Enhance Product Management with a Digital Bill Format for Seamless Collaboration

Digital bill format for Product Management

let's look at what is digital product management okay here is a favorite series at least to M money Heist part five that was released on Netflix so why did why why am I bringing this up because we are going to talk about Netflix uh you know as an example and see uh how digital product management will be will be so uh what are the characteristics you know digital products generate a lot of data so for example if I'm um a Netflix user and I go and look at and I have a history of what um what are the um you know movies and shows and uh uh you know documentaries that I have watched what are there's a lot of data in terms of whether I started watching and I left it halfway uh if it's a website then uh where did I click if it's a sign up process till what point did I go you know uh or is there a drop off at the first screen second screen or is it a drop off at the payment so there is so much of data that can be collected uh from digital products and that's why we say that digital products generate a lot of data and uh it also allows constant iterations so that means you can constantly you know iterate those products in in terms of getting in newer versions not only bug fixes but some enhancements some usability fixes so many things can uh you know go in very quickly and in a very frequent and faster Manner and not only do we uh build develop and deliver the product but we utilize the data to enhance the product for example taking the example of Netflix itself uh do you know uh did you know that that you know the icons that you see uh if there's a movie or a show that is being shown I will see a different set of icons ing to my preferences and uh some other user might see a different icon for the same movie for the same show uh the image that that is shown over there so it's as per the analytics that they run they want to utilize the data they on my usage and then they want to show me uh in in a way that I will be tempted to watch that particular show or movie so that is utilizing data to enhance the product right or even it could be like if you see we were talking about drop offs from the pages so can I you know where are the maximum drop offs happen is it at the payment is there something wrong at the payment uh option is the payment Gateway not working what is the possible CA and so we can go back and utilize that data to you know enhance the product maybe make some corrections and so on so DPM stands for digital product management what does it involve it involves this complex analysis because there will be so much of data coming in right what is the data to look at what to look for and so on so then let's how how can we remember what is important so let's look at the ABCDs of digital product management one excuse me one of course is analytics second is business modeling you would have seen uh you would have heard about business model canvas right so how do we uh talk about what is our value proposition who are our partners what are the processes we will do in-house what are the processes we will Outsource uh who is our Target segment who is the customer whom we want to sell to okay what are the uh what are the possible uh Target segments what is the channel uh you know with which what are our revenues um what is our cost structure and so on so that is business modeling then coordination of course within the teams is important in order to have a um in terms of digital product management and design thinking so we'll see a little bit more about uh design thinking as well but these are the ab CDs so as to say of the digital product management so I'll move on and also the product must evolve so what do we understand by evolve we all always know that there are always some technology um enhancements that are happening around the world there are some other U things like maybe uh you know if you've heard of pestel that is uh political economic social technological uh environmental and legal so there could be a new regulation know there could be some other political there could be so many other factors because of which we want to evolve or in terms of the usability so instead of taking two clicks for the user to do the same thing can I do it in just a single click know that will make it easier for the user and more the adaptability of the product will go will become better so let's look at uh so this is one picture which shows you you know what can be how can we use the metrics to improve the system so we start here at the top uh with the system goals users uh products or service and then we look at what data or info should we gather or not gather do the measurements then what did we learn how are we doing then the insights plus tracking that we get and how do we improve um do we need to re refine our go so that's that that goes back as an improve so I think this is pretty much intuitive when we spoke of some examples like drop offs and uh you know uh using customer data um to improve the products uh look for preferences and so on yeah so uh what is common between the two the physical uh the traditional product management and uh the digital product management so this is the value proposition canvas which you might be aware of where we have products and services there there is some pain relievers that we give so typically a product would serve as a pain reliever for some pain for the customer or as a gain Creator and then how does uh how do we look at on the other side the customer jobs to be done what what does the customer what is the customer trying to do know and what are their pains and what kind of gains can be provide them so what is common is of course putting the users first identifying the Real Pain points evaluating addressable markets so not so the what what is the market what is the segment of the customers that we need to address it's not that my product will be uh you know uh sold to everyone so for example U maybe like a music take the example of Spotify not everyone may be a music Club so which kind of segment is it that we are trying to address right then bringing together a team so you know in both the cases you have to get together a team of uh you know um the who works on the product prototyping of course create a prototype of the product uh which is different from MVP uh you guys must be familiar with MVP but a prototype can even be you know um where you have a prototype on the screen where uh you can show or even something U you know a paper prototype or something of course testing and delivering the product and continuously iterating in the market Etc so these are common between the two let's move on so as a digital product manager this is what your avar would look like you handling so many responsibilities so let's look at what those responsibilities are of course lead the development of a digital product or a suite of such products analyze the market to make sure product continues to offer advantages over its competitors right we need to keep the Competitive Edge understand the user Persona bio Persona and develop unique Val propositions for both and of course monitor analyze on the analytics and continually improve you know so that we have a better lifetime value of the customer as we understand the lifetime value is the total value we get from a customer throughout the lifetime so it's not just the initial purchase or you know it's it's um overall so if I am a Tas subscriber then I will be providing um you know um payments every month or on a yearly basis and that uh the total uh that I do over a period of time till maybe I stop being a customer or till the and is the lifetime value so how do we really boost that yeah so and create and prioritize you know the yeah so this these are the last these are the these are the things that a digital product manager