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Receipt format sample for Product Management

[Music] hey fam welcome back in today's video we'll be talking about the key components of a prd to help you get a deeper understanding of how to write one we will do this by walking through an example of a prd template together if you are currently a product manager looking to transition to product management or will be working closely with a product team this video will help you gain more insight into a key part of the product development cycle to learn more about what the product requirements document is please check out this video linked here now let's jump right in so what components make up a prd every company will have their own prd templates because having a consistent and structured product document allows everyone to follow along and easily contribute to it by providing feedback or adding questions or comments in general most prds will provide clarity on these three things number one what is the problem and why are we solving it number two what are the measurable outcomes that we are trying to achieve in other words what does success look like and number three what should the product do which is also known as the product requirements remember as a pm you're answering why a product should be built and what it should do it is up to the engineering and design teams to come up with how to build the product before we move on to an example of a prd template i'd like to welcome those who are new to our channel my name is dante i'm a product manager and i have experience working at facebook airbnb accenture and wepe if you're interested in working in the tech industry and looking for career guidance this is the channel for you our goal is to provide you with practical advice and knowledge to help you enter and thrive in the tech industry what does a prd look like if you ever need to write a prd here is a simple template that you can follow start your prd by inputting the name of your project at the top right here now one thing i like to do to improve our team's documentation is to include these two things at the top of any document that i create the first is to add the document owner which in this case will be the product manager's name and second is to add the date when the document was last updated in case there are any questions or someone new is referencing your document they will know who to contact and how up-to-date the information is alright so now let's talk about the first section of the prd which is what i like to call the key info section right here this is a table at the top of the page that provides information on who the key points of contact are when the product will be shipped and the current status of the project one thing i would like to hide here is that the last room the table will contain any relevant documents for the project having related project documents in one place is really important because this will help your engineers designers and other stakeholders be able to self-serve and find those documents without having to ask you where they are constantly and it reduces the workload for you moving on to the table of contents there are eight key components of a good prd the first is the overview second are the goals third are success metrics four are listing your assumptions and dependencies fifth are the product requirements six are the user experience mockups seven are the questions and eight is listing out what is out of scope now we'll go through each of these components and provide you with more context on what should go in each section in the overview section you need to frame the problem you're focusing on and provide background information for your stakeholders you can do this by answering the following questions why are we doing this how does this fit into the overall company objectives and what problem is this solving to answer the first question why are we doing this think about how you and your team came to the conclusion that this is a real problem and why it is worth solving for example are there any data points that you or your team can use from presentations or research done by your design data science or ux research teams to help you explain why the problem you're solving is important are there any competitor launches or macro trends happening in your industry that are driving this effort forward or are there any increases issues or bugs being reported to your customer support teams that need to be addressed also make sure to mention how this product and the underlying problem you're working on aligns with the key objectives set by your company's leadership team for example will this product help your company enter a new market and this is part of the overall growth strategy or will this product launch contribute to your company's annual revenue targets lastly clearly define what the problem is and talk about who is the target audience you're building for it's important to distinguish here who the users and customers of your product are and point out the benefits that you aim to provide them with this product moving on to the next section which is setting goals for your product you will want to emphasize here the outcome you are trying to achieve and you can do this by asking yourself what will success look like also think about what your user will be able to do when your product is launched third component is the success matrix in this section you need to include key metrics that your team will track to measure success one way you can do this is by thinking about the following questions how do we know if we've solved the problem here is a simple template to get you started we will track the following metrics to measure success metric number one metric number two and metric number three in bullet points some examples of success metrics are number one how long it takes for users to interact with the feature for the first time number two what is the percentage of users who interact with the future number three how much time users spend interacting with the future number four abandonment rate and number five frequency how often each feature is being used the fourth component of our prd template is to list out any assumptions or dependencies assumptions are any ideas or opinions you consider to be true without actual proof you're probably wondering why it is important to specifically write out your assumptions by listing your assumptions in the prd it will allow your engineers designers and other key stakeholders to poke holes at them make suggestions and prove whether or not those assumptions are accurate if your team is not aware of the assumptions you are making and they proceed with building the product a certain way you may end up building a biased product that will fail because it does not solve what customers need or want but rather what you think they need or want dependencies are any internal teams or systems that may be impacted or needed to support the development of your product all right next we will cover one of the most important parts of the prd your product requirements this is where you define the requirements of what the product should do so fill out the table here with as many details as possible first include a short title for each requirement as an example desktop screen sharing for zoom then work on writing the user story in a short sentence describe what the feature is intended to do from the perspective of the end user here's a template to help you with that as a blank i want to be able to blank so that i can blank here's an example as i zoom host i want to be able to share my screen so that i can collaborate with my team on a presentation next in the acceptance criteria column you need to list out all the steps in the workflow that need to be completed in order to fulfill the user story continue with the previous example when the host clicks on the share screen button they will be presented with a screen they can select a screen they want to share all active screens are eligible for selection the user can select your whiteboard as well as share phone screens via cable next make sure to prioritize each user story so the engineering understands which ones are critical to have versus the nice two house lastly include a link to the jira ticket for each user story and that any relevant notes such as open questions and links to the documents that help with any decisions in regards to the acceptance criteria as you can see down here to wrap this up the requirements section is the most important part of the purity the design and engineering teams will reference to help them in designing solutions moving on to the user experience mocks personally i think it is super helpful to include mocks or visual diagrams in the prt to make sure that everyone understands the desired functionality of the requirements collaborate with your product designer on this and include the link to their figma file or sketch file in here for reference having mockups and wireframes in your prd will help engineering teams understand what the workflow should look like moving on to the second to last section which is to list out any questions that may come up while writing out the document or frequently asked questions that your stakeholders keep bringing up this section is important because espn's people across the team will ping you for any questions that they may have by documenting the faqs you can point them to the prd to check if their question has already been answered so that you spend less time answering the same questions over and over again and the last component of the prd is to include what is out of scope this section explicitly mentions what we are deciding not to solve for and why it is very important to explain what you are not solving for to ensure that all of your stakeholders are aligned and working towards the same goal this will save you a lot of headaches throughout the product development process as people will always come to you with ideas and questions on what you're building when this happens you can point them to this section of the prd so they can have a clear idea of what is in scope for the product and this is the prd template that we have put together to recap in order to write a good prd you need to have consistent structure by using the prd template that we covered today you will provide your team with enough information to have a clear understanding of the what and why behind your product and be able to move forward together if you have any questions feedback or know of any resources or tips on prds please share them in the comments down below if you found this video helpful please give it a thumbs up and share with someone whom you think can benefit from it if you haven't yet make sure to subscribe thank you so much for watching and we'll see you in our next video you