Rocky Sharma (@rockyrunz) is Founder & CEO of ProductLedCEO, ProcurementAI, and Luxeo Platforms — 3x Head of Product, Stanford GSB alumnus, and Forbes Thought Leader
Oktoberfest in Munich, Germany, is the world’s largest beer festival, attended by over 7 million people in 2023 and taking place for more than 200 years. Oktoberfest coincided with my sixth marathon within 12 months in Berlin, Germany. Hence, I decided to experience Oktoberfest even though I don’t drink.
Teufelsrad, which translates to “Devil’s wheel,” has been a popular sporting event at Oktoberfest for many years. Scores of people sit around a giant wheel. As the wheel rotates and picks up speed, obstacles are thrown at participants, who fall off one by one until we have one winner. Many of the participants wear Dirndl, which is the traditional dress worn over a century ago.
Let’s see what we can learn about product management and business from Teufelsrad/Devil’s Wheel.
When it was time for about 20 participants to sit on the wheel, there was a rush to sit at the center of the wheel, and others sat on leftover spots in circles. When the wheel started rotating, participants on the outer edge of the circles started falling off due to the speed.
The participant at the center (let’s call them X) had a natural defense as X was shielded from falling by participants in the outer circles, whether they wanted to offer such support or not. I noticed the participants on the outer edge of the wheel are typically merry, not as serious and having fun—and they are the first ones to fall.
When you build and launch a product, and it is a new category (meaning nothing like it exists in the market—think of AirBnB or iPhone), it allows the product an uncrowded path to the center of the market (as there was hardly any market or demand).
Once a product starts earning engagement, competition follows, and often, even established players try to enter that space. But the market lead can be huge, and constant innovation often keeps the players at the center of the wheel, providing a natural defense/advantage. While non-serious products keep failing.
Hence, product managers should not be fearful of walking on the path less taken just because there is no market or need. It can always be created if the product addresses pain areas in a unique manner. And a new business model can create network effects for continued market lead and growth.
At some point in the game, half the participants have fallen off, and the remaining participants are trying to stay on the wheel. The speed of the wheel keeps increasing; there are sudden jerks, and the participants clinch to the wheel with no natural support, hoping that they don’t fall off the wheel.
Hope is not a strategy in games or in the real world; hence, participants keep falling. Those who don’t fall into what’s now the outer circle are sometimes offered a lending hand from others in the circle.
In the business world, think of such people offering a lending hand as professional coaches, investors and friends. Entrepreneurs can often hold on longer and keep their products in the game when they lean on others for product advice, funding or support.
Everyone except two participants has fallen off the wheel. This is a fist fight, except the fist is a palm as both participants are trying to hold the flat surface of the wheel so they maintain their position.
Now is the time for obstacles that are thrown at the final two participants, such as ropes and small sandbags to knock them off balance. Both participants try to fend off external attacks while still trying to outsmart the other person. Maneuvers and cheers may or may not work. They are being patient until one makes a mistake or delivers the knockout punch, as there is only one winner.
In business, think of the Internet search market: Google is the dominant player with over 80% of the market share. While in the CPG market, you have Pepsi and Coca-Cola competing for the same audience.
Obstacles could include market downturns, failed product launches, funding crunch, competition from new players, government regulations, or company- and people-related controversies. This is where coaches, stakeholders and others who are deeply invested in the company’s success can offer a helping hand.
Many participants wear a traditional dress called “Dirndls,” a common working outfit in the 19th century. These outfits are often uncomfortable while on the wheel.
Many companies, especially for customer-facing roles, have employees wear company attire that represents employees as the brand ambassador.
Uniforms present a sense of belonging, showing that everyone on the team is representing the mission of an organization and is doing their part to meet organizational goals. Uniforms also help in simplifying customer experience, especially in customer-facing in-person roles, as customers are easily able to identify from the uniform that they represent the organization.
Many other countries have started their own versions of Oktoberfest and customized them based on their own cultural aspects. However, there is only one original.
We also see this in business. For example, DoorDash launched before competitors like UberEats, and there were several copycat versions in various countries where DoorDash did not operate, which is more of a business opportunity rather than making a difference in people’s lives through radical innovation.
There are a few ways in which Teufelsrad or Devil’s Wheel is different from reality in product management. For example, most participants are there for fun. They are with close friends and having the time of their lives, with no ties to any business outcomes or output. There is no monetary award when you win Teufelsrad/Devil’s Wheel, except for bragging rights and social media coverage.
