How Technologies like Big Dataand Social are ChangingProduct Management By Edward Chenard
New Tools Mean NewOpportunities Social has taken off in the last five years to become a common place communication channel. ◦ Despite widespread acceptance, many companies still do not engage customers via social for product development. Big Data has taken off in the past three years and shows great potential. ◦ However, most companies still do not understand big data’s potential for innovation.
Product Management can GreatBenefit from These New Tools New product introduction can be A/B tested faster and for less money. The ability to test more product features faster is greatly improved. The ability to engage customers in new ways both directly and indirectly. Data has grown 1000% since 2005 and growing faster!
Vitaminwater Vitaminwater used Facebook to create new flavors Fans on Facebook won $5,000 for their new product ideas. 2 million people participated in the new product development effort
How eBay uses Big Data eBay manages over 40 petabytes of data (1 petabyte equals 10 billion photos). eBay runs multiple tests at the same time and these tests average 1MM users. The tests are used to identify patterns and insights to create new products offerings.
How Netflix uses Big Data 75% movies are selected from recommendations. Netflix lives or dies by the way it uses data. New product test involves mass amounts of data and analysis that are used to create new products. The CEO spends 2-4 hours a week reviewing these tests.
Netflix and Social Netflix has been testing social recommendations overseas. Social driven recommendations are driving product changes. These changes are driving growth and bringing customers to Netflix in bigger numbers, in those overseas markets.
How to use Data to ImproveProduct Management Understanding data is the key to improving the product development process. Impression data: What is shown, when and where. Personal data: ◦ - Transaction data ◦ - Social data ◦ - Device data ◦ - Personal identifiable data
Using Data to spot Trends Recency, Frequency, Monetary (RFM) ◦ How recently did someone search ◦ How often ◦ What is the monetary value of the searches Use RFM to help predict behaviors with your data among segmentations.
What you Need to Know AboutSocial You don’t control the conversation It is a dialogue with customers, so engage them, don’t sell to them. Social is a full contact channel Go Beyond Facebook and Twitter.
What you need to know aboutBig Data This is not about IT, Business needs to drive this Understand the tools and roles i.e, Hadoop and Data Scientists Understand privacy issues when it comes to data collection It’s not just about the data
What is the Future? Combing personal attributes with behavioral information will give companies better insights into what new product features will resonate with customers. Combing attributes and behavioral is where social and big data converge.
What is the Future? Bayesian Learning Systems ◦ Easy for non-techies to learn ◦ Bayesian tools today make it easy for product managers to do their own analysis without the need for IT. Nearest biclusters ◦ - Neighborhood based data collection
What is the Future? Data and signal collaboration ◦ New product developing will involve customers more and more. Signaling Personal data hubs Device data New forms of communication Always keep changing!
Thanks you Find me on Linkedin Blog: Crosschannelprairie.com Email: email@example.com Thank you ◦ Edward Chenard