As a product manager inevitably you’ll be asked to research and evaluate new platforms and new partnerships from time to time. Recently I was asked to consider how NextRadio could fit into Moody Radio’s platform strategy, so I sat down with my contact at NextRadio and we walked through their platform.
Key Performance Indicators (KPI’s)
When I’m evaluating a potential platform for Moody Radio the first thing I keep in mind are some of the KPI’s we care about as a non-profit.
- Awareness / New Audience Development
Next, I’m interested from hearing from the platform provider about their market reception. Building a platform is easy, and in this case we’re looking at a multisided market. For NextRadio they have at least 4 sides to their market:
- Smartphone users
- Smartphone manufacturers
- Carriers (i.e., Verizon, AT&T, T-Mobile)
- Broadcasters (i.e. NPR, ESPN)
Because we’re a niche broadcaster, I’m interested in the size of their audience and those users’ engagement level. I’m also interested in the uptake of their potential market (how many of their potential users are users?). This will help us gauge the health of the platform from the consumer’s perspective. The other factors, manufacturers, carriers, and broadcasters helps me understand the potential growth of the platform, but to me it’s secondary to the first factor, because too often the “industry” can get ahead of what consumers want. Too often we can think we have a great idea and you can attend industry conferences where everyone is desperately trying to tell each other how relevant our products are, but it’s clear the consumers don’t agree. To avoid the echo chamber of the industry and value consumer uptake multiple times higher than industry uptake of a platform (unless regulations are involved).
The final filter is strategic alignment which comes from the organization. Sometimes we do things because they are part of our organization’s values or strategy. Maybe that means a green initiative, or a focus at getting a foothold into a new market (even if it’s unprofitable at the moment). While this can be a trump card to overrule the above filters, frequent use of should suggest that you have an incorrect strategy or poorly defined strategy.
Sometimes you’ve got a great platform or idea, but the implementation costs are just too high or will take time, attention, and resources away from a more valuable initiative. While knowing the full impact of an implementation can be difficult at this point, it’s necessary. Usually optimism is a good approach in life, except for right now as you are estimating the impact. You should be pessimistic at this point on the impact it will have (over estimate) to avoid future problems.
If you’ve done your research and proper discovery, you should have a good sense at this point whether to buy into the new platform or now. As you run through this process repeatedly it will get quicker and easier. Also you’ll find what additional factors unique to your organization you might want to include in your evaluation.