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Crafting value-benefit-feature statements

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These slides accompany the workshop conducted by Shailesh Bhat at Product Camp, Silicon Valley 2018 (http://www.productcampsiliconvalley.org).

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Crafting value-benefit-feature statements

  1. 1. Following slides were used at Product Camp 2018 during the workshop Crafting Value-Benefit-Feature Statements By Shailesh Bhat
  2. 2. YOUR TURN NOW Activity - Write a one line update for your CEO (or company newsletter) on your/your team’s achievment in the last qtr/month/sprint OR Write a one line statement of something you are really proud of; something you want a future employer to know
  3. 3. Crafting Value-Benefit- Feature Statements - a workshop -
  4. 4. ‘I was responsible for the alertness of the entire office’ - 19 year old intern
  5. 5. Coffee run to the local Starbucks for 15 accountants
  6. 6. Feature - Brought Coffee Benefit - Kept the office alert Value - NPS score of 9, due to low error rate of less than 0.1%
  7. 7. About me - Shailesh Bhat (https://www.linkedin.com/in/shaileshbhat/) https://bit.ly/2GHGPsk Co-founded (2011-15) Author PM chops (2004-11) Current Director, Product Management All views expressed here are mine and not of any affiliated organization
  8. 8. About You Students Product Managers Engineers Designers Others?
  9. 9. Internally built ad server live XYZ team launched a new internally built adserver that serves ABC-company’s product retargeting ads on the preferred ad exchange. It has superior campaign efficiency and enhances UX by serving ads in <1s compared to ad load times of 4s when served by 3rd party solutions. It also enables millions of dollars in non-media cost savings.
  10. 10. YOUR TURN NOW Activity - Write a one line update for your CEO (or company newsletter) on your/your team’s achievment in the last qtr/month/sprint OR Write a one line statement of something you are really proud of; something you want a future employer to know
  11. 11. Feature - Benefit - Value What is it - How does it improve the situation - For the customer/user (now your turn, pl write it, pl do *not* call out) Electric Car - ? - ? Instant Pot - ? - ? What is it - How is it good - How is it good, in the customer’s language
  12. 12. Step 1 XYZ team launched a new internally built adserver that serves ABC-company’s product retargeting ads on the preferred ad exchange. It has superior campaign efficiency and enhances UX by serving ads in <1s compared to ad load times of 4s when served by 3rd party solutions. It also enables millions of dollars in non-media cost savings. What is it talking about? Internally built adserver
  13. 13. Step 2 XYZ team launched a new internally built adserver that serves ABC-company’s product retargeting ads on the preferred ad exchange. It has superior campaign efficiency and enhances UX by serving ads in <1s compared to ad load times of 4s when served by 3rd party solutions. It also enables millions of dollars in non-media cost savings. If there is a resultant improvement, who will enjoy it? 1. Customers (implied by ‘enhances UX’) 2. The Company (implied by ‘efficiency’)
  14. 14. Step 3 XYZ team launched a new internally built adserver that serves ABC-company’s product retargeting ads on the preferred ad exchange. It has superior campaign efficiency and enhances UX by serving ads in <1s compared to ad load times of 4s when served by 3rd party solutions. It also enables millions of dollars in non-media cost savings. If there is a resultant improvement, how would the customer measure the improvement? ??? (time to load does not measure the improvement, it measures the feature) Consider - ● Incremental revenue ● Incremental NPS ● Incremental Engagement
  15. 15. Step 4 XYZ team launched a new internally built adserver that serves ABC-company’s product retargeting ads on the preferred ad exchange. It has superior campaign efficiency and enhances UX by serving ads in <1s compared to ad load times of 4s when served by 3rd party solutions. It also enables millions of dollars in non-media cost savings. What is the (expected) number against that measure? ???
  16. 16. Step 5 XYZ team launched a new internally built adserver that serves ABC-company’s product retargeting ads on the preferred ad exchange. It has superior campaign efficiency and enhances UX by serving ads in <1s compared to ad load times of 4s when served by 3rd party solutions. It also enables millions of dollars in non-media cost savings. Why is there a resultant improvement? 1. Enhances UX 2. Campaign efficiency
  17. 17. Step 6 XYZ team launched a new internally built adserver that serves ABC-company’s product retargeting ads on the preferred ad exchange. It has superior campaign efficiency and enhances UX by serving ads in <1s compared to ad load times of 4s when served by 3rd party solutions. It also enables millions of dollars in non-media cost savings. Is the tone active or passive? Passive
  18. 18. Step 7 XYZ team launched a new internally built adserver that serves ABC-company’s product retargeting ads on the preferred ad exchange. It has superior campaign efficiency and enhances UX by serving ads in <1s compared to ad load times of 4s when served by 3rd party solutions. It also enables millions of dollars in non-media cost savings. Are there too many adjectives? Is the point so weak that it needs props
  19. 19. Step 8 XYZ team launched a new internally built adserver that serves ABC-company’s product retargeting ads on the preferred ad exchange. It has superior campaign efficiency and enhances UX by serving ads in <1s compared to ad load times of 4s when served by 3rd party solutions. It also enables millions of dollars in non-media cost savings. 3 words that do not sound like you? Internally built
  20. 20. Step 9 XYZ team launched a new internally built adserver that serves ABC-company’s product retargeting ads on the preferred ad exchange. It has superior campaign efficiency and enhances UX by serving ads in <1s compared to ad load times of 4s when served by 3rd party solutions. It also enables millions of dollars in non-media cost savings. 3 Words that you think are missing?
  21. 21. In-house Display Ad Server Live Launched an in-house adserver to serve ABC-company’s product retargeting ads on the preferred ad exchange. Ad campaigns now have 3X higher CTR, due to reduced load times of <1s compared to previous load times of 4s; resulting in better campaign efficiency and customer experience. The initiative will also save $3.5M in costs.
  22. 22. YOUR TURN NOW Take the statement that you wrote earlier and apply the 9 steps 1. What is it talking about? 2. If there is a resultant improvement, who will enjoy it? 3. If there is a resultant improvement, how would you measure the improvement? 4. What is the (expected) number against that measure? 5. Why is there a resultant improvement? 6. Is the tone active or passive? 7. Are there too many adjectives? 8. 3 words that do not sound like you? 9. 3 Words that you think are missing?
  23. 23. Volunteers
  24. 24. Did it improve Aye or Nay
  25. 25. Was this useful 1. Permission to use your workshop content (before - after) 2. Write / Post a picture of this session on your blog, twitter … 3. Feedback and thoughts - reachshaileshbhat@gmail.com 4. Linkedin - https://www.linkedin.com/in/shaileshbhat/ 5. Book - https://www.smashwords.com/books/view/611259 6. http://www.productcampsiliconvalley.org/survey
  26. 26. What did you do today? What will you say? Attended a workshop Added a tool to my tool kit Figured a way to get my next raise/promotion this year
  27. 27. Thank you Shailesh Bhat reachshaileshbhat@gmail.com https://www.linkedin.com/in/shaileshbhat/

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