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

Can you speak the language of money?

Product people love to ask “why”. But the best product decisions need more. They’re backed by why, how much, and what’s at stake. And it is time to start asking the right questions.

Because we all know it, not every initiative is worth pursuing. Some money will be left on the table. And that’s okay…as long as you can make the case for why some bets are better than others.

So next time someone tries to derail the plan with, “But we’re leaving X million on the table!”, you’ll want this week’s ToughStuff episode in your back pocket. Because I can assure you, then you’ll have some great counters.

I sat down with the product management legend Rich Mironov, and he gave a masterclass on how to be better at speaking the language of money. And making sure every roadmap item has a clear dollar impact.

My key takeaways:
•𝐁𝐞 𝐛𝐢𝐥𝐢𝐧𝐠𝐮𝐚𝐥– Speak both the language of customers & processes and the language of money. You have different stakeholders, and you need both.
• 𝐐𝐮𝐚𝐧𝐭𝐢𝐟𝐲 𝐞𝐯𝐞𝐧 𝐰𝐡𝐞𝐧 𝐢𝐭 𝐢𝐬 𝐮𝐧𝐜𝐨𝐦𝐟𝐨𝐫𝐭𝐚𝐛𝐥𝐞 – Overcome internal resistance and lean into assumptions & error bars when quantifying initiatives. (I’m guilty as charged on this one.)
• 𝐂𝐨𝐦𝐩𝐚𝐫𝐞 𝐚𝐩𝐩𝐥𝐞𝐬 𝐭𝐨 𝐚𝐩𝐩𝐥𝐞𝐬 – Revenue-generating initiatives should be weighed against other revenue-generating initiatives. And never compromise on scalability or security.

At the end of the day, this isn’t just a numbers problem, it’s a people problem. The real challenge? Engaging the org and working with it to make better decisions.

Listen in, start asking the right questions, and making trade-offs with confidence.