AARRR

The AARRR pirate Metric Framework helps businesses track key stages of the customer journey: Acquisition (attracting users), Activation (initial user experience), Retention (returning users), Referral (word-of-mouth promotion), and Revenue (monetisation). This model aids in identifying areas for improvement and optimising growth strategies. The framework was coined by Dave McClure, a well-known entrepreneur and investor.

A/B Testing

A/B testing, also known as split testing, is a method used to compare the performance of two variations against one another to determine which one performs better. In product management, A/B tests are commonly used to identify the most effective option among different versions of a feature, interface, or other product elements.

ABCD testing

ABCD testing extends the principles of A/B testing to allow for the comparison of more than two variations simultaneously. This broader approach can provide deeper insights and faster optimisation by testing multiple elements at once.

Acceptance Criteria

Acceptance criteria in product management are the specific conditions that a product or feature must meet to be considered complete and acceptable by stakeholders. They serve as a clear set of guidelines for development and quality assurance teams to understand what needs to be achieved

Affinity diagram

Agile is a product development model that emphasises on flexibility, collaboration, and customer-centricity. It focuses on iterative progress through small, manageable increments called sprints or iterations. It aims to deliver value quickly and continuously, by adapting to changing business and customer needs throughout the development process.

Agile

An Affinity Diagram is a powerful visual technique that helps Product Managers group ideas and data into meaningful clusters, identify patterns, and generate insights. This technique is particularly useful for managing large volumes of complex information, allowing product managers to organise, categorise, and prioritise effectively.

Anchor Pricing

Anchor pricing is a psychological strategy used in pricing products and services to influence customers' perception of value. It involves setting a reference price, or "anchor," which customers use as a benchmark when making purchasing decisions. This anchor can be the initial price shown to customers, and it shapes their expectations about what constitutes a reasonable price.

Archetypes

Assumptions are ways to capture your beliefs and findings based on observations or market study. They are key to formulating a successful product strategy. Hence, construct assumptions and test them via continuous discovery processes to evolve your business model and products. Recognising and revisiting assumptions can lead to more accurate and robust conclusions.

Assumptions

In the context of teams, archetypes refer to recurring and recognisable patterns of behavior, roles, or personalities that members embody within the group dynamic. Understanding these archetypes can help in forming balanced teams, managing conflicts, and leveraging the strengths of each member. Here are three common team archetypes: Leaders, Innovators and Executors.

Anchor Pricing

Anchor pricing is a psychological strategy used in pricing products and services to influence customers' perception of value. It involves setting a reference price, or "anchor," which customers use as a benchmark when making purchasing decisions. This anchor can be the initial price shown to customers, and it shapes their expectations about what constitutes a reasonable price.

Archetypes

In the context of teams, archetypes refer to recurring and recognisable patterns of behavior, roles, or personalities that members embody within the group dynamic. Understanding these archetypes can help in forming balanced teams, managing conflicts, and leveraging the strengths of each member. Here are three common team archetypes: Leaders, Innovators and Executors.

Backlog Management

The backlog is a comprehensive overview of your segmented product roadmap, designed to drive specific business outcomes. Avoid viewing it as a laundry list of features, bugs and tech tasks. Backlog management is the art of ensuring there is incremental and continuous flow of value to the customers and business stakeholders.

Balanced Scorecard

BATNA stands for "Best Alternative to a Negotiated Agreement." It is the most favorable course of action a party can take if negotiations fail and an agreement cannot be reached. Knowing your BATNA provides leverage in negotiations, allowing you to make informed decisions and avoid unfavorable agreements.

BATNA

The Balanced Scorecard is a strategic management tool that helps organisations translate vision and strategy into actionable objectives. It integrates financial and non-financial performance measures across four perspectives: Financial, Customer, Internal Processes, and Learning & Growth. By aligning initiatives and metrics, it drives continuous improvement and strategic alignment.

Business Model Canvas

It is a strategy management tool that consists of nine building blocks: Customer Segments, Value Propositions, Channels, Customer Relationships, Revenue Streams, Key Resources, Key Activities, Key Partnerships, and Cost Structure. By providing a comprehensive overview of how a company creates, delivers and captures value, it facilitates continuous improvement of the business model.

CAC

Customer Acquisition Cost (CAC) or Cost of Customer Acquisition (COCA) is the total expense incurred to acquire a new customer, including marketing, sales, and onboarding costs. From a digital product management standpoint, understanding CAC is essential to optimise spending, assess the efficiency of marketing strategies, and ensure sustainable growth by balancing it against the customer's lifetime value.

