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The Complete Product Management Course - Azodo
The Complete Product Management Course - Azodo
Instructor:
Nnamdi Azodo
Twitter: @SimplyAzodo
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Instructor’s Bio
Nnamdi Azodo
Current: Senior Product Manager, FairMoney
Past:
● Head of Product, ALAT by Wema
● Product Owner, ALAT by Wema
● Lead, Digital Transformation, Union Bank of Nigeria
● Etc.
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Intro
The course is divided into 4 modules. You can dive into any module at any time but I advise
you follow the modules sequentially, at least for the first time.
This is a personal project and does not represent the views of my employer, past or present
or that of any individual or entity that I am connected with, directly or indirectly.
If you find it useful or think that it could help someone, then share!
Twitter: @SimplyAzodo
Website: https://azodo.ng/
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Product Management
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Product Management
Course
3. Module Three: The Concept of MVP in Product Development
Outline
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Module One
Product Management Basics
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Module One| Product Management Basics
~ Andrew Yang
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Module One| Product Management Basics
So…
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Module One| Product Management Basics
A product is...
Anything that provides a benefit to the market.
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Module One| Product Management Basics
Quick Question...
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Module One| Product Management Basics
Possible Answers...
● Food, generally
● Organic line
Organizations have the liberty to define their product lines to suit their business model
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Module One| Product Management Basics
Note...
● overlapping roles
● income leakages
etc.
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Module One| Product Management Basics
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Module One| Product Management Basics
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Module One| Product Management Basics
The PM Role
The Product Manager is the custodian of the product vision.
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Module One| Product Management Basics
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Module One| Product Management Basics
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Module One| Product Management Basics
Project Management…
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Module One| Product Management Basics
Monitoring
Initiation Planning Execution & Closure
Controlling
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Module One| Product Management Basics
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Module One| Product Management Basics
4. Monitoring &
5. Closure
Control
• Tracking of work in • Project review
progress • Acceptance of
• Tracking of work done
resource allocation • Submission of
• Quality control report
• Reporting, etc
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Module One| Product Management Basics
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Module One| Product Management Basics
- what a product is
- what product management is
- the role of a product manager
- the difference between product management and
project management
Let's continue...
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Module One| Product Management Basics
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Module One| Product Management Basics
Dope
Business Design Tech Product
Manager!
You can be a Product Manager without understanding one or two of these verticals but to be the best of the
best, you need a good understanding of each of the verticals.
While you are not the business development manager, you are expected to understand how the business
works and why people buy from you.
Since you will be working closely with User Interface & User Experience Designers, you need to understand
basic design principles.
Again, you are not a developer but you are expected at least understand basic lingo and have an idea of how
your systems work and interact with each other. So, you can work better with your development team.
Now let's turn our attention to some of the hard and soft skills you need as a product manager.
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Module One| Product Management Basics
Research What does the user or market need? What is the • User research
competition doing? • Market research
• Competitor analysis, etc.
Analytics What are the numbers? What are the numbers • Customer Lifetime Value
saying about your product or users? • Churn Rate
• Customer Acquisition Cost, etc.
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Module One| Product Management Basics
Communication As a Product Manager, you are in constant • Clear written and verbal communication
communication with your stakeholders-
users, engineering team, the business, • Active listening to customers,
vendors, etc. developers, support team, vendor, &
other stakeholders
Stakeholder The skill of managing different people, their • Finding a way to manage people with
Management egos, & mannerisms. This is closely related different motivations towards the
to the skill of communication common good
Negotiation The process of discussion aimed at arriving • Fixing a bug vs building a new feature
at a better outcome • Web vs Mobile app
• Feature prioritization & trade offs, etc.
Teamwork The ability to get a group of people to work • For example, getting a developer to
together towards the desired outcome in assist with testing
the most effective and efficient manner • Helping each other succeed
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Module One| Product Management Basics
User Persona
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Module One| Product Management Basics
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Module One| Product Management Basics
User Persona
A good user persona x-rays who your ideal/target user is. What her fears are, what makes
her happy, what makes her sad, etc. other details usually includes what her pain points
and goals are, where she lives, what she likes, how tech savvy she is. Others includes age,
aspirations, educational level, etc.
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Module One| Product Management Basics
Imagine trying to build a product without knowing who will use your
product, or how your product will be used and for what purpose it will be
used.
