The Time Value of Shipping: Combining Principles for Product Managers and the Importance of Continuous Learning

The Time Value of Shipping: Combining Principles for Product Managers and the Importance of Continuous Learning

Introduction:
In the world of product management, the concept of "Shipping is a Feature" is widely recognized as a core principle. It emphasizes the importance of delivering a product to customers, even if it is not perfect, as customer usage and feedback are what truly matter. To further explore this principle, we can apply the framework of the Time Value of Shipping, which draws parallels to the time value of money. Additionally, it is crucial for individuals to embrace the idea of continuous learning in order to stay young, both mentally and professionally.

The Time Value of Shipping:
Similar to the time value of money, the time value of shipping recognizes that delivering customer value promptly holds greater significance than delaying it. When we choose to postpone delivering value, we must consider the inflation in user expectations and the need for a significantly improved product to compensate for the delay. The trajectories of customer expectation and value curves demonstrate this difference clearly. While customer expectations grow exponentially over time, the value curve plateaus. This exponential growth in expectations is fueled by the fact that the longer customers have to wait for a solution, the more likely they are to switch to a substitute product. Therefore, product managers need to be mindful of the time value of shipping and ensure that they can keep up with customer expectations.

The Scope of a Minimum Viable Product:
The concept of a minimum viable product (MVP) is often advocated as a way to quickly deliver value to customers. However, as time passes, the scope of an MVP may expand. There may come a point where there is only one intersection between customer expectations and the value curve, known as the "gap of doom." This realization often leads companies to pivot their product strategy, moving towards industries where customer expectations are more attainable. It is important to note that shipping an MVP does not always have to occur at the first intersection of the curves. Sometimes, it is more optimal to delay the launch, even if the product meets expectations. This is particularly relevant when considering the network effects that accompany launches. After the initial marketing push, the returns diminish, and it may be beneficial to hold off on the launch to reap the rewards of virality and user delight.

The Importance of Continuous Learning:
Henry Ford once said, "Anyone who stops learning is old, whether at twenty or eighty. Anyone who keeps learning stays young." This quote highlights the significance of continuous learning and its impact on personal growth. The brain possesses a unique quality known as neuroplasticity, enabling it to constantly change. By embracing a mindset of continuous learning, individuals can reap various benefits, including sharpening their minds, improving memory, boosting self-confidence, experiencing a sense of accomplishment, and connecting with like-minded individuals. To foster continuous learning, one can choose to focus on subjects of personal interest, engage in conversations with knowledgeable individuals, read quality books, and even share knowledge by writing their own book or teaching others. It is essential to make time in one's schedule for activities that bring joy and facilitate continuous learning.

Conclusion:
In conclusion, the principles of the Time Value of Shipping and continuous learning hold significant value for both product managers and individuals in general. By understanding the importance of delivering customer value promptly, product managers can navigate the ever-changing landscape of customer expectations and make informed decisions about product launches. Simultaneously, embracing continuous learning allows individuals to stay mentally agile, gain new skills, and stay young at heart. To apply these principles, here are three actionable pieces of advice: 1) Prioritize timely delivery of customer value, even if the product is imperfect; 2) Dedicate time to continuous learning by engaging with knowledgeable individuals, reading quality books, and pursuing personal interests; 3) Consider the optimal timing for product launches, taking into account the network effects and potential for virality. By incorporating these practices, individuals and product managers can unlock their full potential and thrive in their respective domains.