VALUE STREAM DISCOVERY: WHERE TO FOCUS FIRST
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Measure real not vanity metrics in the customer journey
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VALUE STREAM DISCOVERY: WHERE TO FOCUS FIRST
- 1. VALUE STRE AM DISCO VE RY
- 2. VALUE STREAM DISCOVERY WHERE SHOULD WE FOCUS? PASSIONATESATISFIEDHOPEFULCONVINCEDTRUSTINGINTRIGUEDAWARE Hypothesize • Customer Behavior • Business Activity • How to measure
- 3. Intrigued Satisfied Passionate Aware Trusting Convinced Hopeful makeutility promise aspirationalimpact wehopewillbe how toachievepromise calltojoinjourney 1 2 3 4 5 6 7 how to demonstrate first value where & how to broadcast existence to whom proof that this organization is the right one to fulfill promise how to get commitment to try VALUE STREAM DISCOVERY BOARD Version 1.0 | Copyright © Brant Cooper. | All Rights Reserved
- 4. © Moves the Needle All rights reserved VALUE STREAM DISCOVERY INTRIGUED business activity: intrigued marketing UTILITY PROMISE • Addresses a specific need: we will solve need x ASPIRATION • What is the emotional impact: we hope to achieve z CUSTOMER BEHAVIOR • A customer is intrigued when: she does a, b, c METRIC • To measure behavior: we track 1, 2, 3 • x % visitors… • y % mo/mo growth of intrigued users business activity metric(s) INTRIGUED customer behavior
- 6. © Moves the Needle All rights reserved VALUE STREAM DISCOVERY INTRIGUED Slack: intrigued marketing UTILITY PROMISE • Addresses a specific need: real-time messaging, archiving, search for modern teams. ASPIRATION • What is the emotional impact: be less busy. relax. CUSTOMER BEHAVIOR • A customer is intrigued when: she spends 5 minutes on website METRIC • To measure behavior: we track users’ path through web site • x % visitors browse listings for 5 minutes • 10 % mo/mo growth of intrigued users business activity metric(s) INTRIGUED customer behavior
- 7. © Moves the Needle All rights reserved What is your Intrigued messaging? • What is your utility promise? • State the underlying need you’re addressing • Ex: Child will practice music lessons more by using the app • What is the aspiration? • What journey are you inviting your customer on? What’s the impact of addressing their need? • Ex: Child will grow up to love music • What is the behavior that indicates customer is intrigued? • Ex: Customer clicks buy now button • How will you measure behavior? • Ex: # of clicks on buy now • Ex: mo/mo growth of buy now :10VALUE STREAM DISCOVERY INTRIGUED
- 8. © Moves the Needle All rights reserved VALUE STREAM DISCOVERY SATISFIED business activity: minimum viable product UTILITY PROMISE • How we addresses specific need: product must have at least these characteristics to satisfy need CUSTOMER BEHAVIOR • A customer is satisfied when: she does a, b, c METRIC • To measure behavior: we track 1, 2, 3 • user does… • y % mo/mo growth of satisfied users business activity metric(s) SATISFIED customer behavior
- 9. © Moves the Needle All rights reserved SATISFIED 2000 MESSAGES “Based on [which companies] stuck with us and which didn't, we decided that any team that has exchanged 2,000 messages in its history has tried Slack — really tried it,” Butterfield says. “[It] hit us that, regardless of any other factor, after 2,000 messages, 93% of those customers are still using Slack today.” 2,000
- 10. © Moves the Needle All rights reserved VALUE STREAM DISCOVERY SATISFIED business activity: minimum viable product UTILITY PROMISE • How we addresses specific need: product must have account management, ability to post messages, organize messages in configurable channels CUSTOMER BEHAVIOR • A company’s users satisfied when: they’ve sent 2000 messages METRIC • To measure behavior: we track number of messages sent/day • all users post x messages/day • y % mo/mo growth of satisfied companies business activity metric(s) SATISFIED customer behavior