That is like building a house without knowing who or what will live in it?
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Module One| Product Management Basics
• Rule 3: Do not re-use the user persona you created for your other project
Rule 4: only include aspects of your users that are important relative to
the solution you are offering
• Rule 5: Use more visuals and less texts. People think in pictures!
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Module One| Product Management Basics
Quick Exercise
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Module One| Product Management Basics
User Stories
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Module One| Product Management Basics
User stories are how the development team understand customer’s requests
Not from the perspective of the developers and what they think is feasible. Not from the
perspective of the Compliance Team and what they think the internal policy is.
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Module One| Product Management Basics
The beauty of this format is that it forces the writer to be concise enough while
still communicating clearly; much like the character limit on Twitter.
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Module One| Product Management Basics
•Description
This is where you describe the feature from the
perspective of the end-user
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Module One| Product Management Basics
Example
•Description
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Module One| Product Management Basics
•Acceptance Criteria
a condition or a set of conditions that must be met for a
feature or functionality to be considered done
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Module One| Product Management Basics
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Module One| Product Management Basics
Example
Acceptance Criteria
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Module One| Product Management Basics
Example:
Given a user of XYZ app,
When I provide the correct email address & password
Then I should be able to login to my account
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Module One| Product Management Basics
• Business Rule
a set of policies/regulations/conditions, typically,
imposed by the business/organization or regulators
as a means to shape behaviours on a broader level
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Module One| Product Management Basics
Example
•Business Rule
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Module One| Product Management Basics
Acceptance Criteria:
• Users must provide their first and last name
• Users must enter their email address and mobile number
• Users must provide their date of birth in this format DD/MM/YYYY
Business Rule:
• Only users who are 18 or more years old would be allowed to sign up
• Users who are below 18 years of age should be shown the message “You
are not eligible to sign up until you are 18 years or older”
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Module One| Product Management Basics
N- (Negotiable)- a good user story should be up for negotiation as you learn more about the
user
S- (Size-appropriate)- must not be too big it’s impossible to estimate or too small that it’s
insignificant
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Module One| Product Management Basics
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Module One| Product Management Basics
• Proposed Solution(s)- how you think the stated problem could be solved
• Key Assumptions
• Go-to-Market/Launch Plans
• Stakeholder Signoff
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Module One| Product Management Basics
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Module One| Product Management Basics
Ask me Anything!
Twitter: @SimplyAzodo
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Module Two
Intro to Agile Methodology & Research
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Module Two| Intro to Agile
Methodology & Research
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Module Two| Intro to Agile
Methodology & Research
Agile…
…refers to a system of working which preaches
that cross-functional, self-organizing teams and
their customers/users work collaboratively,
flexibly and incrementally.
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Module Two| Intro to Agile
Methodology & Research
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Module Two| Intro to Agile
Methodology & Research
Each of these steps is seen as a separate stage of the product development process.
Usually, a requirement document is produced and signed off before any coding
starts. Whenever a change is to be made, usually, another document or an
addendum to the initial document is signed off.
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Module Two| Intro to Agile
Methodology & Research
• There is little need to have the customer constantly engaged at every stage of
the project
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Module Two| Intro to Agile
Methodology & Research
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Module Two| Intro to Agile
Methodology & Research
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Module Two| Intro to Agile
Methodology & Research
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Module Two| Intro to Agile
Methodology & Research
10. Simplicity—the art of maximizing the amount of work not done—is essential
Don’t make a customer think. Your customer, for whom the product was created, should be able to use the
product with all the ease in the world. It’s that simple.
12. Regularly, the team reflects on how to become more effective, and adjusts
accordingly
Continuous improvement. The team must regularly seek ways to be better this sprint than they were in the
last one.
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Module Two| Intro to Agile
Methodology & Research
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Module Two| Intro to Agile
Methodology & Research
Scrum| Kanban
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Module Two| Intro to Agile
Methodology & Research
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Module Two| Intro to Agile
Methodology & Research
The first thing to know about the history of Scrum is that its
development has been a long one with many actors playing different
roles at different times.
Their work greatly influenced the Scrum Framework and formed the
basis for the contributions of subsequent actors.
