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Getting product strategy right
- 1. Getting product strategy right @destraynor from @intercom
- 2. Even the world’s biggest companies don’t last for long…
- 3. 1955
- 4. 1955 1960 1965 1970 1975
- 5. 1955 1960 1965 1970 1975 19901980 19951985
- 6. 1955 1960 1965 1970 1975 19901980 1995 2000 2005 201520101985
- 7. The same can be said for the world’s hottest startups…
- 10. How do you last more than one hype cycle?
- 11. How can your product strategy prevent this?
- 12. Are you tackling a significant problem for a growing market? Can you attach it to an extendable brand and defend it with a long lasting moat?
- 14. Finding a significant problem space
- 17. High Value Per Account Low/No Touch Onboarding Low Value Per Account High Touch Onboarding ✓ ✕ ✓ ✓
- 18. Cost Benefit
- 19. Cost Benefit YAY! All my photos are in one place
- 20. Cost Benefit
- 21. Cost Benefit “The solution is actually worse than the problem”
- 22. “The solution is as much hassle as the problem” Cost Benefit “The solution is actually worse than the problem”
- 23. “The solution is as much hassle as the problem” “This thing is probably worth installing” Cost Benefit “The solution is actually worse than the problem”
- 24. Cost Benefit
- 27. Benefit $0.99 $0.99 + install time $0.99 + install time + now I have to use another app. Yet another icon on my phone, yet another thing I have to remember to check. It’s going to send me emails, isn’t it? I know it is. And it’ll be hacked. You know what screw this… Cost
- 28. $0.99 + install time + now I have to use another app. Yet another icon on my phone, yet another thing I have to remember to check. It’s going to send me emails, isn’t it? I know it is. And it’ll be hacked. You know what screw this…
- 29. Do you frequently experience and understand the problem?
- 30. When new technology emerges, can you: observe, orient, decide and, act O O D A
- 31. O “Does this solve my problem?” 1. Send to research team 2. Assemble focus group 3. Gather feedback 4. Suggest findings
- 32. Can you express the problem in a timeless and technology-agnostic way?
- 33. “Swap phone numbers over Bluetooth with people nearby”
- 34. “Swap phone numbers over Bluetooth with people nearby”
- 35. “Send emails automatically when users trigger events in your web app”
- 36. “Send emails automatically when users trigger events in your web app”
- 37. If you want to be timeless, don’t be held ransom by the technologies of today.
- 39. In 5 years time…. Will more people have this problem? Will people have this problem more or less often? Will the problem hurt more or less?
- 40. Internet businesses - there will be more Customer loyalty - it will matter more Too many tools - there will be more tools Messaging - it will replace email Is Intercom’s market growing or shrinking?
- 41. “Appointment scheduling for dentists” “Automatically log your mileage with your employer” “Analytics for enterprise sales teams” “Virus protection for the desktop” “Mobile first marketplace for second hand cars”
- 42. There’s a gap in the market, but is there a market in the gap?
- 43. Why a “growing” market?
- 44. Growing markets means lots of new entrants
- 45. Selling to new companies Selling to established ones Will adapt to your tool Need your tool to adapt to it Have a burning need Have an optimisation task Will take a bet on you Can’t afford risky moves Will buy quickly, no fuss Will go through procurement
- 47. Brand is the most overlooked element in new software companies.
- 48. Your brand represents the promises you make to your customers. When you start out your product = your brand = your company = you
- 49. Early on your product drives your brand. Fast? Social? Powerful? Simple? Connected? Developer friendly? Personal?
- 50. Later on your brand drives your products. Apple Maps vs Google Maps Facebook Messenger vs Google Hangouts
- 51. Can your brand extend to match your ambition? TeamChat Developer Payments UserChat The Dublin Web Summit Slack Stripe Intercom Web Summit
- 52. Products Jobs Purpose Brand One job, many different products Purpose Brand Your product is your brand Endorser Brand One brand, many different jobs
- 53. Before you name and characterise your product, ensure you’re… distinct - are you saying things others won’t say? clear - do people know what you’re saying? resonant - will they remember it? relevant - does it have anything to do with what you’re building? permanent - will any/all of the above last?
- 55. Almost every feature you work on either a) fails b) gets copied
- 56. Delighted Customer Small Investment Disgusted Customer Large Investment Everything becomes table stakes over time
- 57. Delighted Customer Small Investment Disgusted Customer Large Investment Everything becomes table stakes over time At first they’re delightful…
- 58. Delighted Customer Small Investment Disgusted Customer Large Investment Everything becomes table stakes over time At first they’re delightful… …then they’re performant…
- 59. Delighted Customer Small Investment Disgusted Customer Large Investment Everything becomes table stakes over time At first they’re delightful… …then they’re performant… …then they’re a must-have.
- 60. Types of moats Economies of scale - accept a tiny margin for a massive volume Network effects - ensure your product improves the more it’s adopted IP/Patents trade secrets - make it illegal to copy you High switching costs - make it simply too much work to leave Customer loyalty - make it so no one ever wants to leave
- 61. Build a platform that others rely on
- 63. Build a connected community that can’t be copied
- 65. Build a brand that stands alone
- 66. Getting product strategy right…
- 67. Problem Start from the inside out. Pick a big problem that occurs frequently.
- 68. Problem Solution Design a solution that doesn’t care about technology.
- 69. Problem Solution Brand Build a brand that is focused on the exact problem you’re solving.
- 70. Problem Solution Brand Market Take that to a growing market where your brand will resonate.