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Product Management For Version 1 Products: Creating Something from Nothing
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Dan Olsen
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Dan's talk on product management from Startonomics Hawaii, part of Re-think Hawaii.
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Product Management For Version 1 Products: Creating Something from Nothing
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Copyright © 2009
YourVersion Dan Olsen Dan Olsen CEO, YourVersion CEO, YourVersion Nov 2, 2009 Nov 2, 2009 Creating Something from Nothing: Product Management for v1 Products
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YourVersion
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YourVersion What I What I’ ’m Covering m Covering „ Understanding customer needs „ Prioritization and maximizing ROI on engineering resources „ Validating your product concept „ UI design „ Usability testing Will post slides to slideshare.net/dan_o
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YourVersion My Background „ Education „ BS, Electrical Engineering, Northwestern „ MS, Industrial Engineering, Virginia Tech „ MBA, Stanford „ PHP, MySQL, JavaScript, XHTML, CSS, UI design „ 18 years of Product Management Experience „ Managed submarine design for 5 years „ 5 years at Intuit, led Quicken Product Management „ Led Product Management at Friendster „ Olsen Solutions LLC, PM consultant for startups „ CEO & Founder of YourVersion, real‐time discovery startup
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YourVersion For a v1 Product, Which is More Important? Qualitative Qualitative Information? Information? Quantitative Quantitative Information? Information? or or “When you’re Small, start with Qual!”
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YourVersion How is developing a v1 Product Different from developing a Later Stage Product? „ With a v1 stage product, you have WAY MORE uncertainty about: „ Who your target customers really are „ Which customer needs you should address „ How to best meet those needs „ What product design works best „ These are qualitative learnings/decisions „ Quantitative is also valuable (later)
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YourVersion What’s the Formula for a Winning Product? A product that: „ Meets customers’ needs „ Is better than other alternatives „ Is easy to use „ Has a good value/price
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YourVersion „ Russians: pencil „ NASA: space pen ($1 M R&D cost) Example: „ Ability to write in space (zero gravity) Problem Space vs. Solution Space „ Problem Space „ A customer problem, need, or benefit that the product should address „ A product requirement „ Solution Space „ A specific implementation to address the need or product requirement
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YourVersion Problem Space vs. Solution Space Product Level Problem Space (user benefit) Solution Space (product) TurboTax TaxCut Pen and paper Prepare my taxes File my taxes
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YourVersion Problem Space vs. Solution Space Feature Level Problem Space (user benefit) Solution Space (feature) Gmail importer Make it easy to share a link with my friends Allow me to reuse my email contacts Design #1 Design #2 Design #3 Design Preview with checkboxes User can edit before import #1 No No #2 Yes No #3 Yes Yes
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YourVersion The Customer Benefits “Ladder” Higher Higher‐ ‐level level benefit benefit (more abstract) (more abstract) Quicken makes it easy for me Quicken makes it easy for me to balance my checkbook to balance my checkbook … …which gives me a clear picture which gives me a clear picture of how much money I have of how much money I have … …which makes me feel more in which makes me feel more in control of my finances control of my finances … …which means one less thing to which means one less thing to worry about in my hectic life worry about in my hectic life Lower Lower‐ ‐level level benefit benefit (more specific) (more specific)
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YourVersion How Do You Prioritize User Benefits and Product Features? „ Need a framework for prioritization „ Which user benefits should you address? „ Which product features to build (or improve)? „ Importance vs. Satisfaction „ Importance of user need (problem space) „ Satisfaction with how well a product meets the user’s need (solution space)
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YourVersion High Importance + Low Satisfaction = Opportunity Importance of User Need Importance of User Need User Satisfaction with Current Alternatives User Satisfaction with Current Alternatives Competitive Market Opportunity Low Low High High Low Low High High Not Worth Going After
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YourVersion Kano Model: User Needs & Satisfaction User Satisfaction User Satisfaction User Dissatisfaction User Dissatisfaction Performance (more is better) Delighter (wow) Need Need not met not met Need Need fully met fully met Must Have Needs & features migrate over time
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YourVersion Importance vs. Satisfaction Ask Users to Rate for Each Feature 98 87 84 86 79 84 70 55 80 72 80 75 41 50 55 60 65 70 75 80 85 90 95 100 40 50 60 70 80 90 100 Satisfaction Importance Recommended reading: “What Customers Want” by Anthony Ulwick Bad Bad Great Great
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YourVersion Prioritization and Scope „ Customer value is only half the equation „ How much engineering effort will it take? „ Need to consider value and effort (ROI) „ Ruthlessly prioritize: rank order „ Be deliberate about scope & keep it small „ It’s easy to try to do too much „ Strategy = deciding what you’re NOT doing „ Break features down into smaller chunks „ Smaller scope → faster iterations → better
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YourVersion Prioritizing Product Ideas by ROI Prioritizing Product Ideas by ROI Investment (developer‐weeks) Return (Value Created) Idea C Idea B Idea D Idea A Idea F 1 1 2 3 4 2 3 4 ?
