Mitchell Clements
From Zero to a $1.2 Billion Valuation 🦄
Leading a 4-Year Product Vision and Strategy
From Zero to a $1.2 Billion Valuation 🦄
Leading a 4-Year Product Vision and Strategy
Primary role:
Senior UX Lead → UX Manager
Time frame:
2017 - 2021
Summary:
Finding myself at a 17-person, self-funded, basement startup with no clear product vision, strategy, or design system, I rallied multiple departments and company leaders together with an ambitious plan that helped lead to a 4-year product transformation, propelling us to 350 employees and a staggering $1.2 billion valuation.
I presented this case study on April 28, 2023 at the Front UX & Product Case Study Conference.
You can watch it here, or read the condensed version below.
I presented this case study at the Front UX & Product Case Study Conference on April 28, 2023. You can watch it here, or read the condensed version below.
From Humble Beginnings
Imagine joining a scrappy, hardworking, self-funded basement startup as employee #17. That's where I found myself when I joined SimpleNexus.
Our product was simple back then: a virtual mobile business card and mortgage calculator app that lenders could share with homebuyers. But as the company grew, so did the scope and complexity of our product.
From Humble Beginnings
Imagine joining a scrappy, hardworking, self-funded basement startup as employee #17. That's where I found myself when I joined SimpleNexus.
Our product was simple back then: a virtual mobile business card and mortgage calculator app that lenders could share with homebuyers. But as the company grew, so did the scope and complexity of our product.
With no design system or clear product vision and a minimal emphasis on UX, the SimpleNexus experience started to no longer feel simple.
The Catalyst for Change
Despite numerous attempts to communicate the importance of user research and design through presentations and ROI calculations, the complexity problem grew worst. It became clear to me that we needed to try something new if we were going to get the buy-in needed to solve it.
In order to raise awareness of the rising issues, I led the design team in performing a comprehensive audit of our product, meticulously mapping out every screen and workflow. Using this audit, I created a visually striking collage that showcased the diverse array of button styles within our product, highlighting the fragmented nature of our offering and the resulting confusion for our users.
I then presented this shocking visualization at a company-wide "show and tell".
The catalyst for change
Despite numerous attempts to communicate the importance of user research and design through presentations and ROI calculations, the complexity problem grew worst. It became clear to me that we needed to try something new if we were going to get the buy-in needed to solve it.
In order to raise awareness of the rising issues, I led the design team in performing a comprehensive audit of our product, meticulously mapping out every screen and workflow. Using this audit, I created a visually striking collage that showcased the diverse array of button styles within our product, highlighting the fragmented nature of our offering and the resulting confusion for our users.
I then presented this shocking visualization at a company-wide "show and tell".
We had 54 fragmented button styles. 🤯
We had 54 fragmented button styles. 🤯
There were audible gasps in the room. Some individuals even laughed. How did this happen?
No one could believe that the buttons displayed in the collage were from the product we were actively developing and selling to our customers. This sparked insightful conversations and questions such as, "Why do we keep creating new buttons?" and "What is this like for our users?"
No one could believe that the buttons displayed in the collage were from the product we were actively developing and selling to our customers. This sparked insightful conversations and questions such as, "Why do we keep creating new buttons?" and "What is this like for our users?"
How is this impacting the business?
People wanted to know how this was impacting the business, so we partnered with other departments to calculate the cost and discovered the following:
💼 Sales had lost multi-million revenue opportunities because the “look and feel” of our product was lacking compared to competitors.
💬 30-50% of customer support calls stemmed from usability issues.
👩🏽💻 20-30% of development efforts were wasted on building redundant front end components.
📢 Marketing had 0 screenshots of our product on our marketing website because our product looked dated.
As a result, there was a unanimous agreement that our current framework was not sustainable and that a change was necessary.
How is this impacting the business?
People wanted to know how this was impacting the business, so we partnered with other departments to calculate the cost and discovered the following:
💼 Sales had lost multi-million revenue opportunities because the “look and feel” of our product was lacking compared to competitors.
💬 30-50% of customer support calls stemmed from usability issues.
