Module 1 The First Part

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How to find opportunities for

product work?
The First Part
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How to find opportunities for

product work?
Part 1 >Steps to Identify Opportunities

Understand the Business, the Product & the User 28
Craft the Hypotheses 56
Validating the Hypotheses 78
Part 2 > Elements of Great Opportunities

Framing of the opportunity 99
Good vs Bad opportunities 106
Scope of opportunities 109
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Scenario
You get into the lift of your office on a boring Monday morning and just as the doors are about to
close, you see a familiar face entering. You swear you’ve seen this person before. It suddenly hits
you! You’re in the lift with Deepinder Goyal, the founder and CEO of Zomato.
He hits the 12th floor. You’re exiting on 14th. The lift is already on the 2nd floor by the time you
make up your mind to introduce yourself. “Hello. You’re Deepinder, right?” you say. He looks up from
his iPhone and smiles back with a positive nod.
“I’m a huge fan of Zomato. I’ve been using it since early 2009 and has been help for countless
dates” you say.
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Scenario
After a 3 second awkwards pause, you blurt out “I’d be really honoured if I got a chance to work
with your Product Team at Zomato”. The lift is already on the 9th floor.
Slightly bemused, slightly annoyed, Deepinder says “Sure. You should check out our careers page”.
“B-but how do I stand out from the crowd?” you blurt out.
“Impress me” he says as the doors open and he walks out.
How would you impress Deepinder Goyal, the CEO of Zomato?
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How to impress Deepinder Goyal, CEO of Zomato?
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You would send him a thoroughly reviewed, well designed resume that captures key highlights of
your professional career along with a recommendation from your boss or an expert
If you would’ve done this, click here.
Otherwise, check the next slide
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You would send him a portfolio of some of the side projects that you’ve worked on including some
cool applications of technology & some wireframing and UI design explorations
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You would try to do something quirky such as putting up your resume on a billboard ad outside his
house OR register yourself as a restaurant on Zomato and list your “services” as menu items.
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● None of the previous techniques are going to be super effective.
● This is especially true because of the competitive nature of PM job market
● You don’t just need to stand out from the crowd, but also prove your mettl
● Think about this problem, as a Product Manager
● Who’s your “user”? What are their “needs”?
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● To answer “How to impress Deepinder Goyal”, we need to first answer “What does Deepinder
Goyal care about?”
● First, a guy who’s been running a company for over a decade surely cares about his company
● Second, a company as big as zomato is bound to have hundreds of problems that are
bothering Deepinder
● Third, companies hire employees to solve problems
● What can we conclude from this?
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Summary
● The most effective way to convince a company to hire you is to solve problems for the
company.
● To become a product manager, you need to be an exceptional problem solver first —
Identifying problems, picking the right problem, ideating solutions for the problem etc
● Once you’re really good at problem solving, additional knowledge about user needs in your
specific industry, limitations of your business model and possibilities with technology help
build better products
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Problems = Opportunities
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You’re Here
Module 1: How to find opportunities for product work?
Module 2: How to pick the right problem to solve?
Module 3: How to brainstorm solutions?
Module 4: How to prioritise solutions?
Module 5: How to build great products?
Module 6: How to implement the solution?
Module 7: How do you know you’ve solved the problem?
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What we’ll cover

Part 1: Steps to Identify Opportunities
Part 2: Elements of great Opportunities
Part 3: Putting it to Practise
Appendix
Covered by Aditya Behere (Product @ Upraised)
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Module 1 Introduction
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Part 1> Steps to Identify Opportunities

Overview
1. Understand the Business, the Product & the User

2. Craft the Hypotheses
3. Validating the Hypotheses
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Part 2 > Elements of Great Opportunities

Overview
1. Framing of the opportunity

2. Good vs Bad opportunities
3. Scope of the opportunity
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Part 3 > Putting it to practise

