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Beyond The Early Adopter - Product Lifecycle Growth

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Crossing the Chasm from Early Adopters to Early majority. Once you have established a product market and are looking to grow your user base, what are the things to look out for and what things matter. The challenge here is that you might lose your early adopters as you grow, in this talk Craig mentions about how to continuously delight customers whilst satisfying new market segments in order to achieve growth and how to use OKRs and KPIs to measure progress. All of this is done in context the Global Product Lifecycle framework developed at Pearson which covers 6 stages from idea to retirement.

Published in: Business

Beyond The Early Adopter - Product Lifecycle Growth

  1. 1. Beyond The Early Adopter @craigstrong @LeanPLC
  2. 2. ● Approx 40,000 employees worldwide ● Institutional sales & print background ● The world’s largest publisher and education company ● Operates in over 80+ countries ● Growth through acquisition ● 170 years old
  3. 3. Product Lifecycle
  4. 4. Product Age Young Mature Status Before Market-Fit After Market-Fit Focus Searching for a Business Model Executing Against Business Models Duration Days Weeks Months <1 Year Years Metrics Customer Discovery, Innovation Accounting, Lean Analytics, Pirate Metrics Revenues, Profit-Margins, ROI, IRR, NPV Product Lifecycle
  5. 5. A Nonlinear Process Learn Build Measure
  6. 6. Search and Execution are different
  7. 7. Early Adopters / Early Majority
  8. 8. https://flic.kr/p/cZEh9J NOT EVERYBODY IS YOUR CUSTOMER!
  9. 9. https://flic.kr/p/cZEh9J Strategy Is Key!
  10. 10. Idea Explore Validate Grow Sustain Geoffrey Moore’s ‘Crossing the Chasm’ diagram Circa 1991 Smaller chasm Innovators Early Adopters Early Majority Late Majority Laggards The Big Scary Chasm in Question
  11. 11. Customer (Early Adopter) Market (Early Majority)
  12. 12. Product Lifecycle Status MVP Scaling Focus Early Adopters Early Majority, Late Majority, Laggards Duration Days Weeks Months Years Metrics Customer Discovery, Innovation Accounting, Lean Analytics, Pirate Metrics Revenues, Profit-Margins, ROI, IRR, NPV Scale NO YES
  13. 13. Beyond The MVP MVP Early Adopters Early Majority Higher Product Expectations
  14. 14. Recognise Differences To Satisfy Needs Learn Build Measure Growth Is An Assumption New Market = New Geography or Customer Cohort Negative/Positive change New Product/Feature =
  15. 15. Customers Trump New Leads ? https://flic.kr/p/k7xw5y
  16. 16. https://flic.kr/p/c1oRoG
  17. 17. Early Majority Non-Scaleable Interactions https://flic.kr/p/5ueUT6
  18. 18. Recognise Traction And Opportunities https://flic.kr/p/56Ui5
  19. 19. Quarterly Hypotheses Product Metrics Strategic Growth Hypotheses Political Economic Social Technological Legal Environmental
  20. 20. Short Term Performance Long Term Growth ● NPS/CSAT/Ratings ● Acquisition ● Activation ● Retention ● Revenue ● Referral ● Refunds ● Engagement Metrics ● Support ● LTV ● Growth capability/performance (technology) ● Learnings! ● More + ● NPV ● IRR ● Market Share ● ROI ● LTV ● Competitors ● Learnings ! ● More + Learning As You Grow
  21. 21. https://flic.kr/p/4NhZT8
  22. 22. https://flic.kr/p/yVfd4Y
  23. 23. Know Your Growth Engine 1. Paid 2. Sticky 3. Viral
  24. 24. Sticky - Cost Of Switching Is High
  25. 25. Sticky - Cost Of Switching Is High
  26. 26. Adding New Features? Is this increasing Stickiness?
  27. 27. Stay Connected 5-10x MORE It costs 5-10x more to acquire a new customer than retain an existing one.
  28. 28. Beyond Early Adopters 1. Be clear who your customers are/aren’t 2. Growth is an assumption, but you need a strategy 3. Early Majority want more than a just a product 4. Data is King! It’s all Relative 5. Customers Trump New Leads
  29. 29. Thank You @craigstrong @LeanPLC

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