"Using Data to Set Product Strategy" by Justin Bauer
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The way businesses are being built is shifting right before our eyes. Whole industries are being disrupted in real time and those that are able to take advantage are reaping massive returns. In this PRODUCTIZED talk, Justin Bauer, VP of Product at Amplitude, shares his advice from working with dozens of the world’s fastest growing companies on how to: - Create clarity using a clear and measurable north star metric - Integrate behavioral science into their decision making frameworks to build deep user empathy - Rapidly iterate to drive systematic and efficient growth
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"Using Data to Set Product Strategy" by Justin Bauer
- 1. Justin Bauer | justin@amplitude.com | @justinjbauer Using Data to Set Product Strategy
- 2. My road to visiting you all today Justin Bauer VP Product 20k Products Powered 5T User Actions Analyzed Data Science & Analytics Mobile Gaming
- 10. All being transformed by companies that create innovative product experiences that customers love
- 14. #product-led
- 19. Vision
- 20. Vision What is the measurable world we want to create?
- 21. Vision What is the measurable world we want to create?
- 25. Give people access to all the music they want all the time — in a completely legal & accessible way
- 26. Give people access to all the music they want all the time — in a completely legal & accessible way
- 28. Vision What is the measurable world we want to create?
- 29. North Star Leading indicator of future success North Star & metrics Vision Impact Strategy
- 30. How does analytics inform Product Strategy? Vision Impact
- 31. How does analytics inform Product Strategy? North Star & metrics Vision Impact Strategy
- 32. Three steps ● Define the game you’re playing ● Identify North Star metrics that drive business outcomes ● Choose input metrics that are leading indicators North Star & metrics Vision How does analytics inform Product Strategy? Impact Strategy
- 34. What game are you playing? transaction productivityattention
- 35. Define the game you’re playing attention Typical Product North Stars ● Total time spent engaging with content ● # Users spending > 5 min/day ● # Stories viewed ● # Subscribers streaming > 60 hrs/mo
- 36. Define the game you’re playing attention Typical Product North Stars Examples ● Total time spent engaging with content ● # Users spending > 5 min/day ● # Stories viewed ● # Subscribers streaming > 60 hrs/mo
- 37. Define the game you’re playing ● Total # of Purchases completed ● Avg # Purchases per Prime Subscriber ● # Searches completed ● # Seat Upgrades purchased transaction Typical Product North Stars
- 38. Define the game you’re playing transaction ● Total # of Purchases completed ● Avg # Purchases per Prime Subscriber ● # Searches completed ● # Seat Upgrades purchased Typical Product North Stars Examples
- 39. Define the game you’re playing productivity Typical Product North Stars ● Total # of records created ● % of Emails engaged ● # of messages sent ● # Active Users who logged/completed a task ● # Queries completed
- 40. Define the game you’re playing productivity Typical Product North Stars Examples ● Total # of records created ● % of Emails engaged ● # of messages sent ● # Active Users who logged/completed a task ● # Queries completed
- 41. Three key components of an effective North Star
- 42. Measure Customer Value 1 Three key components of an effective North Star
- 43. Three key components of an effective North Star Measure Customer Value 1 Aligned with Product Vision 2
- 44. Leading Indicator of Revenue 3 Three key components of an effective North Star Aligned with Product Vision 2Measure Customer Value 1
- 45. Identify signals of Customer Aha! Moments Critical event Vanity metric Aha! Moments are often deep in the funnel, while vanity events occur upfront
- 46. About that music streaming service
- 47. What does Spotify CEO, Daniel Ek, care about?
- 48. What does Spotify CEO, Daniel Ek, care about? Revenue!
- 49. How does ‘Revenue’ translate into a North Star for product?