Overview
1. In companies
2. In Interviews
3. If you had to do it today
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1 Slide TL;DR
● 60%* of the job is identifying & framing opportunities. It is tough. Finding solutions is easier
● You can’t identify opportunities unless you know the business, user & product
● You’ll have to draft some hypothesis & then collect data to validate them
● You need to constantly keep checking if the problem is a *real* problem worth solving, if it’ll move the needle,
if it’ll help users etc
● Framing the problem is an art. It changes the solutions
● Data needs to be gathered via interviews, analytics tools & databases
● Don’t jump into the solution just yet. Finding the opportunity is the first step
● You’re expected to come up with users needs quickly in interviews. It's impossible to do that without practise
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Let’s Go!
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Overview

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Eg:
I’m a user of Notion. They earn money via business subscriptions. They attempt to get individuals
hooked for free (who will push for notion to be used in organisations). I’ve faced some problems
with it in the past. Their new user experience can be improved

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Eg:

Their new user experience can be improved. Many people don’t become lifelong users because the
product has a steep learning curve. Users feel notion is scary compared to google docs or
evernote
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Eg:

Interview some users who signed up but didn’t do anything after that. Interview some recent
signups. Check the days taken for users to reach 100 blocks. Check the clickstream logs to identify
behaviour patterns. Is there an opportunity?
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P1 > 1 Understand the business, the product & the user
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P1 > 1: Understand the business, the product & the user

A. Understand the business
B. Understand the product
C. Understand the user
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P1 > 1 > A: Understanding the business

When can you say “I understand this business”?
Only if you’re able to:
1. Identify primary sources of revenue & costs

2. Sketch revenue growth equation, growth flywheel
3. Share the founder’s vision
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How to “1. Identify primary sources of revenue & costs”
1. Revenue is either ad-based or purchase-based

2. Costs are typically for “manufacturing” or salaries or marketing
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How to “2. Sketch revenue growth equation, growth flywheel”
1. Focus on identifying the main levers of growth

2. For eg: To increase profits, your two levers. Either increasing revenues or decreasing costs.
Here’s a dummy revenue equation
3. Similarly, acquiring a new user has two levers: money spent and cost of acquisition. Here’s a
dummy growth model. Here is a loom video explaining this equation
4. Skim this article (~10 Mins) Building a growth model
5. Different businesses focus on different levers to achieve their growth
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How to “2. Sketch revenue growth equation, growth flywheel”
Watch this video to understand how flywheel relates to the growth of a business.
Tiny Activity: Spend ~5 Mins trying to draw a flywheel. It’s okay if you aren’t able to close the loop.
Jump in and give it a try.
Examples: Flywheels of BigTech, Zomato, Uber, Others
The goal is to become familiar with the concept. Don’t spend too much time trying to master it just
yet. Mastering it will become much easier after a few modules.
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How to “3. Share the founder’s vision”
● Swiggy and Zomato are both in the “food delivery” business.

● However, Swiggy wants to grow by becoming a delivery specialist (Check Swiggy Genie,
Meat, Bookshop etc)
● While Zomato wants to be a food specialist (Restaurant POS, Ads; B2B Food Sourcing; Office
Canteens etc)
● Vision plays a role—it alters the path taken by the company to achieve growth
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How to “3. Share the founder’s vision”
1. Search for talks given by the founder on YouTube in conferences or events

2. Read a couple of interviews published by Publications (eg: YourStory)
3. Listen to the founder’s podcast (eg: IVM Shunya One)
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P1 > 1 > Do you understand the business?

