CSM
CSM (Customer Success Management) is a business methodology focused on ensuring customers achieve their desired outcomes while using a product or service. Crucial for driving customer retention and satisfaction.
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CRO
Conversion Rate Optimization (CRO) is the systematic process of increasing the percentage of website visitors who take a desired action, such as making a purchase or filling out a form. Crucial for improving user engagement and achieving business goals.
Organizational Goals
The strategic objectives that an organization aims to achieve, guiding its operations and decision-making processes. Important for aligning digital product development with the broader mission and objectives of the organization.
Operational Efficiency
The ability to deliver products or services in the most cost-effective manner without sacrificing quality. Key to reducing costs and improving profitability.
AWS
Amazon Web Services (AWS) is a comprehensive cloud computing platform provided by Amazon that offers a wide range of services including computing power, storage, and databases. Crucial for enabling scalable, cost-effective, and flexible IT infrastructure solutions for businesses of all sizes.
Incident Management
The practice of managing and resolving incidents that disrupt normal operations, ensuring minimal impact on business activities. Essential for maintaining service reliability and managing operational disruptions effectively.
Founder’s Mentality
A mindset and approach that embodies the entrepreneurial spirit, passion for improvement, and deep sense of ownership typically associated with a company's founders. Essential for maintaining agility, innovation, and customer-centricity as organizations grow and mature.
Top-Down Product Strategy
A strategic approach where decisions and direction are set by top-level management and flow down through the organization, often aligned with overarching business goals. Crucial for ensuring strategic alignment and coherence across all levels of an organization.
Feature-Less Roadmap
A strategic planning tool that focuses on outcomes and objectives rather than specific features, allowing for flexibility in achieving goals. Important for maintaining strategic focus and adaptability in product development.
Buy-a-Feature
A prioritization technique where stakeholders use a limited budget to "buy" features they believe are most valuable, helping to prioritize the development roadmap. Useful for involving stakeholders in the decision-making process and aligning development priorities with business value.
Distinctive Competence
A unique capability that sets an organization apart from its competitors, providing a competitive advantage. Important for identifying and leveraging core strengths in strategic planning.
SOM
Serviceable Obtainable Market (SOM) is the portion of the Serviceable Addressable Market that a company can realistically capture. Essential for setting achievable sales and market share goals.
Product Strategy
Product Strategy is a framework that outlines how a product will achieve its business goals and satisfy customer needs. Crucial for guiding product development, prioritizing features, and aligning the team around a clear vision.
Product Strategist
A professional responsible for defining the strategic direction of a product, ensuring it aligns with market needs and business objectives. Essential for guiding product vision and ensuring long-term success.
Control Framework
A set of standards and guidelines used to ensure the integrity, security, and compliance of business processes and IT systems. Important for establishing robust governance and control mechanisms in digital product design and development.
Lead Conversion Rate
The percentage of leads that convert into customers. Crucial for measuring the effectiveness of marketing and sales efforts.
Churn Rate
The percentage of customers who stop using a product or service during a specific time period. Essential for understanding customer retention and identifying areas for improvement.
PDCA Cycle
Plan, Do, Check, and Act (PDCA) is a four-step management method used for continuous improvement of processes and products. Essential for implementing and maintaining continuous improvement in business and design processes.
Red Ocean
A market space that is already crowded with competition, where companies fight for market share, leading to intense rivalry and lower profitability. Important for understanding competitive dynamics and market saturation in strategic planning.
Program Manager
A professional responsible for overseeing and coordinating multiple related projects to ensure they align with organizational goals and deliver strategic value. Essential for managing complex initiatives and ensuring successful delivery of business objectives.
Operational Risk
The risk of loss resulting from inadequate or failed internal processes, people, and systems. Important for identifying and mitigating potential operational threats.
OCM
Organizational Change Management (OCM) is the process of managing the people side of change to achieve desired business outcomes. Essential for ensuring successful implementation of changes within an organization.
User Centered Design
An iterative design process that focuses on the users and their needs at every phase of the design process. Crucial for creating products that are effective, efficient, and satisfying for the end users.
Innovation Theatre
Activities that give the appearance of innovation but do not produce tangible results. Important for recognizing and avoiding ineffective innovation efforts.
Incumbent
An established company or market leader that holds a significant market share and has a strong presence in the industry. Important for understanding the dynamics between established players and new entrants in a market.
Convergent Thinking
A cognitive process where ideas are brought together to find a single, best solution to a problem. Important for problem-solving and decision-making in design processes.
Performance Metrics
Measurements used to evaluate the success of an organization, employee, or process in meeting goals. Necessary for assessing performance and driving continuous improvement.
Sunsetting
The process of phasing out or retiring a product or feature that is no longer viable or needed. Important for managing the lifecycle of digital products and ensuring resources are allocated to more valuable initiatives.
Surrogation
The process by which a measure or metric comes to replace the underlying objective it is intended to represent, leading to distorted decision-making. Important for ensuring that metrics accurately reflect true objectives and designing systems that prevent metric manipulation.
Product Team
A cross-functional team focused on solving customer problems and achieving business outcomes, with a strong emphasis on discovery, experimentation, and continuous improvement. Crucial for creating valuable and innovative products that meet user needs and drive business success through iterative development and close collaboration with stakeholders.
AIaaS
AI as a Service (AIaaS) is a service model where AI tools and algorithms are provided over the internet by a third-party provider. Essential for making advanced AI capabilities accessible to businesses.