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YourVersion The Art of Estimating Customer Value for a Particular Product Idea „ For any product idea, the Customer Value it creates is higher: „ The higher the importance of the user need „ The lower the user satisfaction with the status quo „ The higher the # or % of users to which the idea applies „ The more frequently the product idea will be used by users
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YourVersion Have to Prioritize Across Multiple Dimensions At The Same Time Customer Value Customer Value Time Time Customer Customer Understanding Understanding Functionality Quality Ease of Use
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YourVersion Case Study: Product Validation Summary „ My consulting client, CEO of TrustedID, had an idea for a new product „ Team: me, CEO, head of marketing, UI design consultant „ 4 weeks from 1st meeting to validated product concept „ Paid prospective users $1,500 ($75 x 20) „ 1 round of iteration on product concept
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YourVersion „ Product Concept was a “marketing report” that let consumers more directly control the direct mail that they receive „ Concept was fuzzy with various components, so we broke it into 2 different “flavors”: „ #1 “Shield”: Service to reduce/stop junk mail „ #2 “Saver”: Opt in to receive money‐saving offers „ Within each concept, got feedback on modules that mapped to a specific user benefit „ Worked with UI designer to create paper mockups of pages for each concept (5 pages each) Case Study: Product Validation Developing Product Concept
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YourVersion
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YourVersion Clustering Potential User Benefits to Create Product Concepts Reduce Junk Mail Find out what “they” know about you Money Saving Offers Compare Yourself to Others Social Networking Marketing Report Marketing Score Marketing Profile Save Trees “Shield” Concept “Saver” Concept
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YourVersion „ Telephone recruit of prospective customers „ Wrote screener using intuition for psychographic segmentation „ Wanted users who work full‐time & use internet „ Fit for opt‐in concept: use coupons, Costco membership „ Fit for anti‐junk mail concept: use paper shredder, block caller ID „ Recruiters used screener to recruit „ Scheduled 3 groups of 2 or 3 people to discuss each concept for 90 minutes „ Moderated each group through the paper mockups to hear their feedback Case Study: Product Validation Recruiting People
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YourVersion Case Study: Product Validation Findings on Concepts &User Benefits Reduce Junk Mail Find out what “they” know about you Money Saving Offers Compare Yourself to Others Social Networking Marketing Report Marketing Score Marketing Profile Save Trees Legend Strong appeal Somewhat positive Low appeal “Shield” Concept “Saver” Concept
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YourVersion Case Study: Product Validation Learnings from Research „ Learned that “Shield” (anti‐junk mail) concept was stronger than “Saver” „ People didn’t like many of the “Saver” concept components „ Learned users’ concerns / questions about “Shield” concept „ Refined “Shield” concept: „ Removed irrelevant components „ Improved messaging to address user concerns / questions „ Validated revised “Shield” concept with quick 2nd round of tests „ No customer concerns „ Clear willingness to pay
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YourVersion
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YourVersion Case Study: Product Validation Summary „ 4 weeks from 1st meeting to validated product concept „ Cost $1,500 to talk with 20 users ($75 each) „ 1 round of iteration on product concept „ Identified winning concept that users are willing to pay $10/month for „ Trimmed away non‐valuable pieces „ You can achieve similar results
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YourVersion User Benefits vs. Ease of Use „ Q: If two products equally deliver the exact same user benefits, which product is better? „ A: The product that’s easier to use „ ‘Ease of use’ provides benefits „ Saves time „ Reduces cognitive load „ Reduces frustration „ Not many companies excel at UI design „ ‘Ease of use’ can be differentiator
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YourVersion The UI Design Iceberg The UI Design Iceberg Visual Design Interaction Design Information Architecture Conceptual Design Recommended reading: Jesse James Garrett’s “Elements of User Experience” chart, free at www.jjg.net What most people see and react to What good PMs and Designers think about
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YourVersion Elements of User Interface Design Consists of Three Distinct Elements: „ Information Architecture „ Structure and layout at both site and page level „ How site is structured (sitemap) „ How site information is organized (site layout) „ How each page is organized (page layout) „ Interaction Design „ How user and product interact with one another „ User flows (e.g., navigation across multiple pages) „ User input (e.g., controls and form design) „ Visual Design „ “How it looks” vs. “What it is”, often called “chrome” „ Fonts, colors, graphical elements