Compared to 1 month ago, do you think you’re better at the following today?
1. Identify primary sources of revenue & costs

2. Sketch revenue growth equation, growth flywheel
3. Share the founder’s vision
If you have some doubts or questions, reach out to your coach.
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P1 > 1 > B: Understanding the product

When can you say “I understand this product”?
1. Spot important flows inside the product (eg: Onboarding, Payment, Exploration)
2. Share a few product nuances & observations
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How to “1. Spot important flows inside the product (eg: Onboarding, Payment, Exploration)”
1. Simple pen & paper flow chart of all pages/steps inside a product
2. Skim the headings & images of (~2 min) How to make a user flow diagram
3. Scan the following page to get a sense of the practise (~1 min)
4. Tools like whimsical, miro, mindmup can be helpful in these situations
5. Example: Dummy App to share Netflix Subscription with Friends
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How to “2. Share a few product nuances & observations”
1. Get a fresh download of the app & start as a new user

2. Observe each element of the page & question its existence
3. Eg: “What emotions am I feeling on this screen? Why?”, “Why is the button here, not there?”,
“Why have they given this color”, “Could an image have been better here?”, “Would would
make this page even more effective?”
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How to “2. Share a few product nuances & observations”
Activity: Create a Teardown of an App (Cap at 45 mins)
● Use Miro to build flows. Goal is to observe nuances, not to spend time deciding what style/tool/format to use
● Create a crappy version in 15 mins. Just get started. Don’t overthink it
Examples: Unacademy Flow, Duolingo Onboarding, UberEats Scarcity, Snapchat Onboarding, Airbnb Personalisation
The goal is to observe styles from examples & start building. There are hundreds of other examples in the wild
(Most of them professionally made with 10+ hrs of effort). Don’t compare yourself with that work
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P1 > 1 > Do you understand the product?

1. Spotting important flows inside the product

2. Sharing a few product nuances & observations
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P1 > 1 > C: Understanding the user

When can you say “I understand this user”?
1. Sketch a rough persona

2. Identify for what “job” has the user “hired” the product for?
3. Enumerate the things that users would ask for from this product?
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How to “1. Sketch a rough persona”
1. If you’re able to write down a few points about the ideal user, you have a persona (Eg: age,
location, needs, motivations, goals, media interests)
2. Personas help make decisions. There’s no need to complicate it further. Different personas
can be baked depending on the discussions / situation
3. Scan some of the examples to get a sense of how personas are documented. UX Teams,
Product Teams, Marketing Teams might document different info for the same fictional
persona.
4. The common mistake here is to get so bogged down in the details that you forget the main
objective of why you’re documenting the persona in the first place.
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How to “2. Identify for what “job” has the user “hired” the product for?”
1. Listen to The Milkshake Story

2. Headspace’s Onboarding from a JTBD Lens
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How to “3. Enumerate the things that users would ask for from this product?”
● Given any product category (eg: Washing Machines), you’ll be able to list several key “need”
attributes such as fast, cheap, small, aesthetic, ease etc
● People might also list some “problems” that they’re facing with existing products that they’re
using eg: “My umbrella is ineffective because my feet get wet”. Depending on your
interpretation of the problem, you might come up with one of these two solutions:
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● The specific needs/pain points/delighters/attributes that you choose to focus on depends on

your primary user base & their expectations from the product
● For the “job” of getting from place A to B, everything from rollerskates, cycle, car, submarine,
parachute, ropeway, rocket, teleportation door is a potential solution. Each of these products
brings unique attributes with themselves & appeal to different set of users trying to slightly
different jobs
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● User needs are fractal, the more you zoom in, the more things you discover. It’s impossible to
list all needs, problems, pain points, delighters. It’s impractical to attempt something like that.
● Being able to put together a simple list which has more or less different aspects of the user
needs covered is a good starting point
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P1 > 1 > C: Do you understand the user?

It’s extremely difficult to achieve mastery in this topic. “Experts” spend years digging through user
behaviour literature to get a better understanding.
1. Sketch a rough persona

2. Identify for what “job” has the user “hired” the product for?
3. Enumerate the things that users would ask for from this product?
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P1: Steps to Identify Opportunities

Overview

2. Craft Hypotheses
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P1 > 2: Craft Hypotheses
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A. Business Opportunities
B. Product Opportunities
C. User Opportunities
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P1 > 2 > A: Business Opportunities

When can you say “I’ve spotted a business opportunity”?
● Improve revenue or decrease costs

