive success. Written by ClearScale's Lead Product Owner Vladimir Kirillov, the blog explores: ✅ The importance of aligning product strategy with business goals ✅ Key factors to consider during application development ✅ Best practices for maximizing ROI on your investments Vladimir's expert tips will guide you through creating a robust product strategy that ensures your applications stand out in the market. Read the full blog here: https://lnkd.in/gVxPREz5 #ProductStrategy #AppDevelopment #TechInsights #ApplicationDevelopment