Building a better product by listening to your customer
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This document discusses how companies can improve their products and services by listening to customers. It recommends gathering customer insights early and frequently through methods like interviews and usability testing. Companies should use this feedback to prioritize the most important and valuable features for customers, and test product assumptions quickly through iterative experiments. Taking a lean startup approach allows companies to pivot based on learning from customers. Outcomes of this process include developing better products, increasing ROI, and faster time to market. The key is to know your audience, continuously validate learnings, and embrace a build-measure-learn process.
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Building a better product by listening to your customer
- 1. Improving products & services by listening to your customers
- 2. Agenda 1. Intros 2. State of the union 3. How to we gather insight 4. Application 5. Outcomes 6. Summary
- 3. © 2015 Aequilibrium Software, Inc. Presenter 3 Adrian Moise, CEO Built and lead high performance Agile teams to deliver software products for Microsoft, Starbucks, Nintendo, Nike, Electronic Arts. Worked at both Product (UbiSoft, Microsoft, EA, McKesson, iQmetrix) and Professional Services Companies (Blast Radius, Aequilibrium).
- 4. Today Customers are in the driver’s seat
- 5. So what? Data can be found everywhere Access to real time analytics
- 6. Now what? Small and nimble trumps big and slow Actionable metrics vs. vanity metrics
- 7. Speed is the new currency How do we get to market quickly with a great product/service while… Finding the right hires Keeping up with technology Prioritizing the right functionality
- 8. So how do you gather insights?
- 9. Zipcar: the early days
- 10. Maximize business value • It this feature “neat” or a “must have” • Are customers willing to pay a premium • Reduce the risk PAIN KILLER VITAMIN VS.
- 11. Now what do I do with this? • Lean Start-Up/Agile approach • Building with the ability to pivot based on new customer insights
- 12. Company A Case Study • The product was being mailed out on CDs • They needed to move to the cloud • 8 months in planning and didn’t know what functionality was most important • 8 iterations later…
- 13. Fail fast The sooner you know your ideas won’t work…the better.
- 14. Company B Case Study • Needed a mobile banking app and deposit anywhere technology • Increased customer satisfaction from 40% to 60% to 90% • “If this functionality was available today, I would switch my bank provider immediately!”
- 15. Outcomes 1. Better product 2. Increased ROI 3. Faster time to market
- 16. Summary 1. Know your audience Collect customer feedback early and frequently Define high-value scenarios 2. Validate learning Assess product market-fit Hypothesize and define experiments 3. Build-Measure-Learn Vanity metrics vs. meaningful metrics Knowledge as key artifact of each iteration
- 17. If you only remember 1 thing
Editor's Notes
- What -State of the union, Challenges, Opportunities Why -Speed How -Inclusive
- This is the WHAT
- Customers driven brands Always “on” state (social media, mobile etc.) Power of peer reviews/recommendations Speed and reach of customer feedback
- GE gas turbines have 100+ sensors. full capacity worth over $500,000, efficiency 1% could save up to $1.25 million annually in fuel costs.” This leads to an advantage and therefore better functionality, products and service offering What is the purpose of the startup – validate product market fit with minimal ammount of resources invested / min risk Access to information and building blocks: Cloud, SaaS, OpenSource tools Gain competitive edge by getting customer feedback / dialog in real time Assess who is using the system and how – heat map This opens up new opportunities for new functionality/ products / service offering
- start-ups winning large market share because they can react and pivot more quickly Many organizations have long release cycles in which they make big bets and assumptions. In the end, empathy and experience is good but it cannot replace real user data
- Monexa / Cisco / 1M McKesson, team of 6-10, launching new features every 2-3 weeks. Now it takes 2-3 months with a team twice as big! Hootsuite – vendor promised new set of features in June, now will be delayed to December!
- Built-In (“Owned”) – instrumentation, telemetry, Website analytics Structured (“Bought”) – ticketing system, customer support, Market research, focus groups Unstructured (“Earned”): Social media monitoring, Forums
- https://youtu.be/t40f76dMpaI?t=2m4s Here is how Robin Chase, the former CEO of Zippcar, gathered early customer feedback in order to validate product market fit
- Think of High Value Scenarios as a cross between Use Cases (for the techies) and Storyboards (for the creative types). Featuritis – adding more features does not mean producing a better product. Example with basecamp revamping the UX a few years ago, back to basics, removing some of the extra functionality that were taking away for a simple UX
- Hypothesis Small slices MVP Dark Launching A/B Testing
- “In the face of an unknown future, entrepreneurs act,” they write. "More specifically, they: Take a small, smart step Pause to see what they learned by doing so; and Build that learning in to what they do next."
- This is an ideal scenario, applying it into practice is hard and required discipline and perseverance CEO – spent 18m building the wrong product / features, had to throw everything away and start from scratch. The competitors are taking advantage of our delays to market CEO – moving to cloud. When my product will be live, I will double my revenues.
- validate scientifically, by running experiments that allow you to test each element of your vision turn ideas into products, measure how customers respond, and then learn whether to pivot or persevere. All successful startup processes should be geared to accelerate that feedback loop Samples from Silicon Valley: Robin Chase (4 startups), Buzzcar / Zipcar; https://www.youtube.com/watch?v=t40f76dMpaI; car parked on street in front of her house; reservations online / calendar; keys on her porch; piece of paper with the start / end time and km; , micro-lending company (no need to spend the money); Central1 Credit Union – reshape vision from NFS to Receipts; customer adoption improved with each iteration from 40%, 60%, 90% Knowledge applied after each iteration = similar to compounding interest at the bank Ask clients to give you a cheque, not just what features they want
- MVP - yields the highest return on investment at the lowest risk. Speed is the currency of modern business If you are not embarrassed by the first version of your product, you’ve launched too late. - Reid Hoffman