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THINK BIG, DO SMALL
LESSONS LEARNED FROM BUILDING THE EUROPEAN
PRODUCT AT TRANSFERWISE
FIRST INTRODUCTIONS
INTROS
Transferwise was started
to solve a problem
HOW DOES TRANSFERWISE WORK?
A BANK COULD HAVE STARTED
TRANSFERWISE AT ANY POINT IN
THE LAST 100 YEARS
BUT THEY DID NOT
WHY?
WE ARE ON A MISSION
Money without borders.
Instant, convenient, transparent
and eventually free
We’re powering money for people and businesses...
$0.5 million ➤ $1 Billion
60 ➤ 600 TransferWisers
Evangelism is the biggest
driver of growth
We believe we can create evangelical
customers.
Why do people recommend our
product ?
RATIONalRational Emotional
RATIONalProduct Cause
RATIONal
Speed
Price
Convenience
Coverage
Trust
Cause
To achieve advocacy your product needs
to be an order of magnitude better than
the alternative
AS A RESULT - YOU WILL GIVE YOUR
CUSTOMER STORIES TO TELL
HOW DO WE DO IT?
AN EMERGENT
WAY OF BUILDING PRODUCT
WE WORK IN AUTONOMOUS
INDEPENDENT TEAMS THAT FOCUS ON
KPIS THAT MAKE A DIFFERENCE TO
OUR CUSTOMERS AND DRIVE OUR
GROWTH
WHO OTHER THAN PEOPLE
WITH HANDS-ON DOMAIN
KNOWLEDGE CAN DO THE
BEST JOB POSSIBLE?
EUROPEAN PRODUCT
We are the currencies team.
@nilanp
OUR METRIC:
MNU’S
We launch new currencies :)
@nilanp
IS THIS IT?
SOME CURRENCIES GROW FAST
Brazil
SOME CURRENCIES DONT
There’s nothing special about the
product.
Yet
SOME COUNTRIES HAVE MORE
OPPORTUNITY
Things stop being simple…
WHAT TO DO?
WE ARE NPS DRIVEN
3 PROBLEMS
1. IT DOES NOT MEAN NOTHING IF YOUR
PRODUCT DOES NOT WORK
WE ONLY FOCUS ON NPS IF WE KNOW
THAT THE PRODUCT IS WORKING
2. IT’S ELUSIVE AND EVASIVE
IT IS SENTIMENTAL
YOUR
PRODUCT
> COMPETITOR
NON COMPARABLE
HAS A CRAZY TIME LAG
3. CRAZY HARD TO MOVE SIGNIFICANTLY
SO HOW DO WE TACKLE THIS?
GROWTH HACKS
EUROPE IS DIVERSE
OUR CUSTOMERS
Use us differently
Talk about us differently
Expect different things
CARE about different things
Countries in Europe have:
1) Different currencies (wow)
2) Different payment Schemes
3) Different payment methods (iDEAL i...
TURNS OUT
EVERY COUNTRY IS RADICALLY DIFFERENT
IS THERE A SILVER BULLET IN EUROPE?
NO
1 SILVER BULLET
BECOMES 5 THOUSAND BATTLES
BACK TO THE BASICS
NPS IS DRIVEN BY PRODUCT PILLARS
Speed
Price
Convenience
Coverage
Trust
HOW TO IDENTIFY THEM?
WE CATEGORISED NPS COMMENTS
WHAT TO CHOOSE?
5 MAN TEAM
30+ COUNTRIES
6 THINGS WE IGNORE
WE IGNORE
Things that do not align with our values
1
Well, we did not always do that…
We told people that we are 8x cheaper than the banks…not everywhere. Truth is -
we just d...
It is important to create a practise in your organisation
that doing things you believe in is good
Even if it hurts certai...
WE IGNORE
Things that do not align with our product pillars
2
WE IGNORE
Things that are not backed up with qualitative or
quantitative data
3
It is important to remember that data is not a purpose
on it’s own
We use data to validate our conviction is certain thing...
Testing that your customers care about the language
your product speak to them is fine
Measuring historical language launc...
