optimizing product decisions
TRANSCRIPT
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Intended for Knowledge Sharing only
Optimizing Product Decisions with Insights
THE PRODUCT MANAGEMENT & INNOVATION EVENT 2016
Jan 2016
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Intended for Knowledge Sharing only
Disclaimer: Participation is purely on a personal basis and does not represent VISA,Inc. in any form or matter. The talk is based on learning from work across industries and firms. Care has been taken to ensure no proprietary or work related info of any firm is used in any material.
Director, Insights at Visa, Inc. Enable Decision Making at the Executives/ Product/Marketing level via actionable insights derived from Data.
RAMKUMAR RAVICHANDRAN
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Quick recap of what it is
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What makes a Company Iconic?
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WHAT MAKES A COMPANY ICONIC
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5% Brand
50%
What they want before they know
it
15% What they need
5% Sales & Service
20% What they want
5% Product
Good
Great
ICONIC
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IN HIS OWN WORDS…
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https://www.youtube.com/watch?v=9GMQhOm-Dqo
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Intended for Knowledge Sharing only
Quick recap of what it is
Intended for Knowledge Sharing only
Life of a Product Manager
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IN OTHER WORDS…
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Is what the user needs- whenever, wherever and however they need it
Easy & fun to use
Is gettable
Users love and recommend to each other
Delivers on the vision & strategy of the firm
Deliver a product that,
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OH MY SIMPLE LIFE…
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Dynamic world today – ever changing needs, tech, strategies, market
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OH MY SIMPLE LIFE…
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Systemic impact – lots to consider, lots & lots of stakeholders
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OH MY SIMPLE LIFE…
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Short vs. long – firedrills vs. long term strategic initiatives
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OH MY SIMPLE LIFE…
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Development management is agile, not development itself
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OH MY SIMPLE LIFE…
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And all this in the time & cost initially estimated
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Quick recap of what it is
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How can Insights help?
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LETS BRING TOGETHER THE PRODUCT LIFE CYCLE &…
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Concept Design
Prototype Build Run Retire
Business Case
Wha
t ha
ppen
s he
re?
The Flow Testing the waters
Development
Launch & Sustain
Migration from the current
product to newer one.
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…THE ANALYTICS MATURITY CYCLE
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Inform
Act
Listen
PredictOptimize
Maturity phases of Analytics Practice
Valu
e A
dditi
on
Envision
Mine
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BRINGS US HERE: AT THE CONCEPT STAGE…
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Concept Design
Prototype Build Run Retire
• Alignment: Strategic Goals & Vision• Opportunity Sizing: Expected
Impact on KPIs; Target Segment and RoI
• Business Case
Envision
• Needs: Market Research• Opportunity Sizing: Consumer
Feedback via Surveys, Focus Groups, etc.
• Adds to the Business Case
Listen
• Opportunity Sizing: Proxies from historical data, competitors, precedents
• Adds to the Business Case• Analyze the Consumer Feedback:
To find patterns, alternatives, scope of improvement to existing itself (MVP)
Act
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DESIGN & PROTOTYPE
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Concept Design & Prototype Build Run Retire
• Prototype: Rapid iterative testing• Success metrics: Consistency &
Strength of feedbackOptimize
• User Feedback: Love/hate/indifferent
• Interviews: What drives feedback?Listen
• Analyze the Consumer Feedback: To find patterns, alternatives, scope of improvement to existing itself (MVP)
Act
• Alignment: Does the outcome fit with Goals
• Opportunity Sizing: Do the numbers still make sense?
Envision
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BUILD
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• Launch Test: Test the top 3 winners• Success metrics: Statistically
significant delta good enough to ramp• Decide on What to finally launch
Optimize
• User Feedback: Love/hate/indifferent
• Interviews: Areas of improvement, strengths & plan/material for sales
Listen
• Analyze the Test & Feedback: To find patterns, alternatives, learningsAct
• Alignment: Does the outcome fit with Goals
• Opportunity Sizing: Do the numbers still make sense? Milestones/Launch strategy
Envision
Concept Design
Prototype
Build Run Retire
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RUN
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• Tweak tests & improvements• Continuous iteration and
development of productOptimize
• Voice of Customer (NPS)• Brand Awareness, Share of Voice,
Trending topicsListen
• Analyses of KPI movements, drivers, areas of weakness/strengths
Act
• Performance: Performing per expectations? Any changes necessary? Delivering value or should it be retired?
Envision
Concept Design
Prototype Build Run & Retire
• Performance Monitoring via standard reports – high level overview
Inform
• Understand Causal drivers & Complex relationships between multiple dimensions and KPIs.
Predict & Mine
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Quick recap of what it is
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Putting it all together
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NEEDS FOR IT TO BE SUCCESSFUL…
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1 Cross function alignment of Strategic Goals and Outcome Focused approach.
2 Roadmap document: Show needs, roles & responsibilities, impact from non-Product teams into the Roadmap & Review documents and sessions.
3 Lean Analytics Framework: KPIs and drivers to help in above.
4 “Squad” organization: Cross functional members in the same team working on one product but learning socialized.
5 Knowledge Management: Wealth of insights is gold only if it shines.
…Executive Support & sponsorship is assumed as a default necessity
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SUMMARY
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• “Know” Analytics & insights add value throughout the process and can bridge builders
• “Must have” Common goals, success criteria & tie up with Corporate KPIs
• “Ensure” Cross functional alignment via insights
• “Develop” ‘learn-listen-test-learn’ framework
• “Prepare” for ever increasing complexities of needs but at the same time insights getting more “actionable”
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Intended for Knowledge Sharing only
Quick recap of what it is
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Appendix
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THANK YOU!
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Would love to hear from you on any of the following forums…
https://twitter.com/decisions_2_0
http://www.slideshare.net/RamkumarRavichandran
https://www.youtube.com/channel/UCODSVC0WQws607clv0k8mQA/videos
http://www.odbms.org/2015/01/ramkumar-ravichandran-visa/
https://www.linkedin.com/pub/ramkumar-ravichandran/10/545/67a
RAMKUMAR RAVICHANDRAN
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