Additionally, there’s no natural cushion in real life: When participants fall off the wheel, they slide at top speed and are stopped by a barricade of cushions so they do not get hurt.
In real life, in product management, there are no such cushions: Your product is a success or a failure.
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Rocky Sharma (@rockyrunz) is Founder & CEO of ProductLedCEO, ProcurementAI, and Luxeo Platforms — 3x Head of Product, Stanford GSB alumnus, and Forbes Thought Leader
Many product leaders aim to achieve quick business results at minimal cost by hoping to stumble upon a viral moment that boosts product attention. However, relying on virality alone is a risky strategy. Let’s explore what product managers can learn from viral moments and how to apply these insights effectively.
A viral moment captures immediate attention and is widely circulated by the public across social media. It is extremely difficult to manufacture such a moment with millions of views unless you are already a celebrity with a large social media following, such as the Oscars selfie taken by Ellen DeGeneres.
Let’s consider virality from the perspective of individuals who do not have millions of followers and how these lessons can apply to product management:
A viral video featuring 8-year-old twins (Gen Alpha) complaining about the price of ice cream is a prime example. The young girls did not seek attention; their response to the overpriced sweet treat was unrestrained, shockingly funny and depicted their genuine character. People related to it because their commentary touched upon rising prices, identified a gap and was humorous.
A viral moment should include (a) authenticity, (b) shock and awe and (c) genuineness. Similarly, product leaders should prioritize authentic, genuine interactions with customers, addressing their problems with solutions that exceed their expectations. By offering products that deliver a perceived value greater than the actual cost and innovatively focusing on customer outcomes, product leaders can create memorable experiences that bring smiles to their customers’ faces.
Consider the Gen-Z influencer who, even with millions of followers, could not sell 36 T-shirts. Her followers showed interest in potential merchandise but did not purchase it once available, indicating a mismatch between influencer and follower intent.
There is a huge difference between promise to pay and intent to pay, especially when the influencer is not a proven subject matter expert in that field. Virality is of limited use unless it can be channeled to generate revenue/public good.
In contrast, the Tesla Cybertruck’s “unbreakable” window shattering during a demonstration still generated a sold-out waitlist. Elon Musk’s consistent efforts and authentic connection with his followers helped achieve this. His personality and transparent journey, including failed attempts, appealed to his audience, even leading to the sell-out of limited edition red satin shorts in just minutes.
Authentic connections and consistent efforts toward helping your target customers build repeatable paying customers. This is something I’ve personally learned over the years. Regardless of seniority, speaking with customers and focusing on their needs fosters loyalty and support for your product. Many customers become champions and even join customer advisory boards to offer genuine feedback pre-product launch.
A memorable unplanned viral story involved a Millennial mom posting a live video wearing a Chewbacca mask. Her infectious laugh, honest comments and relatable nature got her national attention, TV show invites, a scholarship, a book deal and a blog contract. Despite the internet critics, she was genuinely funny and relatable and used that to find success and dream even bigger.
From a product management standpoint, being relatable and having personally experienced the problems customers face can create a strong connection. Additionally, lies are often spread in the face of success, and one of the rational solutions is to work with a public relations/marketing professional who can turn negativity into showcasing the human behind the influencer mask.
For your product goals, dare to dream big, fend off naysayers (unless it rationally makes sense) and nurture your product like a newborn baby to earn profitable product success in the long run.
In summary, product leaders should focus on authenticity, consistent efforts and genuine connections with customers. These strategies, rather than hoping for a viral moment, are more likely to yield sustainable success.
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Rocky Sharma (@rockyrunz) is Founder & CEO of ProductLedCEO, ProcurementAI, and Luxeo Platforms — 3x Head of Product, Stanford GSB alumnus, and Forbes Thought Leader
I am not a fan of pizzas. Nevertheless, I’m going to address what I’ve learned about product management from my experience visiting Naples and trying various restaurants.
When I first moved to a new country by myself, I couldn’t cook and had no car. The food in the new city offered limited options. Food in the office cafeteria was not to my liking, and the office was on the outskirts of the city. There was a huge retail store near my office that had a pizza parlor inside. Hence, I had pizza for breakfast, lunch and dinner for three months. That’s when I learned to cook by myself and didn’t eat pizza for over a decade.
