"The Time Value of Shipping and the Common Traits of Avid Readers"

"The Time Value of Shipping and the Common Traits of Avid Readers"

What do people who are avid readers have in common? A drive to consume and better understand the world. If you know someone who does this, know that they are seekers on the path of truth. They are obsessed with an in-depth view or long-form content that provides an explanation of a particular point of view or how a thought/reality came into existence. Avid readers tend towards content that gives them this in-depth information. They may start with shallow, short-form content to find the right person or resource that can provide them with the deep knowledge they seek. Once they find it, they take the plunge into the depths of the subject matter.

Avid readers are also likely to be reading more than one thing at a time. Once they have depth in one field, they can quickly understand and learn what it means for another. They have the ability to make connections and draw parallels between different ideas, allowing them to gain a broader and deeper understanding of the world.

Furthermore, avid readers have a system in place to find the next exciting thing to read or learn. They often have a group or community that helps introduce or drive interest in a specific area. If you ask an avid reader for a book recommendation, they will likely give you ten, showcasing their vast knowledge and willingness to share information.

Now, let's connect these traits of avid readers with the concept of "The Time Value of Shipping," which is a core principle for product managers. Shipping is a Feature proposes that you'll never be able to build a perfect product, so you need to learn how and when to ship your imperfect one because customer use of the product is what really matters.

The Time Value of Shipping is a framework that applies this principle. It states that delivering customer value now is worth more than delivering value later. Just like the time value of money, where one dollar today is worth more than one dollar tomorrow due to inflation, the same concept applies to shipping products. If you choose to deliver value later, you need to account for inflation in user expectations, and your eventual product needs to be much better to compensate.

The trajectories of customer expectation and value curves clearly demonstrate the differences. Customer expectation growth accelerates over time because the longer a customer has to wait for their problem to be solved, the more likely they are to switch to a substitute product. On the other hand, the value curve plateaus as the initial excitement and novelty wear off.

This concept also highlights the importance of shipping at the right time. The scope of a minimum viable product (MVP) grows the longer it takes to ship. There may only be one point in time where you can ship and satisfy users, and missing this window can lead to product pivots as companies realize they cannot keep up with customer expectations. However, there are also instances where holding off on a launch, even when it meets expectations, is the optimal thing to do. This is especially true when considering the network effects that come with launches, which have diminishing returns after the initial marketing push.

So, what can we learn from these common traits of avid readers and the concept of the time value of shipping? Here are three actionable pieces of advice:

• 1. Embrace the thirst for knowledge: Like avid readers, always seek to consume and better understand the world around you. Dive deep into topics that interest you and expand your knowledge across different fields. This will not only make you a more well-rounded individual but also help you make connections and bring unique insights to your work.

• 2. Find your community: Just as avid readers have a group or community that helps introduce them to new areas of interest, surround yourself with like-minded individuals who share your passion for learning and growth. Engage in discussions, seek recommendations, and collaborate on projects. Building a strong network will not only enhance your personal development but also open up new opportunities and perspectives.

• 3. Master the art of timing: The time value of shipping teaches us the importance of delivering value to customers promptly. Learn to recognize the right moment to launch your product or idea, considering both customer expectations and the scope of your offering. Don't be afraid to hold off on a launch if it means delivering a better and more impactful experience in the long run.

In conclusion, the traits of avid readers and the concept of the time value of shipping intersect in their emphasis on seeking knowledge, making connections, and delivering value. By embracing these principles and applying them to our own lives and work, we can become lifelong learners, innovative thinkers, and successful product managers. So, let's keep reading, keep shipping, and keep growing.