Build Winning Products
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My session at Upgrad on How to Build Winning Products in Bangalore, Mar 4
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Build Winning Products
- 6. …and in ROTW
- 7. Why the difference? • Is it because of… • the company / brand image? • the money they have? • the people they have? • the markets they are in? • the technology they have? • the processes they have? • the location they are based out of? • …anything else?
- 8. How do they build?
- 9. Old School
- 11. Problem-solving is not a straight line! Source: Damien Newman
- 19. Discuss • Think of any new product • How does its adoption curve look like? • Do they have different needs? • How will you design your product for them?
- 20. Where do you start?
- 21. Let’s zoom-out
- 22. Business Model “A business model describes the rationale of how an organization creates, delivers and captures value.”
- 23. 9 Build Blocks
- 26. Your Day1 BMC?
- 29. What is your product?
- 31. Customer • Who are my “customers”? • What is their pain point? • How are they living with it today? • What would they do if they had options? • How much would they pay for it? • Will they prepay you now for a solution?
- 35. Customer Jobs Jobs describe the things your customers are trying to get done in their work or in their life. A customer job could be the tasks they are trying to perform and complete, the problems they are trying to solve, or the needs they are trying to satisfy.
- 36. Type of Jobs • Functional Jobs • Social Jobs • Personal Jobs • Supporting Jobs
- 37. Customer Pains Pains describe anything that annoys your customers before, during, and after trying to get a job done or simply prevents them from getting a job done. Pains also describe risks, that is, potential bad outcomes, related to getting a job done badly or not at all. A customer pain can be extreme or moderate, similar to how jobs can be important or insignificant to the customer.
- 38. Type of Pains • Undesired outcomes, problems or characteristics • Obstacles • Risks (undesired potential outcomes)
- 39. Customer Gains Gains describe the outcomes and benefits your customers want. Some gains are required, expected, or desired by customers, and some would surprise them. Gains include functional utility, social gains, positive emotions, and cost savings. A customer gain can feel essential or nice to have, just like pains can feel extreme or moderate to them.
- 40. Types of Gains • Required Gains • Expected Gains • Desired Gains • Unexpected Gains
- 44. Products and Services This is simply a list of what you offer. Think of it as all the items your customers can see in your shop window—metaphorically speaking This bundle of products and services helps your customers complete either functional, social, or emotional jobs or helps them satisfy basic needs
- 45. Types of Products / Services • Physical / Tangible • Intangible • Digital • Financial
- 46. Pain Relievers Pain relievers describe how exactly your products and services alleviate specific customer pains. They explicitly outline how you intend to eliminate or reduce some of the things that annoy your customers before, during, or after they are trying to complete a job or that prevent them from doing so.
- 47. Gain Creators Gain creators describe how your products and services create customer gains. They explicitly outline how you intend to produce outcomes and benefits that your customer expects, desires, or would be surprised by, including functional utility, social gains, positive emotions, and cost savings.
- 48. Pain Relievers vs Gain Creators Pain relievers and gain creators both create value for the customer in different ways. The difference is that the former specifically addresses pains in the customer profile, while the latter specifically addresses gains. It is okay if either of them addresses pains and gains at the same time. The main goal of these two areas is to make the customer value creation of your products and services explicit.
- 49. Rank them all together…
- 51. Fit You achieve fit when customers get excited about your value proposition, which happens when you address important jobs, alleviate extreme pains, and create essential gains that customers care about. Fit is hard to find and maintain.
- 52. Types of Fit
- 53. Stages of a Startup “Do I have a problem worth solving?” “Have I built something people want?” “How do I accelerate growth?”
- 57. Create MVP
- 63. So, what is PMF? Marc Andressan (2007): Product/market fit means being in a good market with a product that can satisfy that market. When you are BPMF, focus obsessively on getting to product/market fit. Do whatever is required to get to product/market fit. Including changing out people, rewriting your product, moving into a different market, telling customers no when you don't want to, telling customers yes when you don't want to, raising that fourth round of highly dilutive venture capital -- whatever is required Paul Graham (2008): Make things people want. Sean Ellis: Achieving product/market fit requires at least 40% of users saying they would be “very disappointed” without your product. PMF as a pre-condition to scaling up business! Michael Seibel (2016): Focusing on market first!
