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    communicatio...
Product Management can GreatBenefit from These New Tools New product introduction can be A/B  tested faster and for less ...
Vitaminwater Vitaminwater used Facebook to create  new flavors Fans on Facebook won $5,000 for  their new product ideas....
How eBay uses Big Data  eBay manages over 40 petabytes of   data (1 petabyte equals 10 billion   photos).  eBay runs mul...
How Netflix uses Big Data  75% movies are selected from   recommendations.  Netflix lives or dies by the way it uses   d...
Netflix and Social Netflix has been testing social  recommendations overseas. Social driven recommendations are  driving...
How to use Data to ImproveProduct Management Understanding data is the key to  improving the product development  process...
Using Data to spot Trends   Recency, Frequency, Monetary (RFM)    ◦ How recently did someone search    ◦ How often    ◦ W...
What you Need to Know AboutSocial You don’t control the conversation It is a dialogue with customers, so  engage them, d...
What you need to know aboutBig Data This is not about IT, Business needs to  drive this Understand the tools and roles i...
What is the Future? Combing personal attributes with  behavioral information will give  companies better insights into wh...
What is the Future?   Bayesian Learning Systems    ◦ Easy for non-techies to learn    ◦ Bayesian tools today make it easy...
What is the Future?   Data and signal collaboration    ◦ New product developing will involve      customers more and more...
Thanks you Find me on Linkedin Blog: Crosschannelprairie.com Email: edward@echenard.com   Thank you    ◦ Edward Chenard
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How technologies like big data and social

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How technologies like big data and social media are changing product management

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How technologies like big data and social

  1. 1. How Technologies like Big Dataand Social are ChangingProduct Management By Edward Chenard
  2. 2. 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.
  3. 3. 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!
  4. 4. 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
  5. 5. 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.
  6. 6. 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.
  7. 7. 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.
  8. 8. 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
  9. 9. 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.
  10. 10. 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.
  11. 11. 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
  12. 12. 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.
  13. 13. 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
  14. 14. 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!
  15. 15. Thanks you Find me on Linkedin Blog: Crosschannelprairie.com Email: edward@echenard.com Thank you ◦ Edward Chenard
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