In this episode, Leah interviews Greg Cohen, CEO of Fortis about the current state of the financial technology industry. They discuss the concept of "The Great Restoration" and how the industry is experiencing a shift due to changing interest rates and market dynamics. They also explore the challenges faced by startups in the industry, such as the need for profitability and regulatory compliance. The conversation highlights the importance of building a strong foundation and focusing on long-term sustainability in order to navigate the changing landscape.

Takeaways:

• The financial technology industry is going through a 'great restoration' due to changing interest rates and market dynamics.
• Startups in the industry are facing challenges such as the need for profitability and regulatory compliance.
• Building a strong foundation and focusing on long-term sustainability is crucial for navigating the changing landscape.
• Acquisitions and partnerships can be opportunities for growth and scalability.
• Regulation can help legitimize and create a level playing field for emerging payment methods like buy now pay later.

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In this podcast episode, Leah and Marilyn discuss OKRs (Objectives and Key Results) and their role in product management. They explore the misconceptions and challenges surrounding OKRs, emphasizing the importance of understanding the purpose and context behind them. Overall, they stress the need for a thoughtful and practical approach to implementing OKRs.

Takeaways

• OKRs are often misunderstood and seen as a magical solution, but they require a thoughtful and practical approach to be effective.
• OKRs should be aligned with the overall business strategy and goals, and all teams and individuals should understand how their work contributes to those objectives.
• OKRs provide a framework for measuring progress and driving business agility, but they should not replace other management practices or be used as a standalone solution.
• Understanding the economics of the business and the different seasons or stages of the company is crucial for setting meaningful OKRs.
• OKRs enable teams to focus on key results and learn from their progress, rather than just chasing arbitrary metrics or targets.

In this episode, Leah and Marilyn discuss the importance of psychological safety in product management. They define psychological safety as creating an environment where team members feel safe to take risks, be vulnerable, and share their opinions without fear of humiliation or criticism. They reference a study done at Google, which found that psychological safety and trust were the top factors that contributed to team productivity and effectiveness. The hosts emphasize the need for open and honest communication, a common vision, and the ability to bring one's whole self to work.

Takeaways

• Psychological safety is crucial in product management as it allows team members to take risks, be vulnerable, and share their opinions without fear of humiliation or criticism.
• A common vision and open communication are essential in creating psychological safety within a team.
• Leaders should foster an environment of honesty, respect, and kindness to build trust and psychological safety.
• Bringing one's whole self to work and allowing team members to do the same contributes to psychological safety.

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In this episode, Leah and Marilyn dive into their personal experiences with the highs and lows of product management. They share captivating stories of successful product launches that significantly impacted their organizations and frustrating failures that came with costly lessons. Through these anecdotes, they highlight the importance of iterative development, the power of small, empowered teams, and the challenges of working within highly matrixed organizations. The discussion also covers the crucial role of clear roles and responsibilities and the importance of aligning the company’s vision and mission to create a supportive and collaborative environment for product development.

Key Takeaways:

• Iterative Development: Iterative development is more impactful and valuable than big bang product launches, benefiting both the user and the business.
• Empowering Teams: Small teams with a common goal can achieve significant wins, creating momentum and a sense of urgency.
• Clear Roles: Highly matrixed organizations with unclear roles and responsibilities can hinder product development and lead to failures.
• Bridging Gaps: Product managers should bridge the gap between business and technology, driving the overall vision and mission of the company.
• Right Fit: Finding the right company that values and supports product managers' skills is crucial for their success.

Tell us about your biggest successes (or failures) as a PM by going to our website: PracticalPMPodcast.com

In this episode, Leah and Marilyn talk to Product Leader & Change-Maker Dana Rosenberg about her superpower of galvanizing teams and driving change in product management. The discussion emphasizes the importance of simplifying the story, focusing on key narratives, and regularly delivering measurable progress. The hosts and guest share their experiences and lessons learned in product management and from working with one another.

Takeaways

• Simplify the story and focus on key narratives to drive change and deliver measurable progress.
• Effective stakeholder management is crucial for success in product management.
• Creating a consistent rhythm of the business helps teams operate predictably and efficiently.
• Break down goals into measurable steps and prioritize what will have the most impact.
• Storytelling is an essential skill in product management, allowing for clear communication and alignment.

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In this episode, Leah and Marilyn discuss some of the biggest misconceptions about the role of a product manager. They start with the idea that product managers are the CEOs of the product, emphasizing that product managers must influence without control and work as part of a team. They also address a few other often discussed myths and misconceptions.

Takeaways

• Product managers are not the CEOs of the product, but rather influencers who work as part of a team.
• Product managers should focus on understanding the strategy and problem-solving, rather than simply taking orders.
• Product management and project management are distinct roles with different focuses.
• Technical skills are not a requirement for product managers, as their role is more about problem-solving and understanding the market.
• Product management is a challenging and multifaceted role that requires balancing various responsibilities.

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In this episode, Leah and Marilyn discuss the tension between building for customers and building things that matter for a business. They explore why product managers often prioritize customer needs over business goals and the importance of understanding the customer. They also discuss the concept of minimal viable products (MVPs) and the need to focus on solving real customer problems rather than building shiny, pretty products. The conversation highlights the importance of aligning customer needs with business goals and finding the overlap between the two.

Takeaways

• Product managers often prioritize customer needs over business goals, but it's important to find a balance between the two.
• Understanding the customer is crucial for building products that solve real problems and generate revenue.
• Minimal viable products (MVPs) should focus on testing a thesis and learning from customer feedback, rather than being maximal or trying to delight customers.
• Product managers should have a clear path forward for their products, considering both deep and wide expansion and economic viability.
• Aligning customer needs with business goals and finding the overlap between the two is essential for building successful products.

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Leah and Marilyn discuss bad habits that product managers often fall into. They share their own experiences and provide insights on how to overcome these habits. Some of the bad habits discussed include avoiding detail work, being too opinionated, over-engineering solutions, trying to emulate larger companies, not talking to customers, and not being honest about project status. They emphasize the importance of being practical, focusing on customer value, and maintaining open communication with the team.

Takeaways -

• Avoiding detail work and not providing clear acceptance criteria in user stories can lead to confusion and delays.
• Being too opinionated and inflexible can hinder collaboration and innovation within the team.
• Over-engineering solutions can waste time and resources, and simplicity should be prioritized.
• Trying to emulate larger companies without considering the unique strengths and limitations of your own organization can lead to unrealistic expectations.
• Not talking to customers and relying solely on internal perspectives can result in products that don't meet customer needs.

Feel free to leave comments, questions, or show ideas here or on our website: PracticalPMPodcast.com

Leah and Marilyn discuss their journey as product managers, the challenges they faced, and the practical aspects of product management. They emphasize the importance of critical thinking, problem-solving, and the need for practicality in applying product management frameworks. They also share a stakeholder interview tool to help product managers think critically about the work they are being asked to do.

Takeaways:

• The importance of critical thinking and problem-solving in product management
• The need for practicality in applying product management frameworks
• The value of exploring other approaches and being open to different solutions
• The role of a product manager as a servant leader, focused on disambiguation and understanding
• The stakeholder interview tool as a resource for thinking critically about product management tasks

Feel free to leave comments, questions, or show ideas here or on our website: PracticalProductManagementPodcast.com

Here's a little sneak peak to Episode 1 of Practical Product Management.

In this episode get to know Leah and Marilyn and hear why they think it's so important to marry theory with practical tools.