The great leader Mahatma Gandhi said that “Live as if you were to die tomorrow. Learn as if you were to live forever.”
I’ve kept this book “The Lean Product Playbook” in my reading list and completed reading it this week. Let us go into the topic.
In our daily life, we are using many products and among those how many products we really love.
The author has mentioned that the purpose of the book is to fill the knowledge gaps faced by many people who want to create a lovable product for the customers using Lean Startup principles.
My Top 3 Key learnings from this book:
- The product-market fit
- The product Analysis Process
- Building and Optimizing the Product
The pictorial representation of my top 3 key learnings from “The Lean Product Playbook”.
The Product-market fit
The product-market fit plays a critical role in the success of the product. He has come up with a product-market fit framework. For easy remembrance, I have mapped this with an excel sheet and the test management tool, since I am passionate about testing.
The components of the Product-Market Fit framework are:
- Feature Set
- Value proposition
- Product-Market Fit
- Underserved Needs
- Target Customer
The below diagram shows the Product-Market Fit framework.
The Lean Product Process
Next is the Lean Product process and this process consists of 6 steps:
- Determine your target customers
- Identify underserved customer needs
- Define your value proposition
- Specify your minimum viable product (MVP) feature set
- Create your MVP prototype
- Test your MVP with customers
After building the MVP, we have to scale the product. Start building the product incrementally and optimize it for the customer’s needs based on the product-market fit analysis. So, next, we are going to see how the author takes us through in the process of building and optimizing the product.
Building and Optimizing the Product
Build the Product using Agile methodology
Since the agile process and building the product incrementally is a well known vast topic, I am not going to explain it in this article. As I am building the product with Agile, I am able to relate and the author explained the concepts precisely and simply.
Measure Your Key Metrics
You can collect and measure your key metrics through various options surveys, customer interviews, usability testing, analytics, and A/B testing. With this, it is critical to identify the metric that matters most. (MTMM). This MTMM will vary based on the phase of the product and the nature of the business.
Lean Product Analytics Process
This is a simple repeatable process for how to use analytics to drive improvements in the product and achieve profitability. It is explained in the below picture from the book.
I would recommend taking this book as a guide for any product manager. I hope you enjoyed my key takeaways from the book. To know more go through the complete book from here.
The Lean Product Playbook – Dan Oslen