Introduction
In the fast-paced world of product management, being handed both a key performance indicator (KPI) and a proposed solution can feel like a double-edged sword. While clarity on the desired outcome—such as increasing engagement or monthly active users (MAU)—is invaluable, the accompanying solution may limit your team’s creativity and exploration. As a new product manager transitioning from engineering, it’s crucial to approach this scenario strategically.
Analysis
This situation often leads to a significant challenge: validating whether the proposed solution genuinely addresses the KPI. Relying solely on leadership’s solution can result in a “me-too” tool that fails to resonate with users. It’s essential to recognize that the market is saturated with similar tools, especially in the B2B fintech space. A solution that isn’t thoroughly vetted could lead to wasted resources and missed opportunities.
Moreover, using MAU as a lagging indicator can obscure the real-time understanding of user engagement. The focus should shift towards leading indicators that can provide actionable insights before the final outcome is measured.
Solution
To navigate this effectively, treat the proposed solution as a hypothesis. This mindset allows you to maintain a discovery-driven approach, fostering an environment where you can explore various avenues to validate both the solution and the opportunity space.
Start your discovery process by engaging with existing customers. Understand their pain points and how they currently interact with your product. Conduct interviews or surveys to gather qualitative data, focusing on what they truly need rather than what you think they should want.
Actionable Tips
- Prioritize Customer Feedback: Use customer interviews to discover insights and validate assumptions.
- Identify Leading Indicators: Replace MAU with actionable metrics, such as “n customers took x action in the new product,” to measure engagement more effectively.
- Iterate on the Solution: Use the feedback from your discovery process to refine the proposed solution. This could involve making adjustments to features or even rethinking the entire approach.
- Negotiate with Leadership: If you find compelling evidence that the proposed solution may not meet customer needs, prepare a case to present to leadership. Use data from your discovery phase to support your argument.
- Avoid Common Pitfalls: Stay vigilant against the “me-too” mentality. Ensure your solution offers unique value and resonates with your target audience.
- Test and Learn: Implement A/B testing for different features or approaches to gauge which resonates best with users.
What’s Next?
As you move forward, keep an open line of communication with your leadership while continually validating your findings. This iterative approach will not only help you refine the solution but also foster a culture of innovation within your team. Remember, the goal is to create a product that genuinely addresses user needs and stands out in a crowded market.