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YourVersion The Value of Usability Testing „ Critical to talk with customers 1‐on‐1 „ Gain better understanding of „ Usability issues with your product „ Customer needs and problems „ What alternatives customers are using, pros & cons of each, customer preferences „ QA: use cases & bugs you haven’t seen „ Really a “user learning” session „ Make test as real for user as possible
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YourVersion “Ramen” Usability for Startups „ Anyone can do it! „ Ingredients: „ 1 user with their laptop „ 1 desk „ 1 person to conduct usability „ Pen and paper „ N optional observers „ N+2 chairs
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YourVersion Typical Format for Customer Session „ 5 ‐ 10 min: Ask questions to understand user needs and solutions they currently use „ 30 ‐ 50 min: Usability test „ Non‐directed as much as possible „ When necessary, direct user to attempt to perform a specific task „ 5 ‐ 10 min: Wrap‐up „ Answer any user questions that came up „ Point out/explain features you want to highlight
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YourVersion Dos & Don’ts of Conducting Usability „ Do „ Explain to the user: „ Their usability test will help improve the product „ Not to worry about hurting your feelings „ “Think Aloud Protocol” „ Ask user to attempt the task, then be a fly on the wall „ Ask non‐leading, open‐ended questions „ Take notes and review them afterwards for take‐aways „ Don’t „ Ask leading questions „ “Help” the user or explain the UI (e.g., “click over here”) „ Respond to user frustration or questions (until test is over) „ Get defensive „ Blame the user
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YourVersion And now, And now, for something completely for something completely different different… … Quantitative! Quantitative! (finally) (finally)
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YourVersion Approaching Business as an Approaching Business as an Optimization Exercise Optimization Exercise Given reality as it exists today, Given reality as it exists today, optimize our business results optimize our business results subject to our resource constraints. subject to our resource constraints.
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YourVersion Profit = Profit = Revenue Revenue ‐ ‐ Cost Cost Unique Visitors Unique Visitors x x Ad Revenue per Visitor Ad Revenue per Visitor Impressions/Visitor Impressions/Visitor x Effective CPM / 1000 x Effective CPM / 1000 Visits/Visitor x Visits/Visitor x Pageviews Pageviews/Visit x Impressions/PV /Visit x Impressions/PV New Visitors New Visitors + Returning Visitors + Returning Visitors Invited Visitors Invited Visitors + Uninvited Visitors + Uninvited Visitors # of Users Sending Invites x Invites Sent/User x Invite Conv # of Users Sending Invites x Invites Sent/User x Invite Conversion Rate ersion Rate Define the Equation of your Business Define the Equation of your Business “ “Peeling the Onion Peeling the Onion” ” Advertising Business Model:
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YourVersion How to Track Your Metrics „ Track each metric as daily time series „ Create ratios from primary metrics: X / Y „ Example: How good is your registration page? „ Okay: # of registered users per day „ Better: registration conversion rate = # registered users / # uniques to reg page Date Unique Visitors Page views Ad Revenue New User Sign‐ups … 4/24/08 10,100 29,600 25 490 4/25/08 10,500 27,100 24 480 …
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YourVersion Sample Signup Page Yield Data Sample Signup Page Yield Data Daily Signup Page Yield vs. Time New Registered Users divided by Unique Visitors to Signup Page 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 1/31 2/14 2/28 3/14 3/28 4/11 4/25 5/9 5/23 6/6 6/20 7/4 7/18 8/1 8/15 8/29 9/12 9/26 10/1 0 Daily Signup Page Yield Changed messaging Added questions to signup page Started requiring registration
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YourVersion Continuous Feedback and Continuous Feedback and Improvement Improvement
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YourVersion Adding Metrics and Feedback to your Product Process Plan Plan Design Design Develop Develop Business Objectives Product Objectives Prioritized Feature List Scoping Requirements & Design Code Test Launch Site Level Feature Level Optimize Optimize Metrics & User Feedback
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YourVersion Optimization through Iteration: Optimization through Iteration: Continuous Improvement Continuous Improvement Measure the metric Analyze the metric Identify top opportunities to improve Design & develop the enhancement Launch the enhancement Learning Gaining knowledge: • Market • Customer • Domain • Usability
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YourVersion v1 Product Management Cheat Sheet v1 Product Management Cheat Sheet „ Truly understand your customer needs „ Get clear on your value proposition „ Prioritize your feature set based on ROI „ Validate your product concept with users „ Launch v1 „ Talk with users 1‐on‐1 and get feedback „ Learn and iterate
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YourVersion „ Great way to stay on top of your interests „ Real‐time discovery engine „ Discovers new, relevant content tailored to your specific interests „ News, Blogs, Tweets, Webpages, Videos, Products „ Bookmark and share via email, Twitter, Facebook „ Launched in Sep at TechCrunch50 „ Free iPhone app „ Check it out at www.yourversion.com
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YourVersion Questions? @danolsen dan@yourversion.com www.yourversion.com
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