What can you offer that algorithms can’t know or deeply cater for.
Better understanding of your market, your customers, the nuances.
The things which don’t scale across everything. That’s the personal edge.
The last mile of customer knowledge sits with you.
I spoke with a colleague on the art of turning data in to products.
Given we live in a data-centric world there doesn’t appear to much dialogue on the topic so I’m adding some
Every product or service creates data. More and more companies are looking at how to build data businesses and many launch a ‘data’ product but few will go deep.
A lot of that is to do with product management, productizing data isn’t an easy process. In general there are a few levels to it.
- Level One: The sell is more data, get more than you had before.
- Level Two: Once you have sold too much ‘new data’, you have to swap or adjust to ‘curated data’.
- Level Three: Insights or recommendations, make meaning from this data.
- Level Four: Delta, show me the delta or contextualize these for me.
Or at least that’s the theory.
Many companies do level one, and then at each step it drops dramatically. Why? Competition, need and market.
Highly motivated end users will push a company to get to stage four fast. Then at that point it’s continual renewal to standardize and continue to conextualize data.
Some companies only need to get to stage one or two, or can spend years before stage three or four. That’s ok. But this helps provide a framework or directionality.
Young companies excel, by demonstrating leadership.
They’re new, they’re fresh, they’re small, they’re fast.
All the exact opposite of any old company.
Their first customers, are those that want to be led, that want to try something new.
So if you’re a new company, lean in to that, embrace it, it’s what’ll get you a few years under your belt.
I saw a tweet the other day that the hardest thing for founders can be the half wins. The wins that maybe they hadn’t envisaged.
I call this – celebrating the small wins.
Small wins, the little milestones on the way to big wins. And in the journey towards that bigger goal – they should absolutely be celebrated. Always.
Here’s to the small wins.
A riff on why remote work is essential.
I run a technology company headquartered here in New York with remote teams in India, UK, Sweden and AsiaPac.
We embraced remote working out of necessity but found it has become a real strength of our business. To deliver the worlds best products, you have to have the world contributing.
Here’s what we found:
1) Turn time zones in to an advantage
- Time zones turn a 5 day week in to a 6 day effective work week. Days can have a 16 hour coverage. Presuming everyone is well briefed and communicated.
- Public holidays in one country enhance this effect.
- Compound this 52 weeks/year and it gives you a significant edge over your competitors. And with the same employee investment.
Every Friday, we’re briefing changes/responses in, to deliver Monday morning – putting us ahead, just as everyone is getting started. It’s not about the epic wins, it’s about the always on small wins. This helps us win, by design.
2) Enabled us to be more precise in hiring
- Opening to remote work means you can be a lot more precise in your role hiring, as you are more likely to find that person with a particular set of requirements.
- ^ Then your chance of hiring them is a lot higher too.
Remote working allows you to find people wherever they are.
3) Made our internal processes more robust
- It enforces process at a younger age and/or smaller size.
- These processes also encourage effective documentation and communication, both of which create better work.
- If we were all in one place we wouldn’t have had to do this as fast.
People always say to me, oh I thought you were much bigger, it’s because of the discipline, time zone advantage and ability to hire precisely.
I know a lot of my readers, are pioneers in their own ways. It’s important to fly the flag for the future of work mobility, and to help provide enough reasons to help those companies who haven’t made the leap yet. What have you found? Please @bwagy me on Twitter.
Please do share…
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