👩🏽💻 20-30% of development efforts were wasted on building redundant front end components.
📢 Marketing had 0 screenshots of our product on our marketing website because our product looked dated.
As a result, there was a unanimous agreement that our current framework was not sustainable and that a change was necessary.
Creating a Shared Product Vision
After securing buy-in from multiple departments and leaders, the design team was empowered to solve our complexity problem.
We knew we needed to establish a design system that would streamline our platform and allow for future growth. But more importantly, it was crucial to have a clear vision for the product's direction and ultimate goals.
Taking initiative - Starting with the homebuyer
As the lead responsible for overseeing the consumer-facing domain of our product, I took the initiative in developing a comprehensive 4-year product vision for our homebuyer experience. This timeline struck the right balance between being free from existing legacy issues while remaining realistic.
I believe every good vision should be founded in research. To that end, we interviewed 117 homebuyers, and I even went as far as becoming a homebuyer myself.
Creating a Shared Product Vision
After securing buy-in from multiple departments and leaders, the design team was empowered to solve our complexity problem.
We knew we needed to establish a design system that would streamline our platform and allow for future growth. But more importantly, it was crucial to have a clear vision for the product's direction and ultimate goals.
Taking initiative - Starting with the homebuyer
As the lead responsible for overseeing the consumer-facing domain of our product, I took the initiative in developing a comprehensive 4-year product vision for our homebuyer experience. This timeline struck the right balance between being free from existing legacy issues while remaining realistic.
I believe every good vision should be founded in research. To that end, we interviewed 117 homebuyers, and I even went as far as becoming a homebuyer myself.
Mapping out the homeownership journey
Using insights from our research, we then mapped out every stage of the homeownership journey, including our user's pain points and frustrations.
Mapping out the homeownership journey
Using insights from our research, we then mapped out every stage of the homeownership journey, including our user's pain points and frustrations.
Then we asked ourselves, "What would it look like if we took all of the low points in this journey and elevated them?"
Then we asked ourselves, "What would it look like if we took all of the low points in this journey and elevated them?"
This process enabled us to step back, see the big picture, and identify potential areas for growth and improvement.
This process enabled us to step back, see the big picture, and identify potential areas for growth and improvement.
Rethinking existing functionality
Our product had a lot of useful features, integrations, and data, but it was difficult for homebuyers to find value in the existing experience. I wanted to show the company that by focusing on the user’s needs, we could reuse our existing technology to unlock new value.
Rethinking existing functionality
Our product had a lot of useful features, integrations, and data, but it was difficult for homebuyers to find value in the existing experience. I wanted to show the company that by focusing on the user’s needs, we could reuse our existing technology to unlock new value.
Refactoring flows and navigation
Most of our product experience was built based on database models instead of our homebuyer's mental models. This meant we needed to merge several different flows and refactor our information architecture to align with how homebuyers think.
Refactoring flows and navigation
Most of our product experience was built based on database models instead of our homebuyer's mental models. This meant we needed to merge several different flows and refactor our information architecture to align with how homebuyers think.
From homebuyer to homeowner
Of course, simply refactoring our existing product wasn't enough. We had to push ourselves to innovate and think about the future, solving new pain points and filling in the gaps of our user's homeownership journey.
The crowning event of the vision was asking ourselves, "What if we didn't just help homebuyers purchase a home, but helped them settle into and manage their new home?"
Preparing for future growth
Of course, simply refactoring our existing product wasn't enough. We had to push ourselves to innovate and think about the future, solving new pain points and filling in the gaps of our user's homeownership journey.
The crowning event of the vision was asking ourselves, "What if we didn't just help homebuyers purchase a home, but helped them settle into and manage their new home?"
Evangelizing and refining the vision
I’m a firm believer in transparency, collaboration, and repetition. Instead of waiting to share the vision when it was “finished", I chose to be as transparent and iterative as possible while creating it. For 9 weeks, I shared weekly updates, progress, and ideas in a public company Slack channel where anyone could see them. This built tremendous excitement throughout the company.
Through repeated exposure, the conversations changed from “Are we doing this?” to “When can we start doing this?”