● Identify a way to grow faster
● Build another line of revenue based on the founder’s vision
● Build another line of revenue keeping user’s needs in mind
● Identify the blocker preventing acquisition of 10x more users
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Spotting business opportunities for Starbucks
Braindump of Ideas:
● Start selling ice-creams Just because there’s an

● Charge higher for coffees opportunity, needn’t mean
● Pre-pay for a subscription Starbucks has to pursue it.
● Share discount coupons

● Acquire CCD
● Use cheaper coffee beans
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Structured Approach
● Increase # of Transactions x Structures help make

● Increase Order Value x progress in the absence of
● Increase Margins x ideas OR to communicate
ideas better
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Structured Approach
● Increase # of Transactions x
○ More Outlets, More Geographies (?) The structure that you choose
○ More Marketing (?) determines the quality of your
● Increase Order Value x opportunity spotting
○ More Expensive Items like Waffles (?)
○ Cross Sell / Upsell Syrups, Add-ons (?)
● Increase Margins x
○ Increase Price
○ Reduce Costs
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Some notes on how to “Identify business opportunities”?
● Work done while “Understanding the business” (Key levers of growth) helps here.
● Approach typically begins with a business metric that’s to be optimised eg: Revenue
● Products exist in the context of a business
● Businesses focus on product-market matrix (Eg: Apple, Coke, Others)
● Most companies achieve their business objectives by either (a) acquiring other businesses,
(b) partnering with or (c) building a new business
● Work here can be strategic plays, small optimisations or addressing unmet needs. Each
should result into more money in the long run.
● Tiny Activity: Sketch a Product Market Matrix for Gaana.com on a Paper
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P1 > 2 > B: Product Opportunities
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When can you say “I’ve spotted a product opportunity”?
● Make the flow more efficient

● Improve the final conversion of the flow
● Enhance some part of the product for better conversions
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Spotting product opportunities for Tickertape
●
●
●
More observations for Tickertape
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Spotting product opportunities for Grofers
●
●
●
More observations for Grofers
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Spotting product opportunities for Kyt Academy
●
●
●
More observations for Kyt Academy
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Some notes on how to “Identify product opportunities”?
● Work done while “Understanding the product” (Key flows) helps here.
● Approach typically begins with a flow that’s to be optimised eg: Onboarding
● Focus could be on Efficiency (Reduce steps) or Effectiveness (Convince better). The ultimate
goal is to converted a higher % of users
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P1 > 2 > C: User Opportunities
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When can you say “I’ve spotted a user opportunity”?
● Find a user need/emotion that’s under served in the product

● Build another line of revenue keeping user’s needs in mind
● Answer “What’s preventing the user from…
○ Doing the “job” faster
○ Doing the “job” with less effort
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Some notes on how to “Identify user opportunities”?
● Work done while “Understanding the user” (Jobs, Needs) helps here.
● Approach typically begins with understanding user behaviour, pain & needs
● Important to understand difference between various needs
● Common mistake → Focusing on what the app offers today vs looking at unmet needs of
users. Needs go beyond what’s currently offered in the app.
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Opportunities = Business Product User Opportunities

Problems Opportunities Opportunities
To craft opportunity Sources of revenue, costs Key flows JTBD, User needs
hypothesis, you need to & levers of growth
first understand
Start by Picking a metric. Try to Picking a flow. Try to Pick an emotion/need. Try
optimise for it convert better to solve for it.
Good to know Product-Market Expansion Good vs Bad Friction 5 Types of Needs, Pain to
Matrix Delight Spectrum
Your Best Friend Structured Thinking Product Observations User Interviews
These opportunities rely Unmet Needs, Yet-to-be Business Vision, Unmet Business Vision, Built
on Built Product Needs Product, Yet-to-be Built
Product
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Overview

2. Craft Hypotheses
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P1 > 3: Validating the hypotheses
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You’re just trying to answer “What makes you confident that this is a problem?”
● Typically, having qualitative or quantitative data collected or derived from observations,

systems or interviews helps build this confidence
● This data can be obtained from both internal and external sources. Employees, ExEmployees,
Users, Customer Support, Play Store reviews etc are all treasure trove of information.
● Exploring the offerings of other competitors & businesses might also strengthen your
conviction / gut feeling about the existence of a problem
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Let’s try to focus on two important questions:
A. How to validate hypotheses?