Design Leadership
The practice of guiding and inspiring teams to create effective, user-centered design solutions that align with business goals. Crucial for fostering a culture of innovation, collaboration, and excellence in design practices within organizations.
Niche Market
A small, specialized market segment focused on a particular product or service, often characterized by a unique demand. Essential for targeting specific customer needs and achieving higher margins with less competition.
VOC
Voice of the Customer (VOC) is a process for capturing customers' expectations, preferences, and aversions. Crucial for guiding product development and improving customer satisfaction.
KYC
Know Your Customer (KYC) is a process used by businesses to verify the identity of their clients and assess potential risks of illegal intentions for the business relationship. Essential for preventing fraud, money laundering, and terrorist financing, particularly in financial services, while also ensuring compliance with regulatory requirements and building trust with customers.
On-Page SEO
The practice of optimizing individual web pages to rank higher and earn more relevant traffic in search engines, focusing on both the content and HTML source code. Crucial for improving the visibility and relevance of web content in search engine results.
CES
Customer Effort Score (CES) is a metric that measures how much effort customers have to put in to interact with a product or service. Crucial for identifying friction points and improving user experience in digital products.
Sustainability
The practice of designing and implementing processes, systems, or business solutions in a way that ensures their long-term viability, efficiency, and maintainability. Crucial for creating durable and efficient designs that remain practical and effective over time, ensuring the ongoing success and feasibility of digital products and operations.
CSAT
CSAT (Customer Satisfaction) measures how products or services provided by a company meet or exceed customer expectations. Essential for understanding customer needs and improving product offerings.
Funnel Velocity
The speed at which leads move through the sales funnel. Crucial for understanding and optimizing the sales process.
Product Vision
A high-level description of the future state of a product, outlining its purpose, target audience, and key differentiators. Essential for providing direction and inspiration for product development efforts.
Product Planning
The process of defining a product's objectives, strategy, and roadmap, ensuring alignment with market needs and business goals. Important for setting a clear direction for product development and ensuring strategic alignment.
UX
User Experience (UX) refers to the overall experience of a person using a product, system, or service, encompassing all aspects of the end-user's interaction. Crucial for creating products that are not only functional but also enjoyable, efficient, and satisfying to use.
Churn
The rate at which customers stop using a product or service, often used as a metric to measure customer retention. Crucial for understanding customer behavior and improving retention strategies.
Customer Life Cycle
The stages a customer goes through from awareness to purchase and post-purchase activities. Important for designing strategies that optimize customer acquisition, retention, and satisfaction.
Process Automation
The use of technology to perform repetitive tasks or processes in a workflow, liberating skilled experts from tedious activities and empowering them to focus on higher-order problem-solving and creative tasks. Crucial for streamlining operations, reducing human error, and enhancing the overall efficiency and innovation capacity of product design teams.
Moneyball
The practice of using data analytics and metrics to make informed decisions, focusing on measurable outcomes and efficiency rather than intuition or traditional methods. Important for optimizing design processes, improving product performance, and making data-driven decisions that enhance user experience and business success.
Customer Delight
The process of exceeding customer expectations to create a positive emotional reaction. Important for building customer loyalty and enhancing brand reputation.
CEM
Customer Experience Management (CEM) is the process of managing and improving the interactions and experiences customers have with a brand across all touchpoints. This process is essential for building strong customer relationships and enhancing brand loyalty.
CAC
Customer Acquisition Cost (CAC) is the total cost associated with acquiring a new customer, including marketing and sales expenses. Essential for evaluating the efficiency and effectiveness of marketing strategies.
Empowered Product Team
A cross-functional team that is given the autonomy, resources, and authority to make decisions and take ownership of the product's success, focusing on solving user problems and achieving business outcomes. Important for fostering innovation, accountability, and agility, leading to more effective product development and higher user satisfaction.
ProductOps
Short for Product Operations, a function that supports product management teams by streamlining processes, managing tools, and ensuring efficient operations. Important for optimizing product management activities and improving cross-functional collaboration.
CPA
Cost Per Action (CPA) is an online advertising pricing model where the advertiser pays for a specified action, such as a sale or registration. This model is crucial for optimizing ad spend and measuring marketing effectiveness.
NPD
New Product Development (NPD) is the complete process of bringing a new product to market, from idea generation to commercialization. Essential for companies to innovate, stay competitive, and meet evolving customer needs through a structured approach to creating and launching new offerings.
Product Metrics
Quantitative measures used to track and assess the performance and success of a product, such as usage rates, customer satisfaction, and revenue. Essential for making data-driven decisions to improve product performance and achieve business goals.
JAD
Joint Application Development (JAD) is a collaborative approach to gathering requirements and designing solutions in software development projects. It facilitates rapid decision-making and consensus-building by bringing together key stakeholders, including users, developers, and project managers, in structured workshop sessions.
MVE
Minimum Viable Experience (MVE) is the simplest version of a product that delivers a complete and satisfying user experience while meeting core user needs. Essential for rapidly validating product concepts and user experience designs while ensuring that even early versions of a product provide value and a positive impression to users.
CX
Customer Experience (CX) is the overall perception and feeling a customer has when interacting with a company, its products, or services. Crucial for ensuring positive interactions with a company, driving loyalty and satisfaction.
RFM
Recency, Frequency, Monetary (RFM) analysis is a marketing technique used to evaluate and segment customers based on their purchasing behavior. Essential for targeting high-value customers and optimizing marketing strategies.
TQM
Total Quality Management (TQM) is a comprehensive management approach focused on continuous improvement in all aspects of an organization. Essential for ensuring high-quality products and services and achieving customer satisfaction.