Ray Choi

The Key to Measuring Product Market Fit: Why Retention Matters More Than Satisfaction I often get asked, “how can I determine if I have Product Market Fit (PMF).” For any new product launch, accurately gauging PMF is critical. A powerful indicator of this fit is customer retention, which often provides deeper insights than mere satisfaction metrics. Understanding and measuring retention offers a clear view of how well your product resonates with your target audience. Retention goes beyond the initial excitement of a new customer. It delves into the ongoing relationship your customers have with your product or service. For instance, consider a mobile gaming app. Here, retention isn’t just about downloads but how often players return to the game. This return rate is a tangible measure of the game’s relevance and appeal to its audience. Moreover, retention can be a telling predictor of long-term business viability. It’s not just about customers using your product, but how they integrate it into their daily or weekly routines. How should you measure retention? Let’s break it down with a simple method: cohort analysis. This technique tracks groups of customers over a period to see if they continue using your product. The goal is to observe a stable or ‘flattening’ retention curve, suggesting that customers find lasting value in what you offer. Imagine you own a coffee shop. To understand how well your shop retains customers, you can use a method called cohort analysis. This method involves grouping customers based on when they first visited your shop and tracking their return visits over time. Read the full article here for examples and how to bring this to life: https://lnkd.in/ggFEbJSZ

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Check yourself before you wreck a product manager’s career. Is a PM on your team struggling? Before writing them off, take a look at systemic issues. This isn’t just about fairness; it is essential to ensure you aren’t going to repeat the same problem with your next hire. Some organizational issues to watch out for include: * Is the PM role clearly defined and understood in your org? * Does the PM have the resources they need to execute effectively? * Has the PM received enough support as they ramped up? * Does your org communicate effectively across departments? * Do you have clear product-market fit, or are you still searching? And some tough questions to ask yourself: * Have you put in the time to establish a relationship with the PM? * Have you made it safe to come to you with problems and questions? * Were you clear about what it takes to succeed on your team? * Have you provided the air cover they need to make tough calls? If you answered 'no' to many of these questions, consider whether the issues you observe in a PM’s performance may actually be symptoms of more fundamental organizational problems. (Check back in the comments soon for a longer article on this topic.)

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I am increasingly worried that instead of addressing systemic challenges we're choosing to direct our ire on personas (e.g., zero-interest PMs). I understand Casey Winters's statement (and have spoken with him about it), and I understand Ed Biden's sentiment. But... Someone hired those PMs. Someone funded those companies. Someone set expectations for those PMs. A leader benefitted (or didn't from their work). Someone had the job to mentor those PMs, and share business context and the strategy (assuming one even existed). Zero-interest rates impacted their companies, and may have in turn set expectations for their roles. This makes it about the PMs vs. the perverse incentives in companies during zero interest rates. Also creeping into these descriptions are character judgements on individuals ("Don't feel accountable"). Do we really believe there is some epidemic of people who don't feel accountable vs. environments where accountability is increasingly unsafe, unhealthy, or otherwise? These statements are giving a get-out-of-jail card to people presiding over (and shaping) these environments.

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Nick is one of the greatest product coaches out there today. 💪 It was a delight getting to chat with him about his journey from product to coaching. He talks about some of the things we don't often hear in Product Management, mental health. His stories about the challenges he's overcome were inspiring and hope to have him on the show again to cover more! If you have any questions for Nick after listening to the episode, comment on this thread so I can bring him back on. 🙌 Product Coffee - productcoffeepodcast.com #productcoaching #productmanagement #transformation

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In my weekly conversations with product leaders, the desire for impactful PM-driven training often surfaces, highlighting a real need to empower teams. Hoda Mehr, our CEO at Products That Count, shares her thoughts below. 🤔 Here’s a question for all you product management pros out there: What kind of training do you think makes the biggest difference in accelerating a PM's career? #ProductManagement #ProfessionalGrowth #ProductCareers #ProductsThatCount

