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At Pearson, the life cycle has six phases instead of three, but the fundamental concepts are similar. Early-stage ideas are funded with small investments and are expected to return learning rather than financial results. In other words, teams are asked to validate their business ideas and not to return a profit. Once an idea has been validated, the product council will invest additional funds and will expect more-traditional returns.
Sense and Respond
Jeff Gothelf, Josh Seiden
The North Star Metric:
Delivering high value to your market is not just a matter of altruism; it’s genuinely the best thing you can do for your business. It’s far easier to acquire and retain customers with high-value products, you can charge more for them, and they keep competitors at bay. Many modern product companies understand this and consider growing value-to-customer their most important goal. That’s where the North Star Metric comes in. A North Star Metric (NSM) is a number that sums up the core value we deliver to the market. In the words of growth expert Sean Ellis, it’s your value footprint.
Evidence-Guided
Itamar Gilad
A corollary of this is that everything you build and deploy needs to be instrumented such that you know how your products actually are being used. Without this data, you are flying blind.
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