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Gadi Lahav, Head of Product, Financial Times - How A North Star Helps Develop Better Products
- 1. How a North Star helps develop better products Gadi Lahav | Head of Product FT.com | Financial Times
- 2. 930,000 paid for customers 730,000 digital only subscribers 1.9 million daily readership We operate with a strict paywall We are a publisher - but commercially we are a subscription based digital company About the FT
- 3. Commercial Goal One Million Subscribers
- 4. To Measure is to Know
- 5. 1st Problem: Metrics are Proxies
- 6. Metric Total Time Spent 1st Pitfall: Metrics are Proxies
- 7. 1st Pitfall: Metrics are Proxies Real Value Viewing interesting content
- 8. Metric Newsfeed interactions 1st Pitfall: Metrics are Proxies
- 9. 1st Pitfall: Metrics are Proxies Real Value Connect with people you care
- 10. 2nd Pitfall: Many truths Email Alerts Attending Events App Downloads Reader comments Facebook Likes Sharing Stories Time Spent Reading Twitter Followers and Retweets Multichannel Consumption
- 11. ● A single metric ● SImple to Understand ● With consistently proven correlation with your real goal A North Star
- 12. Fhe FT North Star
- 13. Subscription is all about Habits
- 14. We kept on finding... Revenue vs. Usage Conversion Rate vs. Engagement Cancellation Rate vs. Engagement
- 15. Our “North Star” Engagement Score: RFV Recency | Frequency | Volume
- 16. Recency Frequency Not everyone is a digital news junkie Best Customers Engagement opportunities
- 17. Correlates with Renewal Rates of B2C
- 18. And with Lifetime Value
- 19. It correlates with B2B renewals and upsells
- 20. How The North Star Guides Our Product Development
- 21. Our Product Vision Help our readers make better business decisions to advance their career/business by providing them the most relevant information to them, without obscuring the FT view and saving them time
- 22. MyFT •A Twitter-like follow topic feature: keep up to speed with your specific interests •Once following, users get a daily email digest and an on-site feed page to articles
- 23. myFT | Impact on RFV Engagement increased 86% compared to the control group
- 24. Case Study | Speed When we launched Next first MVP 5% of our most devoted users opted in The site had few features and less content than old FT.com Yet, they immediately became more engaged Why?
- 25. Case Study | Speed ● A series of tests: ○ Control: Fastest site ○ Variant A: 1 second slower ○ Variant B: 2 seconds slower ○ Variant C: 3 Seconds slower ○ One test with a variant of 5 seconds slower
- 26. Case Study | Speed Hypothesis: Every second counts True! You could see the impact from the very first second.
- 27. Case Study | Speed What does it mean financially? 1 second = $millions More than any feature besides myFT
- 28. Case Study | Speed Award winner Best Website 2017 Best Use of Technology
- 29. Case Study | Going back to the iOS App Store
- 30. Case Study | Optimising Notifications
- 31. Sum it up: 3 Takeaways
- 32. ● A single metric ● SImple to Understand ● With consistently proven correlation with your real goal Find A North Star
- 33. ● Focus on the most important thing ● Have one single version of the truth ● Consolidate effort and conversation That is helping you to
- 34. ● Have your users gained value? ● Have your numbers gone up as expected? ● Is the North Star correlation valid and accurate? Challenge it
- 35. Thank you! Gadi Weislovits Lahav