5 product management tips that can help startups thrive in 2023

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Alex Lychak is caput of merchandise astatine Nebula, an IT institution pinch Ukrainian roots that develops mobile applications and web products.

Last twelvemonth was akin to a thrust done hell. Global macroeconomic instability, Russia’s penetration of Ukraine, backing shortfalls, proviso concatenation disruptions and galore different factors made moving a institution an highly challenging experience.

It sounds for illustration a cliche, but successful nan midst of trouble lies opportunity. Sometimes, you conscionable request a boost to spot it.

As companies trim costs to widen their runways, here’s really merchandise managers tin make nan astir of a reliable situation:

Focus connected monetization

The marketplace has changed dramatically successful nan past year. VC costs adopted a cautious and blimpish attack that resulted successful a 35% driblet successful funding successful 2022, and if nan first weeks of 2023 are immoderate indication, that inclination is apt to continue. “Growth astatine each costs” isn’t a bully thought anymore.

This twelvemonth is expected to beryllium a clip erstwhile companies place their portion economics, and merchandise managers should attraction connected monetization to upwind nan shortfall of cash. It’ll beryllium adjuvant to equilibrium CAC and LTV, optimize conversion rates and understand pricing, bundles and subscription tiers.

Retention is king. There’s nary logic to deliberation astir maturation if your retention is unstable.

To really spot what you tin accomplish, research pinch paywalls, effort retired Darius Contractor’s Psych’d framework and instrumentality prediction models to negociate nan LTV:CAC ratio and thrust affirmative rate flow.

Take advantage of nan commoditization of AI

At nan extremity of 2022, OpenAI saw specified occurrence pinch ChatGPT that Google sewage nervous, and today, companies are pouring millions into building AI technologies akin to ChatGPT. The accelerated emergence of these AI platforms besides birthed concerns that AI would yet switch immense numbers of engineers and merchandise managers, and those worries aren’t being soothed by ongoing layoffs astatine tech companies.

But you tin see this commoditization of AI arsenic an opportunity. Indeed, location are endless ways to utilize and use from nan fast-developing technology.

Editor: Naga

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