- 11. © Moves the Needle All rights reserved What defines an active or engaged user? • What MUST you provide to fulfill utility promise? • Describe the minimum functionality required to address the underlying need • Ex: iPad app that records and plays back music using silly avatar • What is the behavior that indicates customer is satisfied? • Ex: Child sings to iPad and listens to recording 3x/week • How will you measure behavior? • Ex: # of users who record and listen using app 3x/week • Ex: mo/mo growth of satisfied (engaged/active) users :10VALUE STREAM DISCOVERY SATISFIED
- 12. © Moves the Needle All rights reserved VALUE STREAM DISCOVERY PASSIONATE business activity: amazing UX ASPIRATION • How we create impact: product must be so easy to use, users dramatically reduce use of email and text messages to communicate CUSTOMER BEHAVIOR • A company’s users are passionate when: they invite others to join; post on social media METRIC • To measure behavior: we track number of referrals • # of social media posts/day • viral coefficient business activity metric(s) customer behavior PASSIONATE
- 13. © Moves the Needle All rights reserved PASSIONATE USERS FROM 0 TO 1 BILLION “added my entire cohort…”
- 14. © Moves the Needle All rights reserved VALUE STREAM DISCOVERY PASSIONATE business activity: amazing UX ASPIRATION • How we create impact: product must be so easy to use, users dramatically reduce use of email and text messages to communicate CUSTOMER BEHAVIOR • A company’s users are passionate when: they invite others to join; post on social media METRIC • To measure behavior: we track number of referrals • # of social media posts/day • viral coefficient business activity metric(s) customer behavior PASSIONATE
- 15. © Moves the Needle All rights reserved What defines an active or engaged user? • What MUST you provide to go on aspiration journey • Describe the journey you wish to take user on and what you must provide • Ex: iPad adds effects to singing and uploads to youtube • What is the behavior that indicates customer is passionate? • Ex: Child uploads her song to app youtube • Ex: Parent shares with other parents and family • How will you measure behavior? • Ex: # of users who upload songs • Ex: viral coefficient :10VALUE STREAM DISCOVERY PASSIONATE
- 16. IM PACT MET RIC
- 17. © Moves the Needle All rights reserved METRICS THAT MATTERS WHAT IS THAT? It doesn’t mean there’s only one metric you care about from the day you wake up with an idea to the day you sell your company. It does, however, mean that at any given time, there’s one metric you should care about above all else. Communicating this focus will really help your team concentrate your efforts.
- 18. © Moves the Needle All rights reserved MEASURING SATISFACTION IMPACT METRIC IMPACT METRIC The one metric that indicates the user is receiving the value promised by our product. To determine what indicates a “Satisfied” user, you must: • Understand deeply the underlying problem you’re solving. • List the specific interaction with your solution to extract value. • Specify behavior within a timeframe. Guide • What behavior indicates “engagement” with the product • Probably not just one time activity • What defines an “active” user • Not every user will achieve “satisfied”
- 19. VALUE STREAM DISCOVERY WHERE SHOULD WE FOCUS? PASSIONATESATISFIEDHOPEFULCONVINCEDTRUSTINGINTRIGUEDAWARE Hypothesize • Customer Behavior • Business Activity • How to measure
- 20. © Moves the Needle All rights reserved FROM 0 TO VALUED AT 1 BILLION IN TWO YEARS
- 21. © Moves the Needle All rights reserved MEASURING SATISFACTION IMPACT METRIC EXAMPLES • Youtube Upload video and share with 10 friends, 3 times per month • Uber Take a ride 12 times in 6 months • Facebook 10 friends within first 7 days • PUR Contact Lenses Purchase cleaning solution 3 times within first 3 months • Blue Apron Order 3 meals every 2 weeks METRIC IMPACT
- 22. © Moves the Needle All rights reserved Find the metric that matters! • What is the value you’re providing the user/customer? Understand deeply the underlying problem you’re solving. • What must the user/customer do to get that value? List the specific interaction with your solution to extract value. • How can you measure what the customer does to get value? What behavior indicates “engagement” with the product? :20COACHING PRACTICE IDENTIFY THE IMPACT METRIC • How often should the customer do this? Over what time period? Specify behavior within a timeframe.