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The five essential steps to building a data product
The document outlines the essential steps for building a data product, emphasizing the need for alignment among team members and understanding user needs. It details a structured approach that includes defining user personas, determining analytic tools, and establishing pricing strategies. Additionally, it stresses the importance of a robust support system and the iterative nature of the product development process.
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The five essential steps to building a data product
- 1. The 5 EssentialSteps to Building a Data Product
- 2. Webinar notes Please sendquestions using the online interface Attendees muted upon entry
- 3. Presenter ksmith@birst.com @kevinmsmith kevinmichaelsmith Kevin Smith VP, EmbeddedSolutions ksmith@birst.com
- 4. ‹#› What is adata product?
- 5. ‹#› Building a data productis different.
- 6. 6 It’s a scaryproposition. It’s the first time for most people
- 7. ‹#› The stakes canbe very high.
- 8. ‹#› You have totreat it like a journey, not a switch.
- 9. ‹#› A typical embeddedanalytics journey Stage 3: Excitement Project Progress Enthusiasm Hey! We’ve got all this data! Let’s build a data product! This platform is awesome! Let’s implement it! OMG! Let’s launch and watch the money roll in! Wait. Why aren’t they buying? Whose idea was this anyway… Stage 1: The Big Idea Stage 4: Sadness & Despair Stage 2: Anticipation
- 10. ‹#› What?My journey tobuilding analytical products
- 11. ‹#› I made onegood decision…
- 12. ‹#› 5 Essential Steps to Buildinga Data Product
- 13.
- 14. ‹#› 400+ wins don’t happenby chance Credit: Natursport / shutterstock.com
- 15. ‹#› You have to planfor them. Credit: Gines Romero / shutterstock.com
- 16. 16 Hold a ProductWorkshop • 6-8 hours • In person • Leadership team present • What do you want to build? • Align your strategy & tactics • Start to develop your pricing/tiering model • Pick personas • Identify boundaries
- 17. ‹#› Create your elevatorpitch.
- 18. ‹#› Step Two Know yourusers & their needs 2
- 19. ‹#›Concepts from NirEyal “Hooked, How to Build Habit-Forming Products,” If this is your goal Goal: an enticing, engaging product that keeps you coming back
- 20. ‹#› You get thereby linking users’ goals to resolution via analytics
- 21. ‹#›Concepts from NirEyal “Hooked, How to Build Habit-Forming Products,” You need to know: • Who are you? • What are you trying to achieve? • Why can’t you do it today?
- 22. ‹#› Start by picking 2-3 key user personasPotential Data Product Users CMO CTO CPO Head of Sales Head of Operations Executive End Users Internal Users Tactical End Users Installation team Sale Reps Marketing team Customer Service reps Your CPO Your Head of Operations Your Head of Sales Your Finance/ Billing team Your Marketing team
- 23. ‹#› “I feel likeI’m operating blind. I don’t know what campaigns are doing well and which are doing poorly until it’s way too late to take action and correct any problems” Salesforce.com Marketo Excel spreadsheets Funnel tool NetSuite 360 view of customers 360 view of campaigns See gaps and coverage See geographic overview of campaign reach Can’t see performance by region, team, or campaign Can’t perform “what if” analysis Guesses at best course of action Can’t see if campaigns touch customers multiple times or if gaps exist Key Wishes or NeedsTools Used TodayFrustrations or Pain Points Needs to develop marketing campaigns that attract new customers and encourage existing customers to try new products and features Mission Key Characteristics The focus of all demand gen programs A trusted advisor to the executive and sales teams Pulled in many different directions VP of Corporate Marketing StrategyRole or Title Build persona cards for key users
- 24. ‹#› Lay out themission and workflows Mission: Create high performing marketing campaigns Workflow: review and adjust performance Review status of campaigns ID underperforming campaigns Determine regions or segments underperforming Adjust campaign target list or collateral Project revised results 1
- 25. ‹#› Then identify thepain points (gaps) Mission: Create high performing marketing campaigns Workflow: review and adjust performance Review status of campaigns ID underperforming campaigns Determine regions or segments underperforming Adjust campaign target list or collateral Project revised results Pain point: I can't compare campaigns to past performance Pain point: I can't see performance vs target Pain point: I can't see benchmarks for performance Pain point: I can't predict what may result from my changes Pain point: I have to wait 24 hours to see my changes reflected Pain point: I can't easily filter campaigns by dimensions Pain point: I have to guess at the best changes to make 2
- 26. ‹#› And determine theanalytics to close the gaps Table with filter Clustered bar chart Predictive analytics Analytics for this persona Bar/line chart Mission: Create high performing marketing campaigns Workflow: review and adjust performance Review status of campaigns ID underperforming campaigns Determine regions or segments underperforming Adjust campaign target list or collateral Project revised results Pain point: I can't compare campaigns to past performance Pain point: I can't see performance vs target Pain point: I can't see benchmarks for performance Pain point: I can't predict what may result from my changes Pain point: I have to wait 24 hours to see my changes reflected Pain point: I can't easily filter campaigns by dimensions Pain point: I have to guess at the best changes to make 3
- 27. ‹#› Repeat for allpersonas, missions, & workflows Mission: Create high performing marketing campaigns Workflow: create campaign Workflow: review and adjust performance Review status of campaigns ID underperforming campaigns Determine regions or segments underperforming Adjust campaign target list or collateral Project revised results Identify target markets Build target list Select collateral to serve View potential results from campaign Launch campaign1 2 Workflow: identify new audiences Review audience list coverage ID underserved audience segments Adjust list to increase coverage Project revised results 3 4
- 28.