I was watching a rerun of a famous 1990s television show wherein the protagonist from New York was forced by his family to visit their ancestral place in Italy. A single pizza bite cured his sickness and grumpiness. He started to enjoy the Roman holiday. That’s what led me to experience Italy.
Naples is considered the home of pizza. Rather than visiting the tourist favorite places listed on the internet, I decided to speak to locals and seek their recommendations. People in Naples were down to earth, happy, helpful and fascinating. This got me thinking about the origin of pizza and how it would have satisfied the hunger of people with limited time and money.
The first place I visited in Naples was where the world’s first-ever pizza was created. It was in a neighborhood that had nothing fancy about it. The restaurant itself wasn’t open but instead offered pizza slices on a stand outside. I found this fascinating, as in North America, when a shop is closed, it is closed. I bought a slice and asked if I could sit inside to order a bigger pizza.
The design of the place was not user-friendly and unintuitive. The downstairs had no seating, was crammed, and had a cashier’s counter. The price was 5x the price served outside. This was a new experience for me as it communicated that the price differed based on service and quantity, keeping it affordable for people from all strata of society.
With over 200 years of pizza’s invention and so many people having incorporated improvements, I did not find the taste out of this world. And while the owner did not speak any English, and I did not speak Italian, I was still able to gather from English-speaking staff that the place has no other locations, franchisees or any partnerships within and outside Naples. Was this a missed opportunity to capitalize on the place that invented pizza?
The second place was known as the best place for gelato and cappuccino in Italy. I was inspired to visit here through a famous U.S. talk show and was instantly dazzled. The place was clear, brightly lit, had a huge queue depicting demand and the design was user friendly.
I noticed the same theme wherein the pricing and service were different based on your purchasing power. One can purchase on the go and the prices were economical, while one can dine in with a five star experience. Original plaster of paintings from 1860 still hung on the walls. Managers spoke English, catering to a diverse audience. Strangely enough, managers had never heard of the place that invented the first pizza ever based in Naples, which I found odd. Was this some sort of competition or lack of acknowledgment?
I couldn’t help but compare the two establishments. One was likely barely bootstrapped, while the other had good initial capital that led to where they are today. However, the one with good capital capitalized on expanding the same experience while the other did not. Both establishments had no further locations and seemed content and happy with what they were delivering and earning. Was this not a missed opportunity to expand and have an expanded set of customers experience the service?
From a product management standpoint, here are the key takeaways I gathered.
You need good mentors who can guide you toward expanding the mission statement/goal to an expanded customer segment. Mentors should be people who are experienced in the field to offer advice on what you are missing out. Mentors could also be people who have no experience in your industry and are able to offer thought leadership, especially in areas in which there is no industry playbook, as the venture is innovative and untested. Asking people to be your mentor is not the recommended way. Prepare a list of people who could help you, reach out to them for advice with a specific question they specialize in, and showcase your passion for the problem during the initial meeting. Mentors would offer to remain in touch and offer any additional help as, at this point, they have skin in the game.
If the goal is to be content, happy and profitable by staying small, then this is a personal choice. However, investors typically stay away from such a product as there is not enough margin and scale for investor’s cut. If that is your goal, avoid capital-intensive businesses that can survive on profits and areas where typically investors stay away due to growth restrictions.
Offering different versions of the product based on diversified customer segments, propensity to pay, time, design and customer experience is helpful from a revenue, margin and NPS standpoint. This could be done by gathering inputs from your hard core customers, testing the suggestions with a larger sample group, then adjusting and implementing the revised approach.
The key point is to share your unique story on why your product exists, find prospects who relate with it and have propensity to pay to grow any product.
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Rocky Sharma (@rockyrunz) is Founder & CEO of ProductLedCEO, ProcurementAI, and Luxeo Platforms — 3x Head of Product, Stanford GSB alumnus, and Forbes Thought Leader
Venice is among the world’s oldest cities. Shaped like a fish, the city is known for its beauty, trade and romance.
On a recent trip, I explored the city’s rich history with local historians and guides who specialized in Venice for their PhD studies. Through them, I gained some unique insights into the area. This sparked some ideas about what Venice could teach us about product management.
