AMA: Matterport VP of Product, Preethy Vaidyanathan on Building 0-1 Products
November 26 @ 10:00AM PST
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Matterport VP of Product • November 26
There are two types of common triggers for a second product: market saturation and innovation advantage. Market-forces or market saturation: * When your first product has stabilized with consistent user adoption and satisfaction, consider expanding to a second product. * Monitor KPIs—if growth metrics like user engagement, retention, and revenue plateau despite improvements, it may signal time for new product exploration. * It's key to dig deep here to make sure that this plateau is not because of poor execution, but truly as a result of market maturity or market saturation Innovation potential: * External market condition creating an environment for a new product growth * It could be because of technological advancement or because a competitive space opened up or shifts in geographical condition, that position you favorably to execute a second product and succeed * Always be on the lookout for opportunities to continue to drive business growth Regardless of the trigger, maintain a balanced approach: continue to provide just the right level of support for your established product while investing adequately in developing your new 0-to-1 product.
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Matterport VP of Product • November 26
Start by mapping your leading and lagging metrics * Leading metrics examples include sales and customer engagement, customer usage * Lagging metrics examples include bookings, revenue, retention rate, upsell It is critical to plan your leading engagement KPIs, especially in new product launches. Think of these as your early indicators of success. For eg: * Sales metrics like number of outreach efforts, response rates, opportunities created, conversion rates * Customer engagement metrics like daily or weekly active users, number of sessions per user, session duration * Customer intent metrics like support ticket rate, time-to-value, customer sentiment feedback These leading indicators can predict future performance. As part of the product business case, create different scenarios like best-case, worst-case, and most likely case that connects these leading indicators to potential lagging outcomes like revenue. By articulating your leading-to-lagging revenue assumptions, you can help your leadership team visualize potential growth trajectories. After launch, continuously measure and optimize these leading indicators to proactively drive successful revenue growth.
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Matterport VP of Product • November 26
A common pitfall is over-engineering the solution. Instead of complex features and functionality, focus on delivering a simple, compelling first product launch that addresses the primary problem that customers will want to use and will find beneficial. Minimizing scope not only accelerates your time to market but also facilitates quicker feedback collection. To architect your chance of success, focus on a specific sub-segment of your target audience, that is the most engaged and will actively participate in your betas and provide actionable insights. This will create an environment for rapid learning. Another frequent mistake is failing to iterate quickly based on the feedback you receive. Continuous learning and iteration are essential for refining your 0-to-1 product and ensuring its successful delivery. Embrace feedback as a vital part of the development process to enhance your product’s relevance and effectiveness.
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Matterport VP of Product • November 26
For a new 0 to 1 product offering, prioritization is biased for rapid learning, user adoption and market feedback. So encourage thinking in the following dimensions: * Core value differentiation: * Prioritize features that drive a strong, compelling reason for why your product exist * Prioritize and focus on executing the single most compelling problem that reiterates your product’s unique value proposition * Once your top priority problem to solve for is identified, use the standard effort vs. impact trade-offs to prioritize individual features * Think end-to-end but execute strategically: * A 0 to 1 product has a lot of advantages like no tech debt, greenfield execution, but on the other side, there are a ton of aspects to figure out beyond the core functionality - like onboarding, customer support, payments, billing, reporting, invoicing and more * Even for the first launch, plan out the end-to-end full scope of product experience but narrow down on the most important core functionality to launch. * For eg: design the pricing structure, but for the first launch, you might choose to skip charging for the product, thereby differing all the billing/invoicing/reporting features to later version * User engagement leading KPIs aligned with Go-to-market: * User engagement and feedback is the key with a 0 to 1 product launch. So bias towards identifying a core user segment to target with your GTM, never assume if you build it they will come. Architect how the first user segment will start using your product, so that you can quickly learn, iterate and drive value * Ensure your GTM programs including marketing campaigns, sales outreach, partnership engagements all ladder up to maximize your core user segment adoption goals
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Matterport VP of Product • November 26
Embrace prototyping. Especially for a 0 to 1 offering, asking customer and market feedback is hard because they have to envision the problem, your solution and on top of all this provide you with improvement ideas. So by sharing prototypes, you make it easier for potential customers to provide feedback. Start with prototypes or user journey maps to demonstrate your product concept and solicit actionable feedback. Asking questions like will you find this useful, how often will be using the product, what would be needed to go from using to paying. As a product leader, approach customer feedback with an open mind, actively listening to both positive and negative insights. Incorporate this feedback to enhance your product and maximize adoption.
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