This approach also allowed creating the vision to be a collaborative effort. Anyone at the company could contribute insights, challenge assumptions, or connect us with customers and users who could provide feedback. We spoke with at least 30 users every quarter.
Evangelizing and refining the vision
I’m a firm believer in transparency, collaboration, and repetition. Instead of waiting to share the vision when it was “finished", I chose to be as transparent and iterative as possible while creating it. For 9 weeks, I shared weekly updates, progress, and ideas in a public company Slack channel where anyone could see them. This built tremendous excitement throughout the company.
Through repeated exposure, the conversations changed from “Are we doing this?” to “When can we start doing this?”
This approach also allowed creating the vision to be a collaborative effort. Anyone at the company could contribute insights, challenge assumptions, or connect us with customers and users who could provide feedback. We spoke with at least 30 users every quarter.
Strategy: How Do We Get There?
Everyone had a shared understanding of the problems with the current experience and could see the solution in the product vision, but a looming chasm remained. How would we get there? Where would we even start?
This has to be iterative
When it came to developing a strategy, our company wasn’t in a position where we could dedicate a group of developers to spend a year or two building a new app from the ground up. We had an existing product with existing users that required maintenance, and our customers still needed regular releases.
This needed to be an incremental and iterative approach, which meant we had to be strategic about which problems we tackled first. We also had to be tactical about helping our existing users adopt a new wave of changes without disrupting their current workflows.
After partnering and working with executive leadership and each department, I eventually broke down the homeownership vision into an actionable 9-step plan, with each step mapping to a major opportunity space in the homeownership journey.
Strategy: How Do We Get There?
Everyone had a shared understanding of the problems with the current experience and could see the solution in the product vision, but a looming chasm remained. How would we get there? Where would we even start?
This has to be iterative
When it came to developing a strategy, our company wasn’t in a position where we could dedicate a group of developers to spend a year or two building a new app from the ground up. We had an existing product with existing users that required maintenance, and our customers still needed regular releases.
This needed to be an incremental and iterative approach, which meant we had to be strategic about which problems we tackled first. We also had to be tactical about helping our existing users adopt a new wave of changes without disrupting their current workflows.
After partnering and working with executive leadership and each department, I eventually broke down the homeownership vision into an actionable 9-step plan, with each step mapping to a major opportunity space in the homeownership journey.
Execution: Making the Vision a Reality
One of the greatest privileges of having been at SimpleNexus for 4+ years is witnessing this vision come to life. The effort required collaborating closely with leadership and changing the organization as a whole. As we worked together with other departments, we were able to change mindsets, company culture, internal processes, and much more.
However, if there's one thing I've learned, it's that you can't predict the future. My 9-step plan didn't predict the Covid-19 global pandemic. Home prices and interest rates skyrocketed, and in an era of social distancing, homebuying activities such as touring homes or signing documents became difficult.
Over the years, pivots were made, releases were reordered, and predicted features changed. Regardless, the vision remained constant and true. It was our North Star to guide us along the way.
Execution: Making the Vision a Reality
One of the greatest privileges of having been at SimpleNexus for 4+ years is witnessing this vision come to life. The effort required collaborating closely with leadership and changing the organization as a whole. As we worked together with other departments, we were able to change mindsets, company culture, internal processes, and much more.
However, if there's one thing I've learned, it's that you can't predict the future. My 9-step plan didn't predict the Covid-19 global pandemic. Home prices and interest rates skyrocketed, and in an era of social distancing, homebuying activities such as touring homes or signing documents became difficult.
Over the years, pivots were made, releases were reordered, and predicted features changed. Regardless, the vision remained constant and true. It was our North Star to guide us along the way.
Where Did the Vision Take Us?
The famous Norman Vincent Peale once said, “Shoot for the moon. Even if you miss, you’ll land among the stars.” We haven't made it to the moon yet—we’re still working on some core parts of our homeownership vision. Nonetheless, our diligent efforts have led us to achieve remarkable milestones, and I believe we have landed among the stars.
