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Driving growth vs building core value

Roan Lavery
October 19, 2018

Driving growth vs building core value

Presented at Mind the Product in October 2018. Balancing building the core value of products against needing to drive short-term revenue growth is one of the central challenges facing many product teams today. In this presentation I discuss tools and frameworks to help balance these sometimes competing priorities.

Roan Lavery

October 19, 2018
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  1. Driving growth vs building core value
    Roan Lavery, co-founder & CPO

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  2. Accounting software for freelancers and micro-businesses in the UK
    FOUNDED
    TEAM SIZE P & E
    REVENUE
    ACQUIRED
    2007 2018
    £10M
    150 70
    CUSTOMERS
    70K

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  3. Sound familiar?
    “These bugs need to be fixed”
    “Why don’t you have this feature?”
    “We need to increase revenue”
    “We want to test a price change”
    “The product is too slow”
    “We’d win more deals if we had
    this feature”
    “Customers are complaining”
    “We need to up engagement”
    “We need upgrade our analytics
    and tracking”

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  4. Streamline onboarding
    Landing pages
    Supporting sales
    Price/packaging changes
    New features
    Improving performance
    Fixing bugs
    Addressing UX issues
    A balancing act
    GROWTH
    CORE
    VALUE

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  5. Finding the balance
    3 steps to perfect product harmony

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  6. ARTICULATE
    CORE VALUE
    MAP USER
    JOURNEYS
    BALANCED
    SCORECARD
    1 2 3
    The playbook

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  7. RESTRICTED
    AREA
    NO UNAUTHORISED
    PERSONNEL
    BEYOND THIS POINT
    SEARCH

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  8. Articulate core value
    How do we help customers succeed?

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  9. Core value map
    VISION
    USER NEEDS
    JOBS TO BE DONE
    FEATURES
    Nail the daily admin Make better decisions Relax about tax
    Make businesses happier and more successful by putting them in control of their finances
    Get Paid Health 

    checking
    Track Cashflow Planning for
    future File taxes Stay legal
    Foreign
    currency
    Track expenses
    Invoicing
    Online
    payments
    Banking
    Bank feeds
    Dashboard Tax timeline
    Project
    profitability
    Insights
    Forecasting
    Benchmarking
    VAT Audit trail
    Self-
    assessment Payroll
    Final accounts
    Payment
    reminders
    Track bills
    SEARCH: Jobs to be done

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  10. Map user journeys
    How can we help customers quickly ‘get it’?

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  11. Growth: a hypothesis
    We drive growth by engaging users with core value
    as quickly and as frequently as possible.
    SEARCH: Chamath Palihapitiya growth

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  12. Reduce time to wow
    Building habits
    Engagement loops
    Resurrect from the dead
    ONBOARDING
    EARLY USAGE
    ESTABLISHED USE
    DISENGAGED/CHURNED
    Lifecycyle growth
    SEARCH: Brian Balfour optimizing retention
    CORE
    VALUE

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  13. Time to wow
    Arrive on
    website
    “Quick and easy
    form to complete”
    Complete
    sign up form
    Activate
    account
    SIGNUP APP ONBOARDING EXPLORING CORE VALUE
    Get
    activation
    email
    “I just want to
    get going!”
    “This looks great”
    Explore
    site
    Success
    Find
    banking
    area
    Account set
    up
    “I don’t have all the
    info now. I’ll do it
    later.”
    “Ok, let’s do this!”
    Land on
    dashboard
    “Great, but what
    do I do now?”
    “This looks
    really useful”
    Bank feed
    set up
    “More forms?”
    “Praise be!”

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  14. Time to wow
    Arrive on
    website
    “Quick and easy
    form to complete”
    Complete
    sign up form
    Activate
    account
    SIGNUP APP ONBOARDING EXPLORING CORE VALUE
    “This looks great”
    Explore
    site
    Success
    Find
    banking
    area
    Account set
    up
    “I don’t have all the
    info now. I’ll do it
    later.”
    “Ok, let’s do this!”
    Land on
    dashboard
    “Great, but what
    do I do now?”
    “This looks
    really useful”
    Bank feed
    set up
    “More forms?”
    “Praise be!”

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  15. Time to wow
    Arrive on
    website
    “Quick and easy
    form to complete”
    Complete
    sign up form
    Activate
    account
    SIGNUP APP ONBOARDING EXPLORING CORE VALUE
    “This looks great”
    Explore
    site
    Success
    Account set
    up
    “I don’t have all the
    info now. I’ll do it
    later.”
    “Ok, let’s do this!”
    Bank feed
    set up
    “More forms?”
    “Praise be!”

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  16. Create a balanced scorecard
    How do we prioritise effectively?

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  17. H
    E
    A
    R
    T
    APPINESS
    NGAGEMENT
    DOPTION
    ETENTION
    ASK SUCCESS
    SEARCH: Google heart framework

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  18. GOALS SIGNALS METRICS
    H
    E
    T
    We want our customers
    to enjoy using our
    product
    We want our app to be
    free of bugs
    We want our customers
    to regularly use the
    product
    New customers are
    connecting FreeAgent
    to their bank
    Customers are
    recommending the
    product
    Customers are not
    reporting bugs
    Customers are logging in
    and using the product
    frequently
    A high proportion of
    customers set up a
    bank feed during their
    trial
    Quarterly NPS
    Open bug count
    Monthly active users
    % of customers who
    enable bank feed in
    the first 14 days

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  19. HAPPINESS ENGAGEMENT ADOPTION
    TASK SUCCESS
    70
    RETENTION
    Net Promoter Score
    App store reviews 4.5
    Setup completion
    Monthly active users
    Mobile active users 1.1K
    Free trial conversion
    Mobile downloads
    Customer churn
    Open bugs
    Balanced scorecard
    20%
    3%
    35
    Bank feed setup 52%
    76%
    85%
    32%

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  20. GREEN
    AMBER
    RED
    We’re happy with this KPI, and don’t need to apply any
    additional effort to keep it green.
    We’re not happy with this KPI and need to divert effort to
    get this KPI green.
    We’re concerned about this KPI and may need to
    divert effort to get this KPI green.
    KPI status

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  21. ARTICULATE
    CORE VALUE
    MAP USER
    JOURNEYS
    BALANCED
    SCORECARD
    1 2 3
    The playbook

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  22. That’s it!
    Get in touch @roanlavery

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