Build your own confidence scale
How much discovery is enough?
That's a tricky question to answer, because as always "it depends"...
Let's start at the beginning.
PRODUCT AS AN INVESTMENT IN TECH
* Product teams are expensive (~£1m a year)
* That's an investment in technology from the CEO
* She wants a return on that investment
* PMs are primarily responsible for making sure the CEO gets that return
DISCOVERY AS THE ACT OF REDUCING RISK
* Discovery reduces the risk of not making a return
* There are four main risks (value, usability, tech, business)
* Discovery is expensive, so faster is better
BASIC EQUATION TO SOLVE:
Confidence in what you're building > Risk in what you're building
DRIVERS OF RISK:
* Effort to build. i.e. engineering cost
* Downside scenario. i.e. what happens if we're wrong
* Company maturity. i.e. revenue at risk
* Opportunity cost. i.e. what else we could build
HIERARCHY OF CONFIDENCE:
* Intuition. i.e. you thinking on your own
* Planning. i.e. you thinking with your team
* Anecdotal. i.e. speaking with a few customers
* Research. i.e. lots of customer interviews, surveys, references
* Data. i.e. AB testing, closed betas, fake door tests
If you've got more risk, you need to go higher up the hierarchy of confidence.
Session format:
In this session we'll run through how to build your own hierarchy of confidence, how to calibrate it, and how to use it once you've made it.
This is a very practical, nuts and bolts session.
Who's it for:
Product leaders and product managers at any level. Early stage founders
Hosted by Ed Biden (Hustle Badger co-founder).
This event is run by Hustle Badger, which accelerates Product Managers through critical periods in their career:
Finding a new job
Starting a new role
Levelling up at any time