#15 How do I speak the language of money? -with Rich Mironov (40-year B2B product mgmt veteran)

In this conversation, Francesca Cortesi and Rich Mironov discuss product managers' challenges in quantifying their initiatives and communicating effectively with sales and finance teams. They explore the importance of using the right language, preparing for sales conversations, and understanding the value of initiatives through rough estimations. Rich emphasizes the need for product managers to balance internal work with revenue-generating projects and effectively engage stakeholders. The discussion also highlights the significance of strategic planning and setting success metrics early in the product development process.CHAPTERS00:46 Navigating the Challenge of Quantifying Initiatives03:46 The Language of Product Management and Sales06.52 Estimating Value: The Importance of Error Bars09:51 Preparing for Sales Conversations12:48 Balancing Internal and External Work15:43 The Politics of Product Management18:50 Bilingual Communication in Product Management21:56 Strategic Planning and Success Metrics24:37  Concluding Thoughts on Product ManagementTO GO DEEPERFinding the non-negotiable in your priorities: https://www.mironov.com/product-pie/How to quickly quantify one’s initiative https://www.mironov.com/digits/ OUR GUESTRich Mironov, 40-year product mgmt veteranRich has led product teams for 40 years, including six B2B startups and 15 interim CPO/VP Products roles.  Today, he coaches product leaders, helps design product organizations, and writes/speaks about how product folks can understand our go-to-market partners.  He has been blogging about software product management since 2002, launched the first product camps, and wrote "The Art of Product Management.”COOK WHILE LISTENINGRich’s favourite Flourless chocolate cake:1 cup semisweet or bittersweet chocolate chips1/2 cup (8 tablespoons) unsalted butter3/4 cup granulated sugar1/4 teaspoon salt1 to 2 teaspoons espresso powder, optional1 teaspoon vanilla extract, optional3 large eggs1/2 cup unsweetened cocoa powder, Dutch-process cocoa preferred1 cup semisweet or bittersweet chocolate chips1/2 cup heavy creamdirectionsPreheat the oven to 375°F. Lightly grease an 8" round cake pan; cut a piece of parchment or waxed paper to fit, grease it, and lay it in the bottom of the pan.To make the cake: Put the chocolate and butter in a microwave-safe bowl, and heat until the butter is melted and the chips are soft. Stir until the chips melt, reheating briefly if necessary. You can also do this over a burner set at very low heat. Transfer melted chocolate/butter to a mixing bowl.Stir in the sugar, salt, espresso powder, and vanilla. Espresso enhances chocolate's flavor much as vanilla does; using 1 teaspoon will simply enhance the flavor, while 2 teaspoons will lend a hint of mocha to the cake.Add the eggs, beating briefly until smooth. Add the cocoa powder, and mix just to combine.Spoon the batter into the prepared pan.Bake the cake for 25 minutes; the top will have formed a thin crust, and it should register at least 200°F on an instant-read thermometer inserted into its center.Remove it from the oven, and cool it in the pan for 5 minutes.Loosen the edges of the pan with a table knife or nylon spreader, and turn it out onto a serving plate. The top will now be on the bottom; that's fine. Also, the edges will crumble a bit, which is also fine. Allow the cake to cool completely before glazing.To make the glaze: Combine the chocolate and cream in a microwave-safe bowl, and heat until the cream is very hot, but not simmering. Remove from the microwave, and stir until the chocolate melts and the mixture is completely smooth.Spoon the glaze over the cake, spreading it to drip over the sides a bit. Allow the glaze to set for several hours before serving the cake.   Yield: 8" cake, 8 to 12 servings.