 Hi, thank you for joining the webinar today. I will talk about the why of product management Basically, it's about how you can leverage product management to grow your product Before we start I like to give a quick intro of myself. I'm Joseph. I work at canva beauty plus and you can make up in product rows I got my master's degree in computer science from Qingland University in Taiwan I've always been a product man. I've always been a product person throughout my career. I would like to split today's presentation into three parts how to use final analysis to product strategy Must knows when conducting a be testing how important it is to understand users and competitors so um If you do not understand your users and in product conversions and you do not have product management to help prioritize the tasks It's very likely that you'll end up building all the features Which complicates your experience? Of course That may also be a bit too risk a bit realistic because if you cannot break even Your product may have lost lots of money and the company will start investing in your portfolio or team So I'm just to conclude why product management You want product management to help you achieve business goals With the most prioritized sections or resources in a given time Product managers are a strategist for your company to succeed or grow So let's dive into the first part How to use final analysis to do product strategy first thing first How do you analyze users in a more scientific way? To succeed in this I highly recommend you do a thorough final analysis Whatever your product is We can generally break it down into you know First first time experience where you know users try to understand what value your product is offering Secondly, how do users engage with your product or features? Whether they can find a features is it easy to understand this features Are they satisfied with the effects the features bring to them? Thirdly, do users convert into subscribers and active users? How much do you earn from subscriptions and advertising? Do they return? Do they return? I'd like to give you an example here by using a subscription funnel Let's assume your product as you know Subscription-based product with free trials Here we define several user states New or return users, trailing users, subscribers, retained subscribers, and turning users So you can define the conversions of each like trial rate, trial to pay rate, subscriber renewal rate You can check each conversion by new or existing users market or a country to identify potential issues and make assumptions To be more confident in the assumptions, you can do users research to prioritize the problems to handle For example, to increase the trial rate, your current issue may be you know Because of a lack of discoverability of your entry point Meaning your VIP entry is not apparent to any users So you can make it more prominent. It may also be because you know Your copies are not attractive enough So you may want to improve them for discounts, free trial, etc To include Sorry to increase the trial to pay rate, you may want to remind users of the privileges they earn during the free trials To increase the subscription, the subscription renewal rate We may want to consider offering more discounts for higher LTV Plans to retain more first-time subscribers So as you know and you can see here You can brainstorm product strategies based on each conversion's number in the funnel Just one thing I'd like to emphasize is you must ensure the data is accurate Otherwise you're basically Strategizing based on something not so solid. So please confirm with your data team. Well I just presented a concept for funnel analysis and an example of like a subscription funnel Now I like to give you a big picture of how to strategize This is the framework I designed myself You need to strategize because you have limited resources So on step one, you need to define a key matrix Somebody may call it no star metric. For example, your product may define The subscription to trial rate as your key metric Step two, you need to find key actions For example, you know for the trial rate the key action is to initiate the free trials Step three, you need to define a key finals and their conversions for example to initiate the free trials There are two conversions entry point a subscription page and a click-through rate of the subscription button Later on firstly, you will need to come you will need to conduct qualitative and quantitative data analysis such as user analysis and data and business analysis Let's talk about user analysis first It involves user research in a form of interviews testing and questionnaires You can also you know analyze your app app store reviews or Utilize the reports from third-party platforms or as a third-party Companies to help you conduct a user analysis Then you know, let's talk about data and business analysis It involves like fun analysis user profile analysis business analysis compare analysis and market analysis I Personally very much love to use statistic, but it really depends on your company's pain point and budget Secondly, you have to identify problems and make assumptions and prioritize the problems you have to tackle Lastly, you will need to devise potential solutions usually we need to Design MVP like minimum viable product to verify assumptions then invest more resources into phase 2 and future phases Given no assumption is validated yet. We'll need to run experiments as for how to run experiments. I would cover it later So I like to combine, you know the company goes With final analysis to help you understand better and more about how to do product strategies Let's assume you are working on a subscription-based product still Here we have two company goes mile and ARR Firstly for a mile we can break it down and to acquire new users and boost Activeness which is rather than to retention Because you know monthly new and existing users compose mile obviously So for new users you can have a list two directions organic and not organic user acquisition channels for Existing users you can improve, you know localization and core product user experience design stuff like that Secondly for ARR the team go is to increase subscribers We can actually just break it down into break it down into your child rate, child to pay rate and subscription retention rate or renewal rate whatever you call it This directions all have their relevant product strategies So let's just use Monetization strategy as an example here as we discussed already before You may actually have three product directions in the strategy doc Substitution growth pay feature implementation and pricing strategy Define the success metrics for them and a product strategy for itch for example For subscription growth you may want to improve your Subscription dialogue discoverability, so more than three users will be likely to convert and see your subscribers You may also want to improve your copies or text For pay features you may consider driving you may consider diving into user analysis more before you invest in lots of resources If you're a photo editing app, you may consider Implementing unique features such as painful removers and wrinkle firm features for subscribers Last panelist, you know for pricing you may consider localizing the pricing and payment methods for optimization Now let's talk about a be testing first thing is Why do you need to run a be testing? So you want to run a be testing because you want to grow your product Direct feature routes are risky especially for revenue changes and Nobody is a hundred percent certain about a success of assumptions So we got our own experiments without a doubt So when running a be testing, I would like to summarize some key points first User segmentation is always important for getting the most valuable information You must remember new and existing users have very different user behavior Also Users on in different markets and I was for Android. They are very different Secondly, you must compare data You must compare data Apple to Apple There is no use in comparing data from different data platforms unless they are having exactly the same data definitions and ways of implementation But usually They wouldn't be so much like comparable because for example data from Google Play console and data from Apple, you know connect They might have different, you know definitions for retention rates in this case I wouldn't be comparing this