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Facing product management challenges? I’ve got you covered. In the Dear Melissa segment of the Product Thinking podcast, I’ll answer your toughest questions—whether it’s prioritizing features, aligning strategies, or building high-performing teams. Submit your questions at DearMelissa.com and get practical, actionable advice to elevate your product management game. (P.S. Need a quick response? Drop me a voicemail—I'll give your questions top priority!) #productmanagement #dearmelissa #productstrategy #productleadership

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📢 Announcing a New Community for Product Leaders When I was a Chief Product Officer (CPO), I often felt isolated, without anyone to share my struggles and insights with. Upon transitioning out of that role, I coached many others facing the same challenges. To address this, four years ago, during the pandemic, I gathered six fellow CPOs, and together we founded the Skip Community. The Skip Community facilitates conversations that you simply can’t have anywhere else. Discussions like: - How do I navigate working with my boss, who is also the founder? - I’m starting my job search… what interesting positions are you seeing in the market? - How should I manage a layoff? - I’m about to hire a second-in-command, has anyone worked with her before? - I had a huge win at work, can we celebrate together? - I’m concerned about the management team’s culture, should I consider leaving? - Is it worth exercising this stock? - How should I evaluate these three job offers? - Should I double-down on my core product or split part of my team to innovate? - Has anyone run an M&A process before? - Ugh… today was a tough day… While there are many valuable product communities, ours is unique due to the trust between our members. We prioritized quality over quantity, slowly growing by adding a few heads of products each quarter for several years. Last spring, we realized that many of the up-and-coming PMs we knew could benefit from a curated, trusted community. Could we expand our close-knit group and retain the quality of conversation, but accelerate the next wave of leaders? Although we are still only 1% complete, I’m thrilled to share that we now have over 75 Skips in our community, adding new members each month. Visit us here at https://skip.community One of the many products that Skip will eventually deliver is a community for every tech professional. None of us should feel alone in our jobs. We all face questions and challenges that others have already solved. Connecting with the right people at the right time can make all the difference. While we are growing the group slowly to maintain trust, we maintain that trust is crucial, even if it we desire to expand to thousands. If you want to join and know an existing Skip member, connect with them for a nomination. We prioritize referrals and manage a waitlist. And if you can’t join Skip yet, I encourage you to create your own support group. Having a network to support you on both good and bad days is a key unlock to your career. Let’s build this together. #ProductLeadership #TechCommunity #SkipCommunity

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🎙️Tonight is the night! Join Bosky and me for a deep dive into the importance of soft skills in product management. We’ll discuss how EQ can help you grow your career, enhance your products, and build better relationships. See you at 8:30 PM CET at this link 👉🏻 https://lnkd.in/e3RiyHjE

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Product Rockstars in tech....It's not about strategy. It's not about frameworks. To play big...it's about the soft skills. Yep....your EQ is critical to level up and lead. You need to master the human side of work.  Treating people with respect Understanding how to communicate Executive presence Managing politics (yep...,I said it) Treating people as human beings To level up in the world of tech....it's about the human game. #productmanagement #techleaders #womenintech Are you ready to level up into leadership? Are you ready to learn how to play the human game? Respond with 'yes' and I'll send you my E-Book on The Next Generation of Leadership in Product

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"What is the best way to network to help advance my career in product management?" Networking is a foundational skill every PM needs for long-term success. Today, I share some of my thoughts around the subject. If you have a question about product management, shoot me a DM. ✉️ I'm here to help! #productmanagement #productmanagers #careeradvice #askaquestion #askmeanything

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A critical mistake many product managers make is getting too wrapped up in the tactical aspects of Agile and feature prioritization. While these are important, neglecting strategic skills like user research and vision development can limit your impact and career growth. Focus on what truly matters to elevate your product and your career.

