Framework to guide you if we should do/create a product or Market Entry
Understand the Case
Structure the Problem
Solve quantitative and qualitative for the framework you structured
Deliver a recommendation
Product Design Frameworks -
1) Problem → Company Goals → Compare the existing solution → Customer
and Market → Use Cases / Pain Points → Vision and Brainstorm → Prioritize
and Trade-off → Summary
2) CIRCLES:
a. Comprehend — What, Who, Why, How??? → Goals and Metrics.
b. Identify Customers — Who are your Target Customers?
c. Report customer needs — List the Pain Points (Create a vision from
the pain points).
d. Cut through prioritization — Prioritize your features/problem
statements.
e. List Solutions — List down your solution, show your creativity.
f. Evaluate Trade-offs — Discuss the Trade-offs.
g. Summarise — Give an overall summary of the above.
Feature Prioritization Frameworks -
RICE:
Reach - How many people you estimate your initiative will reach in a given
timeframe.
Impact - How many new conversions for your project will result in? (Scale of 1-5).
Confidence - How confident are you about its impact? (in Percentage %).
Effort - Estimate the total amount of time a project will require from all members
of your team: product, design, and engineering.
Impact vs Effort.
Weighted scoring.
Kano Model.
Decision Making
1. SPADE -
o Setting - What, When, and Why of the product or its feature.
o People - Identify the people who should consult (give input),
approve, and most importantly, a single person who
is responsible.
o Alternatives - Brainstorm and come up with a set of alternatives
that are feasible and realistic, diverse (they should not all be
micro-variants of the same situation), and comprehensive.
o Decide - Once you've laid out all the alternatives—complete
with their respective pros and cons and quantitative models ー it's
time to get your consultants to vote. Get feedback privately.
o Explain - Call a meeting, Broadcast your decision, and add it to
the S.P.A.D.E. log.
A feature is trying to achieve 3 goals -
Engagement (make users use the feature more)
Retention (have users keep coming back to the platform)
Monetization
Efficiency
Product Canvas
Problem
Solution
Unique Value Proposition
Unfair Advantage
Key Success Metrics
Channel Partners
Customer Segments
Cost Structure
Revenue Streams
Porters five forces
Threat of New Entrants
Threat of Substitutes
Rivalry
Supplier Power
Buyer Power
Strategy Framework
Mission, Business, Product, Model
Goals (Diversify/Increase Revenue, User Growth, Innovation, Compete, Retention)
(Urgency-short-term/Long-term rev-growth)
Users (SMB, Solopreneurs, Enterprise, Consumers)(Growth/Effort/ROI)
Challenges (Grow, Capital, Customer Acquisition, Competition)(Willingness to
Spend/Strength/Sales Cycle/Margins).
Design/Product/Feature Solutions
Desirability — a product, service, or idea that is genuinely needed by the
target customer. Describes how your product features match the
customer's jobs, pains, and gains, and how they create benefits and
relieve frustrations.
Feasibility — it aligns with and is technically possible in light of the brand’s
current operational strengths
Viability — it makes sense financially and is sustainable over the long term
Vitamin or a PainKiller
Customer Expectations: Basic, Performance, Excitement, Indifferent,
Reverse. Basic features are the ones that customers expect and take for
granted, and if they are missing or poor, they cause dissatisfaction.
Performance features are the ones that customers value and pay attention
to, and the more they have, the more satisfied they are. Excitement
features are the ones that customers don't expect or ask for, but if they
are present, they delight and surprise them. Indifferent features are the
ones that customers don't care about or notice, and they have no impact
on satisfaction. Reverse features are the ones that customers dislike or
avoid, and they cause dissatisfaction.
RICE [Reach/Impact/Confidence/Effort]
Before we go, let’s leave with you 7 mistakes not to make:
1. Not prioritizing customer needs
2. Failing to consider “the other side”
3. Being too vague with their “bangers”
4. Ignoring the feasibility of their solutions
5. Not showing next-level creativity in this round
6. Not leading the interview enough, and being led
7. Rushing through the end parts of the interview from nerves
Revolut: one stop financial supermarket.
Offer a curated and vetted mix of internal and third-party offerings. This
aggregation model provides customers with easy, one-stop access to financial
products and the ability to address multiple financial needs through a single,
integrated channel. Building a financial supermarket allows a bank to focus on
the high-return side of the industry: average annual return on equity (RoE) for
providing credit from bank balance sheets is only 6 percent, while RoE for
product origination/sales is 22 percent. A supermarket approach can allow banks
without a strong position in such areas to grow in these segments as a
complement to their current offerings.