Churn Rate

Cognitive biases are systematic patterns of deviation from norm or rationality in judgment that lead to individuals creating their own "subjective reality" from their perception of the input.. These biases often result from our brain's attempt to simplify information processing, leading to errors in reasoning and decision-making. These biases are are often influenced by past experiences.

Cognitive Bias

Churn Rate is the percentage of customers who stop using a product or service over a specific period. From a subscription services perspective, monitoring churn rate is crucial for identifying potential issues, improving customer retention strategies, and ensuring sustained growth by maintaining a stable and loyal customer base

Consumer surplus

Consumer surplus is the economic benefit consumers receive when they pay less for a product or service than the maximum amount they are willing to pay (WTP). It is calculated as the difference between the WTP and the actual price paid. This surplus represents the extra value or satisfaction gained by consumers, reflecting their perceived value of the product or service.

Continuous Discovery

Customer Retention Cost (CRC) encompasses the expenses involved in keeping an existing customer engaged and satisfied, including support, loyalty programs, and ongoing communication. Effective management of CRC is vital for maintaining a loyal user base, maximising customer lifetime value, and ensuring long-term profitability by reducing churn.

CRC

Continuous Discovery in entrepreneurship is a means through which we stay close to our customers and consumers by testing our assumptions and collecting market feedbacks through regular engagements. It helps you reprioritise your backlog item, mitigating risks and build brand value by enabling customers to get their jobs done is an increasingly desirable fashion.

Customer centricity

Customer centricity is a business approach that prioritises the needs, preferences, and experiences of customers at every stage of the product lifecycle. This means designing and iterating products based on customer surveys and controlled group feedback, ensuring user satisfaction, and building strong customer relationships to drive loyalty and product success.

Customer success

Consumers and customers are often used interchangeably, but they have distinct meanings. A customer is the individual or entity that purchases goods or services, while a consumer is the end-user who actually uses them. For example, parents (customers) buy toys for their children (consumers). Understanding the difference is crucial for tailoring their marketing strategies.

Customer Vs Consumer

Customer Success is a proactive approach focused on ensuring customers achieve their desired outcomes while using a product or service. In digital product management, it involves strategies and practices to enhance user experience, drive product adoption, and foster long-term customer loyalty, ultimately contributing to reduced churn and increased lifetime value.

3C model

The 3C Model, developed by Kenichi Ohmae, is a strategic framework that focuses on three critical factors for success in business and product strategy: Customer, Company, and Competitor. By understanding customer needs, leveraging company strengths, and analysing competitor actions, businesses can create a compelling value proposition and achieve a sustainable competitive advantage.

COTS

COTS (Commercial Off-The-Shelf) software refers to pre-built, ready-made solutions available for purchase from vendors. It offers quick deployment and lower initial costs, making it ideal for standard business needs. However, customization options are limited, and it may not fully align with unique business processes. COTS is best for organizations needing a proven solution with minimal development effort.

Decision

Decision refers to the act of making a choice among various options regarding product features, strategies, or priorities. Decisions are made based on data, user feedback, market trends, and business goals, and they significantly impact the business direction and success. Effective decision-making is crucial for maintaining a dynamic and responsive business roadmap and market competitiveness.

Decoy pricing

Decoy pricing is a pricing technique used by entrepreneurs where an additional price (the decoy) is introduced to influence customers' purchasing decisions. The decoy is intentionally designed to make another pricing option appear more attractive by comparison. This tactic leverages the principles of relative pricing and consumer psychology, steering customers towards a specific option, typically the more profitable one.

5E Experience Cycle

The 5E Customer Journey Model maps the stages of a customer's interaction with a brand: Entice (attracting interest), Enter (initial interaction), Engage (building relationships), Exit (ending interaction), and Extend (fostering loyalty). It helps businesses enhance customer experience and drive long-term engagement.

Empathy Map

An empathy map is a collaborative tool used in persona definition to visualise what a user thinks, feels, says, and does. It helps teams gain deeper insights into users' experiences, motivations, and pain points, there by leading to better user-centered product development.

FUD

From the lens of an entrepreneur, FUD (Fear, Uncertainty, and Doubt) refers to how you as an entrepreneur should establish your credibility while pitching for investment by explaining the market potential and economics behind your business to overcome fear, uncertainty and doubt in the minds of the investor, there by winning an investment from them.

Hyper-personalisation

Unlike traditional personalisation, which caters to broader customer segments such as age, demography or gender, hyper-personalisation focuses on individual customer behaviours, preferences, and interactions. This approach ensures more relevant and timely product recommendations, services, and communications to meet nuanced individual needs, it significantly enhances customer satisfaction and loyalty.

