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.
The process of reviewing, prioritizing, and updating items in the backlog to ensure they are ready for development. Crucial for maintaining an organized and prioritized list of tasks to improve project efficiency.
Voice of the Customer (VOC) is a process for capturing customers' expectations, preferences, and aversions. Crucial for guiding product development and improving customer satisfaction.
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.
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.
Agile Release Train (ART) is a long-lived team of Agile teams that, along with other stakeholders, incrementally develops, delivers, and operates one or more solutions in a value stream. Important for coordinating Agile development and delivery at scale.
The comprehensive process of planning, executing, and overseeing all activities related to the introduction of a new product to the market. Crucial for coordinating efforts to ensure a successful product launch and achieving market impact.
The overall market environment in which a business operates, including the strengths and weaknesses of competitors. Important for understanding the market context and identifying opportunities and threats.
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.
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.
A seamless and integrated customer experience across multiple channels, such as online, mobile, and in-store. Crucial for providing a consistent and cohesive user experience, enhancing customer satisfaction and loyalty in digital products.
A phenomenon where the success or failure of a design or business outcome is influenced by external factors beyond the control of the decision-makers, akin to serendipity. Important for recognizing and accounting for external influences in performance evaluations to ensure fair assessments and informed decisions.
Cost Per Objective Option (CPOO) is a metric used to measure the cost efficiency of different marketing options based on achieving specific objectives. This metric is crucial for optimizing marketing spend and measuring campaign effectiveness.
A market in which vendors offer goods and services specific to an industry, trade, profession, or other group of customers with specialized needs. Important for developing targeted digital products that cater to the unique requirements of specific industries or sectors.
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.
A role focused on driving user acquisition, engagement, and retention through data-driven strategies and experiments. Essential for scaling products and optimizing user growth.
The set of shared values, practices, and goals that characterize a startup company. Important for fostering innovation, agility, and a collaborative environment within product design teams.
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.
A professional responsible for planning, executing, and closing projects, ensuring they are completed on time, within scope, and on budget. Crucial for managing project activities and ensuring successful delivery of project goals.
A phenomenon where individuals' preferences between options change when the options are presented in different ways or contexts. Important for understanding and designing around inconsistencies in user choices.
The abilities and knowledge required to effectively plan, execute, and close projects, including leadership, communication, time management, and risk management. Essential for ensuring successful project outcomes and achieving business objectives.
Fundamental guidelines that inform and shape the design process, ensuring consistency, usability, and effectiveness in product creation. Essential for creating coherent, user-centered designs that align with organizational goals and user needs.
The use of software to automate repetitive marketing tasks and workflows, improving efficiency and effectiveness. Essential for streamlining marketing processes and increasing productivity.
The process of overseeing and coordinating the development, testing, and deployment of software releases to ensure they are delivered efficiently and effectively. Essential for managing software development cycles and ensuring successful product releases.
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.
The process of dividing a broad consumer or business market into sub-groups of consumers based on shared characteristics, needs, or behaviors. Important for tailoring marketing strategies and product offerings to specific customer groups.
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.
The practice of promoting and representing the needs, interests, and rights of users in the design and development process. Important for ensuring that user needs and perspectives are prioritized in product design and development.
The speed at which leads move through the sales funnel. Crucial for understanding and optimizing the sales process.
The practice of comparing one's performance, processes, or practices to those of peers or competitors to identify areas for improvement. Important for understanding relative performance and identifying best practices for improvement.
A prioritized list of features, enhancements, and fixes that are intended to be addressed in future product development cycles. Essential for managing and planning product development activities efficiently.
ModelOps (Model Operations) is a set of practices for deploying, monitoring, and maintaining machine learning models in production environments. Crucial for ensuring the reliability, scalability, and performance of AI systems throughout their lifecycle, bridging the gap between model development and operational implementation.
The practice of planning and organizing people, infrastructure, communication, and material components of a service to improve its quality and the interaction between service providers and customers. Essential for creating effective and user-centered service experiences.
A prioritization framework used in product management to evaluate features based on Reach, Impact, Confidence, and Effort. Crucial for making informed decisions about which product features to prioritize and develop.
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.
The origins of visitors to a website, such as search engines, direct visits, social media, and referrals from other sites. Crucial for understanding and optimizing website traffic and marketing strategies.
A potential customer who has shown interest in a product or service but has not yet made a purchase. Essential for identifying and targeting potential new customers.
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.
A behavioral economics concept where people categorize and treat money differently depending on its source or intended use. Crucial for understanding financial behavior and designing systems that align with users' mental accounting practices.
The compromises made between different design options, balancing various factors like usability, aesthetics, and functionality. Essential for making informed decisions that optimize overall design effectiveness.
A strategy where engaging, preferred activities are used to motivate users to complete less engaging, necessary tasks. Useful for designing user interfaces and experiences that encourage desired behaviors by leveraging more enjoyable activities as rewards.
Top of Funnel (ToFu) is the initial stage in the sales funnel where potential customers become aware of a product or service. Crucial for generating leads and building brand awareness.
A medium through which a product or service is delivered to a customer, including physical and digital channels. Crucial for understanding how products and services reach end users.
A visual tool that maps out opportunities and the corresponding solutions, helping teams identify and prioritize where to focus their efforts. Crucial for strategic planning and ensuring alignment between problems and solutions.
A prioritized list of tasks, features, and technical debt items that need to be addressed by the engineering team. Essential for managing and organizing work in software development projects.
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.
An Agile project management framework that uses iterative cycles, called sprints, to deliver incremental improvements and adapt to changing requirements. Crucial for managing projects in a flexible and iterative manner, ensuring continuous improvement and responsiveness.
The use of data and insights to understand and manage relationships with customers and prospects. Crucial for enhancing customer engagement and building stronger relationships.
The process of exceeding customer expectations to create a positive emotional reaction. Important for building customer loyalty and enhancing brand reputation.
A prioritized list of ideas and potential features for future product development, embodying a collective vision for innovation and improvement. Essential for managing creative input and maintaining an innovation pipeline that aligns with the team's entrepreneurial spirit and shared commitment to product excellence.
The process of turning potential customers into paying customers, often measured by the conversion rate. Essential for understanding and optimizing the customer journey.
Application Lifecycle Management (ALM) is the process of managing an application's development, maintenance, and eventual retirement throughout its lifecycle. Important for ensuring the sustainability and effectiveness of digital products over time.
A system that suggests products, services, or content to users based on their preferences and behavior. Essential for personalizing user experiences and increasing engagement and conversion rates.
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.
The process of evaluating the impact and success of a feature after its release, based on predefined metrics and user feedback. Crucial for understanding the effectiveness of features and informing future development.
A method where a document or proposal is limited to one page and created within one hour to ensure clarity and focus. Crucial for efficient communication and decision-making.
A social norm of responding to a positive action with another positive action, fostering mutual benefit and cooperation. Important for designing user experiences and systems that encourage positive reciprocal interactions.
A set of practices and principles that guide agile methodologies, such as Scrum and Kanban, to improve project management and product development. Important for structuring agile practices and ensuring effective project delivery.
Often referred to as "marketing funnel", a model that represents the user journey from awareness to purchase used to analyze and optimize conversion of prospects to customers. Essential for understanding and improving the customer journey and conversion process.
A combination of software tools, technologies, and services used to develop, manage, and deliver a product. Crucial for understanding the infrastructure that supports product development and management.