B. How to gain confidence on existence of problem?
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P1 > 3 > A: How to validate hypotheses?
The proof that a problem exists can be found in data, this data can be both qualitative
and/or quantitative.
Quantitative data includes funnels, metrics, etc. whereas Qualitative data comprises
interviews, statements, discussions, etc.
If you have a hunch that something is a problem it should be reflected either in quantitative
or qualitative data, to validate a hypothesis check if one of them is true.
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P1 > 3 > A: How to validate hypotheses?

First, get some data 1. Data
Qualitative Quantitative
2. Internal to People
Sources Company
Systems
External to Direct Competition

Company
Cos in Similar Industry
Cos w/Similar Business

Model
Older Businesses
Other
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P1 > 3 > B: How to gain confidence on existence…
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All of the following can result into more “data” which convinces us about the existence of an
opportunity
1. Conducting interviews with potential, current, power and ex users
2. Surveying potential, current, power & ex users
3. Checking app/website product analytics data (user flow, funnels) Example
4. Dogfooding your product & identifying suboptimal flows & experiences
5. Asking "What's the biggest blocker preventing us from hitting the goal?"
6. Looking for patterns in own & competitor Play Store reviews & Social Media. Example
7. Intuitively answering “What are the user needs?” oneself
8. Asking “What’s the ‘job’ that the user is hiring the product for?”
9. Mapping a day in the life of a user / User journey with moods, touchpoints etc
10. Studying the nuances of substitute offerings
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All of the following can result into more “data” which convinces us about the existence of an
opportunity
1. Studying the tactics used to evoke specific feeling in other industries
2. Explore popular frameworks in user psychology (Eg: Behaviour, Motivation, Habits)
3. Looking for patterns in own customer support logs
4. Talking to employees who talk to customers (Sales, Customer Support, Research)
5. Studying existing literature on the consumer behaviour in this industry
6. Working backwards from long-term vision & mission of the founder
7. Conducting team hackathons & idea generation exercises
8. Monitor latest trends in the market, industry, niche using Google Trends
9. Getting a pulse of your user by joining specific communities & forums
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Overview

2. Craft Hypotheses
3. Validating the hypotheses
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P1 > Summary & Key Takeaways

● When executing on a real product, gathering data & building hypothesis is often cyclical
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Stop!
Do you feel confident about being able to
1. Understand the business, product & user

2. Identify opportunities
3. Validate opportunities
for any product across industries, business models, funding stages & geographies?
If not, revisit the previous slides OR reach out to your coaches. Your coaches are always there to
answer your questions.
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What we’ll cover

Part 2: Elements of Great Opportunities
Part 3: Putting it to Practise
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Overview
● Framing of the opportunity

● Good vs Bad opportunities
● Scope of the opportunity
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P2: Elements of Great Opportunities

Example
“Notion should add a video onboarding” (Solution framing) vs “The new user experience is
confusing” (Problem framing”)

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Example

Does tackling “The new user experience is confusing” help notion grow? Does it help users? Will
the CEO be happy that we’ve solved the problem?
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Example

Optimising small elements in the current onboarding flow vs Creating a completely new onboarding
from scratch vs Improving existing flow by making changes to the flow
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P2 > 1. Framing of the Opportunity
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When can you say “I’ve framed the opportunity well?”
Only if you’ve
1. Described the problem, not the solution

2. Tried defining the problem in various narrow or broad ways
3. Frozen the problem definition such that you have several possible solutions that can emerge
from it
Simple Check: The language that you’ve used to describe the problem starts with “The user is/isn’t
able to … “ or “<company> won’t be able to …”
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Problem Identification for Leap Finance
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Problem Identification for Dukaan
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How to frame opportunities well?
1. Understand the difference between problem space & solution space

