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To tackle any objective effectively, product teams should prioritize conducting thorough research. This involves seeking out existing reports, analyzing relevant data, if any, and engaging with potential customers. This initial step is crucial in gathering insights and formulating strategies to address the objective.

Scope and resources

Team

When formulating your plan, consider the temporal and personnel limitations of your team. Engage as many willing team members as possible; do not limit these exercises to the product manager or designers.

Time and budget

When conducting this exercise, it is critical to secure agreement from all stakeholders on the amount of time that will be allotted for it. In addition, it is essential to consider the financial implications of the activities that will be conducted during this phase, including travel, logistics, and incentives. Once these requirements have been determined, they should be communicated to stakeholders to seek their approval.

Methodologies to use

The team must reach a consensus on the techniques to be employed to elicit insights from participants. The nature of the product will determine which methods will yield the best results. Additionally, the feasibility and cost of each method must be considered. One or more methodologies should be selected to achieve optimal results. Such methodologies include field studies, surveys, concept tests, etc. See more about these methods in https://teamapt.atlassian.net/wiki/spaces/DT/pages/1542225962 .

Reviewing existing data / desk research

To kickstart the planning process, it's crucial to review existing data. This review will serve as a foundation for determining the direction of subsequent discovery activities. However, it's important to recognize that data can only provide limited insights. It should not replace genuine customer interactions, which will serve as the primary source of data and are essential for understanding their pain points and aspirations firsthand.

Internal data

• Stakeholder interviews. Conduct interviews with relevant stakeholders to gather their perspectives on the product and its users. Their valuable insight and experience will contribute to the knowledge-gathering phase.

• Previous research. Review any relevant past research.

• Product usage metrics (e.g. Mixpanel). Product usage metrics provide insights into customer segments, user behavior, engagement patterns, performance metrics, and user flows. These metrics can help identify areas of improvement and opportunities for innovation.

• Sales/revenue numbers.

• Website analytics.

External data

• Data from competition. To ensure your product's success, it is crucial to conduct comprehensive market research and evaluate similar or identical products already available. This research should encompass detailed reviews of their systems, customer support, user reviews, and other relevant factors. By gaining insights into existing products and their strengths and weaknesses, you can position your product effectively and address potential gaps in the market.

• Public articles, journals and reports. Public reports and articles covering the specific topic may have already been published. 

• Industry experts: From industry experts, a wealth of knowledge can be gained. They can shed light on optimal processes, common pitfalls, and valuable lessons gleaned from their experiences over time.

Source: https://cieden.com/how-to-conduct-effective-desk-research-in-3-easy-steps#table-content-5, https://blog.hubspot.com/marketing/competitive-analysis-kit, https://asana.com/resources/competitive-analysis-example

Taking stock of the customer space

Before engaging in customer interviews and interactions, it's crucial to define the customer landscape. Depending on your product, various factors (or a combination of factors) can be used to delineate customer segments. For example:

• Personal and business customers

• Demographics and psychographics

• Business category and subcategory

• Business scale: small, medium, and large

This segmentation helps create a checklist of customer types to engage with, ensuring that all relevant customer segments are covered in your research. By addressing each segment's unique needs and characteristics, you can effectively tailor your product or service to meet their specific requirements. This approach minimizes the risk of overlooking important customer groups and ensures a comprehensive understanding of your target audience.

Looking for customers

Customers can be reached through various channels. Here are a few examples, but this list is not exhaustive:

1. Ask internal teams

   1. Customer support channels: compose a script they can ask customers to funnel them into a study

   2. Marketing

2. Sales network:

   • Business relationship managers (BRMs)

   • State coordinators  (SCs)

   • Relationship managers (RMs)

3. Online tools:

   • Product database

   • In-built product prompts

   • App stores reviews

   • Social media: comments and engagement on relevant material

   • Online forums & groups

4. Physical interactions:

   • Branch visits

   • Guerilla outreach

   • Personal networks

   • Meetings, meet-ups, & conventions

5. Others:

   • External agencies

   • Pre-existing groups and panels

   • Contacts in partner organizations e.g. other financial institutions

   • Direct referral after interviews 

How many customers to interview?

Helpful article: https://www.nngroup.com/articles/interview-sample-size/

There are several factors to consider when deciding on how many participants to engage:

• Size of the user base

• Length of discovery phase

• Variety of user group

• Budget constraint

The objective is to terminate user interviews upon reaching saturation of unique insights. Several studies suggest that a good minimum number of interviews is between 15 and 20. However, the optimal approach is to continue interviewing until the same information is repeatedly encountered, which indicates that saturation has been reached.

Creating an interview guide

'The Mom Test'

Prior to the commencement of your draft, it is imperative to peruse ‘The Mom Test’. This literary work serves as a comprehensive guide, outlining the appropriate methodology for formulating questions during interactions with potential and existing customers. It is essential to set aside preconceived notions and actively listen to the perspectives shared by customers. In this capacity, one assumes the role of a "story excavator." By gaining an understanding of the underlying narrative and the customer's operational practices, opportunities can be identified, and solutions can be developed to address their needs.

Topics to cover

The interview questions should be aligned with the objectives of the study. The team should review the questions before the interview begins. The main content of the interview will depend on the specific product and the objectives of the study.

Questions for different groups

Different versions of the interview guide may be required for various cohorts or groups of customers. The guide should be customized for each group based on their unique characteristics and requirements.

Updates to the first draft

Consider the initial questions you to pose to your customers. Although the first set of interviews may not yield immediate clarity, they lay the groundwork for the accumulation of knowledge. The objective is to ascertain the core experiences of your customers and subsequently refine your questions based on this information.

Sample interview guide structure

Other considerations

Signing the necessary documents

Based on the specific requirements of the business, it may be necessary to develop and obtain signatures on Non-Disclosure Agreements (NDAs) or other relevant policies from customers. Consult with the legal department with help in drafting suitable NDAs.

Incentives

While not all customers demand incentives in exchange for their time, it's prudent to incorporate incentives into your strategy. Consult with the finance department to plan out and procure any incentives your activities might need.

Logistics and accommodation for the discovery team

Transportation and accommodation arrangements for the discovery team should be planned based on the discovery operation's scale and the team's size. Provisions must be made to transport the team to multiple customer locations while taking into account their accommodation needs. Provisions should also be made to organize workshops with customers. Consult with the admin team to plan these activities.

Sharing the discovery plan with stakeholders

Arguably the most important step in this process is obtaining alignment on the goal of this discovery endeavor to avoid wasted work. To that end, a clear project plan that includes clear goals and objectives of the study, dates, required resources, among others should be drafted. Your documentation should include the following information: