Learn the Lingo and Communicate Better

A method of comparing two versions of a webpage, app, or any other digital asset against one another to determine which performs best. It is a user research methodology that involves a randomised experiment with two or more variants, typically denoted as A and B, that are shown to users at random. See also Split Testing, and Bucket Testing.

An iterative and flexible approach to software development that emphasises collaboration, adaptability, and customer feedback. The Agile Methodology is designs to deliver value to customers more efficiently and respond to changing requirements throughout the development process.

A set of guiding values and principles for agile software development. It provides a foundation for agile methodologies and serves as a framework for delivering software in a more flexible and adaptive manner. The Agile Manifesto was created by a group of software developers who gathered at the Snowbird Ski Resort in Utah in 2001.

A set of protocols, routines, and tools for building software applications, offering a way for different software components to communicate with one another. API’s provide a way for developers to access the functionality of an existing application, or platform, without having to know how it works internally.

A prioritised list of features, enhancements, and bug fixes that a Product Manager maintains. It represents everything a team needs to do to ship a product and is essential for staying organised and focused on delivering value to customers. The backlog is a translation of how the team will deliver the vision outlined on an agile roadmap.

The ongoing process of reviewing, prioritising, and preparing items in the product backlog for future development. The product backlog is a dynamic and prioritised list of features, user stories, bug fixes, and other work items that need to be addressed in the development of a product. See also Product Backlog Refinement and Backlog Refinement.

The ongoing process of reviewing, prioritising, and preparing items in the product backlog for future development. The product backlog is a dynamic and prioritised list of features, user stories, bug fixes, and other work items that need to be addressed in the development of a product. See also Backlog Grooming and Product Backlog Refinement.

A crucial phase in product development, involves releasing a beta version to selected users for feedback. Following internal tests and preceding the official launch, this phase allows for the identification of issues and improvements based on real-world user experience, optimising the product for broader release.

A methodology for comparing two versions of a digital asset to identify superior performance. It involves a randomised experiment with variants A and B shown to users at random, serving as a cornerstone for user research by empirically determining which variant yields better outcomes.

The rate at which a company is using up its available cash or financial resources. It is a financial metric that measures the net negative cash flow over a specific period, typically on a monthly basis. The burn rate is often expressed as the amount of money a company is spending per month.

A type of commerce or business model where products or services are sold from one business to another. In this model, the end customer of the product or service is another business entity rather than individual customers.

A type of commerce or business model where products or services are sold from a business to individual customers. In this model, the end customers are individual people who use the product or service for personal consumptions.

Refers to a specific phase in the product development lifecycle during which no features or functionalities are added to the product. This period is characterised by a temporary halt in the introduction of new capabilities to allow the development team to focus on stabilising and preparing the product for release. See Also Feature Freeze.

The percentage of customers or subscribers who discontinue using a product or service within a given time period. It is a crucial metric for assessing customer retention and the overall health of a product in the market.

The assessment and understanding of the relative strengths and weaknesses of a product or company in relation to its competitors (both direct and indirect). The goal of a competitive analysis is to gather information that can inform strategic decisions, enhance a product’s positioning in the market, and identify opportunities for differentiation.

A product management technique used to identify the sequence of tasks that must be completed on time to ensure the successful and timely completion of a product. The critical path represents the longest path through a project, and any delay in the tasks on this path would result in a delay in the overall product completion.

A group of individuals with diverse skills, expertise, and roles brought together to collaboratively work on a specific product or goal. Unlike traditional teams where members may have similar roles or functions, cross-functional teams include individuals with varied backgrounds, experiences, and skill sets necessary to cover all aspects of a product from ideation to completion.

The total cost incurred by a company to acquire a new customer. It represents the investment made in marketing, sales, and other activities aimed at attracting and converting potential customers into paying customers.

A systematic process used to collect, analyse, and act upon customer feedback regarding a product or service. The goal of implementing a feedback loop is to continuously gather insights for customers, understand their needs and preferences, and use this information to make informed decisions for product improvement, development, and overall customer satisfaction.

The complete experience that a customer or user goes through while interacting with a product or service, from the initial awareness and consideration stages through the purchase decision, post-purchase interactions, and potentially ongoing engagement and loyalty.

A metric that represents the predicted total revenue a business can expect from a single customer throughout their entire relationship with the company. CLV is a valuable metric for assessing the long-term financial value of acquiring and retaining customers.

Dividing a market into distinct groups based on specific criteria to identify unique needs, behaviours, and preferences. This allows product managers to customise marketing, product features, and communication for each segment, enhancing strategies to meet the varied requirements of diverse customer groups effectively.

A business strategy and a set of practices aimed at ensuring customers derive maximum value from a product or service throughout their entire lifecycle. The goal of customer success is not just to make a sale, but to foster a long-term, mutually beneficial, relationship between the customer and the company.

The relationship between different tasks, features, or components within the product development process. Dependencies highlight the interconnections and sequencing of work items, indicating that the completion or progress of one task is contingent upon the completion or progress of another. There are four types of dependencies: Finish-to-Start, Start-to-Start, Finish-to-Finish, and Start-to-Finish.

A human-centred and iterative approach to problem-solving and product development. Design thinking emphasises empathy, collaboration, and creativity to address complex challenges and create innovative solutions that resonate with users. It is not limited to the traditional understanding of design; instead it is a mindset that can be applied across various disciplines.

A tangible and measurable outcome or result that is produced as part of a product development process. Deliverables are the key items or artefacts that are created, completed, or provided at various stages in the product lifecycle. Deliverables serve as concrete evidence of progress, contributing to product documentation, and often play a role in achieving product objectives.

An epic represents a significant body of work in product development, encompassing complex features that can be divided into smaller tasks or user stories. Utilised across multiple sprints or development cycles, epics offer a high-level overview, aiding product managers and teams in planning, prioritising, and monitoring progress on major initiatives or themes.

A situation where a product has accumulated an excessive number of features, functionalities, or options that may contribute to a decline in the product’s overall usability, performance, and user experience. Feature bloat occurs when a product is overloaded with features, many of which may not be essential or may not align with the core value proposition of the product.

The continued addition of features to a product beyond its original scope and vision, to the point where there new features undermine the product’s value. The gradual accumulation of new features, functionalities, and design elements can lead to software bloat, over-complication, and a lack of focus on the product’s core value.

The gradual decline in the effectiveness, relevance, or usefulness of a product’s features over time. It is a concept that acknowledges that the value of certain features may diminish as technology evolves, user preferences change, or as the competitive landscape shifts.

A software development technique that allows product teams to enable or disable specific features or functionalities in a product through configuration rather than code changes. Feature flags provide a flexible and controlled way to manage the release of new features, conduct A/B testing, and control the visibility of features for different user segments. See also Feature Toggle and Feature Switch.

Refers to a specific phase in the product development lifecycle during which no features or functionalities are added to the product. This period is characterised by a temporary halt in the introduction of new capabilities to allow the development team to focus on stabilising and preparing the product for release. See Also Change Freeze.

The process of determining the importance and order in which different features or functionalities should be developed, implements, or enhanced within a product. Given that resources, time, and budget are often limited, prioritisation helps product managers make strategic decisions about where to allocate resources to maximise that product’s value and impact.

A group or collection of features and functionalities within a product that are designed to deliver specific value or capabilities to users. It represents a set of related features that work together to address particular needs or requirements, contributing to the overall functionality and appeal of the product.

A software development technique that allows product teams to enable or disable specific features or functionalities in a product through configuration rather than code changes. Feature switches provide a flexible and controlled way to manage the release of new features, conduct A/B testing, and control the visibility of features for different user segments. See also Feature Toggle and Feature Flag.

A software development technique that allows product teams to enable or disable specific features or functionalities in a product through configuration rather than code changes. Feature toggles provide a flexible and controlled way to manage the release of new features, conduct A/B testing, and control the visibility of features for different user segments. See also Feature Flags and Feature Switch.

The continuous and iterative process of collecting, analysing, and incorporating feedback from users, customers, stakeholders, and other relevant sources into the product development and improvement cycle. The feedback loop is a fundamental aspect of agile and iterative development methodologies, allowing product teams to adapt to changing needs, validate assumptions, and enhance the product based on real-world insights.

A set of unconventional and often creative strategies, techniques, and tactics employed with the primary goal of rapidly growing a product, user base, or business. Growth hacking involves experimenting with various marketing , product, and user acquisition methods to achieve significant and rapid growth, typically on a limited budget.

Quantifiable metrics that measure the success of a product, team ,or business. Product Managers use KPIs to track progress, make data-driven decision, and evaluate the overall success of a product.

A methodology for developing and managing startups, with a focus on achieving a sustainable business with reduced waste of resources. It was popularised by Eric Ries in his book “The Lean Startup”.

A situation where a product or service has achieved widespread adoption to the extent that there are limited opportunities for further growth or expansion within its target market. Market saturation occurs when a large proportion of the potential customer base has already adopted the product, and the market reaches a point of equilibrium where demand stabilises.

A specific industry or business sector that a product or service is designed to serve. It involves tailoring a product to meet the unique needs, challenges, and characteristics of a particular industry or market segment. The concept of market verticals contrast with the idea of horizontal markets, which cater to a broader range of industries or user types.

A significant and notable event or achievement that marks a key point in the development or lifecycle of a product. Milestones serve as important markers of progress, helping product managers and teams track accomplishments, adhere to timelines, and communicate achievements to stakeholders.

A product development strategy that focuses on building the most essential features of a product to satisfy customer needs while minimising risk and maximising Return-on-Investment (ROI). The purpose of an MVP is to quickly validate a product by building enough features to attract real users and start gathering feedback.

A design strategy that prioritises the development and optimisation of a digital product or service for mobile devices before considering its design for desktop or other larger screens. The approach recognises the growing prevalence of mobile usage and prioritises the user experience on smaller screens, ensuring that the product is well-suited for mobile devices from the outset.

Generating revenue from a product or service. It involves the implementation of strategies and mechanisms to convert the value created by a product into financial returns.

A strategic change in direction or focus for a product or company. It involves making a significant adjustment to the product, target market, business model, or other key element in response to changing market conditions, customer feedback, or a reassessment of the product’s viability.

The ongoing process of reviewing, prioritising, and preparing items in the product backlog for future development. The product backlog is a dynamic and prioritised list of features, user stories, bug fixes, and other work items that need to be addressed in the development of a product. See also Backlog Grooming and Backlog Refinement.

An individual within an organisation who takes a proactive and passionate role in advocating for a specific product or product idea. The product champion plays a crucial roles in supporting the development, promotion, and success of the product within the company.

The end-to-end process of creating, designing, building, testing, and bringing a new product to market.

The process of distinguishing and highlighting unique characteristics or features of a product to set it apart from competitors or similar offerings. It involves identifying and emphasising aspects that make the product stand out in the market, creating a competitive advantage and attracting customers.

The interconnected network of products, services, and experiences offered by a company that collectively provides value to users. This ecosystem is designed to work seamlessly together, creating a comprehensive and integrated user experience. It involves the strategic integration of various products and services to enhance the overall value proposition and meet the diverse needs of users.

The process and decisions made by a product team to drive, and guide, a product across the entire span of its evolution (from conception to retirement). A typical product lifecycle consists of four main phases: Inception, Growth, Maturity, and Decline.

The quantifiable measurements used to assess the performance, effectiveness, and impact of a product. These metrics help product managers and teams make informed decisions, track progress toward goals, and continuously improve the product based on data-driven insights. Product metrics cover various aspects of a product’s lifecycle, from development and launch to user engagement, satisfaction, and financial performance.

A concise declaration detailing the product's core purpose and fundamental reason for existence, including its goals, target audience, and value proposition. This foundational statement guides the product team in decision-making, priority-setting, and aligning efforts with the product's overarching purpose, ensuring coherence in development and strategy.

A high-level visual summary that maps out the vision and direction of a product offering over time. It is a plan of action that aligns the organisation around short and long-term goals for the product, and how they will be achieved.

A high-level statement that articulates the long-term goals and aspirations for a product. It provides a clear and inspiring description of what the product aims to achieve and the impact it intends to have on its target users or customers. The product vision serves as a guiding beacon for the product team, aligning their efforts and decisions with a shared understanding of the product’s purpose and direction.

A concept in product management that signifies the alignment between product and the needs of its target market. It suggests that a product has achieved a level of resonance with its intended audience, meeting their demands and expectations in a way that generates widespread satisfaction and adoption.

A comprehensive plan and approach that a company adopts to position its product or service in the market and achieve sustainable success. It involves making strategic decisions about the target market, understanding customer needs, defining unique value propositions, and determining how to compete effectively in the marketplace.

An early, preliminary, version or model of a product that is developed to test and demonstrate specific aspects of its design, functionality, and user experience. Prototyping is a crucial step in the product development process as it allows product managers, designers, and developers to validate ideas, gather feedback, and identify potential improvements before investing significant resources into full production.

The purchase funnel visualises the stages a potential customer undergoes from first learning about a product to making a purchase. It delineates the customer journey, aiding product managers and marketers in comprehending the decision-making process and pinpointing improvements in sales and marketing tactics. It's instrumental in strategising customer acquisition and conversion.

The process of quickly creating a preliminary version or model of a product to test and validate design concepts, features, and functionality. The primary goal of rapid prototyping is to gather early feedback, identify potential issues, and iterate on the design before committing to full-scale development.

Supporting documents and communications that accompany a new version or release of a product, software, or service. These notes provide information about the changes, improvements, new features, bug fixes, and other relevant details introduced in the latest release. Release Notes are an important communication tool between the product team and the customers or users.

The percentage of customers or users who continue to use a product or service over a specific time period. It is a key metric that measures customer loyalty and the ability of a product to retain its user base. A high retention rate indicates that a significant portion of customers remain engaged with the product, contributing to its long-term success.

A meeting at the end of a sprint to reflect on the work completed. Its aim is to drive continuous improvement by reviewing team processes, celebrating successes, addressing shortcomings, and planning actionable changes for future iterations, thus enhancing team performance and project outcomes.

A financial metric that evaluates the profitability of an investment made. It is a ratio that compares the gain or loss generated from an investment relative to its cost. ROI can be used to assess the effectiveness and success of a product by measuring the return on resources, time, and money invested in its development, marketing, and ongoing support.

The ongoing process of reviewing, refining, and updating a product roadmap. The product roadmap is a strategic document that outlines the high-level vision and plan for the development of a product over time. Roadmap grooming ensures that the roadmap remains relevant, aligns with changing business goals, and incorporates new information or insights.

A systematic process used to identify the fundamental causes of problems or issues within a product. The goal of RCA is to go beyond addressing surface-level symptoms and to identify the underlying factors that contribute to a specific challenge or undesired outcome.

A strategic planning framework that helps businesses identify the strengths, weaknesses, opportunities, and threats of a product, service, or organisation.

The sales funnel graphically depicts the journey of a potential customer from initial awareness to the final purchase, mapping out each stage of decision-making. It's a crucial tool for product managers and marketing teams to analyse the customer's pathway, understand their choices, and pinpoint opportunities to refine the sales and marketing approach for better conversion rates.

The gradual and unauthorised expansion of a products scope beyond its originally defined boundaries. It occurs when additional features, functionalities, or requirements are introduced into the project without proper evaluation, approval, or consideration of their impact on the project timeline, resources, and objectives.

An agile project management framework that is commonly used in software development to help teams structure and manage their work through a set of values, principles, and practices. Scrum is based on the idea of breaking work into goals to be completed within time-boxed iterations called sprints.

A collection of software development tools which are bundled together into one package. SDK’s are designed to help developers create applications for a specific platform, programming language, or operating system.

Software as a Service (SaaS) is a cloud-based distribution model where applications are accessed and used over the internet, eliminating the need for local installation and maintenance. It offers users a convenient way to utilise software through a web browser, catering to a diverse range of applications from productivity tools to enterprise solutions, streamlining software delivery and use.

Evaluates two versions of a digital asset by exposing them randomly to users to ascertain which performs better. This user research technique employs a randomised experiment with variants labeled as A and B, facilitating empirical determination of the more effective version based on user interaction and outcomes.

