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Pooja Naidu, Head of FT Group Products, Financial Times
- 1. How a North Star helps develop better products Pooja Naidu Head of FT Group Products Financial Times
- 2. ★ 930,000 paid for customers ★ 730,000 digital only subscribers ★ 1.9 million daily readership ★ We operate with a strict paywall ★ Publisher & subscription based digital company About the FT
- 3. To Measure is to Know
- 4. Metric Total Time Spent 1st Pitfall: Metrics are Proxies Real Value Viewing interesting content
- 5. Metric Newsfeed interactions 1st Pitfall: Metrics are Proxies Real Value Connect with people you care
- 6. 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
- 7. 3rd Pitfall: Overwhelming information With too many data points = Lack of focus
- 8. ● A single metric ● Simple to Understand ● With consistently proven correlation with your real goal A North Star
- 9. The FT’s ‘North Star’
- 10. Subscription is all about Habits Reminder Routine Habit
- 11. We kept on finding... Revenue vs. Usage Conversion Rate vs. Engagement Cancellation Rate vs. Engagement
- 12. Recency Frequency Not everyone is a digital news junkie Best Customers Engagement opportunities
- 13. Our “North Star” Engagement Score: RFV Recency | Frequency | Volume
- 14. Correlates with Renewal Rates B2C B2B
- 15. How The North Star Guides Our Product Development
- 16. 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
- 17. Case Study One - myFT
- 19. myFT | Impact on RFV Engagement increased 86% compared to the control group
- 20. Case Study Two - Speed
- 21. Case Study 2 | Speed Even though our beta site had fewer features + content, 5% of our loyal customers became immediately engaged….Why?
- 22. Case Study | Speed Hypothesis: Every second counts, speed has a direct correlation to engagement
- 23. Case Study | Speed ● A series of tests: ○ Control: Fastest site ○ Variant A: 1 second slower ○ Variant B: 2 seconds slower ○ Variant C: 3 Seconds slower ○ One test with a variant of 5 seconds slower
- 24. Case Study | Speed Speed matters as it has a direct correlation with revenue 1 second = £$millions
- 25. Case Study | Speed
- 26. Case Study Three - Apps & RFV
- 27. Case Study 3 | Going back to the iOS App Store
- 28. Case Study | Optimising Notifications
- 29. 3 Takeaways
- 30. ● A single metric ● Simple to Understand ● With consistently proven correlation with your real goal Find A North Star within your org
- 31. ● Focus on the most important thing ● Have one single version of the truth ● Consolidate effort and conversation That is helping you to
- 32. ● Have your users gained value? ● Have your numbers gone up as expected? ● Is the North Star correlation valid and accurate? Challenge it
Editor's Notes
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- This is a copy only slide with bullet points. Use 1.5 spacing and Arial 18 as a minimum size.
- Simply put - if you cannot measure it - you cannot learn from it or improve it But you all need to find a north star that works for your organisation/product
- Lets talk about real stories Netflix and you tube metric is total time spent But the real value is users viewing the content they like With measuring time spent - what happens if a user falls asleep? Ive done that many times whilst watching something!
- Facebook’s metric was time on newsfeed and interaction. Their real value was bringing people together - they didn’t catch the problem with polarisation - content that upsets you still engages you
- Engagement is such a buzz word These all examples of evidence that someone has engaged with us - its confusing, there are many metrics Specifically we want to understand what can we do/influence that drives habitual use of our journalism - as forming habits is related to loyalty and retention
- Collecting data is no longer an issue - we have qual and quant data at our fingertips There are no shortages of tools out there to just grab every metric desired The real issue is the LACK of Focus
- Identify metrics that matter the most That meet your product vision + customer needs + company or business goals Find that one metric that matters or a facet for your product & keep focus with what you control eg: your product - dont pretend as product managers to be sales or marketing people - focus on your product goal
- Gadi stole my thunder in talking about the changing revenues - usually I open by asking audiences to guess what happened to advertising - the traditional source of revenue for news organisations - and advertising revenue for news media.. But he already told you that This is new news for many. For a long time news organisations - freed from the constraints/costs of printing and distribution - thought they would give their news away for free and benefit from advertising and scale of global distribution. The scale argument - unfortunately - never quite worked. There are other players out there - 2 particularly big - who will always have significantly more scale. And digital ad revenues simply plummetted. It is now clearer than ever that there is no future in ad supported news media. The other scary trend - which I could ask crowdsource your perspectives on - but will take you out of your misery - is about changing trends in how people read the news. 50% of digital news readers now consume news via social platforms. Publishers use them as a way of raising brand awareness. Yet research suggests that 2/3rds of readers here in the UK do not remember the source of the news they read. So publishers give away their news for free, hoping for brand equity. In most cases they don’t get it, and don’t make much ad revenue along the way either. It’s not a hugely rosy picture. Which is why we ask people to pay. But it’s hard. REALLY hard to convince a free reader to become a paid reader. Especially when your product is relatively expensive. Which is where our data intelligence comes to bear. Where we understand what drives purchase and renewal behaviour.. And how we use this data to drive improvements.