Human-centered

HIPPO stands for "Highest Paid Person's Opinion." It refers to the tendency for decisions to be influenced disproportionately by the opinions of the highest-ranking person in the room, rather than being based on data, evidence, or collaborative discussion. As a founder it is extremely important that you do not become a HIPPO in the room, rather empower the team take the right decisions.

HIPPO

Human-centered solutions refer to approaches to problem-solving, product development, or service design that place the needs, behaviors, and experiences of people at the core of the process. This methodology emphasizes understanding users deeply and creating solutions that are intuitive, accessible, and meaningful for them.

Ideal Customer Profile

An Ideal Customer Profile (ICP) is a detailed description of a customer persona who is most likely to be an early adopter of your product or service. An ICP helps entrepreneurs focus their marketing and sales efforts on high-value prospects, improve customer acquisition strategies, and maximize the success of your product at launch.

Illusory Correlation

Illusory correlation is the tendency to perceive a relationship between two variables when none actually exists, often based on preconceived notions or stereotypes. For entrepreneurs, this bias can lead to faulty assumptions about customer behavior, product features, or market trends. It might cause them to prioritize features or strategies based on perceived patterns that aren't backed by data leading to decline in sales.

Jobs-to-be-done

The "Jobs to be Done" framework focuses on understanding the tasks that customers are trying to achieve when they use your product or service. Rather than just looking on product features, JTBD explores the underlying reasons why customers choose a particular solution. This perspective helps businesses innovate and design products that helps customers do their job in a desirable manner.

Key Performance Indicator

Key Performance Indicators (KPIs) are quantifiable metrics used to evaluate the success of an organisation, project, or initiative in achieving its objectives. KPIs help track performance against strategic goals by providing measurable values that can be regularly monitored and analysed. KPIs are widely used across various domains to drive performance and gauge progress.

Market segmentation

Market segmentation is dividing a broad consumer base or target market into distinct sub-groups of consumers based on shared characteristics. It can be based on demographics, psychographics, geographic location, behavior, or other factors, allowing companies to personalise their marketing campaigns, products, and services to meet the specific needs and preferences of each segment more effectively.

Market size

Formulated by Robert Metcalfe, one of the co-inventors of Ethernet, this law illustrates how networks become exponentially more valuable as more users join. The law emphasizes the concept of network effects, where the utility or value of a startup that depends on the size of its user base, increases as more participants are added, thereby creating more revenue potential for the startup from the network of users.

Metcalfe's law

Market size refers to the total potential evenue that could be generated from a target market. It can be measured by analysing the total number of potential customers and the average revenue per customer. It's assessed via three key metrics: Total Addressable Market (TAM), Serviceable Available Market (SAM), and Serviceable Obtainable Market (SOM).

MVP

A Minimum Viable Product (MVP) in the context of a startup is the most basic version of a product that can be released to early adopters or your Ideal Customer Profile, to validate key hypotheses and gather feedback. By focusing on the MVP, startups can efficiently use their resources, reduce development time and costs, and make data-driven decisions for future product iterations.

MoSCoW

Murphy's Law is a popular adage that states, "Anything that can go wrong will go wrong." It reflects a humorous and often pessimistic outlook on the inevitability of problems or failures occurring, especially when things seem to be going smooth. It is particularly relevant in entrepreneurship, where it serves as a reminder to anticipate and prepare for potential issues throughout launch and growth process.

Murphy's law

The MoSCoW Method helps teams effectively prioritise tasks by categorising them into Must-Have, Should-Have, Could-Have, and Won't-Have. This framework ensures that critical requirements are addressed first, while less essential items are deferred, enabling better focus on delivering high-value outcomes within the constraints of time and resources.

NOPAT

NOPAT stands for "Net Operating Profit After Tax." It is a measure of a company's operational efficiency and profitability, representing the profit generated from its core operations after deducting taxes, but before financing costs and non-operational expenses. It helps entrepreneurs to better assess the profitability of their business aiding in better performance benchmarking and investment evaluation.

OKR

OKR (Objectives and Key Results) is a goal-setting framework used to align individual, team, and organizational goals to measurable outcomes. Objectives define what is the outcome you aim to achieve, providing direction and inspiration, while Key Results outline specific, quantifiable metrics to measure the success. OKRs promote focus, transparency, and accountability, encouraging ambitious yet attainable goals.

Personalisation

Personalisation in products and services involves tailoring offerings to match the general preferences and needs of customer segments. This includes customisation options, personalised recommendations, and targeted marketing to create more relevant and engaging experiences. By doing so, companies enhance customer satisfaction, loyalty and overall value.

