Understand the Product and Set Goals
Explore how to connect a product or feature to its company's mission by identifying its purpose and key goals. Understand different business models like B2C, marketplace, and startups to set relevant metrics for measuring product success. This lesson guides you to ask critical questions that clarify why a product exists and how it drives user engagement, growth, retention, or revenue.
We'll cover the following...
Next, we must take our understanding of the product and use it to set goals that connect it back to the mission statement. At a high level, we should use this framework step to answer the question: why does this product/feature exist for the company?
How to determine why a product exists
Many times, this depends on the type of business. If it’s a social media company like Facebook, most features exist to drive engagement on their platform. We want to focus on sales and revenue for a problem that relates to a B2C ...