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Gadi Lahav, Head of Product, Financial Times - How A North Star Helps Develop Better Products

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Gadi Lahav, Head of Product, Financial Times - How A North Star Helps Develop Better Products

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Gadi Lahav, Head of Product, Financial Times - How A North Star Helps Develop Better Products

  1. 1. How a North Star helps develop better products Gadi Lahav | Head of Product FT.com | Financial Times
  2. 2. 930,000 paid for customers 730,000 digital only subscribers 1.9 million daily readership We operate with a strict paywall We are a publisher - but commercially we are a subscription based digital company About the FT
  3. 3. Commercial Goal One Million Subscribers
  4. 4. To Measure is to Know
  5. 5. 1st Problem: Metrics are Proxies
  6. 6. Metric Total Time Spent 1st Pitfall: Metrics are Proxies
  7. 7. 1st Pitfall: Metrics are Proxies Real Value Viewing interesting content
  8. 8. Metric Newsfeed interactions 1st Pitfall: Metrics are Proxies
  9. 9. 1st Pitfall: Metrics are Proxies Real Value Connect with people you care
  10. 10. 2nd Pitfall: Many truths Email Alerts Attending Events App Downloads Reader comments Facebook Likes Sharing Stories Time Spent Reading Twitter Followers and Retweets Multichannel Consumption
  11. 11. ● A single metric ● SImple to Understand ● With consistently proven correlation with your real goal A North Star
  12. 12. Fhe FT North Star
  13. 13. Subscription is all about Habits
  14. 14. We kept on finding... Revenue vs. Usage Conversion Rate vs. Engagement Cancellation Rate vs. Engagement
  15. 15. Our “North Star” Engagement Score: RFV Recency | Frequency | Volume
  16. 16. Recency Frequency Not everyone is a digital news junkie Best Customers Engagement opportunities
  17. 17. Correlates with Renewal Rates of B2C
  18. 18. And with Lifetime Value
  19. 19. It correlates with B2B renewals and upsells
  20. 20. How The North Star Guides Our Product Development
  21. 21. Our Product Vision Help our readers make better business decisions to advance their career/business by providing them the most relevant information to them, without obscuring the FT view and saving them time
  22. 22. MyFT •A Twitter-like follow topic feature: keep up to speed with your specific interests •Once following, users get a daily email digest and an on-site feed page to articles
  23. 23. myFT | Impact on RFV Engagement increased 86% compared to the control group
  24. 24. Case Study | Speed When we launched Next first MVP 5% of our most devoted users opted in The site had few features and less content than old FT.com Yet, they immediately became more engaged Why?
  25. 25. Case Study | Speed ● A series of tests: ○ Control: Fastest site ○ Variant A: 1 second slower ○ Variant B: 2 seconds slower ○ Variant C: 3 Seconds slower ○ One test with a variant of 5 seconds slower
  26. 26. Case Study | Speed Hypothesis: Every second counts True! You could see the impact from the very first second.
  27. 27. Case Study | Speed What does it mean financially? 1 second = $millions More than any feature besides myFT
  28. 28. Case Study | Speed Award winner Best Website 2017 Best Use of Technology
  29. 29. Case Study | Going back to the iOS App Store
  30. 30. Case Study | Optimising Notifications
  31. 31. Sum it up: 3 Takeaways
  32. 32. ● A single metric ● SImple to Understand ● With consistently proven correlation with your real goal Find A North Star
  33. 33. ● Focus on the most important thing ● Have one single version of the truth ● Consolidate effort and conversation That is helping you to
  34. 34. ● Have your users gained value? ● Have your numbers gone up as expected? ● Is the North Star correlation valid and accurate? Challenge it
  35. 35. Thank you! Gadi Weislovits Lahav

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