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Business experimentation

An introduction to how deploying experimentation at speed and scale leads to Customer Experience and Business Model success.

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Business experimentation

  1. 1. BUSINESS EXPERIMENTATION An introduction to how deploying experimentation at speed and scale leads to Customer Experience and Business Model success. THANK YOU HELGE TENNØ
  2. 2. ENTREPRENEURS WHO ACT LIKE SCIENTISTS PERFORM BETTER Figure 1: Average revenue over time (euros), treated and control startups Pivoting to a greater extent increasing their odds of pursuing projects with greater returns. The treatment consists of training the treated group to identify the problem, articulate theories, define clear hypotheses, conduct rigorous tests to prove or disprove them, measure the results of the tests, and make decisions based on these tools. Source: A SCIENTIFIC APPROACH TO ENTREPRENEURIAL DECISION-MAKING: EVIDENCE FROM A RANDOMIZED CONTROL TRIAL [with 116 startups] Arnaldo Camuffo, Alessandro Cordova and Alfonso Gambardella Figure 2: Content of training steps
  3. 3. THREE TYPES OF HYPOTHESES: PROBLEM- TO-SOLVE CUSTOMER NEED / MOTIVATION CUSTOMER VALUE PROPOSITION What is the problem we think is worth solving? What progress is the customer trying to achieve or which struggle are they trying to overcome within the context of the problem What value can we offer the customer to that would lead them to the progress they are trying to achieve and deliver business value to us? “75% of startups fail because they are trying to solve problems that are not really problems” - Remko Vermeulen PROBLEM CUSTOMER SOLUTION
  4. 4. PROBLEM HYPOTHESIS: What is the problem we think is worth solving? WHAT IS OUR PROBLEM-TO-SOLVE? “Let’s find a problem for this solution” - Marc Andreessen - Andreessen Horowitz Problem statements are simple statements highlighting what we want to achieve, with whom, where/when and with which intended outcome? will be able to better understand, experiment with and manage their own energy consumption. What is the intended outcome? (For our company and the customer) We believe that by Direction of improvement (More or less of something) increasing Verb (What is the ‘type’ of improvement) the insights in their own detailed energy use What and / or who is the verb referring to (e.g. what or who is being affected) the small business owner and operations manager del 365 STRUCTURE: EXAMPLE: We believe that Direction of improvement (More or less of something) Verb (What is the ‘type’ of improvement) What and / or who is the verb referring to (e.g. what or who is being affected) What is the intended outcome? (For our company and the customer) Suggested resources: PROBLEM- TO-SOLVE
  5. 5. What progress is the customer trying to achieve or which struggle are they trying to overcome within the context of the problem CUSTOMER HYPOTHESIS: WHAT IS THE CUSTOMER NEED? To define the customer need we use Customer Jobs-to-be-done identifying the customers underlying need and using their own voice. towards a more environmentally sustainable future Contextual clarifier As a small business owner I want to Direction of improvement (More or less of something) do more, smarter and better Verb (What is the ‘type’ of improvement) measures to increase What and / or who is the verb referring to (e.g. what or who is being affected) my operational performance del 365 STRUCTURE: EXAMPLE: What progress Is the customer trying to achieve Which situation Suggested resources: OR What struggle Are they trying to overcome IN AND How to measure In the customers own voice: Clayton Christensen on Jobs- to-be-done and milkshake Clayton Christensen on knowing your customers jobs- to-be-done Anthony Ulwick on Giving your customers a fair hearing Anthony Ulwick on Outcome Driven Innovation, Jobs-to-be- done theory in practice CUSTOMER JOBS-TO-BE- DONE
  6. 6. What value can we offer the customer to that would lead them to the progress they are trying to achieve and deliver business value to us? SOLUTION HYPOTHESIS: WHAT VALUE CAN WE OFFER THE CUSTOMER? A Customer Value Proposition articulates the company’s offer of value to the customer. We use it to frame our value offering before we build solutions. STRUCTURE: CUSTOMER VALUE PROPOSITION Suggested resources: Can you say what your strategy is? What is a Value Proposition? The Customer Value Proposition is a part of the Business Model Canvas Strategyzer’s Value Proposition Canvas Which combination or sum of our own capabilities and activities By Leading us to offer which value for the customer Supporting the customers job in what way Within which scope (for the customer) Delivering to what measurable object (to the customer) By Which combination or sum of our own capabilities and activities combining our innovative business model with our sophisticated technology del 365 EXAMPLE: we can offer the customer a tangible / manageable understanding of their operations energy consumption supporting them towards targeted and specific measures (actions) delivering to their own sustainable future Leading us to offer which value for the customer Supporting the customers job in what way Within which scope (for the customer) Delivering to what measurable object (to the customer)