WE IGNORE
Personal sentiment. YOU are not your customer
4
WE IGNORE
Things we cannot or do not know how to measure
5
Our team does not know how to
measure convenience (yet)
That is why - we focus on speed
EXAMPLE
WE IGNORE
Things we cannot change within the cycle
6
We cannot
cover more countries this quarter
That is why -
we forget about them until the next cycle
EXAMPLE
NEW KIND OF A PRODUCT ROUTINE
1. ASK YOUR CUSTOMER
“The speed of the transaction depends on the exchange rate developments. I find it quite
dodgy!”
“I think Transferwise is ...
ALL OF THEM ARE PROMOTERS
2.GATHER QUANTITATIVE DATA
3. CREATE REPRESENTATIVE AGGREGATE
METRICS
4. EXECUTE TIRELESSLY
5. REEVALUATE
HOW TO CREATE A CUSTOMER-DRIVEN PRODUCT
1) Choose NPS as your core product metric
2) Identify product pillars by categoris...
EMBRACE THE VOID
TRUSTED ALL OVER THE WORLD
CAN SEND MONEY TO
TALLINN
LONDON
TAMPA
NEW YORK
REVOLUTION SUPPORTED FROM
BUDAPEST CHERKASY
TOKYO
SINGAPORE
This isn't just a job.
It's a revolution
Let us change money transfer forever.
Together.
https://transferwise.com/jobs/
ONWARDS
"When to Think Big and when to Execute Small" with Kyrylo Novotarskyi, lead software engineer @TransferWise.
"When to Think Big and when to Execute Small" with Kyrylo Novotarskyi, lead software engineer @TransferWise.
"When to Think Big and when to Execute Small" with Kyrylo Novotarskyi, lead software engineer @TransferWise.
"When to Think Big and when to Execute Small" with Kyrylo Novotarskyi, lead software engineer @TransferWise.
"When to Think Big and when to Execute Small" with Kyrylo Novotarskyi, lead software engineer @TransferWise.
"When to Think Big and when to Execute Small" with Kyrylo Novotarskyi, lead software engineer @TransferWise.
"When to Think Big and when to Execute Small" with Kyrylo Novotarskyi, lead software engineer @TransferWise.
"When to Think Big and when to Execute Small" with Kyrylo Novotarskyi, lead software engineer @TransferWise.
"When to Think Big and when to Execute Small" with Kyrylo Novotarskyi, lead software engineer @TransferWise.
"When to Think Big and when to Execute Small" with Kyrylo Novotarskyi, lead software engineer @TransferWise.
"When to Think Big and when to Execute Small" with Kyrylo Novotarskyi, lead software engineer @TransferWise.
"When to Think Big and when to Execute Small" with Kyrylo Novotarskyi, lead software engineer @TransferWise.
"When to Think Big and when to Execute Small" with Kyrylo Novotarskyi, lead software engineer @TransferWise.
"When to Think Big and when to Execute Small" with Kyrylo Novotarskyi, lead software engineer @TransferWise.
"When to Think Big and when to Execute Small" with Kyrylo Novotarskyi, lead software engineer @TransferWise.
"When to Think Big and when to Execute Small" with Kyrylo Novotarskyi, lead software engineer @TransferWise.
"When to Think Big and when to Execute Small" with Kyrylo Novotarskyi, lead software engineer @TransferWise.
"When to Think Big and when to Execute Small" with Kyrylo Novotarskyi, lead software engineer @TransferWise.
"When to Think Big and when to Execute Small" with Kyrylo Novotarskyi, lead software engineer @TransferWise.
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"When to Think Big and when to Execute Small" with Kyrylo Novotarskyi, lead software engineer @TransferWise.

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How can you make sure you’re ambitious enough for your market? Because if you’re not, you’re just making your life harder… At the same time, you should always begin by executing small: “Do things that don’t scale”, as Paul Graham recommends.
This talk is about why Growth Hacking works (or not) depending on your vision & your execution!

