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How to Develop New Products by Financial Times Head of Product

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Main takeaways:
- Find your north star to develop great products
- How that single metric matters in an overwhelming data informed world
- Product development process across cultures and territories

Published in: Technology
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How to Develop New Products by Financial Times Head of Product

  1. 1. www.productschool.com How to Develop New Products by Financial Times Head of Product
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  7. 7. COURSES Blockchain for Managers Learn how to trade cryptocurrencies and build products using the blockchain
  8. 8. Claire Parker TONIGHT’S SPEAKER
  9. 9. Claire Parker Senior Product Manager FInancial Times How to develop new products
  10. 10. How to develop new products - To measure is to know - Our wider product approach - Taking our product approach across cultures
  11. 11. About the FT - 930,000 paid for customers - 730,000 digital only subscribers - 1.9 million daily readership - We operate with a strict paywall - Subscription based digital company
  12. 12. To measure is to know
  13. 13. 1st Pitfall: Metrics are proxies
  14. 14. Metric: total time spent
  15. 15. Real value: viewing interesting content
  16. 16. Metric: newsfeed interactions
  17. 17. Real value: connect with people you care
  18. 18. 2nd Pitfall: Many truths
  19. 19. 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
  20. 20. 3rd Pitfall: overwhelming information
  21. 21. Too many data points = lack of focus
  22. 22. A north star - A single metric - Simple to Understand - With consistently proven correlation with your real business goal
  23. 23. The FT’s North Star
  24. 24. Switch from advertising to subscriptions
  25. 25. 50% of digital news readers consume via social media
  26. 26. And 2/3s of people don’t remember their news source!
  27. 27. Acquiring subscribers is really hard!
  28. 28. Which is why we used our data intelligence! purchase renew
  29. 29. Subscription is all about habits Reminder Routine Habit
  30. 30. We kept on finding... Revenue vs. Engagement Conversion Rate vs. Engagement Cancellation Rate vs. Engagement
  31. 31. Correlates with renewal rates B2C B2B
  32. 32. Our “North Star” Engagement Score: RFV Recency | Frequency | Volume
  33. 33. Not everyone is a digital news junkie Recency Frequency Best customers Engagement opportunities
  34. 34. How it guides product development
  35. 35. 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
  36. 36. Case Study 1: myFT
  37. 37. myFT | Impact on RFV Engagement increased 86% compared to the control group
  38. 38. Case Study 2: Speed
  39. 39. Speed | Impact on RFV Even though our beta site had fewer features + content, 5% of our loyal customers became immediately engaged….Why?
  40. 40. Speed | Impact on RFV Hypothesis: Every second counts, speed has a direct correlation to engagement
  41. 41. Speed | Impact on RFV - A series of tests: - Control: Fastest site - Variant A: 1 second slower - Variant B: 2 seconds slower - Variant C: 3 Seconds slower
  42. 42. Speed | Impact on RFV Speed matters as it has a direct correlation with revenue 1 second = £$millions
  43. 43. Speed | Impact on RFV
  44. 44. Case Study 3: App
  45. 45. App | Impact on RFV
  46. 46. App | Impact on RFV Optimising notifications
  47. 47. 3 takeaways
  48. 48. Find A North Star within your org - A single metric - Simple to Understand - With consistently proven correlation with your real goal
  49. 49. That is helping you to - Focus on the most important thing - Have one single version of the truth - Consolidate effort and conversation
  50. 50. Challenge it - Have your users gained value? - Have your numbers gone up as expected? - Is the North Star correlation valid and accurate?
  51. 51. Product approach
  52. 52. We start with focusing on business outcomes
  53. 53. A strong product vision setting direction
  54. 54. Using measurements to always learn
  55. 55. Working lean to deliver value quickly
  56. 56. Product approach
  57. 57. Nikkei acquired the FT in 2015 58
  58. 58. Nikkei’s global business publication
  59. 59. NAR & FT formed a partnership
  60. 60. Sharing FT learnings
  61. 61. To accelerate digital change across all of NAR
  62. 62. By improving NAR’s products
  63. 63. Product approach was not being followed
  64. 64. 1st Pitfall: no clear direction
  65. 65. We were delivering things
  66. 66. 2nd Pitfall: abandoned lean principles
  67. 67. We had slipped into waterfall ways of working
  68. 68. 3rd Pitfall: long distance relationship
  69. 69. Multiple locations was tricky
  70. 70. Product approach across cultures
  71. 71. One team “Nikkei Asian Review provides original, quality insight that enables professionals with an interest in Asian business to make informed decisions and gain competitive advantage” We needed a common purpose = product vision
  72. 72. One team Japan + UK Nikkei + FT Newsroom, Commercial + Product
  73. 73. One team From a client & supplier relationship to a partner
  74. 74. Lean Focusing on the problem we are trying to solve for the customer/ business
  75. 75. Lean Working in smaller iterations
  76. 76. Lean Using data to learn from our work & adopt a more continuous development approach
  77. 77. Group consensus Group harmony is important, particularly when making decisions
  78. 78. Group consensus Which was slowing us down
  79. 79. Group consensus So we created empowered sub groups Leadership = prioritisation Experts = specifics Other stakeholders = FYI
  80. 80. 3 takeaways
  81. 81. A product approach across cultures - A product development approach can work across cultures - Tailor how you work together as you implement that approach - It is hard...try, learn & repeat
  82. 82. @clairep87 Thanks
  83. 83. www.productschool.com Part-time Product Management, Coding, Data, Digital Marketing and Blockchain courses in San Francisco, Silicon Valley, New York, Santa Monica, Los Angeles, Austin, Boston, Boulder, Chicago, Denver, Orange County, Seattle, Bellevue, Toronto, London and Online

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