- Gadi stole my thunder in talking about the changing revenues - usually I open by asking audiences to guess what happened to advertising - the traditional source of revenue for news organisations - and advertising revenue for news media.. But he already told you that This is new news for many. For a long time news organisations - freed from the constraints/costs of printing and distribution - thought they would give their news away for free and benefit from advertising and scale of global distribution. The scale argument - unfortunately - never quite worked. There are other players out there - 2 particularly big - who will always have significantly more scale. And digital ad revenues simply plummetted. It is now clearer than ever that there is no future in ad supported news media. The other scary trend - which I could ask crowdsource your perspectives on - but will take you out of your misery - is about changing trends in how people read the news. 50% of digital news readers now consume news via social platforms. Publishers use them as a way of raising brand awareness. Yet research suggests that 2/3rds of readers here in the UK do not remember the source of the news they read. So publishers give away their news for free, hoping for brand equity. In most cases they don’t get it, and don’t make much ad revenue along the way either. It’s not a hugely rosy picture. Which is why we ask people to pay. But it’s hard. REALLY hard to convince a free reader to become a paid reader. Especially when your product is relatively expensive. Which is where our data intelligence comes to bear. Where we understand what drives purchase and renewal behaviour.. And how we use this data to drive improvements.
- Want to tell you something we kept on finding In all of the models we built - whether to drive customer acquisition or retention - one driver stood out more than any other BTW it’s not hugely surprising - it’s usage, consumption, value for money Found usage is key to customer value - a great churn predictor, and of likelihood to buy in the first place
- We segment across our 3 dimensions – helps us to focus on the segments that matter most Imagine this is 3 dimensional Like we saw a moment ago – don’t want to move avg engagement *** Want to increase the volume of engaged readers Understand what gets people over this tipping point and keeps them there Because then we’re scaling sustainable audiences Segmentation helps us focus on the key opportunities WH How do we get someone who is otherwise a flyby to stick?
- Data model built and optimised over time Comprising of 3 metrics Recency - the lower the score the better Frequency - the higher the score the better Volume - the higher the score the better We boiled it down to 3 components Blend using maths Score each and every user All usage across all platforms and channels Demonstrated the relationship between these components + acquisition + retention of new readers Means we linked engagement to revenue – gave us confidence this was the right thing
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- •A Twitter-like follow topic feature •Daily email digest / on-site feed page to articlesw topic feature •Daily email digest / on-site feed page to articles
- This is a copy only slide with bullet points. Use 1.5 spacing and Arial 18 as a minimum size.
- This is a copy only slide with bullet points. Use 1.5 spacing and Arial 18 as a minimum size.
- This is a copy only slide with bullet points. Use 1.5 spacing and Arial 18 as a minimum size.
- This is a copy only slide with bullet points. Use 1.5 spacing and Arial 18 as a minimum size.
- Upon the launch of our new platform in 2016 we were the fastest site in the industry
- We previously had a web app and relaunched our app into the i0s store We found the median rfv score to be increased and sustained over time for all these 3 groups of users
- Push notifications also gave us similar results
- Facebook’s metric was time on newsfeed and interaction. Their real value was bringing people together - they didn’t catch the problem with polarisation - content that upset you still engages you
- This is a copy only slide with bullet points. Use 1.5 spacing and Arial 18 as a minimum size.