Consumer Internet Lessons for Enterprise Product Managers
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A track keynote presentation I gave at the 2014 NASSCOM Product Conclave in Bangalore. I convey a few lessons I learned while transitioning from a career in enterprise software to a consumer internet company (LinkedIn).
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Consumer Internet Lessons for Enterprise Product Managers
- 1. Beyond the obvious Consumer Product Lessons for Enterprise PMs ©2014 LinkedIn Corporation. All Rights Reserved. NASSCOM Product Conclave Michael Korcuska Vice President, Product Management LinkedIn October 31, 2014 1
- 2. Our mission Connect the world’s professionals to make them more productive and successful
- 3. Member metrics 332 313 296 277 259 238 218 202 187 174 161 Q1’12 Q2’12 Q3’12 Q4’12 Q1’13 Q2’13 Q3’13 Q4’13 Q1’14 Q2’14 Q3'14 Members (mn) 90 84 82 76 78 75 65 58 50 51 52 Q1’12 Q2’12 Q3’12 Q4’12 Q1’13 Q2’13 Q3’13 Q4’13 Q1’14 Q2'14 Q3'14 1 2 3 Unique visiting members (mn) 28 26 25 22 22 21 18 15 12 13 11 Q1’12 Q2’12 Q3’12 Q4’12 Q1’13 Q2’13 Q3’13 Q4’13 Q1’14 Q2'14 Q3'14 Member page views (bn) 1 as of quarter end | 2 monthly average during the quarter | 3 total during the quarter 4
- 4. Revenue Q1’11 Q2’11 Q3’11 Q4’11 Q1’12 Q2’12 Q3’12 Q4’12 Q1’13 Q2’13 Q3’13 Q4’13 Q1’14 Q2’14 $568 Q3'14 $534 $473 $447 $393 $364 $325 $304 $252 $228 $188 $168 $139 $121 $94 Net revenue ($mn) % Y/Y 160% 140% 120% 100% 80% 60% 40% 20% 0% 6
- 5. Strong Product Management Culture: Alumni ©2014 LinkedIn Corporation. All Rights Reserved. 5 CEO and VP Product CEO SVP Product EIR VP Product VP Product VP Product Chief Product Officer Product Director SVP Product VP Product
- 6. Enterprise Software Stinks ©2014 LinkedIn Corporation. All Rights Reserved. 6 Why? Buyer ≠ User
- 7. Consumer Software: User is the buyer ©2013 LinkedIn Corporation. All Rights Reserved. 7
- 8. In the Consumer world… You are the user. Your teammates are users. This is fantastic! ©2013 LinkedIn Corporation. All Rights Reserved. 8
- 9. Actually, it’s a minefield ©2013 LinkedIn Corporation. All Rights Reserved. 9
- 10. Your boss is the user. The CEO is the user. Your mother is a user. Everyone knows why your product stinks. This is a giant pain. ©2013 LinkedIn Corporation. All Rights Reserved. 10
- 11. Beyond the obvious ©2013 LinkedIn Corporation. All Rights Reserved. 11
- 12. Responsibilities Metrics Culture Practices ©2014 LinkedIn Corporation. All Rights Reserved. 12 Differences
- 13. Responsibilities You are unlikely to be involved in pricing. Heck, your product may not make money. You won’t be preparing the sales team to sell the next release. No customer dinners. ©2013 LinkedIn 13
- 14. You cannot measure success by revenue/profit. So much for that MBA. Metrics
- 15. Culture No formal signoffs from 6 VPs. Please launch faster. Optimized for speed and team independence.
- 16. Consumer Product Practices ©2013 LinkedIn Corporation. All Rights Reserved.
- 17. Practice 1: Data Guided (not driven) 17
- 18. Practice #1: Data Guided (not driven) § A/B Testing is hard in enterprise software – You need to do it. – You need to be clear with your customers that this is good for them. § A/B Testing at a different level – Many variations in a single test. Hundreds of tests. Many test interactions. What about long term effects? – You better hire yourself a PhD statistician. Really. § Finding the right metric – User value. Value to company. Short term versus long term. – Example: New User Signups § Voice of Member – You need to get the Voice of the Member into the conversation – How do you find a clean signal with 330 million members? ©2013 LinkedIn Corporation. All Rights Reserved. 18
- 19. Practice #2: Swim In Rivers 19
- 20. Swim in Rivers § Distribution is key – Nobody is going to make your users log in. – Be where the user already is. § Rivers to think about – Email. Lots of noise here. – SEO. Takes a big investment to get it right. – Search. You want to appear here. – Home Page. Can you be on the user’s home page? – Mobile Deck. This is the new home page. § Virality – Not every product is naturally viral. But every product should ask this question: How will users share their experience with others? – Also, cycle time matters. Google “Adam Nash virality” for details. ©2013 LinkedIn Corporation. All Rights Reserved. 20
- 21. Practice #3: Immediate User Value
- 22. Immediate User Value § Don’t ask for information you’re not going to use to improve the user’s life – LinkedIn Example: Date of Birth – Useful to LinkedIn for advertising – But what can we provide to the user that’s valuable? § Make sure you can deliver the reward quickly – Ideally on the next page § Show rather than tell – Demonstrate to the user why the information matters, don’t just tell them that it does § Find indirect ways to get information – Adding University delivers immediate value to LinkedIn users. – Does a pretty good job of approximating age. ©2013 LinkedIn Corporation. All Rights Reserved. 22
- 23. Practice #4: What’s the Asset?
- 24. Practice #4: What’s the Asset? § In addition to user engagement and revenue, great consumer products also build an asset. – That asses is valuable by itself – But ideally it also increases the width of the moat § A set of data that: – Improves the user experience – Increases your competitive advantage – Can be (carefully) monetized § Enterprise software companies realize this eventually – You should try to build it in from the beginning – SaaS helps this tremendously ©2013 LinkedIn Corporation. All Rights Reserved. 24
- 25. Critical mass of data Valuable products Member growth and engagement Technology platform
- 26. Final Difference ©2013 LinkedIn Corporation. All Rights Reserved. 26
- 27. Final Difference ©2013 LinkedIn Corporation. All Rights Reserved. 27 Enterprise PM Consumer PM
- 28. Final Difference ©2013 LinkedIn Corporation. All Rights Reserved. 28 Enterprise PM Consumer PM
- 29. Questions? 29
- 30. Photo credits: Thanks to Creative Commons! § Stinky feet: https://www.flickr.com/photos/hantlas/25861420 § Woman smelling flower: http://www.publicdomainpictures.net/view-image.php?image=15616picture=woman-smelling-flowers § Minefield: http://commons.wikimedia.org/wiki/File:DANGER_MINES.jpg § Thumbs down: https://www.flickr.com/photos/striatic/2191404675/ § Lego binoculars: https://www.flickr.com/photos/kalexanderson/5696097036/ § Price tag: http://commons.wikimedia.org/wiki/File:Price_Tag_99%2BTX_99_cents_%2B_tax.jpg § Approve: https://www.flickr.com/photos/didmyself/7568581920/ § River: http://www.flickr.com/photos/neilsingapore/12371587994/ § Maze: https://www.flickr.com/photos/golbenge/5400710724 § Palace/Moat: https://www.flickr.com/photos/jamesjustin/2852529200 ©2013 LinkedIn Corporation. All Rights Reserved. 30