How to Learn Deep about the Product You're Going to Work On Next

You're set to take over management of a new software project as a project manager, and all you get is a one-pager. Does this ring a bell?

? We've all been there, but there are a few simple measures you can take to gain a better understanding of your product. They'll help you make better decisions, manage risks better, and have a bigger effect on your team's, project's, and product's success.

Know more even without talking to the client

Start with a basic Google search to see where it takes you while preparing for a client kick-off meeting; you might be amazed at how much you can discover. However, there are a few places in particular where you should concentrate your efforts:

The client

Check out the client's past, position in the organisation, media presence (if any), publications, podcasts, and anything else that will help you learn more about their goals, motivations, and pain areas. If you play it smart, you may produce a "wow impact" on your first chat, but be wary of overdoing it, so your clients don't feel uncomfortable.

Learn more about the firm, what it does, and whether they are working on any other projects. Is this a company's flagship product or just one among many? What sources of funding do they have? Check out crunchbase.com, national statistical offices, Business Source Premier, Trustpilot, and other websites for more information. Make sure you double-check any potential pain spots your customer may have.

Start writing a stakeholder map, but don't restrict yourself to your project's stakeholders; instead, consider the various inter-dependencies between other activities and look outside your project.

The marketplace

Determine the market for your goods, both in terms of industry and nation. Be aware that the characteristics and present circumstances (trends, regulations, and security) may significantly influence how you operate - be ready.

Find a few industry leaders, research the immediate competitors, and put together a concise competition study. To get a quick summary, I frequently go to https://www.Extract.co. Understand what they do well, what their customers complain about, their business strategy, and what lessons they've learned to avoid making the same mistakes.

The business strategy

Can you name your product's business model based on your research? Do you have any idea where the funds come from? Try to figure out what a market's normal business model is and why it is that way. Because it might be difficult to discover precise information on the internet, it's critical to keep in touch with the customer once the collaboration has begun.

The final product

If the product is available, Google it, go through the user pathways, break it down, and write a brief product review like any other software you use to help you form an opinion.

Is the product well-known in the media? Are there any user pain points that you can identify in connection to the product? Examine the feedback on Facebook or the App Store. See if any intriguing case studies have been developed to market it.

Make a mental note of a product's unique selling feature to discuss with the client. You could find that you've found some surprising strengths of the product — after all, you are a user.

The user

Consider whether you can determine the target user group for your product once you've completed your study. For example, do you know someone interested in the product or who may already be using it? Then, gather information and comments regarding the important features, general communication, and user experience by asking around and setting up a brief call with users.

Analyse the business environment.

To better understand and work on your project, you must first learn about and comprehend the business environment in which your customer operates, as well as its interdependencies.

Internal

Begin by making a map. Consider how your offering fits into the larger picture. Is it connected to anything else? Determine if it is a small product or one that is critical to the organisation's strategic goals.

Please list all of the stakeholders with whom you're collaborating, as well as their respective stakeholders. Examine their level of involvement, authority, and influence on your project. To develop a ready-to-use communication flow, create a basic matrix.

Investigate further to see why these persons are involved in this initiative. Do they have any personal objectives in mind or any specific KPIs to meet?

External

Understanding the real business environment of your project is particularly important since both external and internal causes impact it. The well-known Business Model Canvas may help you with this work since it gives a wonderful template for guiding you through all of the important areas that may affect your project, even some you didn't think would.

Learning about the problems and the product

Understanding the product is critical, but understanding the problem, you're attempting to address is even more important. Clients prefer focusing on what the product accomplishes and its features when explaining the product. Rather than what problem they're seeking to tackle with the product. Even a basic activity like "5 Whys" may spark a wonderful conversation and lead to consultancy opportunities.

See your client's business model & how they make money.

Because KPIs change, knowing where the money originates in project management may impact how we lead the project and manage the product.

To plan activities to maximise profits, it's critical to understand how the product makes money. For example, which actions in the app drive revenue (e.g., number of sales made, subscriptions ordered, etc.). Certain business models have established best practices for doing so, so it's worthwhile to learn from the experts.

Earnings, unfortunately, are only one part of the picture. To maintain the product profitably, we as PMs need to understand the expenses involved. Therefore, getting a better hold of the problem is beneficial to discuss the total cost of ownership with the customer.

You'll better understand the product and advise your customer on business value after completing this study. Knowing why certain decisions affect your job allow you to collaborate more effectively with your team and may provide a motivating boost that your team didn't expect. Before starting the next project, follow the steps above and see for yourself how it impacts your work( your relationship with your client and the team). It changed the way I work on my projects.