What is Product Hacking?
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Scientist, engineer, anatomist, painter and musician. These are just some of the occupations of the renaissance Leonardo da Vinci (1452–1519), possibly the most famous generalist in history. We live in an increasingly complex and technological world in which specialization is necessary, but is there no more room for generalists?
Interest in multiple areas is (and should be) valued in business, as it prepares for innovation and to “think outside the box”. Creativity arises in those who can make connections between different areas and ideas, generating innovation; transforming and improving business results.
Hybrid/generalist professionals will always be a differential, and by working cooperatively with experts they constitute a complete team. This is theCreditas direction of high-growth and successful companies like Creditas.
What is Product Hacking?
Product Hacking is a cross team within Product & Technology. The team’s objective is to generate value with simple and innovative solutions, called “hacks”. We boost ecosystems through rapid experimentation and validation. In other words, we work with:
- MVPs (Minimum Viable Products) that enables us to test the market fit of a solution before implementing a robust prod/tech structure;
- MVPs that enables us to test a new process that might improve business results;
- Discoveries and A/B tests of new initiatives to validate impact hypotheses. We gather information, learn and find opportunities;
- Proof of concept of new services and providers to validate that they fulfill the product need.
Product Hacking looks at all business steps, understanding the company goals at the moment.
To be a Product Hacker is to have the opportunity to work end-to-end on a project, from its conception to its development, testing and decision making. It’s carrying a mindset based on technology, products, business, agility and simplicity.
“Simplicity is the ultimate sophistication” — Leonardo Da Vinci
A successful case in Product Hacking
Auto Loan Refinancing is a type of loan in which you use your car as a credit guarantee. Today at Creditas it is possible to refinance up to 90% of the vehicle value with fast credit that fits your budget. Know more.
- The hypothesis: A simpler process for low-risk clients would increase process efficiency and impact on conversion, without increasing business risks. One of the expected impacts was also the reduction of the average lead time.
- What was done: An A/B test, simplifying the hiring process for 50% of low-risk clients within a sample.
- The result: 70% increase in closing time; lead time reduction by 40%.
It was possible to validate the hypothesis without the need to build a robust solution, identifying (in a simple and agile way) an opportunity of value for the business.
If the project is successful and the hypotheses are validated, there is a handover. The project is delivered to the stakeholders involved (mostly Product Managers), who will be responsible for continuing and building the final version of the product, using all the necessary technology and infrastructure. Every project, regardless of its outcome, is a learning opportunity.
“Experience never errs; it is only your judgments that err by promising themselves effects such as are not caused by your experiments.” — Leonardo da Vinci
Perhaps a Product Hacker is a new — technological — version of the renaissance person. But, of course, with a coffee in hand and a notebook under her/his arm. If Leonardo da Vinci were our contemporary, who knows he might not want to join the team?
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