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Module Two| Intro to Agile
Methodology & Research
Scrum Master
Ensures that the team is keeping to Scrum frameworks and
Agile principles
Product Owner
Manages the product backlog (a prioritized list of features
or functionalities to be built), creates and maintains the
product vision.
Development Team
A flat structure of developers that build out shippable products
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Module Two| Intro to Agile
Methodology & Research
Sprint Planning- at the beginning of every sprint, the team get together
to plan and select as much tasks as it can commit to finish during the
sprint
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Module Two| Intro to Agile
Methodology & Research
Sprint Review- to show work done to stakeholders and then ask for their
feedback
Note: the 4 activities of sprint planning, daily scrum, sprint review and
retrospective are collectively called "Scrum Ceremonies" or "Scrum
Rituals"
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Module Two| Intro to Agile
Methodology & Research
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Module Two| Intro to Agile
Methodology & Research
• The Scrum Master helps the squad remove blockers so they can
focus on the task for the sprint.
On each working day of the sprint, the squad gather for the daily
scrum.
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Module Two| Intro to Agile
Methodology & Research
After the demo, the stakeholders leave. And the team will then
discuss ways to improve the team and the quality of their delivery in
what is known as a Retrospective.
Repeat.
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Module Two| Intro to Agile
Methodology & Research
Kanban
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Module Two| Intro to Agile
Methodology & Research
At any given time, anyone can look at a Kanban board and tell what work is being done and
at what stage as well as tell how much work that can be done concurrently at each stage.
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Module Two| Intro to Agile
Methodology & Research
This means that instead of work being pushed down on the team, work is pulled
by the team based on available capacity.
While Scrum focuses on what can be delivered in a sprint, Kanban does not have
sprints. So, it focuses on finishing tasks and pulling the next task from the list of
prioritized items.
On a typical Kanban board, work moves from left to right while respecting the
work-in-progress limit (see next page)
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Module Two| Intro to Agile
Methodology & Research
An example of a Kanban
Kanban Board (with work-in-progress limit) Board.
• To-do: 5
• Development: 3
• Testing: 2
• Deployment: 1
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Module Two| Intro to Agile
Methodology & Research
User Research
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Module Two| Intro to Agile
Methodology & Research
User Research…
…is the art and science of asking questions,
directly and indirectly, to better understand
user behaviours and motivations.
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Module Two| Intro to Agile
Methodology & Research
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Module Two| Intro to Agile
Methodology & Research
• Focus Groups
Study/interview of a small group of people who have • A/B Testing
similar characteristics In A/B testing you create two versions of the same
thing with only one variable changed. This is then
• Guerilla Testing exposed to different sets of users or potential users
Here, the researcher approaches people and asks
them to perform a specific task. These people are not
recruited ahead of time, hence, the requests are • Web Analytics
usually small requests Interpretation of website data such as clickthrough
rate, IP addresses, etc. to help optimize the website
• Wireframing & Prototyping
* Depending on the format used, surveys can be either
A sample of a product which is used to test users quantitative or qualitative. For the sake of convenience, I have
reaction to the actual product decided to list it under quantitative research
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Module Two| Intro to Agile
Methodology & Research
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Module Two| Intro to Agile
Methodology & Research
Market Research
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Module Two| Intro to Agile
Methodology & Research
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Photo by micheile dot com on Unsplash
Module Two| Intro to Agile
Methodology & Research
Market Research…
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Module Two| Intro to Agile
Methodology & Research
PEST Analysis- Political, Economical, Social, and Technological factors that might
affect a business.
These are external factors which may affect a business irrespective of its size or
product offerings. Businesses don't exist in a vacuum.
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Module Two| Intro to Agile
Methodology & Research
Market Trends- What is the state of the market relative to your product or service? Is
it a new and emerging market? Mature and declining market?
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Module Two| Intro to Agile
Methodology & Research
Competitor Analysis
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Module Two| Intro to Agile
Methodology & Research
~V
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Module Two| Intro to Agile
Methodology & Research
Define the key metrics and rank yourself against your key
competitors
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Module Two| Intro to Agile
Methodology & Research
Exercise
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Module Two| Intro to Agile
Methodology & Research
Got Questions?
Twitter: @SimplyAzodo
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Module Three
The Basics of Product Development
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Module Three| The Basics of
Product Development
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Module Three| The Basics of
Product Development
The term MVP was first coined and defined by Frank Robinson in 2001. Eric
Ries and Steve Blank helped popularize it.
