Episode 41: Dear Melissa - Answering Questions About Thinking Outside the Box
In this Dear Melissa segment, Melissa answers subscribers’ questions about what domain experts can do to learn more about product, how high of a level product people can achieve in organizations outside of SaaS or software companies, and what the right process is for rebuilding a product. Her answers have a core theme in common: as a product person, thinking outside the box and looking for opportunities for disruption is always a good idea.
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Q: Do you have any advice on how I can overcome some of the common pitfalls that arise as a result of being a domain expert and product manager? Where should I focus my career development to become an amazing product manager that can tackle any problem? [1:54]
A: I think a lot of subject matter experts can become great product managers… You need to have an open mind as a product manager and realize that the beauty of product is that you can apply different software solutions to your context to deliver value. That means you've got to get inspiration from everything that's around you, so study all different types of products. It's so much easier to build Tinder because they can have fun but… can you apply that user experience to something else? [2:31]
Moral of the story is think outside the box; study products, study what makes them successful, study what delivers value to your users. That's what's going to level you up because you're already an expert in your domain, you don't need any more of that. [6:04]
Q: What's the highest product role you typically see outside of SaaS or software companies? Do you see a trend of more CPO roles in more traditional companies like banks or insurance? Do you think they should have that role or does a VP or SVP of products suffice when the core product is in software? [7:38]
A: I [don’t usually] see a lot of CPO’s at banks; if there is one, they’re usually several levels below the actual executive team and just wear the title, but aren’t involved in the actual strategy planning at the top… Product roles are about understanding the business at a high level and then looking for ways to disrupt the organization through software. I think a lot of insurance companies, typically older banks, are worried about disrupting themselves, but if you don’t do it someone else will… I think we need more CPO’s in this role; they have to have the power to make these decisions, observe portfolios and work with those VP’s. [8:06]
Q: What’s the best way to approach rebuilding a product? [11:56]
A: There are many different approaches to doing this. We have to think through what’s going to de-risk the project, and then we have to think through the scenarios about what's actually right for your company… Look deeply at understanding how people use the product. Put together a new product vision for it, think about it in different ways, and do your normal discovery process. Don't just build the same exact functionality or same product from scratch; this is an opportunity to make it 10 times better. [12:23]
When you're embarking on something that big, try to do vertical slices from a value perspective; figure out how you can tackle that once you have a good product vision, how you can change these things over time, and how you can get feedback. [17:54]
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