Problem Statement

A problem statement outlines the specific challenges and pain points experienced by both the business and its customers. It should be contextual and concise, clearly describing the problem's impact and quantifying the associated pains. This ensures a thorough understanding and alignment among stakeholders.

RACI

RACI clarifies roles and responsibilities in a startup by identifying who is Responsible, Accountable, Consulted, and Informed for each task. This framework helps ensure clear communication, avoid confusion, and improve startup efficiency and accountability among its founders and staffs.

RAIDD

Reasoning in entrepreneurship involves using logical thinking, analysis, and evidence to make decisions and form conclusions about product features, strategies, or directions. It is based on data, user research, market analysis, and systematic evaluation, ensuring decisions are well-founded and justifiable.

Reasoning

Risks, Assumptions, Issues, Dependencies and Decisions. These elements are often collectively referred to as RAID(D). Managing these items involve identifying, assessing, and actively managing these elements throughout the product lifecycle to mitigate risks, validate assumptions, resolve issues, manage dependencies effectively, and make informed decisions to achieve business objectives.

Service Recovery Paradox

The service recovery paradox is a phenomenon where a customer who experiences a problem with a service and then has that problem resolved effectively by the company ends up being more satisfied—and potentially more loyal—than if they had never encountered any problem at all.

Supplier surplus

In the dynamic realm of supply chain management, various phenomena can significantly impact the flow of goods and services. Among these, the Cobra, Bullwhip, Butterfly, and Snowball effects stand out due to their unique influences and implications. It is crucial for Product managers to put process in place to identify and assess these phenomena in order to mitigate their impact.

Supply chain phenomena

Supplier surplus is the economic benefit suppliers receive when they sell a product at a price higher than their willingness to supply (WTS). It is calculated as the difference between the actual price received and the minimum price vendors are willing to accept. This surplus represents the extra profit gained by supplier.

Unit economics

Unit economics refers to the direct revenues and costs associated with a single unit of a product or service. Understanding unit economics is crucial for evaluating the profitability and scalability of a product or business model. It helps product managers make informed decisions on pricing, customer acquisition, and overall product strategy.

Unique differentiator

UX principles guide the creation of user-friendly products by focusing on usability, accessibility, desirability, findability, credibility, and usefulness. These principles ensure that products are intuitive, inclusive, and valuable, leading to better user satisfaction and engagement.

UX Principles

A unique differentiator or Unique Selling Proposition (USP) or Value proposition in strategy is a distinctive feature, benefit, or attribute that sets your startup apart from your competitors. It highlights the value it delivers to the target market, addressing specific customer needs or pain points better than alternative solutions. This helps justify to customers why they should choose your products over others.

Value

In product strategy, value refers to the benefits provided by a product to its customers and the business. Value delivered focuses on customer benefits and satisfaction, while value captured focuses on the financial gains the business retains from those benefits. Understanding both is crucial for creating successful products that satisfy customers and drive business growth.

Voice of customer

Volatility, Uncertainty, Complexity and Ambiguity are the four elements that every entrepreneur should be prepared to face and overcome, to turn their startup idea into a successful organization. Hence agility is key and ability to pivot once enough validation is done decides the fate of a startup.

VUCA

Voice of Customer refers to the systemic approach of gathering and analysing the pains, jobs to be done and aspirations of our customers. It shall be used as an input to develop products that resonate deeply with your target segment.
Therefore VOC is crucial for creating customer-centric products that drive satisfaction and loyalty.

WTP

Willingness to pay (WTP) refers to the maximum price a customer is willing to pay for a product or service. It involves market research, surveys, and competitor analysis to gauge customer perceptions of value and price sensitivity. By aligning pricing with customer value, product managers can drive sustainable growth and profitability.

WTS

WISMO stands for "Where Is My Order?" and refers to customer inquiries about the status of their orders in e-commerce and retail. Effective WISMO management involves real-time order tracking, proactive customer communication, efficient customer support, and robust technology solutions. Addressing WISMO inquiries promptly enhances customer satisfaction and loyalty.

WISMO

Willingness to sell (WTS) refers to the minimum price at which their suppliers are willing to supply their goods or services. Suppliers do consider market demand, competitor pricing, and their own cost structures when determining their WTS. If a business with its higher bargaining power ends up negotiating with supplier for a lower cost than their WTS, the partnership ends in a win-lose situation.

ZOPA

In negotiation theory, Zone Of Possible Agreement (ZOPA) refers to the range within which two parties can find common ground and reach a mutually beneficial agreement. It represents the overlap between the minimum outcome that the seller is willing to accept and the maximum outcome that the buyer is willing to pay.

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