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Module Three| The Basics of
Product Development
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Module Three| The Basics of
Product Development
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Module Three| The Basics of
Product Development
Since you cannot build everything at once, you will have to decide
what to build now, what to build later and what won't be built. That
is where prioritization comes in.
• MoSCoW Method
• RICE Method
• Impact/Effort Matrix
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Module Three| The Basics of
Product Development
Mo - Must have
S - Should have
Co - Could have
W - Won't have
You may use the MoSCoW method for each version of your product... e.g. for the MVP, here
are the features using this method. Then repeat for subsequent versions.
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Module Three| The Basics of
Product Development
2. RICE Method
R- Reach. How many customers will use this feature?
I- Impact. On a scale of 1-5 (5 being the highest) how will this impact our business
objectives?
C- Confidence. Given what you know about the product, feature or market, how
confident are you that this feature will be successful? You may use percentages (e.g. 0-
50%- very low; 50-70% medium; over 70% high)
E- Effort. What will it cost the team to build this feature in terms of efforts?
Now do this simple math: (R x I x C)/E = RICE Score; the higher the better | 5 99
Module Three| The Basics of
Product Development
3. Impact/Effort Matrix
With the Impact/Effort Matrix, you create a
High High Impact, High Impact, matrix to rank impact against required effort
Low Effort High Effort
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Module Three| The Basics of
Product Development
End of Module 3
Ask me Anything!
Twitter: @SimplyAzodo
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Module Four
Measuring What Matters
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Module Four| Measure
What Matters
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Module Four| Measure
What Matters
~ W. Edwards Deming
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Module Four| Measure
What Matters
Please, note that the following metrics are better suited for software products
1. Daily/Weekly/Monthly Visitors
How many users visit our platform or website on a daily/weekly/monthly/etc.
basis?
Compare this over a period of time and make sense of your growth or decline
How many drop off and at what point in the signup journey do they drop off the
most? This should reveal something to you
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Module Four| Measure
What Matters
Facebook is more addictive than LinkedIn because people spend more time
there than on LinkedIn
Then track how many of your total users are active on a daily/weekly/monthly
basis
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Module Four| Measure
What Matters
So, track the percentage of your users who take your desired action. Your
desired action could be making a deposit into your account or taking a loan,
etc.
What is your churn rate? (the rate at which customers stop doing business
with you over a given period of time)
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Module Four| Measure
What Matters
"On a scale of 0-to-10, how likely is it that you would recommend [organization, product, or service] to a
friend or colleague"?
• 0-6 as called detractors (unhappy users who may discourage others from using you)
For example, if 60% of your respondents are promoters and 35% detractors, your...
NPS = 60 - 35 = 25
Got it?
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Module Four| Measure
What Matters
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Module Four| Measure
What Matters
Product Pricing
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Module Four| Measure
What Matters
Product Pricing
Price is the amount of money a user is willing to exchange for a product or
service
A good price is one that matches user's perceived value at the amount they
are willing to pay
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Module Four| Measure
What Matters
Typically, you take the total cost of producing a product and then add a certain
percentage to it.
For example, if it cost you N2,000 to produce something, you could sell at a 30%
markup. So, the price of the good will be N2,600
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Module Four| Measure
What Matters
This is also called surge pricing, demand pricing, or time-based pricing. Here
prices fluctuate based on demand.
This model is popular with airlines and hotels. Uber and Bolts also use this
model
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Module Four| Measure
What Matters
Here you focus on the prices of your competitors' products and less on what it
cost you to produce your own goods.
This model is popular with saturated markets e.g. table water business.
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Module Four| Measure
What Matters
"Free" + "Premium"
Here, companies offer a good part of their product or service for free with the hope that
you will upgrade to have access to more features.
Candy Crush is a good example. They let you play games but limit access to either
playing time or more options.
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Module Four| Measure
What Matters
Time = Money
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Module Four| Measure
What Matters
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Module Four| Measure
What Matters
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Module Four| Measure
What Matters
Companies allow users to pay whatever they wish; this maybe based
on the value they believe they can get from the product.
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Outro'
@SimplyAzodo
www.azodo.ng
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Outro’
Twitter: @SimplyAzodo
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