Ascending to new heights as a company
Our company grew from 17 to 350 employees and ended up touching 1 in 7 mortgage loans across the U.S. The improved product experience helped us win deals and decrease support cases while the new design system sped up front-end development time.
Maturing as a design team
Our design team grew from 2 to 12 designers. Furthermore, for the first time ever, we finally had a “triple platform” design system, which unified web, iOS, and Android in both Figma and code.
Making the homeownership dream a reality
Homebuyers loved the experience we created, with a world class NPS rating of 72 from 5.7 million homebuyers. Additionally, tasks that used to take days to complete were now getting resolved in hours.
Where Did the Vision Take Us?
The famous Norman Vincent Peale once said, “Shoot for the moon. Even if you miss, you’ll land among the stars.” We haven't made it to the moon yet—we’re still working on some core parts of our homeownership vision. Nonetheless, our diligent efforts have led us to achieve remarkable milestones, and I believe we have landed among the stars.
Ascending to new heights as a company
Our company grew from 17 to 350 employees and ended up touching 1 in 7 mortgage loans across the U.S. The improved product experience helped us win deals and decrease support cases while the new design system sped up front-end development time.
Maturing as a design team
Our design team grew from 2 to 12 designers. Furthermore, for the first time ever, we finally had a “triple platform” design system, which unified web, iOS, and Android in both Figma and code.
Making the homeownership dream a reality
Homebuyers loved the experience we created, with a world class NPS rating of 72 from 5.7 million homebuyers. Additionally, tasks that used to take days to complete were now getting resolved in hours.
9.3x
Task speed completion
72 NPS
From 5.7M homebuyers
23x
Annual recurring revenue
80%
Loan application conversion rate
98%
Customer retention
Inc. 5000
Company 4 years in a row
But Wait, There's More!
Eventually, our world-class homeownership experience caught the attention of the industry leader in cloud banking, a company called nCino. Our product offering complemented their cloud banking strategy, and they made an outstanding offer to acquire us. The following are quotes from the definitive agreement statement:
But Wait, There's More!
Eventually, our world-class homeownership experience caught the attention of the industry leader in cloud banking, a company called nCino. Our product offering complemented their cloud banking strategy, and they made an outstanding offer to acquire us. The following are quotes from the definitive agreement statement:
“SimpleNexus has streamlined the many stages of the homeownership process into a single, seamless journey…
Their innovative solution and deep subject matter expertise in consumer front-end technology will extend our capabilities...
nCino has entered into a definitive agreement to acquire SimpleNexus in a stock and cash transaction valued at approximately $1.2 billion."
From Startup to Unicorn
This journey from a 17-employee startup to a $1.2 billion valuation (15x multiple) may seem like a fairytale success story in the product world, but it was not a result of a magical intervention from a fairy godmother.
Instead, it was the result of dedicated efforts spanning over 4 years. Those efforts included deeply understanding our user's pain points, crafting a bold product vision, mapping out our strategy, and collaborating with executives and cross-functional department leaders.
From Startup to Unicorn
This journey from a 17-employee startup to a $1.2 billion valuation (15x multiple) may seem like a fairytale success story in the product world, but it was not a result of a magical intervention from a fairy godmother.
Instead, it was the result of dedicated efforts spanning over 4 years. Those efforts included deeply understanding our user's pain points, crafting a bold product vision, mapping out our strategy, and collaborating with executives and cross-functional department leaders.
What Happened Next?
With the explosive growth and success of the company, my role transitioned from a Senior UX Lead to managing a growing team of designers and helping them continue to execute the vision. This ongoing journey of scaling a design team through initiatives across people, product, and process at an enterprise level are shared in my other case study, "Designing for Growth: Scaling a UX Team from 2 to 26."
What Happened Next?
With the explosive growth and success of the company, my role transitioned from a Senior UX Lead to managing a growing team of designers and helping them continue to execute the vision. This ongoing journey of scaling a design team through initiatives across people, product, and process at an enterprise level are shared in my other case study, "Designing for Growth: Scaling a UX Team from 2 to 26."
Interested in Learning More?
Interested in Learning More?
Connect with me on Linkedin, email me at mitchclements.design@gmail.com, or send me a message below.