Written by GoodData Author |
First, I’ll provide a brief definition of a data product to create context and help you imagine more clearly the huge opportunity to unleash the value of your data:
A data product is an enterprise’s information assets wrapped in engaging analytics that drive significant value to its business network.
While it’s easy for your initial focus to be on development, we believe and have demonstrated with our clients that success of data products is determined by its design and alignment with customers’ needs. You may have all the data to satisfy those needs but it’s applying a design process that will inform engagement opportunities and utility of your data product.
I’m delighted to share with you how our Data Product Strategy team can help you identify an optimal, habit-forming design for your product from customer experience and revenue growth perspectives. We follow a well documented process, inspired by Nir Ayal’s ‘Hooked’ book, to achieve this for our clients. In addition to designing an engaging data product, we facilitate thorough research to provide insights and recommendations for your go-to-market strategy, pricing, packaging and launch support.
DataTalk, Just 2 Minutes: What We Do. How We Do It for Client Success.
Research, Ideation and Rapid Prototyping
We begin with a hypothesis about your value proposition. We conduct industry research, competitive analysis, S.W.O.T. (strength, weakness, opportunity, threats) analysis specific to your product, draw parallels from our other clients in the industry and develop a point of view on what will benefit your customers.
We then conduct a product workshop with your team where we collectively define your value proposition and establish goals for this data product because, ultimately, you are the subject matter experts in your field. We recommend spending no more than 6 to 8 weeks to create your minimum viable product (MVP) and sharing it with your beta users by applying a lean methodology which favors experimentation and iterative design – over more heavyweight upfront development. So how do we define elements of your minimum viable product?
Persona Mapping, Design and Roadmap
By developing a user-led product design, we help you identify your target personas, their pain points, motivations, and follow our model to ensure continued engagement. Once we have the personas and use cases defined, we design wireframes based on visualization best practices, a design that is oriented towards action. Clients are advised to share wireframes with their customers for feedback before beginning development. We help prioritize the elements for your minimum viable product. Based on the prioritization we create a roadmap that you can use to align stakeholders, and set the foundation of subsequent phases. For example, benchmarking is a common nice-to-have request because customers want to judge their performance relative to their competitors.
Packaging, Pricing and Launch Support
Once we validate our initial hypothesis and gather feedback from your end users, we help establish pricing and packaging for your data products – for those that intend to charge a discrete price for them. Invariably, you will have customers that tax your resources more than the others. You may want to establish product tiers such as standard/premier/enterprise to segment your customer base appropriately. We help define these tiers by identifying specific product features as monetization triggers that will enable you to upsell your customers to a higher tier.
Finally, we help you develop and execute on your launch plan. Some of our clients don’t think about the ancillary support they need to roll-out a successful data product until after the product is built. This is where the product roadmap comes in handy to bring all of the support organizations on the same page. Your Marketing team needs time to develop collateral, Sales has to enable the sales force and equip them with tools to sell your data product. We also formulate a strategy for training and enabling your end users on the product. We have a great deal of experience in these areas, and know what works in the market given a significant experience and industry expertise.
And this is certainly not a last step – it’s never a “launch and forget” scenario for a data product owner. There is always trade-off between getting just enough functionality in place to create a compelling product quickly and then keep perfecting the product vs. waiting to launch until you have everything. This balancing act means that your differentiating data products are never finished; we’re always learning more about customer needs, adapting to changing circumstances, or completing functionality that wasn’t finalized at launch time. For this, we have our success plans where we can help you continuously iterate and stay well ahead of the curve.
Let’s Connect the Dots
We invite you to review and share this blog and DataTalk with your cross-functional team members. I’m happy to have a conversation (firstname.lastname@example.org) with you to learn more about your analytics, customer experience, and revenue growth goals to help you imagine what’s possible with your first data product. I’m certain that after we have a conversation, you and your team will see tremendous opportunities by unleashing the value of your data.
Written by GoodData Author |