  7. 7. ASSUMPTIONS RISKIEST ASSUMPTIONS TESTING #1 “A riskiest assumptions test puts the focus on learning .. that allows us to move forward one step at a time. Once you’ve validated the riskiest assumption you can move on to the next largest one. Gradually building confidence in the viability of your idea” - Rik Higham “Maximizing the rate of learning by minimizing the time to try things” - Tom Chi, co-founder of Google X Breaking your hypothesis down to smaller bets (assumptions) allows you to co-create with your customers increasing your speed and volume of learning. STEP 1 - IDENTIFY ALL YOUR ASSUMPTIONS: Simply ask: “what has to be true for our hypothesis to be true?” A. Collect all assumptions as post-its. B. Cluster and remove duplicates Riskiest assumptions testing moves your learning from being extrinsic to your customer interactions to being a part of them. You co-create your solutions with the customer in real-time. Suggested resources: The MVP is dead, long live the RAT SUPPORT: EXAMPLE (HYPOTHESIS JOBS-STATEMENT): 1. Go through the hypothesis almost word for word and ask: “What has to be true for this to be true?” e.g. of a person says they need a drink, they must be thirsty.. or are there any other reason for wanting to drink? 2.Look at the statement from a broader lens. What is it you know about the world that would have implications on this statement? e.g. legal, technology, barriers etc. Think bigger or think sideways. 3.Looking at this statement, what is it you want to learn more about? e.g. if the statement is regarding the drinking (mentioned in bullet point 1) are they talking about water, wine or whiskey? As a small business owner I want to do more, smarter and better measures to increase my operational performance towards a more environmentally sustainable future del 365 ASSUMPTIONS: “There is not a lack of ideas, but ideas management” - Florian Hunger-Reichardt - 1. I am motivated by a more environmentally sustainable future 2. I am committed to perform operational measures 3. I think there is a lot more to learn (I don’ t know everything) What you don’t know you don’t know
  8. 8. ASSUMPTIONS RISKIEST ASSUMPTIONS TESTING #2 - PRIORITIZATION Having identified all your assumptions you now might have 5, 15, 50 of more. This is good. But now you need to prioritize them so you know where to start. STEP 2 - PRIORITIZATION Riskiest assumptions testing moves your learning from being extrinsic to your customer interactions to being a part of them. You co-create your solutions with the customer in real-time. Suggested resources: The MVP is dead, long live the RAT “There is not a lack of ideas, but ideas management” - Florian Hunger-Reichardt - “Data precedes framework” - Dave Snowden There is no correct way to priortize assumptions. I personally see the best result when the team just starts organizing the assumptions from left to right or top to bottom. As some consensus and logic starts to emerge the team discusses why they find one assumption to be more important than the other and from that discussion a framework starts to emerge. Please remember: When scoring an assumption you are creating an assumption about an assumption The prioritization is just there to support your teams discussion on where to start. The team can choose any assumption to do next no matter the prioritization Your list of assumptions are a living document. Anyone, anywhere can at any time suggest new assumptions and ad them to the prioritization. EXAMPLE: del 365 As a small business owner I am motivated by a more environmentally sustainable future As a small business owner I am committed to perform operational measures As a small business owner I think there is a lot more to learn (I don’ t know everything) More importantLess important CUSTOMER JOB- STATEMENT:
  9. 9. EXPERIMENT TURNING YOUR ASSUMPTION INTO EXPERIMENTS An experiment is defined by a clear and simple statement: if we do a then b happens. The statement needs to be testable and the outcome measurable. What do you want to learn? Articulate the assumption using the experiment statement: HOW TO ARTICULATE YOUR EXPERIMENT: How will you measure the outcome? Where do you want to run your experiment(s)? If we offer an option of different value propositions a significant amount would choose the one about environment sustainability Measure in terms of click- through / engagement a) Website b) Search Advertising c) LinkedIn-advertising As a small business owner I am motivated by a more environmentally sustainable future EXAMPLE: del 365 “If we do a then b will happen” Using what metric / data In order to deliver the necessary accuracy / commitment
  10. 10. EXPERIMENT CO-CREATE YOUR ASSETS AND ENVIRONMENT With your whole team aligned around a shared understanding of your experiment co-create the tasks and responsibilities to build the necessary assets and environments. Meet up in an online collaborative environment. e.g. miro.com or mural.co STEPS TO CO-CREATE: Everyone is aware of the experiment, now ask everyone to individually note down every task they know needs to be done to build, review, deploy and run the assets and environment. Everyone is give 4-5 minutes to add their tasks Cluster the tasks into logical categories. e.g. creative, design, content, development, etc. Add names to each category Everyone individually adds their own name or the name of others they know needs to contribute Add tasks and responsibilities to sprint backlog Or other preferred tool depending on the teams own way of working a) b) c) d) e)
  11. 11. STRUCTURE & RIGOR PROBLEM CUSTOMER SOLUTION RISKIEST ASSUMPTIONS TESTING COST OF COMMITMENT SPEED VOLUME BUSINESS EXPERIMENTATION SUMMARY CO-CREATE COORDINATE INSIGTHS- TO-ACTION THANK YOU HELGE TENNØ

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  • isabelleq

    Nov. 27, 2020

An introduction to how deploying experimentation at speed and scale leads to Customer Experience and Business Model success.

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