- 50. How does ‘Revenue’ translate into a North Star for product? Premium subscribers Ad-supported users (a.k.a. free users)
- 51. How does ‘Revenue’ translate into a North Star for product? Premium subscribers Ad-supported users (a.k.a. free users) % of Revenue 90% 10%
- 52. How does ‘Revenue’ translate into a North Star for product? Premium subscribers Ad-supported users (a.k.a. free users) % of Revenue Avg listening hrs / month 90% 10% 75 hrs / month 25 hrs / month
- 53. Let’s give it a try Time spent by subscribers listening to music
- 54. Let’s give it a try Time spent by subscribers listening to music Measure of customer value Aligned with product vision Leading indicator of revenue
- 55. Let’s give it a try Time spent by subscribers listening to music Measure of customer value Aligned with product vision Leading indicator of revenue
- 56. Let’s give it a try Time spent by subscribers listening to music Measure of customer value Aligned with product vision Leading indicator of revenue
- 57. Let’s give it a try Time spent by subscribers listening to music Measure of customer value Aligned with product vision Leading indicator of revenue
- 59. Strategy Path to deliver on the product vision
- 60. Break down the North Star into actionable Input Metrics f(Star) =
- 61. Break down the North Star into actionable Input Metrics Breadthf(Star) = How many active/returning users are taking this action?
- 62. Break down the North Star into actionable Input Metrics Breadth Depthf(Star) = x How many active/returning users are taking this action? What’s their depth of engagement?
- 63. Break down the North Star into actionable Input Metrics Breadth Depth Frequencyf(Star) = x x How many active/returning users are taking this action? What’s their depth of engagement? How often does each user engage?
- 64. Break down the North Star into actionable Input Metrics Breadth Depth Frequency Efficiencyf(Star) = x x x How many active/returning users are taking this action? What’s their depth of engagement? How often does each user engage? How fast do they succeed?
- 65. Break down Spotify’s North Star f(Star) = Time spent by subscribers listening to music
- 66. Break down Spotify’s North Star Listeners Content engagement Listening frequency f(Star) = x x Time spent by subscribers listening to music
- 67. Break down Spotify’s North Star Listeners Content engagement Listening frequency f(Star) = x x Time spent by subscribers listening to music # Trial users # Premium subscribers
- 68. Break down Spotify’s North Star Listeners Content engagement Listening frequency f(Star) = x x Time spent by subscribers listening to music # Trial users # Premium subscribers # Hours per session
- 69. Break down Spotify’s North Star Listeners Content engagement Listening frequency f(Star) = x x Time spent by subscribers listening to music # Trial users # Premium subscribers # Hours per session # Sessions per week
- 73. attention
- 75. attention Number of Subscribers Monthly Retention (92%)KPI
- 76. attention Number of Subscribers Monthly Retention (92%)KPI metrics 3 DVDs in queue (60%)
- 77. Behavioral Science metrics metrics metrics metrics metrics metrics KPI KPI OUTCOME Leading Indicators Lagging IndicatorsInput Metrics
- 78. WQUs North Star
- 79. WQUs North Star Week 1 Retention Weekly Saving Users Time to Value Pod Goal
- 80. WQUs North Star Week 1 Retention Weekly Saving Users Time to Value Pod Goal # New users engaging in valuable consumption # Users doing in-depth exploration Time from first data point to valuable consumption Leading Indicator
- 82. Results Objectively measure if we’re on the right path
- 84. How to apply OKRs towards Product Development 1 2 3 They’re called OKRs and not KROs for a reason Know the difference between Input, Output and Outcome metrics Benchmark your OKRs based on the game you’re playing
- 85. OKRs not KROs1
- 86. OKRs not KROs1
- 87. OKRs not KROs1
- 89. Input, Output, Outcome2 Input Interview 8+ users on how they understand conversion today
- 90. Input, Output, Outcome2 Input Output Interview 8+ users on how they understand conversion today Develop a <60 sec workflow that compares users who did/didn’t convert
- 91. Input, Output, Outcome2 Input Output Outcome Interview 8+ users on how they understand conversion today Develop a <60 sec workflow that compares users who did/didn’t convert See 15% growth in WQUs engaging with conversion analysis
- 92. Benchmark based on game you’re playing3
- 93. Benchmark based on game you’re playing3
- 94. Benchmark based on game you’re playing3
- 95. Product Charter Vision > Strategy > Results