Started in 2010 by Skype’s founder, TransferWise has one of the best money-transfer products for both B2C & B2B. With more than €116M in equity funding, we can learn from them how to scale operations & conquer countries with the right mindset!

Veröffentlicht in: Internet
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"When to Think Big and when to Execute Small" with Kyrylo Novotarskyi, lead software engineer @TransferWise.

  1. 1. THINK BIG, DO SMALL LESSONS LEARNED FROM BUILDING THE EUROPEAN PRODUCT AT TRANSFERWISE
  2. 2. FIRST INTRODUCTIONS
  3. 3. INTROS
  4. 4. Transferwise was started to solve a problem
  5. 5. HOW DOES TRANSFERWISE WORK?
  6. 6. A BANK COULD HAVE STARTED TRANSFERWISE AT ANY POINT IN THE LAST 100 YEARS
  7. 7. BUT THEY DID NOT
  8. 8. WHY?
  9. 9. WE ARE ON A MISSION
  10. 10. Money without borders. Instant, convenient, transparent and eventually free We’re powering money for people and businesses: to pay, to get paid, to spend, in any currency, wherever you are, whatever you’re doing
  11. 11. $0.5 million ➤ $1 Billion
  12. 12. 60 ➤ 600 TransferWisers
  13. 13. Evangelism is the biggest driver of growth
  14. 14. We believe we can create evangelical customers.
  15. 15. Why do people recommend our product ?
  16. 16. RATIONalRational Emotional
  17. 17. RATIONalProduct Cause
  18. 18. RATIONal Speed Price Convenience Coverage Trust Cause
  19. 19. To achieve advocacy your product needs to be an order of magnitude better than the alternative
  20. 20. AS A RESULT - YOU WILL GIVE YOUR CUSTOMER STORIES TO TELL
  21. 21. HOW DO WE DO IT?
  22. 22. AN EMERGENT WAY OF BUILDING PRODUCT
  23. 23. WE WORK IN AUTONOMOUS INDEPENDENT TEAMS THAT FOCUS ON KPIS THAT MAKE A DIFFERENCE TO OUR CUSTOMERS AND DRIVE OUR GROWTH
  24. 24. WHO OTHER THAN PEOPLE WITH HANDS-ON DOMAIN KNOWLEDGE CAN DO THE BEST JOB POSSIBLE?
  25. 25. EUROPEAN PRODUCT
  26. 26. We are the currencies team. @nilanp
  27. 27. OUR METRIC: MNU’S
  28. 28. We launch new currencies :) @nilanp
  29. 29. IS THIS IT?
  30. 30. SOME CURRENCIES GROW FAST
  31. 31. Brazil
  32. 32. SOME CURRENCIES DONT
  33. 33. There’s nothing special about the product. Yet
  34. 34. SOME COUNTRIES HAVE MORE OPPORTUNITY
  35. 35. Things stop being simple…
  36. 36. WHAT TO DO?
  37. 37. WE ARE NPS DRIVEN
  38. 38. 3 PROBLEMS
  39. 39. 1. IT DOES NOT MEAN NOTHING IF YOUR PRODUCT DOES NOT WORK
  40. 40. WE ONLY FOCUS ON NPS IF WE KNOW THAT THE PRODUCT IS WORKING
  41. 41. 2. IT’S ELUSIVE AND EVASIVE
  42. 42. IT IS SENTIMENTAL
  43. 43. YOUR PRODUCT > COMPETITOR
  44. 44. NON COMPARABLE
  45. 45. HAS A CRAZY TIME LAG
  46. 46. 3. CRAZY HARD TO MOVE SIGNIFICANTLY
  47. 47. SO HOW DO WE TACKLE THIS?
  48. 48. GROWTH HACKS
  49. 49. EUROPE IS DIVERSE
  50. 50. OUR CUSTOMERS Use us differently Talk about us differently Expect different things CARE about different things
  51. 51. Countries in Europe have: 1) Different currencies (wow) 2) Different payment Schemes 3) Different payment methods (iDEAL in Netherlands, SOFORT in Germany etc…) 4) Different clearing houses
  52. 52. TURNS OUT EVERY COUNTRY IS RADICALLY DIFFERENT
  53. 53. IS THERE A SILVER BULLET IN EUROPE?
