Really glad to see more original work around product being done by community members. It’s clear this came from a place of love.
I do want to use this index as an example of how we should explore the exploration and implementation of new products.
The first principle we should build upon is that we build products to solve our customers needs. That should be the first step in the exploration of any new products because if we don’t all agree on what the customer problem is, we won’t get anywhere.
Currently, in the proposal above, a lot of energy and space is devoted to thinking about the implementation and doing market analysis based on TradFi comparables. I don’t think this is enough to align on building a product.
This is really the only place in the post I see you getting specific about the customer. I think we need to expand on this way more and detail out what the customer problems are and the job stories associated with them. Once we understand that, then only can we really go deep into the implementation.
For example, with the MVI we had: “When I read about all the NFT and digital experiences being built on Ethereum, I want to be able to invest in this new ownership economy, so that I can make money as it develops.”
Generally follows the format of “When…I want to… so that…” - this gives us context on what the customer problem is and why they are having that problem.
Currently, you roughly hint at it throughout the post, mostly in conjunction to talking about various features of the product.
I know at this point you must be super annoyed and pissed off at me for this post! I’ve felt the same way when trying to push products at Set. I am certainly not aiming to dismiss the product or dismiss innovation, but rather pushing for a customer-centric culture that will end up yielding us better outcomes over the longer term.
Being customer obsessed is really hard, especially when everyone else has such strong feeling about product, but super important. Here is a copy of some of the notes and videos I watched to learn in case you find it useful: Product Strategy Research - Google Docs
I would be happy to work with you and whoever is to be involved with the Product Working Group in creating a analysis/research framework for how we want to structure exploration of products going forward and do that process for the product as well.
Of course, feel free to lmk if you think I’m wrong here!