Its geographic location surrounded by water made Venice difficult to conquer for much of its history. Almost all countries in Europe heavily traded with Venice and were dependent on the area for commerce. And when there was a conflict in Europe, Venice often took a neutral stance. But then came Napoleon, ruler of France. He set his eyes on Venice and conquered it. What was so different about Venice or Napoleon that changed the tide?
Other countries progressed in trade, giving competition to Venice. What was once unique and competitive from an export/trade perspective was no longer a compelling offering. When Napoleon’s army marched toward Venice, countries across Europe that were once dependent on Venice did not offer any resistance. Hence, Venice fell as a republic and later became a part of Italy.
Similarly, in product management, just because customers love your products today does not mean that they will keep loving your products unconditionally. Customers change. Markets dwindle. Competitors progress. Economy unravels. Government policies shift. As a product executive, keeping a pulse on all these areas is important or else your products might face stagnation and eventual death. Sears and Blackberry are examples of this.
Hence, at the bare minimum, a product should meet its product market fit in order to survive by keeping the product optimized to serve its target customers.
Venice was formed when Rome was conquered, and the people who didn’t comply with the new rules or were a threat chose to flee to a new place. Tree trunks were laid down underwater with clay that choked oxygen. This led to the creation of land in Venice. It is like walking on a forest upside down.
Consider the same innovation remaining static or undergoing minimal maintenance for nearly a thousand years. I was astonished to learn from historians that they had no answer to the question of what the exit plan is in case the entire city needs evacuation. It is prohibitively expensive to activate any existing safekeeping measures across Venice, which is a collection of 118 islands connected by hundreds of bridges. The generic answer was high tides are predictable. In short, there is no large-scale exit strategy.
What if it isn’t predictable one day? Belief is not a strategy. Similarly, when clear market signals based on facts are ignored by a product or organization, it can lead to the demise of the product, shutdown of the organization and loss of livelihood for employees.
Hence, proper systems need to be in place for the product to be monitored and supported—or it could lead to a loss of trust and fleeing customers, impacting your margins and leaving no room for growth and innovation. After you optimize the business processes, I think the next best step is to automate and add intelligence to your systems and tools in order to help your organization be proactive versus reactive.
Venice was once one of the most economically rich cities in the world. Cut to today and the infrastructure of Venice is crumbling. Locals showed me markings on their walls to demonstrate the water level from when the city floods. It could be up to the first floor.
Venice does not have the necessary means to protect all its residents, as indicated by the government requesting locals to consider moving out and placing restrictions on the number of tourists and big ships reaching its shore. What was once innovative and a mark of brilliance is now a liability that requires huge capital to sustain.
Like an archaeologist searching for hidden treasures, a product manager should constantly work on their product. Consider the process of deciding what, where and how deep to dig as well as the duration, budget and skill requirements involved—all while determining when to cease digging or transition to a new location entirely. Constant innovation marks the difference between long-term, sustainable products and ones that wither away.
A key challenge is that product leaders and company executives often like to work on innovation first since it is exciting and appeals more to investors, customers and employees. In comparison, systemization can seem boring and routine, offering little excitement.
However, if the foundation of the product, organization, processes and systems are unstable, then what will happen to all that innovation when an organization is unable to operate efficiently and effectively? What happens when you are unable to pay vendors, investors and employees and fulfill your regular business and societal commitments?
In summary, I believe that optimization, systemization and innovation (in that sequence) are the way to go in product strategy no matter the size of your company.
If this sequence cannot be followed, then I at least recommend that product executives and organizations spend their time, budget and people simultaneously on optimization (50% to 70%), systemization (20% to 30%) and innovation (10% to 20%). As the product and processes optimize, your percentages can gradually be made more flexible—all while keeping the product margins and market forces in mind.
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Rocky Sharma (@rockyrunz) is Founder & CEO of ProductLedCEO, ProcurementAI, and Luxeo Platforms — 3x Head of Product, Stanford GSB alumnus, and Forbes Thought Leader
I love Marvel comics. However, my favorite character of all time is from DC Comics (Joker) who is considered to be the enemy. Let us see how product management can be viewed from the lens of the enemy.
Let’s spend time understanding the context of who we might perceive as the enemy by segmenting them based on need:
People with an opposing view to a different business goal. These could be your company’s direct and indirect competitors who reach out to the same customer base and fulfill their needs in a different way.
People with an opposing view to the same business goal. These could be stakeholders who wish their needs to be addressed first rather than your department’s needs.
