Identify Product Analytics, Growth Strategies, Product Roadmap, PRD, GTM Strategy
Part 1 – Product Analytics
Identify key metrics for your product
Build an analytics dashboard that will track all the relevant metrics across the lifecycle of the product.
- Identify all the relevant metrics that you should monitor across the
lifecycle of your product.
- Build the wireframe for the analytics dashboard, which will help
monitor all these relevant metrics. This dashboard will help you to visually track, analyse and display key metrics and data points to monitor the growth of your product.
Part 2 – Growth Strategies
Identify product growth strategies to drive engagement and monetization
To devise growth strategies for the different stages of the user’s journey. For this:
- List down the major acquisition channels that you will leverage to
acquire customers for your product. You also have to provide a brief explanation of at least 2 acquisition strategies that you will use to acquire more customers for your product. - Explain what will be the activation event (when the user performs the
core action) for your product? You also have to provide a brief explanation of at least 2 activation strategies to ensure more and more acquired users perform the core activities of your product. - Explain at least 2 different retention & engagement strategies that you
will use to ensure that users continue using your product over time – higher engagement often translates to higher retention and lesser churn. - Mention at least 2 referral strategies that you will use to turn your
current users into promoters such that they help in getting new users. - Briefly explain at least 2 strategies that you can use to drive higher
revenue for your product – i.e how would you increase the Average Revenue per user (ARPU) and in turn the Customer Lifetime Value (CLV).
Part 3- Product Roadmap: Create a Product Roadmap with high-level features for one year
Part 4 – Product Backlog & Sprint Backlog
Create the Product Backlog and Sprint Backlog
Now that you have created the product roadmap, add the work items – only high-level epics, features of the product to the Product Backlog. This would span epics & features not only for the MVP but for all future releases of the product.
Sprint Backlog:
From the Product Backlog items, pick up the most important work items (user stories) for the Sprint Backlog, to be worked upon by the development team in the first Sprint. You can assume sprint duration as 2 weeks. Add user stories for both Sprint 1 and Sprint 2 in the template provided
Part 5 – Product Requirements Document (PRD)
Create an exhaustive PRD for your product
PRD:
a. Introduction/ What segment of the product
b. Why segment of the product – key insights from user and market research
c. Scope – what is In-Scope and Out-of-Scope for the MVP release
d. How segment
i. Add detailed Epics, Features, and User Stories to chalk out requirements, with Priority assigned to work items (P1, P2 etc).
ii. You have to add the Epics and User Stories created in Part 4 above in the template provided for PRD. For this assignment, in the PRD template add any 5 User Stories in detail linking them with their related Epics.
iii. Product Wireframes & Prototypes – add wireframes and prototypes to the PRD, created previously as part of IP-1
e. Success Metrics for the MVP – define key success metrics for your product
f. Release Timelines – create a high-level release plan for the various stages of the product development process (SIT, UAT, PROD release).
g. Go To Market – add details in the template provided.
Part 6 – Go To Market Strategy
Create a detailed GTM strategy for your product
Now it’s time to create a Go-to-Market Strategy for the product launch. Some elements of the GTM strategy you have already completed in IP-1 such as Target market identification, competitor analysis (key features, user pain points, etc), and MVP creation. You are now required to complete the following steps
a. Achieving Product/Market Fit – Determine which features from your MVP will help you achieve product-market fit? Also, mention at least 3 key signs or indicators that will help you know, you are achieving product-market fit or not?
b. Product Positioning – how will you position your product against the competition, come up with a positioning statement for your product.
c. Pricing Strategy – define your product pricing strategy and the rationale behind choosing that strategy
d. Sales & Marketing Strategy
i. Identify 2 marketing channels that you will use to acquire restaurant partners for your product with the rationale behind their selection.
ii. Identify 2 sales channels for your product, again provide the rationale behind their selection
e. Product Launch Plan – Finally come up with the final product launch plan – describe briefly the key activities for the following events:
i. Pre-Launch (hint: key readiness for launch)
ii. Launch Day (hint: Release plan / media event / celebrity endorsement etc)
iii. Post-Launch (hint: early user feedback, customer success teams etc)