- 64. How do you know you have “PMF”? “You can always feel product/market fit when it's happening. The customers are buying the product just as fast as you can make it -- or usage is growing just as fast as you can add more servers. Money from customers is piling up in your company checking account. You're hiring sales and customer support staff as fast as you can. Reporters are calling because they've heard about your hot new thing and they want to talk to you about it. You start getting entrepreneur of the year awards from Harvard Business School. Investment bankers are staking out your house.” – Marc Andreessen
- 65. …and when you don’t! You can always feel when product/ market fit isn’t happening. The customers aren’t quite getting value out of the product, word of mouth isn’t spreading, usage isn’t growing that fast, press reviews are kind of “blah”, the sales cycle takes too long, and lots of deals never close. – Marc Andreessen
- 66. Before PMF
- 67. After PMF
- 68. MVPs and NPD http://www.romanpichler.com/wp-content/uploads/2013/06/NPDProcessLeanStartupScrum.jpg
- 71. Polycom
- 72. Polycom Jeff Rodman co-founded Polycom in 1990. “There’s a big advantage in starting small. Polycom’s biggest early breakthrough, for instance, came about as the result of a 95-cent book I purchased from RadioShack in 1991. That pamphlet taught my cofounder and me about a nerdy topic known as “acoustic suspension,” a concept that showed us the fallacy in assuming that big sound demands a big loudspeaker. Using this simple principle, we were able to go small by bringing two separate acoustic environments into a compact space. That tiny shift in our thinking is what set us on the path to selling millions of phones and changing what conference rooms look like today — a path that continues to be built from small innovations, small designs, and small habits. Over my 25 years at Polycom we’ve had our fair share of big things, but they didn’t happen by making those big things the centerpiece. Big things happen because of small things, which means that if all you do is “go big,” you’ll never actually get to your goal. To help escape the myth of going big, I want to share three small things that I’ve learned make a big difference.” https://hbr.org/2016/09/how-i-built-a-2-billion-company-by-thinking-small
- 73. Polycom “It’s always tempting to try to capture some grand solution in one leap. While that can happen, far more often the best decisions and the best solutions are constructed within an environment of small habits, innovations, and designs. Going small doesn’t mean you can’t go big. It means that when you finally do get big, there is an excellent chance for it to become a brilliantly remarkable big.” • Small Innovations • Small Designs • Small Habits https://hbr.org/2016/09/how-i-built-a-2-billion-company-by-thinking-small
- 74. CapitalOne • Started in 1994. $25Billion revenues today! • Fairbank attributes CapitalOne’s success to its “ability to turn a business into a scientific laboratory where every decision…could be subjected to systematic testing using thousands of experiments” • 2000: Conducting over 60,000 tests a year! • 2013: Conducts over 80,000 big data experiments a year, a number expected to go higher! • Started CapitalOne Labs in 2011 to develop products in collaboration with VCs, entrepreneurs and academics. • Holds regular meetings and competitions to encourage creation of products in less than 24 hours. https://www.capgemini.com/resource-file-access/resource/pdf/capital-one-doing-business-the-digital-way_0.pdf
- 75. More…? • 1943: Lockheed’s Skunkworks delivers XP-80 in just 143 days. 7 days ahead of schedule • 1943-45: Ford’s Willow Run plant makes B-24 bombers every 55 minutes! • 1951-91: Toyota: 40 Years, 20 Million Ideas! • 1979-84: Dyson’s 5,127 Iterations over 5+ years • 1983-89: Lexus LS400: 450 iterations and 900 engine prototypes over 5+ years • 2008: Wikispeed deliver a 100mpg car prototype in 3 months, and iterates every week! • 2009: Google claimed to have run over 12,000 randomised experiments, with about 10% of them leading to business changes. • 2011: Intuit’s SnapTax team iterated eight time in eight weeks • 2014: Amazon’s Apollo did 50M code deployments in past 12 months. That’s more than one code deployment per second!
- 76. Such is life..!