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Be fundamentally different, not incrementally better | Jag Duggal (Nubank, Facebook, Google, Quantcast)
- Nubank, with more than 100 million customers, is valued at over $30 billion and operates in only three Latin American countries, yet generates 80% to 90% growth through word of mouth.
- The 'Sean Ellis score' is a key element of how Nubank measures product-market fit and makes decisions about investing in new products.
- The score is based on asking customers, 'How disappointed would you be if this product went away?'
- The answer options are very disappointed, somewhat disappointed, not disappointed, or I no longer use this product.
- Jag Duggal, the chief product officer of Nubank, prioritizes deeply held customer pain points and strives for fundamental differences in products.
- Nubank creates clear strategies, centered on specific problems, solutions, customers, and strengths.
- Companies should strive to be fundamentally different instead of incrementally better through category design.
- To develop solutions that resonate with users start by conducting meticulous customer research.
- Your strongest customers are generally your most engaged users, deriving the most value from your product.
- Your strategy needs to define 'what was supposed to be happening' rather than being aspirational or vague.
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