Summary of Mastering product strategy and growing as a PM | Maggie Crowley (Toast, Drift, TripAdvisor)

Key Insights and Strategies:

• Ownership and Responsibility: PMs should take on tasks beyond their defined roles to ensure project success. This includes engaging in customer support, sales, and project management, emphasizing the importance of being the emotional center of the team.
• Simplification and Prioritization: Successful PMs excel at breaking down complex tasks into simpler components. They prioritize effectively, focusing on the most impactful tasks and maintaining momentum until completion.
• Follow-up on Results: Great PMs consistently track the outcomes of their initiatives and communicate these results to their teams and managers. This practice not only showcases their diligence but also enhances learning and future decision-making.
• Carrying the Water: PMs must be willing to do the hard, often unglamorous work that ensures project delivery. This includes maintaining team morale and driving engagement through challenges.
• Product Strategy Development:
  • Mission and Goals: Define the company’s mission and the specific goals for the product.
  • Market Landscape: Analyze competitors, conduct a SWOT analysis, and assess market conditions.
  • Current State Assessment: Evaluate the existing product state, customer feedback, and technical hurdles.
  • Opportunities and Challenges: Identify key opportunities for growth and the challenges that need to be addressed.
  • Action Plan: Outline proposed actions, including resource allocation and team structure.

Methodology for Writing Product Strategy:

• Document Structure:
  • Mission and goals
  • Market landscape (SWOT analysis, competitor analysis)
  • Current state assessment (product performance, customer feedback)
  • Identification of opportunities and challenges
  • Proposed actions and implementation plan

Additional Tips:

• Use the Minto Pyramid Principle to structure documents effectively, ensuring clarity from the start.
• Limit written communications to three main points to enhance focus and retention.

Presenters/Sources:

• Maggie Crowley (Toast, Drift, TripAdvisor)
• The video also features sponsorships from Productroadmap.ai and Composer.

Notable Quotes

— 29:12 — « Your job isn't just to pick the problem. Your job is to deliver a business result. »

— 30:41 — « It's just one of those things that people... you do get to do cool stuff. You get to decide what gets built. That's cool. »

— 31:51 — « If you can get someone to stamp you with the product manager role, take it. »

— 35:30 — « I made it my mission to figure out what the heck is this thing? How do I do it? »

— 40:03 — « If you just lean into, here's everything that I know and here's what's happening, and if you disagree with this goal, tell me. »

Category

Business and Finance

Video