  54. 54. NO
  55. 55. 1 SILVER BULLET BECOMES 5 THOUSAND BATTLES
  56. 56. BACK TO THE BASICS
  57. 57. NPS IS DRIVEN BY PRODUCT PILLARS
  58. 58. Speed Price Convenience Coverage Trust
  59. 59. HOW TO IDENTIFY THEM?
  60. 60. WE CATEGORISED NPS COMMENTS
  61. 61. WHAT TO CHOOSE?
  62. 62. 5 MAN TEAM 30+ COUNTRIES
  63. 63. 6 THINGS WE IGNORE
  64. 64. WE IGNORE Things that do not align with our values 1
  65. 65. Well, we did not always do that… We told people that we are 8x cheaper than the banks…not everywhere. Truth is - we just didn't check We do not always tell people upfront that we do not deal with cash. We actually don't - just didn't figure to tell that We show credit card fees only in the end of the transfer flow - but should tell it earlier (just did not figure out how) EXAMPLE
  66. 66. It is important to create a practise in your organisation that doing things you believe in is good Even if it hurts certain metrics in short term
  67. 67. WE IGNORE Things that do not align with our product pillars 2
  68. 68. WE IGNORE Things that are not backed up with qualitative or quantitative data 3
  69. 69. It is important to remember that data is not a purpose on it’s own We use data to validate our conviction is certain things There is rarely a need to test every decision you make. In fact, over testing might affect the speed of change
  70. 70. Testing that your customers care about the language your product speak to them is fine Measuring historical language launches to prioritise next steps is good Doing and a/b test for every language and running it for 6 months might be worthless EXAMPLE
  71. 71. WE IGNORE Personal sentiment. YOU are not your customer 4
  72. 72. WE IGNORE Things we cannot or do not know how to measure 5
  73. 73. Our team does not know how to measure convenience (yet) That is why - we focus on speed EXAMPLE
  74. 74. WE IGNORE Things we cannot change within the cycle 6
  75. 75. We cannot cover more countries this quarter That is why - we forget about them until the next cycle EXAMPLE
  76. 76. NEW KIND OF A PRODUCT ROUTINE
  77. 77. 1. ASK YOUR CUSTOMER
  78. 78. “The speed of the transaction depends on the exchange rate developments. I find it quite dodgy!” “I think Transferwise is increasing the transaction time to profit from the exchange rate fluctuations.” “Just Improve speed, thank you” “schneller! Das ist doch wohl ein Witz!?! In der Zeit hätte ich das Geld schneller mit dem Fahrrad abgeliefert!”
  79. 79. ALL OF THEM ARE PROMOTERS
  80. 80. 2.GATHER QUANTITATIVE DATA
  81. 81. 3. CREATE REPRESENTATIVE AGGREGATE METRICS
  82. 82. 4. EXECUTE TIRELESSLY
  83. 83. 5. REEVALUATE
  84. 84. HOW TO CREATE A CUSTOMER-DRIVEN PRODUCT 1) Choose NPS as your core product metric 2) Identify product pillars by categorising NPS sentiment. 3) Validate convictions through different kinds of testing (A/B, user testing) 4) Be comfortable with doing things that you believe in (even though they hurt sometimes) 5) Identify valid aggregate metrics that will drive the improvement of your product pillars (by qualitative and quantitative data) 6) Execute tirelessly 7) Ruthlessly prioritise and re-evaluate in a cycle-based routine
  85. 85. EMBRACE THE VOID
  86. 86. TRUSTED ALL OVER THE WORLD CAN SEND MONEY TO
  87. 87. TALLINN LONDON TAMPA NEW YORK REVOLUTION SUPPORTED FROM BUDAPEST CHERKASY TOKYO SINGAPORE
  88. 88. This isn't just a job.
  89. 89. It's a revolution
  90. 90. Let us change money transfer forever. Together. https://transferwise.com/jobs/
  91. 91. ONWARDS

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