to numbers and I will make sure that like my audience is understand Which number is from which platform I'm using for sure Last but not least you must ensure that there are no unexpected factors like Experiment experiment overlapping if there is such a case you have to be very aware So last but not least Let's talk about how important it is to understand users and competitors So when you're analyzing users and competitors, what do you learn? So basically you can understand like who the users are and where do they go very often Like users rose their concerns motivation when they are trying to purchase a product Also like the challenges they're facing when using your product or when they're trying to you know purchase on the subscription plan stuff like that Also on the size of the company they are working at is it like big size or a small size or medium sized? You can try to understand your like your user persona Which industry do your users come from like are they more like from fashion industries? Are they more like coming from? Tech industries stuff like that and why do they come to your product? What are the pain points you fix for them? What are some issues? You help them solve or resolve and What are your selling points? What are they staying are retaining and use your product? so usually You want to understand users and competitors by asking, you know several different several different questions in the interview So on this page is basically some idea about like how you can do that So I like to separate them into two directions the business level and in product conversion level For the business level you may ask about you know product strength and the product research stuff like that So for market strengths more like you try to understand the gap The distance between you and your competitors in different markets for example draw box and Google Drive Their product features my same quite similar But the way they are marketed and different markets might create the chances for each other for example Google Drive might be able to steal some users from draw box By using some marketing you know initiatives some marketing strategies and vice versa, but how to identify the opportunity We should do some you know research We should try to understand your users and different markets so Let's try to talk about this too So For the business level you may ask about the market strength and product research As I said for example, you may ask why users are or are not paying for your product and why They do why are they doing so for your competitor XYZ This is like a very important, you know question to ask about because in the past experiences I use this to single questions to identify a lot of issues like users do not understand like the wording on the entry point in iOS or you know enjoy it and Because the product I was in charge of it's offering free trials They thought they don't have to pay because of the wording so we then tap on the subscription dialogue and see a lot of like You know notifications about paying They got mad about it So that's the reason why like the click-through rate of that in English speaking countries is so low and I didn't recognize that like until I really did the user research with the users and just by changing a copy of that to make users aware of you know The the substitution plans the conversions increase a lot a lot more than before So such a thing is like I Would say a little hand fruit, but the first thing is you have to identify them before you actually implement them So you may also conduct, you know something like Business health track research for comprehensive analysis. So what is like a business health track research? it's actually a Very giant project in which you try to understand user perception of your own product and also of your competitors and In the given markets you like to dive into Why are you doing that is because you want to understand whether there's a chance for use acquisition? We all know that like for use acquisition. We have organic and inorganic weights Especially especially for inorganic use acquisition channel. We want to make sure that like we are adopting performance marketing in a methodology very thoroughly So If you do this business health track at least it can help you filter out the markets. You might not win over right So and also you may want to understand the trigger and barriers of the users when they're trying to use or use your product You may you might get a lot of insights from that report or analysis So Basically, this is some sharing I can give for the basis level analysis Also for product research, I think you can ask about what our users favorite existing features and what innovation are they expecting? so why are you asking the question is because Normally we might be relying on our own brand too much But you have to make sure that like everything you deliver everything you're asking your engineers to build or implement This things should be directly relevant to what users want you have to fix their pin points so people always ask What do we have to build for a product ABC? Usually make sure that you ask with your users you ask your users of what I want in your product. So you know your directions and For the end product conversion level research I think there's several questions you can ask about it. Let's take the subscription growth as an example you may want to understand why users are incentivized by your Subscription screen or like your subscription plans stuff like that So you might hear a lot of thoughts a lot of reasons why they do not want to pay a lot reasons why they want to pay stuff like that For the like the insights about They want to pay you can use this for your targeted dialogue to convert more users For the reasons why users do not want to pay for it Just try to gain some products initiatives and improve your subscription products better and Why are users into certain subscription plans? so you try to understand and users like colleges psychological status and Try to leverage that and to your paywall design and convert more users I think that's something you can gain from this question and what are the potential initiatives As I mentioned if you do understand like how each users engages In the product conversion in the product and the company each conversion of the funnel I think you'll try to verify your assumptions better and try to prioritize better and thus build a much better product and That's two questions are very Critical as well like how do users engage with first-time experiences? What does that mean? What is first-time experiences? I think I explained it in the beginning. So if a new user Can be satisfied with your product? It's more likely than this user will retain and become loyal and even convert into a subscriber so If you understand whether users are satisfied with your first-time experiences, you can basically try to devise several strategies such as you know onboarding experiences locked-out experiences and How to define the default effects of your features in app or on your website stuff like that and How do users engage with your end product features? So when they become loyal or activated or active in your products Usually how do they engage with your features stuff like that? so You can leverage a lot of knowledge or insights from this like for not just in product but also from you know your EDM email direct marketing strategies or push notification strategies or even you can just leverage this insights on to your US acquisition strategies stuff like that so to conclude You want to Analyze your users and competitors because you want to make sure That like your product has a selling point or unique selling point you are really solving your users pinpoints and You are investing in resources in the right direction and You are really improving your product's performances like quantitatively So I believe for any company Users and competitors analysis can always you know be super helpful to product strategies So before the end of this session, let's summarize what you have learned so first Fauna analysis is the key to product strategy to AB testing helps you grow your product for sure three users and Matters analysis matter to your product analysis and also strategy, of course So here is my link then Feel free to search for Joseph Chan And me as a friend if needed So that's all about my presentation today Thank you. I hope you'll learn something from this session