How do you implement product loops for your product? When building a product for a startup or at your company, it helps to not think of a user interacting with your product once. To acquire a user and keep them engaged requires building the right loops within your product. Every user engagement is a data point for you to improve your loops and create value for the user. In this talk, Expedia Fmr. Senior Director of Product Yeshwant Nadkarni discusses what loop to implement, when, and how.
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- Product loops are crucial for creating better and stickier consumer experiences.
- Every business has different variations of product loops.
- Data loops, compulsion loops, and social loops are important in product management.
- The data loop focuses on continuously improving the customer experience.
- Capturing clickstream data, evaluating matches, and adapting the model are key areas within the data loop.
- Companies like Google, LinkedIn, and Netflix have achieved success by utilizing strong data loops.
- The relevance of a product to customers is a significant factor in its success.
- Clickstream data represents valuable user behavior on the web.
- LinkedIn and monster.com improved their platforms using clickstream data, while Netflix focused on personalization.
- Netflix captured detailed user information to understand preferences and increase engagement.
- Testing and iterating on hypotheses based on data insights allowed for continuous improvement.
- Effective data utilization, evaluating matches, and adapting product models are important for better experiences and customer satisfaction.
- Social loops drive user engagement and content creation in various platforms.
- Triggers, actions, rewards, and investments create habitual behaviors among users in social loops.
- Furthermore, platforms like Reddit, Stack Exchange, and Amazon utilize social loops to encourage content generation and curation.
- Compulsion loops induce repeated behaviors through triggers like notifications to drive daily engagement.
- Engagement and monetization are connected, attracting advertisers and providing opportunities for content creators.
- Viral loops are challenging to implement, with examples in companies like Instagram, TikTok, WhatsApp, and Slack.
- Viral loops measure unique interactions and the number of users sharing the product with others.
- Data loops, compulsion loops, and social loops are essential for growth and engagement, complementing product funnels.
- Additionally, product loops strengthen product funnels and are valuable for startups.
- Startups should collect data, adapt quickly to user needs, and create compelling reasons for users to return.
- TikTok is mentioned as a platform excelling in adapting to user preferences and providing compelling content.
- Lastly, new product managers should be curious, ask questions, challenge assumptions, and focus on understanding and meeting customer needs.
About the speaker
A performance-focused and experienced professional, Yeshwant Nedkarni has extensive experience leading and directing innovative business/product strategies to improve product management and business growth. In his previous role at Coupa Software, he amplified supplier visibility on the platform and increased subscriptions over 100% MOM by launching the Coupa verified program. At Blue Nile, he established a new strategy for inventory management and launched a new product line of engagement rings with a worth of $25M Rev/year. He also administered lodging shopping, Vacation Rentals, and Third Party marketplace product at Expedia, improved search speed, traveler relevance, and conversion, generating over 600M in Gross Profit.