A time-boxed period during which a product development team works to complete a set of defined tasks and deliverables. Sprints are a fundamental part of the Agile Methodology, which emphasises iterative and incremental development, frequent feedback, and the delivery of value to customers.

A crucial ceremony that takes place at the end of each iteration or sprint. the sprint review is an opportunity for the development team to demonstrate the work completed during the sprint and gather feedback from stakeholders, including product owners, customers, and other relevant parties.

Anyone who has an interest in, or affected by, the product and can influence the decisions made during the development process. They can act as gatekeepers, decision-makers, sponsors, influencers, or users of the product.

A standardised questionnaire-based method for evaluating the perceived usability of a system, product, or service. SUS is a quick and reliable way to gather subjective feedback from users regarding the usability of a product. It consists of a ten-item questionnaire, and users provide their responses on a five-point Likert Scale, ranging from strongly-agree to strongly-disagree.

The cumulative consequences of suboptimal or hasty technical decisions made during the development of a software product. It represents the trade-off between short-term gains and long-term consequences. Just as financial debt accumulates over time, technical debt can accumulate costs and challenges as a result of prioritising quick solutions over more robust, but time-consuming, approaches.

A detailed and precise description of the requirements, features, and functionalities of a product from a technical perspective. Technical specifications provide comprehensive information to guide the development team in building the product.

The total duration it takes for a product, feature, or service to be developed, tested, and brought to market. It is a critical metric that measures the efficiency and speed with which a product is delivered to customers, allowing a company to capitalise on market opportunities and gain a competitive edge.

The overall revenue opportunity that exists within a specific market or industry for a particular product or service. TAM represents the maximum potential demand for a product of every possible customer or client in the market were to purchase it, assuming ideal market conditions.

The distinctive and compelling feature or set of features that sets a product apart from its competitors in the marketplace. The USP is a key element of a product’s positioning and marketing strategy, highlighting what makes the product unique and why potential customers should choose it over alternatives.

A concise statement that communicates the unique and specific benefits or value that a product or service provides to its target customers. It outlines what sets the product apart from competitors and why potential customers should choose it over alternative solutions. The UVP is a key component of a product’s overall positioning and marketing strategy.

A method used to evaluate a product’s user interface, overall user experiences, and ease of use by observing real users as they interact with the product. The primary goal of usability testing is to identify any usability issues, gather user feedback, and make informed decisions to improve the overall usability and satisfaction of the product.

A critical phase in the software development lifecycle during which the product or system is tested by actual users to ensure that it meets their needs, requirements, and expectations before it is released to the broader user based or the public. UAT is typically one of the final stages of testing.

The overall experience that users have when interacting with a product, system, or service. It encompasses all aspects of the user’s interaction, including their perceptions, emotions, preferences, and satisfaction. In product management, prioritising a positive user experience is crucial for creating successful and customer-centric products.

User flow charts the sequence of steps a user takes within a system to achieve a goal, from initial product engagement to desired action completion. This visualisation aids product managers and designers in understanding user navigation and interaction with features, ensuring the design facilitates an intuitive and efficient journey towards accomplishing specific tasks.

The point of interaction between users and a digital product, system, or application. It encompasses all visual and interactive elements that users encounter with while using the product. A well-designed user interface is essential for providing users with a positive and effective experience.

User onboarding guides new users through their first interactions with a product, aiming to highlight the product's value, explain its features, and help achieve early milestones for a positive experience. This crucial process reduces friction, curtails frustration, and boosts user retention by ensuring a smooth and informative introduction to the product.

A fictional representation of a product’s typical customer. It is based on market research, team experience, and proposed hypotheses to describe the relevant characteristics, needs, pain-points, and goals of the people who will be using the product.

A concise, written description of a feature or functionality from the perspective of the end-user. It is a tool used to capture a given user’s needs, pain-points, and goals in a way that is easy to understand and communicate.

A methodology that emphasises end-user needs, preferences, and behaviours in product development. By integrating user feedback and usability testing throughout the design process, from conception to final implementation, UCD aims to create products that are functional, efficient, and user-friendly, ensuring alignment with user goals and enhancing satisfaction.