Been last year similar to a ride through hell. Global macroeconomic instability, the Russian invasion of Ukraine, funding shortfalls, 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 you just need a boost to see it.

While companies cut costs to extend their runways, product managers can make the most of a difficult situation by doing the following:

Focus on monetization

The market has changed dramatically in the past year. VC funds took a prudent 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 all costs’ is no longer a good idea.

This year is expected to be a time when companies identify their unit economy, and product managers should focus on monetization to weather the cash shortage. It will be useful to balance CAC and LTV, optimize conversion rates and understand pricing, bundles and subscription levels.

To really see what you can achieve, experiment with paywalls, try Darius Contractor’s Psych’d frame and implement forecasting models to manage the LTV:CAC ratio and drive positive cash flow.

Benefit from the commoditization of AI

At the end of 2022, OpenAI saw such success with ChatGPT that Google got nervousand today companies are pouring millions into building AI technologies similar to ChatGPT. The meteoric rise of these AI platforms also led to concerns that AI would eventually replace a large number of engineers and product managers, and those concerns have not been allayed by continued layoffs at tech companies.

But you can view this commoditization of AI as an opportunity. Indeed, there are endless ways to make use of and benefit from the rapidly evolving technology.