Success Metrics
Monthly Active Users
Monthly active businesses
Customers on Paid Plans/Upgraded Plans
Current Products
Business
Multi-Currency Accounts
Saving Accounts
Debit Cards
Spend Management
Send and Receive Money
Currency Exchange
Payments / Payment Gateway / POS
Invoicing & Expenses
Individual
Current Accounts
Saving Accounts
Debit Cards
Budgeting
Insurance
Send and Receive Money
Trading Instruments/Crypto
Freelancer
Trip Booking
Data Plans
Areas they can explore
- BNPL
- Embedded Accounting
- Real Estate (buying homes)
- Business Insurance
- Lending
- Payroll & Benefits
Problem Statement (Specify what the problem is, break down the problem, and
probe for questions).
Scoping questions dive deeper
Ask for Data a lot (will need to form part of the exercise)
Solution Statement
Ask Clarifying questions (Constraints/Users/Channels/Goals)
Structure Framework
Profit/Conversion/ Growth Problem
Relate it to UX/UI
[Link]
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[Link]
Script:
Greeting
Good afternoon, Mr. Georgian. Thank you for your time. How are you doing?
Opening
This is a very interesting case. Thank you very much.
The first step in solving any problem is ensuring you solve the right one. So
before getting into my approach, I would like to (a) recap the case and (b) ask a
few clarification questions. Sounds good to you?
So (a), to recap, xxxx
And (b) some clarifying questions.
Getting into the content
Thank you for the clarification. So, a systematic way to tackle this problem, that
creates long-lasting impact, is to do it from the root. So, my approach is to
search for the root cause of the problem.
To do that, the most effective yet efficient way is to break the problem down into
smaller pieces in a MECE way. Once we find the root-causes, we will discuss
solutions to fix them. Is this approach ok to you?
Proposing an issue tree/framework
Recapping
Presenting a Recommendation/Solutions
To begin, banks should think hard about a series of questions:
- Which unconventional growth opportunities represent a good fit with
current resources and competitive position?
- How many of the opportunities can reasonably be pursued and over what
time?
- What governance structures should be established, and what
organizational approaches employed? Innovate from within existing
businesses, set up separate units, or partner with/acquire from outside?
- What capabilities should be in place to go after these opportunities?
Growth Framework
Users/Customers
Existing New
Markets/ More of the same Sell them your
Geographies Existing products. (Usage) products/Solve their pain
Upsell point
Cross-sell Add more products
New Add more products
Complimentary products Expand your product base
used when they go to
new markets
McKinsey's Three Strategic Horizons keep you focused on growth and innovation.
This strategy framework requires you to categorize your goals into 3 different focus
areas:
Horizon 1: Maintain and defend the core business
Horizon 2: Nurture emerging business
Horizon 3: Create genuinely new business
💡When to use this framework:
McKinsey's Strategic Horizons is a great strategic framework that keeps you
focused on constantly growing your organization and creating future revenue
streams. While many organizations prioritize short-term profits, doing so can expose
them to market, customer, or competitive risks.
Prioritization Framework
Using the following to classify where the feature should be:
The Conversion Framework is built around seven principles:
1. Trust and confidence (T)
1. strong value proposition, social proof, continue
messaging and many other factors.
2. FUDs (F) (fear, uncertainty, and doubts)
1. address them through copy and design.
3. Incentives (I)
1. encourage visitors to act right away, as opposed to
postponing the purchase, by thinking “I will come back to
this website next week.” You can encourage your visitors
through urgency and scarcity, for instance, instead of
offering discounts.
4. Engagement (E)
1. Creating Aha moments
5. Visitor persona temperament (P)
1. You do not have control over these factors. That does
not mean you ignore them. You have to accommodate
them in your design, copy, and visitor flow.
2. Know Personas and Market Segments
6. The buying stage of visitors when they come to the site (B)
1. You do not have control over these factors. That does
not mean you ignore them. You have to accommodate
them in your design, copy, and visitor flow.
2. Not every visitor is ready to buy
3. TOFU/MOFU/BOFU
4. Copy & design
7. The sale complexity (S)
1. You do not have control over these factors. That does
not mean you ignore them. You have to accommodate
them in your design, copy, and visitor flow.
2. account for both the complexities of selling your
products as well as the many steps your visitors go
through before making the conversion decision.