How to Lead Customer Value Creation by Dan Olsen at Leading the Product Melbourne

1. how to lead customer Value creation DAN OLSEN OCT 20, 2016

2. How Does Your Company Make Money?

3. By Crea5ng Value for Customers

4. Product-Market Fit

5. Who at your company creates value for customers? Who at your company creates value for customers?

6. Whose job is it to make sure your company is crea5ng value for customers?

7. A Product Manager by any other name…

8. Spiderman’s mo.o: “With great power comes great responsibility”

9. Product Manager’s mo.o: Spiderman’s mo.o: “With great power comes great responsibility” “With great responsibility comes NO power”

10. It’s More Like This

11. As a Product Manager, Your Job Is To: n  Herd the cats inside your company n  To get them to create value for customers n  Under condi5ons of extreme uncertainty Sounds great! Where do I sign up?

13. The Product-Market Fit Pyramid

17. The Lean Product Process

26. The Lean Product Process 1. Determine your target customer 2. Iden5fy underserved customer needs 3. Deﬁne your value proposi5on 4. Specify your MVP feature set 5. Create your MVP prototype 6. Test your MVP with customers Copyright © 2016 @danolsen

27. Transporta5on within 100 km of my home Soccer Mom Speed Demon Carry kids & gear Safety Fuel economy Go fast Looks cool Makes me look cool Target Customer Has Dis5nct Needs High-level need Target Customer Detailed needs Ideal Product Soccer Mom Speed Demon

29. n  Russians: pencil n  NASA: space pen ($1 M R&D cost) Example n  Ability to write in space (zero gravity) Problem Space vs. Solu5on Space Problem Space n  A customer problem, need or beneﬁt that the product should address n  A product requirement Solu5on Space n  A speciﬁc implementa5on to address the need or product requirement Copyright © 2016 @danolsen

30. Problem vs. Solu5on Space: Product Level Problem Space (user beneﬁts) Solu5on Space (product) TurboTax TaxCut Pen and paper Prepare my taxes File my taxes Check my taxes Maximize deductions Reduce audit risk Copyright © 2016 @danolsen

31. Problem Space Problem vs. Solu5on Space: Feature Level Copyright © 2016 @danolsen Save time filing taxes Save time preparing taxes Maximize my tax deductions Check my return Reduce my audit risk Help me prepare taxes Empowerment/ Confidence Save Time Save Money Tax Interview Wizard Audit Risk Analyzer Tax Return Error Checker Tax Data Downloader Electronic Tax Return Filing Tax Deduction Finder Solu5on Space

35. Priori5zing Needs: Importance vs. Sa5sfac5on Importance of User Need User Sa5sfac5on with Current Alterna5ves Compe55ve Market Opportunity Low High Low High Not Worth Going Ajer Copyright © 2016 @danolsen

37. Crea5ng Customer Value Copyright © 2016 @danolsen Importance of User Need User Sa5sfac5on with the Product Low High Low High Area = Customer Value Created Area = Opportunity to Create Customer Value

39. Kano Model: User Needs & Sa5sfac5on User Sa5sfac5on User Dissa5sfac5on Performance (more is bener) Delighter (wow) Need not met Need fully met Must Have Needs & features migrate over 5me Copyright © 2016 @danolsen

42. What is Your Value Proposi5on? n  Which user benefits are you providing? n  How are you bener than compe5tors? Must Have Benefit 1 Performance Benefit 1 Performance Benefit 2 Performance Benefit 3 Delighter Benefit 1 Delighter Benefit 2 Copyright © 2016 @danolsen

43. What is Your Value Proposi5on? n  Which user benefits are you providing? n  How are you bener than compe5tors? Compe9tor A Compe9tor B You Must Have Benefit 1 Performance Benefit 1 Performance Benefit 2 Performance Benefit 3 Delighter Benefit 1 Delighter Benefit 2 Copyright © 2016 @danolsen

44. What is Your Value Proposi5on? n  Which user benefits are you providing? n  How are you bener than compe5tors? Compe9tor A Compe9tor B You Must Have Benefit 1 Y Y Performance Benefit 1 High Low Performance Benefit 2 Low High Performance Benefit 3 Med Med Delighter Benefit 1 Y - Delighter Benefit 2 - - Copyright © 2016 @danolsen

45. What is Your Value Proposi5on? n  Which user benefits are you providing? n  How are you bener than compe5tors? Compe9tor A Compe9tor B You Must Have Benefit 1 Y Y Y Performance Benefit 1 High Low Med Performance Benefit 2 Low High Low Performance Benefit 3 Med Med High Delighter Benefit 1 Y - - Delighter Benefit 2 - - Y Copyright © 2016 @danolsen

53. Itera5ve Design & Test Workﬂow Copyright © 2016 @danolsen Hand sketches Interac5vity Fidelity Clickable Wireframes* Clickable Mockups** Live Product Test Test Test * Balsamiq: balsamiq.com ** InVision: invisionapp.com

55. Dos & Don’ts of User Tes5ng Sessions Do n  Explain to the user n  Feedback will help improve the product n  Not to worry about hur5ng your feelings n  Think Aloud Protocol n  Try to be a ﬂy on the wall n  Take notes and review them ajerwards for take-aways Don’t n  Help user or explain the UI (e.g., click over here ) n  Ask leading or close-ended ques5ons n  Get defensive or blame the user Copyright © 2016 @danolsen

59. Marke5ngReport.com Case Study n  My client (CEO) had a new product idea n  Team: me, CEO, VP marke5ng, UI designer n  Goals n  See if business opportunity exists n  Do so quickly and inexpensively (no coding) n  Marke5ng report would let consumers control the direct mail that they receive n  Analogous to credit report Copyright © 2016 @danolsen

60. Mapping Out Customer 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 Marke5ng Shield Concept Marke5ng Saver Concept Copyright © 2016 @danolsen

62. Recrui5ng Target Customers n  Used customer research ﬁrm (panel) n  Wrote screener to iden5fy target customers n  Work full-5me n  Fit for Saver: use coupons, Costco membership n  Fit for Shield: use paper shredder, block caller ID n  Moderated users through the mockups Copyright © 2016 @danolsen

63. Learning from First Wave of User Tests 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 Some appeal Low appeal Shield Concept Saver Concept Copyright © 2016 @danolsen

65. Summary of Case Study n  4 weeks to validated product concept n  1 round of itera5on n  Zero coding n  Reasonable cost n  Customers willing to pay $10/month n  Trimmed away non-valuable pieces n  You can achieve similar results Copyright © 2016 @danolsen

66. The Lean Product Process 1.  Determine your target customer 2.  Iden5fy underserved customer needs 3.  Deﬁne your value proposi5on 4.  Specify your MVP feature set 5.  Create your MVP prototype 6.  Test your MVP with customers Iterate: §  Hypothesize-Design-Test-Learn loop §  Improve product-market ﬁt Copyright © 2016 @danolsen

67. Qualita5ve vs. Quan5ta5ve Approach Qualita5ve Quan5ta5ve Oprah Spock

68. THANK YOU! @danolsen dan-olsen.com slideshare.net/dan_o

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