Optimizing product decisions

Intended for Knowledge Sharing only

Optimizing Product Decisions with Insights

THE PRODUCT MANAGEMENT & INNOVATION EVENT 2016

Jan 2016


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


Quick recap of what it is


What makes a Company Iconic?

WHAT MAKES A COMPANY ICONIC


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

IN HIS OWN WORDS…


https://www.youtube.com/watch?v=9GMQhOm-Dqo

https://www.youtube.com/watch?v=9GMQhOm-Dqo&index=7&list=FLcphuW2awSOePdDqc-6nAvQ




Life of a Product Manager

IN OTHER WORDS…


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,

OH MY SIMPLE LIFE…


Dynamic world today – ever changing needs, tech, strategies, market



Systemic impact – lots to consider, lots & lots of stakeholders



Short vs. long – firedrills vs. long term strategic initiatives



Development management is agile, not development itself



And all this in the time & cost initially estimated




How can Insights help?

LETS BRING TOGETHER THE PRODUCT LIFE CYCLE &…


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.

…THE ANALYTICS MATURITY CYCLE


Inform

Act

Listen

PredictOptimize

Maturity phases of Analytics Practice

Valu

e A

dditi

on

Envision

Mine

BRINGS US HERE: AT THE CONCEPT STAGE…


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

DESIGN & PROTOTYPE


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

BUILD


• 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

RUN


• 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




Putting it all together

NEEDS FOR IT TO BE SUCCESSFUL…


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

SUMMARY

22

• “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”





Appendix

THANK YOU!


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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https://twitter.com/decisions_2_0










Optimizing product decisions

Data & Analytics

Transcript of Optimizing product decisions