People whom you simply dislike. It doesn’t matter whether they have same or different views to a business goal. You simply can’t stand them, and for some diabolical reason, you have decided that they are no good in your business life.
Let’s take a deeper dive at each of the three “enemy” types. When it comes to competition, a lot of companies don’t even know who their competitors are. They look for direct competition—that is common knowledge. I recall working at a CPG company wherein the use of competitor’s name or brands was banned as if it were Voldemort from Harry Potter books. Why do we need to hate competition? Healthy competition is good for the market forces and customers and keeps you from complacency. However, obsessing about competitors is not healthy. Your competition has created a niche among its customers; hence, I believe you should focus on your product’s niche rather than hating the competition.
As written in Walter Isaacson’s biography, Steve Jobs, Microsoft obsessed over Apple while Steve Jobs was around. It was to the level of obsession that got reflected in copycat products such as Zune—Microsoft’s smartphone acquisition of Nokia, which didn’t immediately strike a chord with the target consumers. I speculate that it was under the guidance of Microsoft’s subsequent leader—changing the company’s focus on its customers rather than the competition—that popularized the product.
Similarly, Joker from DC comics is an arch nemesis of Batman, who is considered to be the savior of Gotham City. However, Joker’s drive toward his goal is something to learn from (even though Joker’s goal itself is morally wrong: the destruction of lives at Gotham City). The same analogy can be true for Thanos from Marvel Comics. Thanos’s drive and can-do attitude to wipe out half the world’s population is something to learn from as well—for morally correct goals. Here, the villains display an obsessive drive, although powered by hatred, to achieve their desires. Rather than turning their obsessions toward besting their “enemies,” leaders should take example from these villains to turn their drive toward improving their own businesses.
Another analogy I can provide is from my personal experience working with the U.S. Army, where I was tasked to create Iron Man’s helmet from the Marvel Comics to save lives when diffusing bombs remotely. During the customer discovery process, I learned that the enemy (people who attacked local forces and civilians by placing bombs) were big fans of Star Wars. They called themselves Rebel Forces, as they strongly believed that their cause was correct and means justified the end morally, nationally and spiritually. But, who decides what is morally correct is a topic for discussion for another time. At times, it is beneficial to think of competitors as part of the ecosystem as they could help with risk deduction when the cost of innovation and associated risk is too high.
Let’s focus on the second piece: stakeholders. These are people whom you work with to achieve the same business goal toward serving your company’s mission; however, they might have differing views or priorities. You might start hating them, believing they are out there to get you. Such organizations may struggle due to in-house fighting.
I recall having a spirited conversation during my regular one-to-one meeting with my former boss. The key takeaway was that we were both spending too much time discussing people issues rather than what really mattered, which were customer issues (revenue from customers help generate salaries and innovation). I proposed a collaborative approach with the executive team keeping HR in loop on inventive ways wherein warring parties were brought together every week to solve a unique customer problem collaboratively and by defining tenets on how decision will be made to rank any inputs. This design thinking approach worked wonders for our company from a customer center and financial standpoint.
The third segment—others—as competition is fairly tricky. Think of going on a first date and meeting your best friend post-date to tell her that the date checked out each of your checkboxes, however it didn’t feel right. There is no reasoning here. You simply disliked your date. I have heard the same story so many times from my friends. In business or personal life, I always give the other person three opportunities to establish common connection. If, after three tries, you do not feel reciprocated, then it’s time to let it go.
Rejection is part of life. You cannot obsess by getting people to like you. This is a delicate path that needs to be treaded carefully, leveraging rational and emotional intelligence trying to identify and potentially fulfill what the other person really wants and are you the right fit (company-customer match).
In conclusion, I find there are four key learnings for product management through this perspective:
1. Keep an eye on your competition without obsessing or growing to despise them. Instead, turn that drive toward bettering your own company’s experiences and practices.
2. See what you can learn from competition and form your product’s own niche.
3. People are not there to get you. They are likely interested in their own lives and goals. Empathize with them even if you disagree.
4. Collaborative intent, attitude and actions build successful ecosystems.
This perspective on product management can reveal valuable insights. Rather than succumbing to a mindset of rivalry, the analogy drawn from the world of comics emphasizes the importance of healthy competition, learning from adversaries and understanding the motivations of those with differing views.
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