New year, new job: after nine fantastic years at Backbase, I’ve decided it is time for a change. I’ve joined henQ, the Amsterdam based venture capital firm with a focus on B2B software startups. As Partner at henQ, I will focus on finding the next winner in fintech, SaaS, enterprise software, and beyond, and I will be working with our portfolio companies on growing marketing, product, and tech.
As VP Product Management and before that, Global Head of Marketing, I’ve had the honor to be a part of growing Backbase by 10x or more in every measure. And I’m planning to do more than the same at henQ.
From my very first meeting at Backbase, I knew this was going to be an extraordinary journey. Back in 2010, I joined a team of 50 people selling an AJAX library and building a new portal product. Since then, we found focus, defined our vision, and executed on that vision, bringing Backbase to where it is today – the number one player in digital banking, and one of the most exciting tech companies in The Netherlands, if not Europe.
I am very proud of all that we have achieved at Backbase and most proud of the R&D and Products team I leave behind who will be making Backbase better and better every day.
And now I shift my focus to investing and henQ, I’m excited about getting the chance to work with more founders and more amazing teams rocking the b2b software world.
We scored ourselves 85% on the Q4 OKR. We did not complete the key results, but the team worked very hard, and it would be unfair to them to set it to zero.
Successful companies and product teams know: the “a for effort” doesn’t move the needle. Effort without results doesn’t create more customer value, doesn’t bring more cash in the bank. And having a culture where effort and not outcome are valued doesn’t set up a team for success.
This doesn’t mean that if the result is not there, it’s a failure. Mistakes will be made and learning from mistakes is necessary for improvement. But you will only learn from mistakes if you recognize them, celebrate them and improve. Not if you give mistakes a pumped-up score, and commemorate the a for effort.
Email and Calendar? Google Apps Communication? Slack Simple website? WordPress Newsletter? MailChimp
You’ve made it as a company if your product becomes part of the ‘no discussion’ software stack. The software stack that nobody challenges, and everyone expects to be there. The marketing engine seems to run almost by itself for the products in the ‘no discussion’ software stack, by word of mouth and by sheer brand awareness.
How do you become part of the ‘no discussion’ software stack? You are successful if your customers are successful. The best marketing trick is: have referenceable customers.
To get to referenceable customers your product needs to stand out, and above all: deliver. Deliver on the jobs to be done. Great products don’t deliver features. Great products deliver outcomes. To deliver outcomes, you first need to understand the un-served or under-served need of your customers.
“People don’t want to buy a quarter-inch drill. They want a quarter-inch hole.”
Having a kick-ass product is not enough. Products in the ‘no discussion’ software stack excel at customer service and have a superior sales operation. And smart buyers don’t let themselves be distracted by a fancy feature or great online demo. They know true differentiation is in the operation. They even test your support and sales operations before selecting your product.
The good news? There is ALWAYS room for new players in the ‘no discussion’ software stack. Market dynamics change, new technologies can make existing products 10x better. Companies might trip, and products fall from grace. Or better outcomes, the real jobs to be done are found. And that is for crowded and competitive markets. There are plenty of markets still under-served. From complex markets that are highly regulated (fintech? transportation?) to markets traditionally served by governments (education? healthcare?). Or think about markets with a ‘defacto market leader’ already in power for multiple years (SFDC?). Are they still at the top of their game? There are plenty of opportunities.
It’s something I noticed especially when traveling. Whenever I think “wow that went smoothly” or the opposite “why does this always have to be such a struggle,” it boils down to “are humans involved?” — directly impacting on the overall customer experience.
Hotel check-ins are customer experience suckers #1. You make your reservation online, provide everything from your name to credit card information, and then when arriving at the hotel, you have to give the same information again. Including writing down your phone and email address on which you already received an Apple Wallet confirmation that turns out to be completely useless.
But it can be different. Take the Hertz car rental customer experience at most large airports. Make your reservation online, and when you arrive at your destination, you have e an email in your inbox with a stall number. There you find your car with the keys already in the ignition, drive to the exit, validate your credit card, and done. No queue, no waiting, no need to provide the information you already provided. And: almost no human interaction.
Customer experience is a hot topic in most industries, especially in the travel, tourism and hospitality branch. Is their solution removing the human worker?
Humans bring something: the personal touch, the personality. And in the end, I don’t believe it is the person to blame when you have a bad customer experience, or a check-in that seems to take forever. Most of the time it’s their system and process. And that is something technology can and should fix. We have to develop more systems and tools that enable the smooth experience and let humans be human, instead of the perceived show stopper. Not apps and tools for the sake of internal optimization, but apps and devices in the hands of people to enable them, not to be an annoyance.
For 2018 I had one new years resolution: read more books. With a Goodreads reading challenge set to 20 and completing that with 25 books read, it was a good year. Feel free to add me on Goodreads to share must-read books for 2019.