How to Monetize Your Product by Google fmr Product Manager
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This document summarizes courses offered by Product School to help product managers gain skills. It includes courses on product management, coding for managers, data analytics for managers, digital marketing for managers, UX design for managers, and product leadership for managers. It also offers corporate training. The document then summarizes a presentation on monetizing products, including defining monetization, discussing case studies of monetization strategies at Google Station and Thumbtack, and taking questions.
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How to Monetize Your Product by Google fmr Product Manager
- 1. www.productschool.com How to Monetize Your Product by Google fmr Product Manager
- 2. FREE INVITE Join 35,000+ Product Managers on
- 3. COURSES Product Management Learn the skills you need to land a product manager job
- 4. COURSES Coding for Managers Build a website and gain the technical knowledge to lead software engineers
- 5. COURSES Data Analytics for Managers Learn the skills to understand web analytics, SQL and machine learning concepts
- 6. COURSES Digital Marketing for Managers Learn how to acquire more users and convert them into clients
- 7. COURSES UX Design for Managers Gain a deeper understanding of your users and deliver an exceptional end-to-end experience
- 8. COURSES Product Leadership for Managers For experienced Product Managers looking to gain strategic skills needed for top leadership roles
- 9. COURSES Corporate Training Level up your team’s product management skills
- 11. Roadmap ● What is monetization? ● Case studies ○ Google Station ○ Thumbtack ● Q&A
- 14. Step 1: Product Market Fit
- 15. Is there a big enough need (i.e. market)
- 16. Why should people use your product to fulfill that need? (i.e. value prop)
- 17. Is your value prop real for the market? (i.e. validate your value prop)
- 18. Step 2: Grow revenue sustainably
- 19. Step 3: Scalably grow the business
- 20. Case studies
- 21. Note: these opinions are mine, not of Google or Thumbtack :)
- 23. WiFi is hard to profitize
- 24. Rise of mobile data
- 26. Lesson 1: Market trends can impact your biz model.
- 27. Lesson 2: Your unit economics can make it harder to prioritize depth vs breadth
- 29. Pay-per-contact
- 30. Pay-per-quote
- 31. Some other business models we could have explored…
- 35. Lesson 1: Psychology of price
- 36. Lesson 2: Monetization infra will change as the company grows
- 37. www.productschool.com Part-time Product Management, Coding, Data Analytics, Digital Marketing, UX Design and Product Leadership courses in San Francisco, Silicon Valley, New York, Santa Monica, Los Angeles, Austin, Boston, Boulder, Chicago, Denver, Orange County, Seattle, Bellevue, Washington DC, Toronto, London and Online
Notas del editor
- Seems pretty obvious, right?
- Stage 1: Achieving product market fit. This usually requires identifying a customer need and creating a product to fulfill it. Note: the need needs to be big enough and you need to be delivering enough value such that a) you are the only one fixing a problem that customers feel is big enough or b) you’re making it insanely easier or cheaper for your users compared to your competitors. Whatever it is, you need to provide substantial value to your users. Measure via paying, esp for ecommerce or Saas business model.
- Once product market fit achieved, it’s about finding the right business model- who pays, for what. Note; change in biz model could result in change in product, or vice versa- happened at TT.
- Scalably grow the business to hit whatever biz goals you have Aka print $$$$
- GStation: We would partner with local Internet Service Providers to launch public wifi in emerging markets. Google did this to remove accessibility as a barrier for people to use internet and thereby our services. Direct and indirect revenue stream.
- 1) WiFi is a hard business to be profitable with: it requires a lot of existing capital investment (i.e. cables, licenses, networking equipment, etc.) that often require maintenance. Google got around this restriction by partnering with existing partners rather than investing the capital themselves (which is why Fiber is a tough business and Google eventually had to downscale). We need to prove a profitable or break even business case, and that’s a hard thing to do with ads, which was our initial business model (i.e. showing ads on captive portal)
- The rise of mobile data at the same time made it really challenging for us. We had our flagship launch in India, where we partnered with the Railway Authority of India to launch wifi in train stations across the country. At the time, this was pretty impactful, but then something else happened.
- Reliance Industries, one of the biggest biz conglomerates in India, launched Reliance Jio, essentially giving out mobile data for free. Given the ease of use of mobile data (can use it anywhere), it reduced the value prop for free, and even paid wifi (which was another business model we could explore to try to create a profitable business).
- Response to Jio should have been faster.
- Given that wifi hard to prioritize, not sure how to prioritize depth vs breadth We choose mostly breadth, which is hard ebcause each country has different wifi landscape, whereas we should have gone deep. Also a Google thing because success is measured by going global.
- Local services marketplace
- We used to be in PPQ Changed because not aligned with the value we were providing.
- Doesn’t work b/c a) other competitors don’t do this, so hard value prop to sell and b) reducing winnable job for our pros
- Hard b/c same problem as PPQ: no 1:1 mapping between value and cost.
- I joined right when we switched to PPC. Helped the team set basic pricing mechanics in place rather than manually entering prices for categories (cake is of celebration of that launch) and helping pros understand what they’re paying for, and projects to help pros understand the value we give to them.
- We switched biz models, huge shock for pros to go from paying $3-4 for a quote to $7-8 for a contact. We intentionally “increased” prices because the chargepoint changed, and we were delivering more value to the pro, but we underestimated the price shock. For ex: Did AMA on Pro Community, received 2000+ responses
- In PPQ world, we had spreadsheets of folks manually setting prices. Created lots of outliers and random bugs in the system, with 0 systematic understanding of how to fox it. For PPC, we initially started with this, but doesn’t scale for multi million dollar biz. Now built in rational principles and systems.