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Founders Institute / Fall 2016 Mentor Deck

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Recently, I spend an evening mentoring some of the brightest entrepreneurs at Founders Institute NYC. Met a handful of creative and energetic founders at different stages of their entrepreneurial journey. While one founder had the idea to democratize corporate access, the next one has found early traction by becoming a uber for diamonds purchase and yet another one is busy on the alpha launch of a new app that can become a beacon for media integrity.

Here is the slide deck I used for a quick presentation to share my experiences and thoughts how starting with customer outcomes can help a small, cross-functional team do faster product delivery and gain necessary traction essential for early validation and subsequent growth.

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Founders Institute / Fall 2016 Mentor Deck

  1. 1. PRODUCTDEVELOPMENT: ACCELERATEPRODUCTDELIVERY Anupam Kundu @mydibba medium.com/@anupamk 1
  2. 2. HOW ARE YOUR CUSTOMERS DOING? 2
  3. 3. 3 Raj Sisodia, Distinguished Professor of Global Business and Whole Foods Market Research Scholar in Conscious Capitalism at Babson College in Wellesley, MA
  4. 4. GREAT CUSTOMER OUTCOMES 4 Amazon Chai Cart Amazon Tatkal Amazon Easy Ship Amazon Seller Flex https://hbr.org/2016/07/how-amazon-adapted-its-business-model-to-india Cuba Expansion of AirBNB http://fusion.net/story/286372/how-airbnb-piggybacked-on-a-communist-program-to- make-cuba-its-fastest-growing-market-ever/ http://fortune.com/cuba-havana-airbnb/
  5. 5. WHAT DO CUSTOMERS REALLY WANT 5 https://medium.com/@anupamk/https-medium-com-anupamk-getting-started-with-customer-obsession-a2e9d55d57d1#.6w8q21eok https://hbr.org/2016/09/know-your-customers-jobs-to-be-done
  6. 6. SECTOR OUTCOMES DEFINED IN TERMS OF CUSTOMER Customer Value FINANCIAL SERVICES I, Customer, want you to _____ so that I can _____ •Help me plan for my future •Protect my family, •Keep my money safe, •Grow my money, •Get Financial Advice anywhere anytime, •I want to save up for .. •Help me to retire comfortably, •Provide a legacy for my kids FOOD SERVICE •Healthy food every meal •Nutrition for my family •Great experience for my guests •Home cooked food every lunch •Ethically sourced food HEALTHCARE / ElderCare •Take care of my old parents back home •Mobility support for my grandparents •Comfortable sleeping for 80+ MOBILITY EXERCISE: ARTICULATE CUSTOMER OUTCOMES
  7. 7. BASICS OF GETTING PRODUCT OUT OF THE DOOR FASTER, BETTER, CHEAPER Articulate Customer Outcomes Knowledge of customer informs everything the team does. Describe outcomes in customer terms Reduce Uncertainty Be comfortable with ambiguity and limited information Seek to identify the opportunities most likely to achieve outcomes Align Effort to Outcomes Identify the best people to deliver these outcomes All roles and functions ate culturally aligned to deliver only customer outcomes Deliver Value Through Learning Do the smallest thing to prove it. Feedback loops are short. Respond to change fast Provide Visibility Value is understood and measured. Better business decisions are based on measuring the right thing
  8. 8. 8 Nordstrom Innovation Lab Innovation Process • Do we have a real opportunity to address a customer outcome? • Is it worth addressing this outcome over all the others? • How do we know we can solve this better than others? • What is our chance of success? • How will we know? https://hbr.org/2017/01/are-you-solving-the-right-problems REDUCE UNCERTAINTY:TEST AND LEARN
  9. 9. EXERCISE: WRITE AN OPPORTUNITY HYPOTHESIS 9 We believe providing bite sized digital content around personal investing, both seasonal and evergreen, will help visiting customers feel confident in our expertise and make best use of their time when they are waiting for the advisor. We know we succeeded when we see - More than 15% of the waiting customers sharing and/or sending content to themselves/others - 20% of waiting customers speak about that content to the advisor We believe providing time sensitive news and content alerts through social media (Snap) to our younger subscribers will help them feel more informed We know we succeeded when we see - 25% Increase social media checki-ins from new emerging millennial readers We believe that simplifying “Adding Funds” through mobile for existing customers will improve recurring investments into their current portfolio at the current risk profile We know we succeeded when we see - More funds being added through mobile within the first 4 weeks of the launch (compared to current numbers) We believe <building this capability> for <customer group or segment or target audience> will achieve <the intended outcome> we will know we have succeeded when we see [this measurable signal]
  10. 10. KILL AT ANY POINT EXPLOIT SUSTAIN RETIRE OPPORTUNITY PIPELINE 10 EXPLORE Inspired by The Lean Enterprise Book
  11. 11. ALIGN PEOPLE / EFFORT TO OUTCOMES 11 SHARED ALIGNMENT TRUE DIRECTION PRODUCTIVITY
  12. 12. CROSS FUNCTIONAL OUTCOME TEAMS 12 https://medium.com/stretch-magazine/getting-started-with-digital-ehh-new-organizational-strategy-part-3-5efcbb700ad5#.inx42oj0m Cross functional, autonomous teams work together and learns from real-life customer insights End-to-end execution of product strategy. Entire team accountable for product strategy success and organizational vision. Long term focus on customers and products. Measured by outcomes and responsiveness to change.
  13. 13. DELIVER VALUE THROUGH VISIBILITY 13 Sept +3 months +6 months +9 months http://thetoolkitproject.com/tool/experiment-canvas#sthash.JhqybzfT.dpbs
  14. 14. SUMMARY FLOW 14 Deliver Value Through Learning Provide Visibility Align People / Effort to Outcomes Reduce Uncertainty Articulate Customer Outcomes OC - 1 4 3 1 OC -2 OC - n 2 Test and Learn Opportunity Scan Validated Opportunit y n431 2 n 1 2 Map outcomes to opportunities and operational investments Build. Measure. Learn loops Business Benefits OMTM Learning Bo’s Journey (JTBD)
  15. 15. MEASURES • Shared understanding of measures of customer value, commercial benefits • Feedback Purpose: "Help me and my team understand, identify and measure customer value so that we know when to pivot, stop or persevere” “Make me understand how customer value is related to commercial benefits“ PRACTICES - Overall Measurements and Learning model - Leading and Lagging Indicators - Customer value defined in customer terms - OMTM - Hypothesis writing - MVP metric identification (functional, perceptual) - How learning flows up from measurements? - How outcomes map to benefits? - Examples – How to get started MECHANICS Level 0 • Online Blog Posts • Simple diagrams Level 1 • Schedule for 1 hour conversation • Presentation • Connecting Level 2 • Half day workshop • Follow through calls Level 3 • Active embedded engagement for limited period • Story telling EXAMPLE: MEASUREMENTS AND LEARNING SERVICE
  16. 16. 16 DIGITAL WINNERS UNDERSTAND THIS

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