"The Intersection of Managing New vs Established Products and Lessons Learned in Viral Marketing"

"The Intersection of Managing New vs Established Products and Lessons Learned in Viral Marketing"

Introduction:
As businesses strive for growth and success, they often face the challenge of managing new product initiatives and optimizing existing products or segments. Additionally, viral marketing has become a crucial strategy for entrepreneurs looking to achieve rapid growth. In this article, we will explore the commonalities and differences between managing new vs established products, as well as delve into the lessons learned from viral marketing.

Managing New vs Established Products:
When developing a long-term roadmap for a new product, there are several important factors to consider. First, internal alignment is crucial to ensure that all stakeholders are on the same page. This includes aligning the product strategy with the needs and expectations of users. Additionally, staying updated on changes in the competitor landscape is vital to remain competitive in the market.

On the other hand, optimizing and growing an existing product or segment requires a different approach. The focus shifts towards establishing and maintaining product-market fit. This involves continuously refining and improving the product based on user feedback and market trends.

Advice for Aspiring Product Managers:
For aspiring product managers, breaking into the field can be challenging. Here are three actionable tips to kickstart your career:

1. Explore APM Programs: APM (Associate Product Manager) programs are a great way to gain hands-on experience and learn from experienced professionals. Look for companies that offer APM programs and apply to join their teams.

2. Join Companies with APM Programs: If you're unable to secure a direct APM role, consider joining a company that has an APM program in a different role. This allows you to gain exposure to product management and work your way into the position.

3. Continuously Learn and Grow: Product management is a dynamic field, and it's important to stay updated on industry trends and best practices. Invest time in learning new skills, attending workshops, and networking with professionals in the field.

Insights from Working at Facebook vs Yelp/Yahoo:
Moving from one company to another can bring about significant adjustments, especially when transitioning to a company of a much larger scale. Working at Facebook, with its massive employee count and global impact, requires PMs to prioritize strong company-wide communication to ensure alignment and efficiency. Furthermore, the scale of impact at Facebook is vast, as most products touch millions, if not billions, of users.

Proving ROI for Customer Service Improvement:
Improving customer service in a product area that is difficult to measure ROI can be challenging. However, most aspects of a business can be measured in some way. For example, in WhatsApp's business messaging, metrics such as the number of advertisers, messages being sent, and the number of businesses using the product define the health of the ecosystem. By identifying relevant metrics and tracking them, it becomes possible to assess the impact of customer service improvements.

Lessons Learned - Viral Marketing for Entrepreneurs:
Viral marketing is a powerful strategy for achieving rapid growth. However, it requires careful planning and execution. Here are some key insights:

1. Viral Coefficient: The Viral Coefficient represents the number of new customers that each existing customer can successfully convert. For true viral growth, the Viral Coefficient must be greater than 1.

2. Viral Cycle Time: The Viral Cycle Time is the duration it takes for a user to share a product with others. Shortening this cycle time has a significant impact on growth. Products that can only work if they are shared tend to be the most viral.

3. Product Design and Engineering: Virality should be built into the product from the beginning. Product designers and engineers should collaborate to create features and experiences that encourage users to share the product with others.

Conclusion:
Managing new vs established products and implementing effective viral marketing strategies are essential for business success. By aligning internal goals, understanding user needs, and adapting to market changes, businesses can navigate the challenges of product management. Additionally, incorporating viral elements into the product design and focusing on shortening the Viral Cycle Time can accelerate growth. By following these insights and taking actionable steps, entrepreneurs and product managers can drive their businesses towards sustainable growth and success.