The Power of "Social+" in Building Successful Products

The Power of "Social+" in Building Successful Products

In today's digital age, social interaction plays a crucial role in the success of a product. Companies that embrace the concept of "Social+" have a unique advantage - they have a built-in social graph that is specifically tailored to their product. Moreover, these companies incorporate peer-to-peer social engagement directly into their products, creating a more immersive experience for users.

We can see the potential of "Social+" companies through the success of Snackpass and Ritual, but there is still plenty of room for innovation in this space. The best version of any consumer product is inherently social in nature. However, building a social graph and integrating it into the product design and distribution is no easy task.

Social+ products typically have two layers of interaction - the emotional and cognitive aspects that appeal to users, and the functional and rational aspects that provide utility. Successful Social+ companies focus on four key areas: business model, product design, go-to-market strategy, and category definition. By addressing these areas, companies can create a well-rounded and impactful Social+ product.

In addition to the importance of "Social+", it is also crucial to measure the right metrics that align with your product vision. In the article "Measure what matters: how to align your analytics with your product vision," the concept of "missing bullet holes" is introduced. This concept refers to areas on a plane with no bullet holes, indicating the need for additional armor. Similarly, in product development, a data-driven approach is only effective if the right metrics are being measured.

To create a comprehensive measurement strategy, there are three key steps to follow. First, prioritize the elements of your product strategy that need to be measured. In the early stages of a company, it is essential to focus on addressing real pain points before diving into design, capability, and logistics. These pain points are the foundation upon which the product is built.

Next, determine the goals of each product strategy element that you want to prove out. What questions do you need to answer to validate your customer personas and their pain points? This step helps identify the specific goals that need to be achieved to move closer to your product vision.

Finally, describe how you would measure each of the goals identified in the previous step. What metrics would provide evidence that your strategy is working and that you are making progress towards your vision? It is important to avoid the trap of "hypermetricemia" - the obsession with improving all metrics without considering their impact on business goals. Making small changes and optimizing metrics without aligning them with your vision can hinder your progress.

To summarize, building a successful product requires embracing the concept of "Social+" and integrating social interaction into the core of your product. Additionally, it is crucial to align your analytics with your product vision by measuring the right metrics. Prioritizing real pain points, setting clear goals, and measuring progress towards those goals are key steps in creating a data-driven and effective product strategy.

Actionable advice:

1. Incorporate social elements into your product design to create a more immersive and engaging experience for users.
2. Prioritize measuring the metrics that align with your product vision and business goals, rather than focusing on improving all metrics.
3. Regularly reassess your product strategy and measurement approach to ensure they are aligned with the evolving needs and expectations of your target audience.