Essential Shop Receipt Template for Product Management to Streamline Your Workflow

Shop receipt template for Product Management

a well written PRD is probably the single most important factor that can make or break any product so today I'm here with a free PRD template to help you guys draft that perfect PRD which is going to make life simpler not just for you but for all your concerned stakeholders hello everyone and welcome to product is life your onetop shop for anything and everything about product management the link for the P template is in the description for you to download and reuse it for free but I would strongly suggest you to stick around for the next 5 minutes to actually understand the different sections mentioned in the template because only then will you be able to make the maximum use of that template so let's get started the first section we have is the objective here we talk about the why of the problem statement why are we building this product what's the user problem we are trying to solve what value ad are we trying to offer to the users and we always have this misconception in our mind that the objective needs to be something Grand or fancy which changes the future of the company or something like that the objective doesn't always need to be a grand one it can be a simple objective like achieving competitive parity or satisfying some regulatory requirement or it can be a more complex one like entering a new geography or solving a user problem with a time of let's say $10 billion but what whatever it is the key is that it needs to be absolutely clear and there are no assumptions or ambiguity around it and you should always try to substantiate your why with some data points for example our monthly active user base has been regularly going down by 10% per month over the last 3 months and that is why we are going to do whatever we are going to do in this product which we will explain in the subsequent sections of this document next section that we have is the success criteria here we basically talk about a bunch of business or product metrics that you would track post launching this product success metrics as the name suggests are those specific metrics and the expected targets that would determine whether the product is a success or failure for example if you launch some product which is supposed to increase your active user base let's say so then you can Define your success criteria as your ma or monthly active user base should go up by 5% or if it's an OT platform then you can say your daily watch time should improve by 5% or whatever is the relevant metric for your product it needs to have some significant impact now in addition to the success metrics there are also a bunch of guardrail metrics that we often Define as part of this section and guard rails are basically those metrics which should not get negatively impacted for achieving the target defined in the success criteria that is if there is no positive impact on these metrics then that's fine but there should not be no negative impact on these metrics to help you understand this with an example let's say if the success criteria is to improve ma by 5% then guard rail can be that your bounce rate should not increase by more than 1% from whatever was your Baseline because otherwise it may mean that whatever additional traffic your product is bringing in majority of them are junk or irrelevant and another example can be let's say for YouTube If the success criteria is increase total ads shown by 5% then the guardrail can be total watch time per user should not decrease otherwise PMS at YouTube can easily just start showing 10 ads per video if that's the only success criteria they have without any guard rails next section is called the product detail section which I often refer to as the meat of the document first in the overview subsection you talk at a high level about the proposed solution to the problem statement so effectively this section is about the what part of the solution to the Y part of the problem you talked about earlier in the objective what are we going to do to solve the problem as a simple example you can say that to address the problem of decreasing sign up per visitors we are proposing a simplified signup flow next subsection is the user stories where we now dig deeper and talk about the how part of the solution how are we going to build whatever we just mentioned in the overview subsection user stories are one of the most common ways of detailing out the product and it goes something like this as a certain user type I want to perform certain actions so that I can achieve certain goals a very simple example can be as an e-commerce user I want to get notifications Whenever there is a price drop in any item from my wish list so that I can get the best deal please note that though this is a commonly used format but it is not a hard requirement discuss within your product design and engineering team and if some other format works better then use that also try to mention any assumption known constraints dependencies or prerequisites with respect to your product as part of this section in addition to the user stories try to have a workflow diagram as well because a picture is indeed worth a thousand words so maybe add a flowchart or some process flow diagram I personally use Lucid chart and draw. iio to make such flowcharts but there are n number of such tools available online feel free to use whatever tool you like next subsection we have is the ux design which is just a visual representation of your proposed product and depending upon what stage your PRD is in the ux designs can be low FID High FID or final designs in the end to substantiate your ux design you can add some competitor review or snapshots if a similar product is already available in the market it would help with the better understanding of the product if some referencing or benchmarking can be done with something that is already live okay so now by this part you have covered the majority of the product management related details and the subsequent sections talk about some of the project management related aspects of product development here we first talk about the release plan which gives some tentative idea of when this product should go live now it is important to note here that product managers are sometimes Infamous for imposing timelines on the team and though it's good to have some clarity of by when the product is needed the timeline should always be collectively discussed and then decided so what I usually do is that when I write a PRD the release plan section is usually left blank and only after discussing it with the stakeholders from product design and Engineering when they have understood the requirement done their effort estimation and shared their feedback with the product team then I update the release plan that way there is some confidence in the timelines that yes it is going to get done by then otherwise if product managers have their way they would want everything to be built ASAP and there is even there is even a breed of us who want things yesterday don't be those guys next is the stakeholder review and sign off section this again brings in some accountability from different teams that whatever we are going to build is well understood by all the relevant stakeholders this actually is an important section of the PRD as if we leave the sign offs just to verbal discussions then there are going to be disagreements down the road where people go back on their words and then there is this whole mess of he said she said kind of a thing to avoid all of that it's better to record sign off and comments up front a quick disclaimer in the end this is a template which has worked well for me in the past but this is not something which is carved in stone so feel free to improvise and add or delete any section as you feel relevant depending upon your product do let me know in the comments if you have any feedback on this PRD template and please like and share this video if you found it helpful and don't 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