2. Study this article (~15 mins) Product Management is the art of problems
3. Study this article (~15 mins) Great PMs don't spend time on Solutions
4. Skills required in the problem space are different than in the solution space
5. Solutions come later in the product development process.
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Overview

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P2 > 2. Good vs Bad opportunities
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P2 > 2. Good vs Bad opportunities

Some notes on the types of opportunities that should be chased
● The opportunities that one chases should have some impact, should move a metric, should
reduce the CEO’s stress, improves the user experience or solves a genuine problem faced by
the user
● Skim headlines & images of Making things people want (~5 mins)
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Overview

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P2 > 3. Scope of Opportunity
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P2 > 3. Scope of Opportunity

Some notes on the scope and size of opportunities
● Work can be in 3-4 broad buckets — eg: strategic plays, unaddressed needs, optimisations
(~12 Mins. Study this well)
● Swiggy has crafted a “4 BB Model” to wrap their heads around this
● Roadmaps have an impact on the scope of the opportunity pursued
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Overview

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Part 2 > Checklist

The opportunity identified by me:
❏ Is framed like a problem, not like a solution

❏ Helps the business grow
❏ Solves a user problem
❏ Is easy for me to take up
You should have at least ¾ things checked to claim that you have a great opportunity.
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P2 > Summary & Key Takeaways
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That’s all for now!
Part 3: Putting it to Practise will be covered in 3 weeks from now.
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upraised

How to find opportunities for

How to find opportunities for

Part 1 >Steps to Identify Opportunities

Craft the Hypotheses 56

Validating the Hypotheses 78

Part 2 > Elements of Great Opportunities

Good vs Bad opportunities 106

Scope of opportunities 109

“Impress me” he says as the doors open and he walks out.

How would you impress Deepinder Goyal, the CEO of Zomato?

How to impress Deepinder Goyal, CEO of Zomato?

How to impress Deepinder Goyal, CEO of Zomato?

If you would’ve done this, click here.

Otherwise, check the next slide

How to impress Deepinder Goyal, CEO of Zomato?

If you would’ve done this, click here.

Otherwise, check the next slide

How to impress Deepinder Goyal, CEO of Zomato?

If you would’ve done this, click here.

Otherwise, check the next slide

How to impress Deepinder Goyal, CEO of Zomato?

How to impress Deepinder Goyal, CEO of Zomato?

Module 2: How to pick the right problem to solve?

Module 3: How to brainstorm solutions?

Module 4: How to prioritise solutions?

Module 5: How to build great products?

Module 6: How to implement the solution?

Module 7: How do you know you’ve solved the problem?

What we’ll cover

Part 2: Elements of great Opportunities

Part 3: Putting it to Practise

Covered by Aditya Behere (Product @ Upraised)

Part 1> Steps to Identify Opportunities

1. Understand the Business, the Product & the User

Part 2 > Elements of Great Opportunities

1. Framing of the opportunity

Part 3 > Putting it to practise

Part 1: Steps to Identify Opportunities

Part 1: Steps to Identify Opportunities

1. Understand the Business, the Product & the User

Part 1: Steps to Identify Opportunities

1. Understand the Business, the Product & the User

2. Craft the Hypotheses

Part 1: Steps to Identify Opportunities

1. Understand the Business, the Product & the User

3. Validating the Hypotheses

Part 1: Steps to Identify Opportunities

1. Understand the Business, the Product & the User

P1 > 1 Understand the business, the product & the user

P1 > 1: Understand the business, the product & the user

P1 > 1 > A: Understanding the business

Only if you’re able to:

1. Identify primary sources of revenue & costs

P1 > 1 > A: Understanding the business

1. Revenue is either ad-based or purchase-based

P1 > 1 > A: Understanding the business

1. Focus on identifying the main levers of growth

P1 > 1 > A: Understanding the business