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Now, obviously Microsoft had followed suit and built a lot more of collaborative capabilities into their products and stuff like that since. But they ended up having to come back and play the catch-up game because they were so consumed with thinking about the next advancement. And so what are the power users looking for from your product? And this bell and need cash now loan whistle over here, it would be really helpful if you just had the following additional thing that you could layer on top of the product over there. Ben:Customers who evaluate your product and then decide not to buy it. And you see that kind of thing happen a lot especially in the business software space where you always see these products that were relatively simple to use back in the day and perceived to be these major leaps faxless payday loans online forward.
And you can think of companies like Xerox, is a great example, and HP to some extent, and just an amazing book. Speaking of amazing books, I want to talk about your book. And anybody out there that is building a product or building a company that revolves around building products needs to read this book. I want to talk a little bit about Build What Matters. Ben:And we wanted to pull all those thoughts together into one place. And so we wanted to share a lot of the things that we had learned along the way. And some of the key things that we had identified that were critical success factors for new companies and for startups, especially in the technology space, were just really just a few things. I think one of them is they needed to really understand fundamentally what it meant to be a product company. And they were always trying to think about ways that they could improve their own business outcomes. And what we discovered is that the companies that were actually the best at getting their own business outcomes, were not the ones that paid fullest attention to just those things.
Ben:The companies that were most successful were the ones who were really good at getting product market fit, and product market fit was coming by really having a true appreciation of what drove customers to be successful using the product.
What was the problem that customers really needed to have solved? Ben:The companies that cash until payday fulton missouri are really successful are the ones that really concentrate the vast majority of their energy on thinking about how we deliver better and better value to our customers.
And then as a secondary consideration is, how do we then extract a percentage of that revenue back for ourselves. And I think that those companies that really do a good job of that are the ones that do great customer research. And so that was the most pronounced takeaway, I think, that we had from a lot of our consulting and advising of companies is that, that was the big differentiator between successes and failures. The next question is, how do we then tie together our vision for where we want the product to go and our day-to-day operations of our product development activities? So speaking of all these successful companies and the characteristics of them, you started Prodify which was another successful product consulting company, but at some point along the way, you realize that one of the companies you were advising was totally worth going all in on. So you turned over 2000 cash loan your consulting company to your partner and you joined WHOOP full time. It was actually really hard to choose to lead the advisory practice myself just because I have loved every moment of collaborating with all these companies.
I actually enjoy teaching about products more than I enjoy even doing it, to be honest. However, the thing about WHOOP that was payday loan direct lender only really just so spectacular is this a company that had all the parts in the first place, we had a good vision for where we wanted to head, we had tremendous people, we had a great market and a great opportunity in front of us. Ben:We had already achieved product market fit, and the question was now, as we grow in this tremendous pace, how are we going to continue to innovate and create new benefits for our customers, etc. And then number two is, I have always just really enjoyed that hyper growth kind of stage of a company. For example, I am hiring a person to the product team every week and I have been hiring somebody every week for quite some time now.
Ben:And I think that your job is to be the mentor and the guide and the coach.
But I felt like I had one more time in me to try to go back to a company and really have that ownership of the outcomes at the end of the day. And I really wanted to go back and do that one more time and have another tremendous success that I can look back upon direct installment loan lenders fondly, etc.
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And as discussed earlier, some of the differentiators of WHOOP versus some of the other products in the wearable space, are fairly clear to me in terms of that notion of coaching and telling people what to do next. So when we layer on top of that, all the ways that we can drive engagement, think about ways of involving the community to try and get other people who are WHOOP members to inspire other group members to change things in their life. I think in the very earliest days of WHOOP, it was intended really primarily for those triathlete types and CrossFitters and folks like that.
And what we realized is that what really made the product valuable for people was not so much that it was specifically about running or biking and swimming and things like that, what costs are involved with equity cash out loans but what it was really all about was helping people who were themselves motivated to make a change and help them to understand what the drivers of those changes would actually be. For example, when you wake up every morning, you get a recovery score that tells you what to do.
So depending on what your goals are, you can see different strain recommendations that are appropriate given where your recovery started in that morning. What are the things that should be missing because they would be dilutive if you created them?
Ben:And so the must payday loans of america have, think about buying a car, it must have the seatbelts. Ben:And the delighters have those kinds of things going back, J. The second thing is, you have the right set of performance features for your target market. If you try to create a one size fits all car that is perfect for everybody, it would be terrible for everyone. Ben:But the question is, is our target market big enough and meaningful enough that we can be really successful within it? It allows us to go deeper into those things that matter. Ben:So Apple is intentionally going down the path of being a broad but thin product. You can check your email, you can send a text, you can use Siri, the list goes on and on. Ben:Sleep data is critical every single night so that you understand what your payday loans of america recovery looks the next morning, so you can then determine what your strain should be that day.
And we always have to remember that knowing who our customer is, is more important than making everybody our customer. Trying to be everything to everybody is often the key to failure.
J:And then the more part of the Four More where we give you an opportunity to tell our listeners where they can connect with you, where they can find out more about your book, and where they can find out more about WHOOP, and anything else you want to talk about? They come in, they want ice cream, you serve them ice cream, and they just walk away with the best smiles on their faces.
Okay Ben, second payday loans of america question, and I want you to give a quick 22nd or less answer. The fourth one is, one of my favorites, what is something along the way in either your personal life or your work life, wherever, however, whatever, that you splurged on that was totally an entirely worth it? And so we recently prior to the pandemic had a chance to get away for about a week and we decided totally splurge on this amazing place in St. To learn more about Prodify, the website is Prodify. So if you wanted examples of some of payday loans of america the templates of documents and things like that that might be helpful to be thinking through product things in a better way, some great resources there. Ben:To reach out to me specifically, I usually think that LinkedIn is the best way. Connect with me there, I love payday loans of america to connect with other people and talk shop when it comes to product, etc.
Ben:The number one place to pick it up is definitely going to be Amazon. And if you just search on Amazon for Build What Matters, that should be one of the first things that comes up, available in hardcover, paperback and on Kindle. Ben, this was an amazing conversation, absolute wisdom for online payday loans az those of us who want to build amazing products and amazing product companies.