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Product hive mind 🐝 I’ve signed on to help some amazing product leaders launch a new human-centered, AI-backed training platform. I’m wondering - what motivates you to find training? What closes the deal on buying a course? Would love any insights! #productmanagement #prodmgmt #productleadership

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As a Product Manager… One of your most important relationships will be the one you share with your UX team… We as product managers often fall into the trap of viewing product solely through our own perspective… UX allows us (if not forces us) to view product through the lens of the user… UX toolkits and ceremonies provide us with an efficient and effective means to ensure we are meeting our users’ needs by providing us with critical user informed feedback loops that will ultimately serve to make our products more ‘correct’ and successful… #ProductManagement #FeedbackLoop #UserExperience

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Pick the right metric for your product. The longer cap off time metric is so on point for a dry erase marker. Resonates with the user. #productmanagement #metrics

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Worthy Read: Episode 123: Navigating Conflicting Methodologies in Product Management with Melissa Perri by Melissa Perri Melissa Perri recently invited me onto her podcast, where we tackled the question of whether certain product methodologies like Product Kata are at odds with continuous discovery. Spoiler alert: We don’t think so, but check out the full episode to learn why. Check it out here: https://buff.ly/43SBRiO ❓ How do you navigate situations where conflicting methodologies, such as those presented by senior team members, challenge your approach as a Product Manager? What strategies have you found effective in balancing different perspectives while maintaining progress? #prodmgmt #ux #engineering

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Hey rockstars. MASSIVE NEWS. I am hosting a COMPLIMENTARY LIVE session for Product Mgmt Rockstars to help you LAND an amazing product ROLE QUICKLY. We'll build your brand, show you how to stand out in the market, interview like a rockstar, and land the right job....quickly. We'll even do some LinkedIn reviews LIVE! When: May 7th-9th Time: 7pm ET / 4pm ET It's real content I have trained over 600+ product managers on. I would LOVE to see you there. Just comment LAND and I'll send you a registration link. LET's GO! #productmanagement

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There are a lot of newsletters out there, but the Product Leadership Essentials newsletter is your monthly guide to building up your product leadership skills. Subscribe and join and get the latest news and top tips sent straight to your inbox. 📩

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In August, I'm hosting several more product discovery events. These are all free to join. 🗓 The What & Why of Continuous Discovery Tues, August 6, 2024, 9am-10am PDT In this webinar, I’ll introduce participants to the continuous discovery framework I outlined in my book Continuous Discovery Habits. We’ll cover: ✅ The difference between discovery and delivery ✅ My definition of continuous discovery ✅ Why continuous discovery matters ✅ What a good continuous discovery team does week over week ✅ How you can develop your own discovery habits This webinar is for folks in product, design, or engineering who are new to my work or just looking for a fresh burst of inspiration. It’s also an excellent opportunity to introduce colleagues to the concepts of continuous discovery. Register here: https://lnkd.in/g4auG2Vv 🗓 Product Discovery Discussion Sessions for Senior Leaders Thurs, August 8, 2024, 9am-10am PDT I’ve been hosting monthly product discovery discussion sessions for senior leaders (think executives, VPs, CPOs) about the challenges they face managing continuous discovery teams. If you’d like to join, you can apply here: https://lnkd.in/giBhAk6F 🗓 Continuous Interviewing: Unlock the Power of Story-Based Customer Interviews Tues, August 13, 2024, 9am-10am PDT This webinar is designed to help you better understand what a good customer interview looks like. We’ll cover: ✅ Why most of the advice you read online about customer interviews isn’t adequate ✅ The cognitive biases that make it hard to get reliable feedback from everyday customer conversations ✅ A simple (but not always easy) technique that will help you get more out of your customer interviews ✅ Ways to practice and build your skill with conducting effective interviews This webinar is for product managers, designers, engineers, and their leaders, or anyone else who is working on building their continuous interviewing habit. Register here: https://lnkd.in/g_fuGHEm 🗓 Identifying Hidden Assumptions: The Key to Faster Discovery Cycles Tues, August 20, 2024, 9am-10am PDT Every week, I hear from people who doubt that product teams can test multiple ideas in just one week. This skepticism usually comes from those who are still navigating a project-based approach to idea testing. In this webinar, I’ll dive into: ✅ Why testing multiple ideas at the same time is critical to product success ✅ The key to unlocking faster discovery cycles ✅ Five different tactics for how to break your ideas into their underlying assumptions ✅ Some simple ways to get started This webinar is for product managers, designers, engineers, and their leaders—or anyone looking for a quicker way to determine which ideas will succeed and which won’t. Register here: https://lnkd.in/ghtwxAAR Reply in the comments to let me know which ones you'll be joining.

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