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Mind the Product

Product Management

Spotify Wrapped 2024, OpenAI, and Bluesky: This week’s product news

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How much are product managers getting paid in 2024?

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🌎 <a href="https://www.mindtheproduct.com/world-product-day/" style="color:#FFFFFF;text-decoration:underline;">Happy World Product Day!</a> Be sure to celebrate product, yourself, and your peers today! 🎉

Leading product ops at Delivery Hero with Koen Dubelaar

Connecting fans to creators at Spotify (Dariusz Dziuk, Product Lead, Spotify)

Everything wrong with the product management job market. And how to fix it

Mistakes, learnings, and a product person’s relentless journey into leadership

Martin Eriksson has 25+ years experience building world-class online products in both corporate and start-up environments for global brands such as Monster, Financial Times, Huddle, and Covestor. He is the Founder of ProductTank, the Co-Founder and Curator of Mind the Product, and a Product Partner at leading venture capital fund EQT Ventures. He is also the author of the best-seller <em>Product Leadership, How Top Product Leaders Launch Great Products and Build Successful Teams</em> (O'Reilly, 2017).

Martin Eriksson

<p>You have to understand the psychological triggers, biases &#038; motivations that drive your customers, and in this exceptional talk from Mind the Product 2015 <a href="https://twitter.com/nathalienahai">Nathalie Nahai</a>, the Web Psychologist, uncovers five of the most important psychological principles that underly persuasive product design online.</p>
<h2>1. Endowed Progress</h2>
<p>We’re naturally motivated to complete tasks we’ve started &#038; want to remain consistent with previous intentions.This means that the closer we are to completing a goal the more likely we are to increase our efforts to close the last little gap.</p>
<h2>2. Sunk-cost Fallacy</h2>
<p>A sunk cost is a cost that has already been incurred and cannot be recovered. Most of us have an aversion to wasting resources and so the sunk cost fallacy means that we tend to keep investing in something we have already invested in (whether it&#8217;s time, attention or money) without taking into account the overall investment.</p>
<h2>3. Appointment dynamic</h2>
<p>Both of the above give rise to a third principle, the appointment dynamic. This is the principle that once you are engaged with a product you have to come back and engage again to get a positive reward, which is what keeps us coming back for more, again and again.</p>
<h2>4. Opportunity cost</h2>
<p>As product managers we all understand opportunity cost &#8211; it&#8217;s the alternative we&#8217;re giving up by making a particular choice &#8211; but this applies to our users too. We all value our attention, time and money and carefully weigh up the cost &#8211; and opportunity cost &#8211; of any choice we make. Every time your user engages with your product they&#8217;re making this choice, so you have to understand the value of the benefits they&#8217;re forgoing to do so &#8211; and make sure your product provides more value than the alternative.</p>
<h2>5. Hedonic adaptation</h2>
<p>This is the principle that people become accustomed to a positive or negative stimulus, and that the emotional effects of that stimulus are attenuated over time. In other words, over time we become de-sensitised or bored of the same thing, whether they are features, concepts, or rewards.</p>
<h2>Intent</h2>
<p>These 5 principles are most powerful when used together in a loop of habitual behaviour. But they are powerful tools and triggers, and Nathalie exhorts us not just to understand them but also to use them for good.</p>
<blockquote><p>The difference between persuasion and manipulation is intent.<br />
&#8211; Robin Dreeke, Head of the Behavioural Analysis Unit, FBI</p></blockquote>
<p>Watch the full gripping talk to see Nathalie explain the scientific basis behind these five principles and illustrate their application with numerous case studies, as well as give practical tips on how you can implement these principles in your own products.</p>

core/freeform

What good product design looks like – Miguel Fernandez (VP of Product Design, Slack)

10x Product X Design: Product and research team collaboration by Jane Austin

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Product management meets UX design by Tanmay Goel, Emi Kwon, Simran Kaur

Designing a sustainable future by Leyla Acaroglu

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Product Vision 2020

The Importance of Empathy, By Jack Sheppard

Video: 5 Psychological Principles of Persuasive Product Design by Nathalie Nahai