How to Build a Great Product Strategy by Okta Product Manager
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Main Takeaways: - What are the key strategy frameworks for product managers? - Why do all product teams need to truly understand these at an intricate level? - How do the best product leaders stay aware of new studies and market theories?
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How to Build a Great Product Strategy by Okta Product Manager
- 1. www.productschool.com How to Build a Great Product Strategy by Okta Product Manager
- 2. Join 40,000+ Product Managers on Free Resources Discover great job opportunities Job Portal prdct.school/PSJobPortalprdct.school/events-slack
- 3. CERTIFICATES Your Product Management Certificate Path Product Leadership Certificate™ Full Stack Product Management Certificate™ Product Management Certificate™ 20 HOURS40 HOURS40 HOURS
- 4. Corporate Training Level up your team’s Product Management skills
- 5. Aakash Mehta T O N I G H T ’ S S P E A K E R
- 6. How to Build a Great Product Strategy by Okta PM and HBS alumnus Aakash Mehta
- 7. Case Study #1 (2012)
- 11. What characteristics does a 4G internet product need to have?
- 12. Who are our competitors?
- 13. How should we segment target customers?
- 14. We were wrong!
- 15. A better way to segment customers
- 16. What will customers hire Jio for?
- 17. Products we built to address these jobs
- 21. Case Study #2 (2008)
- 26. Case Study #3 (2018)
- 27. June 4th 2018
- 28. Decision Tree for Lyft Acquire Motivate for ~$250 Million? NoYes Lyft Granted Scooter License in SF Lyft Not Granted Scooter License in SF Uber Granted Scooter License in SF Uber Not Granted Scooter License in SF
- 29. July 2nd 2018
- 30. August 30th 2018
- 31. What went wrong? Bad Outcome ≠ Bad Decision
- 32. Wrap-up
- 33. Appendix
- 34. I’m Aakash Mehta
- 35. www.productschool.com Part-time Product Management Training Courses and Corporate Training
Editor's Notes
- If you’re interested to connect with other Product Managers, aspiring PMs, or those within tech, join our Slack community of over 40,000 professionals. It’s a great place to network and to find interesting content. We host a weekly AMA through our Slack channel on Tuesdays from 11:15am - 12pm PST. We have also recently launched the Job Portal where you can find the latest Product Management opportunities! As members of the Product School community, we'd like to provide you with these resources at your disposal.
- Product School’s Product Management Certificate Path comprises of 3 part-time courses for professionals with strong technical or business background who want to further explore Product Management at software-based companies. During Product Management Training you will first learn Product Management fundamentals to understand the software product lifecycle and what it takes to successfully transition into a product management role. You’ll then be trained to retrieve data, understand its value and make impactful decisions with SQL, data visualization and Tableau. Learn to understand your users to deliver exceptional UX/UI design and develop a robust digital marketing plan. During the Full Stack Product Management Training, you will deep dive into the technical knowledge to enhance your ability to work with agile teams. Finally, Product Leadership Training will elevate your product knowledge to become an effective Product Leader. You'll do an in-depth analysis on how to implement best PM practices on a strategic level to significantly impact your company’s portfolio and revenue. Learn the soft skills to manage product teams and manage stakeholders to deliver performing products.
- As well as individual courses we provide corporate training across the world! If you’d like to upskill your product team this is the best option for you. We have trained employees from multiple companies such as Deloitte, Salesforce, JP Morgan, Bank of America amongst many other companies across all industries.
- Tonight's talk is “ [TITLE] ” with [NAME]. Welcome, [NAME].
- Hi, my name is Aakash Mehta. Today, I want to go through some things around product strategy that have been valuable to me. I want to make this a very interactive session. So easy question: How many people have working arms?
- The first case study is on a company named Reliance Jio. I joined Jio in 2012, working with the CEO on defining the company’s strategy.
- To give some context on Jio, the company was started in 2012 after the parent company Reliance secured 4G internet licenses throughout India. India still did not have any 4G providers.
- Despite a population of 1.2Billion, only 137 million or about 11% were even connected to the Internet. This posed a huge market opportunity for internet providers.
- Despite smartphones being rapidly adopted globally, India still had a very small relative number of smartphone users
- So, knowing all of this, what characteristics would you say are important for a 4G internet product to have?
- What kind of companies should we care about when thinking about competition?
- What characteristics should we use to segment our target customers? Transition: Everything that we thought until then was wrong
- People don’t want to buy a quarter-inch drill. They want a quarter-inch hole! In the same way, for us, people didn’t want faster or better internet, they wanted things to do with that internet such as devices, content, video calling, etc.
- Knowing this, we switched to segmenting customers by the jobs to be done. That is, by what they would hire Jio for.
- We started building cheaper smartphones, a library of video and music content, payment solutions, file sharing products, and a host of other jobs that the target customers would hire Jio for.
- We built very cheap smartphones so that users had a medium on which to use 4G internet and services. These smartphones ranged in price from $50 to $200 completely unsubsidized We built a host of services and apps to meet each unique use case. Some of these were developed in-house and some with partners.
- Jio eventually launched in 2016, and gained 100 million customers in the first 180 days of launch, the most successful telecom launch in history
- The Jio launch saw internet usage in India go up by about 9x in a year
- The secret behind those metrics are the content and services ecosystem, which all saw spikes
- Ok, let’s switch to the second case study now. We are now in 2008 at a new start-up named AirBed&Breakfast
- The job to be done here is to match travelers looking for places to stay with hosts who have spare rooms or beds that they want to make money from.
- Where should AirBnB position itself?
- They followed a disruptive innovation model
- Let’s now talk about a much more recent and relatable case. The San Francisco scooter market in 2018. A few companies have just left a bunch of scooters on the streets and riders are loving them. With SF’s hilly terrain and traffic, commuters and tourists are using the scooters to get to work, roam around, see the city, it’s great.
- Then, in June, the city bans all scooters since none of them obtained any permits from the city. The city also begins a permit application process that it will start processing.
- Lyft, who does not have any presence in the scooter market, is afraid that it will lose out on this market. Lyft sees an opportunity to acquire a company name Motivate which has a huge network of bikes and scooters. Let’s look at the decision tree for how Lyft would have made the decision whether to buy Motivate. How many think that Lyft should buy Motivate?
- Lyft did see the value in buying Motivate and entering this market, and announced the acquisition in July.
- Then, in August, this happened. Lyft did not get a permit to operate its scooters in San Francisco.
- What happened? What went wrong? Actually, nothing went wrong. Anyone here play poker? You would know about a common trap called resulting, where you assess a decision based on the outcome. That is the worst thing to do for any poker player. What’s important is that you made the right decision with the information available to you at that time.
- Ok, let’s recap the concepts that we covered today.
- In: Why should you listen to me? Out: So let’s jump in
- Feel free to speak with me and I can point you in the right direction (explain where to apply). Or you can visit www.productschool.com Have a good night!