5 Product Management Tips That Can Help Startups Succeed in 2023 • InNewCL
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Alex Lychak is Head of Product at Nebula, an IT company with Ukrainian roots that develops mobile applications and web products.
The past year has been like riding through hell. Global macroeconomic instability, Russia’s invasion of Ukraine, funding shortages, supply chain disruptions and many other factors made running a business an extremely challenging experience.
It sounds like a cliché, but in the midst of difficulties lies opportunity. Sometimes all you need is a boost to see it.
As companies reduce the cost of extending their runways, product managers can make the best of a difficult situation:
Focus on monetization
The market has changed a lot in the past year. VC funds took a cautious and conservative approach that resulted in a 35% drop in funding in 2022, and if the early weeks of 2023 are any indication, that trend is likely to continue. “Growth at any price” is no longer a good idea.
This year is expected to be a time when companies should determine their unit economics and product managers should focus on monetization to weather the cash shortage. It’s helpful to balance CAC and LTV, optimize conversion rates, and understand pricing, packages, and subscription tiers.
Storage is king. There’s no reason to think about growth if your customer retention is unstable.
To really see what you can achieve, experiment with paywalls, try Darius Contractor’s Psych’d framework, and implement predictive models to manage the LTV:CAC ratio and generate positive cash flow.
Benefit from the commercialization of AI
In late 2022, OpenAI was so successful with ChatGPT that Google got nervous, and today companies are pouring millions into building AI technologies similar to ChatGPT. The rapid rise of these AI platforms has also raised concerns that AI would eventually replace large numbers of engineers and product managers, and these concerns are not being alleviated by continued layoffs at tech companies.
But you can see this commercialization of AI as an opportunity. In fact, there are countless ways to use and benefit from the rapidly evolving technology.