- 29. ‹#› The Card Sort Mission: Understand campaign performance Mission: Compare performancebetween teams Mission: See if we could be using other more effective tactics Use for arranging dashboards 1 Use for ordering workflows 2 Mission: Understand campaign performance Workflow: Check overall progress toward quarterly goals Workflow: ID any outliers to improve or replicate Chart #1: Bar chart showing overall campaign performance Ch Workflow: Bar chart showing performance /$ spent Ch
- 30.
- 31.
- 32. ‹#› Don’t use theshotgun approach to dashboard design
- 33. ‹#› “Throw it allin and let the customer decide…” is not how you build a great data product
- 34. ‹#› Creating a greatdata product is about having an opinion and making decisions.
- 35. ‹#› Know your boundaries StuffWe Won’t Do StuffWeWon’tDo The Product Stuff We’ll Do as Part of the Core Product Stuff We’ll Do for an Extra Fee StuffWeWon’tDo Stuff We Won’t Do
- 36. ‹#› Category Details TypicalOptions Amount of data The number of years of information available to be presented to the user 1 year; 3 years; 5 years Benchmarking Allow comparisons to aggregated and anoymized data from others No benchmarking; internal benchmarking; external benchmarking Predictive analytics See possible results from changing parameters No predictive; predictive allowed Ad hoc analytics Allow users to create new charts and other analytics using existing metrics No ad hoc; ad hoc allowed Custom metrics Create non-standard metrics still supported by the standard model Standard only; modify/create new metrics Drill levels Allow drill down to record level data Drill down 1-2 levels; drill down to record level data Data layers Create new insights by stacking data sources to composite a new view. None; pre-defined; customized What do you have to offer?
- 37. ‹#› Basic • Included forall customers • Uses standard template • Read-only dashboards • No benchmarking • 1 year historical data Plus Pro • Uses standard template • Customization for an additional fee • Read-only dashboards • Internal benchmarking included • 2 years historical data • Uses standard template customized per customer needs • Users can modify dashboards (ad hoc analytics) • Includes external benchmarking • 3 years historical data Use tiers as a growth path for buyers
- 38. ‹#› Basic Wow—I’ve got everythingI’ll ever need in this one tier! I’ll never need to buy more! And, I’ll expect new features to be added for free! The wrong way to use tiers
- 39. ‹#› Basic Ok, I’m hooked butam I missing out on other insights? Plus Pro The right way to use tiers Customization, comparisons, and more data but I want more… I’m set — ad hoc analysis, more data, and detailed benchmarking
- 40. ‹#› Decide how to priceyour analytics 4
- 41. Analytics add value. You chargefor added value.
- 42. ‹#› The four numbersyou need to understand 1 2 3 4 The cost to build your product WITHOUT analytics The cost of the analytics (platform, services, etc.) The current price you charge for your product The price your best competitor with analytics charges
- 43. ‹#› Here’s how youprice a data product Potential Pricing Zone Caution Zone Danger Zone Caution Zone Danger Zone Price your data product along this range Cost of Goods Sold — WITHOUT analytics Cost of Goods Sold — WITH analytics Current Product Price Price of Best Competitor Basic Plus Pro
- 44.
- 45. 45 A successful dataproduct needs a strong foundation
- 46. ‹#› This is thefoundation of your product. Core Product BI FunctionalityWhat companies spend their time on… Operations Provisioning Training Support Marketing Billing ChangeManagement What they forget… (until it’s too late)
- 47.
- 48. 48 Walk the processes to findgaps • Design the process • Print & lay out the steps • Walk through scenarios • Note hand-offs, gaps, waits, etc.
- 49. 49 Set trip wires • Usekey launch metrics • Set “do not cross” thresholds • Know what to do if crossed • Do it beforehand • Monitor
- 50. 50 Establish a command center • Haverepresentative from all key stakeholder groups • Establish who is in charge • Regular reviews • Monitor trip wires
- 51. ‹#› Summary 1 Get alignment 2Know your users 3 Determine the structure 4 Price it 5 Create a support system
- 52.
- 53. ‹#›Concepts from NirEyal “Hooked, How to Build Habit-Forming Products,” If this is your goal Yes
- 54. ‹#›Concepts from NirEyal “Hooked, How to Build Habit-Forming Products,” No
- 55.