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How to Lead Customer Value Creation by Dan Olsen at Leading the Product Melbourne
The document outlines the process of customer value creation, emphasizing the role of product managers in identifying and addressing customer needs through the Lean Product Process. It describes a structured six-step approach to define target customers, identify their needs, and create a Minimum Viable Product (MVP) for testing. Additionally, it highlights the importance of iterative design and user feedback in refining product offerings to ensure market fit.
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How to Lead Customer Value Creation by Dan Olsen at Leading the Product Melbourne
- 1. how to lead customer Value creation DANOLSEN OCT 20, 2016
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- 12. As a Product Manager, Your Job Is To: n Herd the cats inside your company n To get them to create value for customers n Under condi5ons of extreme uncertainty Sounds great! Where do I sign up?
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- 30. n Russians: pencil n NASA: space pen ($1 M R&D cost) Example n Ability to write in space (zero gravity) Problem Space vs. Solu5on Space Problem Space n A customer problem, need or benefit that the product should address n A product requirement Solu5on Space n A specific implementa5on to address the need or product requirement Copyright © 2016 @danolsen
- 31. Problem vs. Solu5on Space: Product Level Problem Space (user benefits) Solu5on Space (product) TurboTax TaxCut Pen and paper Prepare my taxes Filemy taxes Check my taxes Maximize deductions Reduce audit risk Copyright © 2016 @danolsen
- 33. Problem Space Problem vs. Solu5on Space: Feature Level Copyright © 2016 @danolsen Save time filing taxes Savetime preparing taxes Maximize my tax deductions Check my return Reduce my audit risk Help me prepare taxes Empowerment/ Confidence Save Time Save Money Tax Interview Wizard Audit Risk Analyzer Tax Return Error Checker Tax Data Downloader Electronic Tax Return Filing Tax Deduction Finder Solu5on Space
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- 45. What is Your Value Proposi5on? n Which user benefits are you providing? n How are you bener than compe5tors? Compe9tor A Compe9tor B You Must Have Benefit 1 Performance Benefit 1 Performance Benefit 2 Performance Benefit 3 Delighter Benefit 1 Delighter Benefit 2 Copyright © 2016 @danolsen
- 46. What is Your Value Proposi5on? n Which user benefits are you providing? n How are you bener than compe5tors? Compe9tor A Compe9tor B You Must Have Benefit 1 Y Y Performance Benefit 1 High Low Performance Benefit 2 Low High Performance Benefit 3 Med Med Delighter Benefit 1 Y - Delighter Benefit 2 - - Copyright © 2016 @danolsen
- 47. What is Your Value Proposi5on? n Which user benefits are you providing? n How are you bener than compe5tors? Compe9tor A Compe9tor B You Must Have Benefit 1 Y Y Y Performance Benefit 1 High Low Med Performance Benefit 2 Low High Low Performance Benefit 3 Med Med High Delighter Benefit 1 Y - - Delighter Benefit 2 - - Y Copyright © 2016 @danolsen
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- 59. Dos & Don’ts of User Tes5ng Sessions Do n Explain to the user n Feedback will help improve the product n Not to worry about hur5ng your feelings n Think Aloud Protocol n Try to be a fly on the wall n Take notes and review them ajerwards for take-aways Don’t n Help user or explain the UI (e.g., click over here ) n Ask leading or close-ended ques5ons n Get defensive or blame the user Copyright © 2016 @danolsen
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- 64. Marke5ngReport.com Case Study n My client (CEO) had a new product idea n Team: me, CEO, VP marke5ng, UI designer n Goals n See if business opportunity exists n Do so quickly and inexpensively (no coding) n Marke5ng report would let consumers control the direct mail that they receive n Analogous to credit report Copyright © 2016 @danolsen
- 65. Mapping Out Customer Benefits Reduce Junk Mail Find outwhat they know about you Money Saving Offers Compare Yourself to Others Social Networking Marketing Report Marketing Score Marketing Profile Save Trees Marke5ng Shield Concept Marke5ng Saver Concept Copyright © 2016 @danolsen
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- 68. Recrui5ng Target Customers n Used customer research firm (panel) n Wrote screener to iden5fy target customers n Work full-5me n Fit for Saver: use coupons, Costco membership n Fit for Shield: use paper shredder, block caller ID n Moderated users through the mockups Copyright © 2016 @danolsen
- 69. Learning from First Wave of User Tests Reduce Junk Mail Find outwhat they know about you Money Saving Offers Compare Yourself to Others Social Networking Marketing Report Marketing Score Marketing Profile Save Trees Legend Strong appeal Some appeal Low appeal Shield Concept Saver Concept Copyright © 2016 @danolsen
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- 72. Summary of Case Study n 4 weeks to validated product concept n 1 round of itera5on n Zero coding n Reasonable cost n Customers willing to pay $10/month n Trimmed away non-valuable pieces n You can achieve similar results Copyright © 2016 @danolsen
- 73. The Lean Product Process 1. Determine your target customer 2. Iden5fy underserved customer needs 3. Define your value proposi5on 4. Specify your MVP feature set 5. Create your MVP prototype 6. Test your MVP with customers Iterate: § Hypothesize-Design-Test-Learn loop § Improve product-market fit Copyright © 2016 @danolsen
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