Building Cerebral with Alex Streed: A Comprehensive Summary

Building One with Tomer Cohen is an insightful podcast series hosted by Tomer Cohen, LinkedIn's Chief Product Officer. In the episode titled "Building Cerebral with Alex Streed," released on June 11, 2024, Tomer engages in a deep conversation with Alex Streed, the Chief Product Officer (CPO) of Cerebral, a leading online service specializing in mental health. This episode delves into Alex’s professional journey, her approach to product development, and her strategies for fostering user-centric products in the mental health sector.

1. Introduction to Alex Streed and Her Philosophy on User Engagement

The episode opens with Alex Streed emphasizing the importance of direct user interaction. At [00:25], she shares, “I work with my CX team and I say please block off 15 minutes on my calendar for canceled users because I want to have a conversation with them to understand why they're leaving.” This approach underscores her commitment to understanding user needs and improving product offerings based on authentic feedback.

Tomer Cohen echoes this sentiment by stating at [01:18], “There is no replacement for interacting with the users of your product... having real direct conversations with them.” He highlights the value of informal, direct feedback as a means to gain genuine insights into user experiences.

2. Alex Streed’s Career Journey: From PR to Product Management

Alex’s career trajectory is both unique and inspiring. Starting her professional life in public relations (PR), she leveraged storytelling skills to transition into product management. At [02:49], Alex recounts her move to New York and her initial role at a boutique PR agency, where she honed her ability to represent clients and sell ideas. This foundation in storytelling proved invaluable when she pivoted to product management at Weight Watchers.

“At [03:30], Alex shares her first product management experience: “I ended up getting onto a project... building a product from 0 to 1, which was really exciting.” This hands-on experience solidified her passion for product development and set the stage for her future roles at Ellevest and Cerebral.

3. Product Management in Finance: Launching Ellevest

Before Cerebral, Alex served as the CPO of Ellevest, an investment service tailored for women. Her work at Ellevest was driven by a keen understanding of the distinct financial challenges women face. At [06:58], she explains, “The finance industry has historically been built for men by men... there really wasn't anything in the marketplace for women.”

Alex identified several key needs among women investors:

• Diversified Financial Goals: Women often juggle multiple financial objectives, such as buying a house, funding children’s education, and planning for retirement. Ellevest’s platform was designed to help users allocate funds effectively across these varied goals.

• Risk Awareness: Contrary to the stereotype of women being risk-averse, Alex notes that women are "risk aware" and seek to understand their investments thoroughly. This led to the creation of diversified portfolios that provided clarity and confidence.

• Impact Investing: Many women are inclined towards philanthropic and socially responsible investing. Ellevest’s offerings were tailored to reflect these values, allowing users to invest in ways that align with their personal and societal goals.

Additionally, Alex addressed the significant issue of the gender pay gap, where women’s salaries tend to peak earlier than men’s. By incorporating retirement planning features early in the user journey, Ellevest ensured that women could maximize their investment potential over their lifetime.

4. Transition to Mental Health: Founding Cerebral

Driven by a belief in the paramount importance of mental health, Alex transitioned from finance to healthcare, co-founding Cerebral. At [11:46], she articulates her motivation: “If you do not have a healthy mind, you really don't have anything because you need your brain to think, you need your brain to work, you need your brain to be you.”

Cerebral’s mission centers on providing accessible mental health services, including therapy and medication management. Alex emphasizes the personal connection many team members have with mental health issues, fostering a culture of empathy and dedication within the company.

5. Building User-Centric Mental Health Products

Developing products in the mental health space presents unique challenges, particularly in balancing the needs of two primary user groups: patients and clinicians. At [13:12], Alex explains, “We have two different customers... we have our customers, our clients that are coming in to receive care, but we also have our clinicians.”

Key strategies employed by Cerebral include:

• Collaborative Development: Engaging clinicians in the product development process to ensure that tools are practical, safe, and compliant with medical standards.

• Customized Service Lines: Offering distinct service lines—therapy, medication management, and a combination of both—to cater to varying user needs and preferences. This customization allows users to upgrade or downgrade services as their requirements evolve.

• Integrated Electronic Medical Records (EMR): Cerebral built its own EMR system, enabling seamless communication between therapists and prescribers. This integration ensures that patients do not have to repeatedly explain their conditions, thereby enhancing the overall user experience.

6. Measuring and Ensuring Quality in Mental Health Services

Ensuring the quality of mental health services is inherently complex due to the subjective nature of the experience and the variability in clinician styles. Alex outlines Cerebral’s approach to maintaining high standards:

• Data-Driven Insights: Utilizing tools like the PHQ-9 and GAD-7 questionnaires before each session to gather quantitative data on clients’ mental health status.

• Lifetime Value to Customer Acquisition Cost (LTV/CAC): As revealed at [20:22], “Our North Star metric is lifetime value to cac.” This metric guides the company’s focus on both acquiring quality customers and ensuring their long-term retention.

• Retention Strategies: Alex discusses the critical importance of user activation. “Folks who went to three therapy sessions in their first month were more likely to stay past six months” ([21:32]). By encouraging early engagement through various methods—such as notifications, phone calls, and proactive clinician scheduling—Cerebral enhances the likelihood of sustained user commitment.

• Clinician Satisfaction: Recognizing that clinician satisfaction directly impacts patient retention, Cerebral invests heavily in ensuring that clinicians have the tools and support they need. Happy clinicians are more likely to provide better care, leading to happier patients.

7. The Role of AI in Mental Health

Addressing the potential integration of Artificial Intelligence (AI) in mental health services, Alex emphasizes the irreplaceable value of human connection. At [24:40], she states, “I don't think you will start talking to an AI therapist... the one major thing that AI lacks is common sense.”

However, Alex acknowledges the supportive role AI can play:

• Efficiency in Administrative Tasks: AI can assist therapists by handling tasks like note-taking and follow-ups. For instance, “we're already starting to test some of those things where we create messages and the therapist goes in and then they like edit them accordingly” ([25:59]).

• Enhancing Therapist Productivity: By automating routine processes, AI allows therapists to dedicate more time to patient care, thereby improving overall service quality.

Alex firmly believes that while AI can augment the therapeutic process, the essence of mental health care—human empathy and understanding—remains indispensable.

8. Key Takeaways and Lessons Learned

Towards the end of the episode, Tomer Cohen recaps the salient points from his conversation with Alex:

1. Engage Directly with Users: Alex’s practice of conversing with churned users provides invaluable insights for product improvement. As Tomer advises, “Ask yourself when was the last time you spoke directly with a churned user? If it's been more than a month, make sure you set time on your calendar to do so” ([26:59]).

2. Prioritize Early Engagement: Establishing a strong initial connection with users significantly enhances long-term retention. Whether it’s through encouraging early therapy sessions at Cerebral or prompt retirement planning at Ellevest, early value realization is crucial.

3. Focus on Clinician Experience: Ensuring that clinicians are satisfied with their tools and support directly influences patient satisfaction and retention. Investing in the provider’s experience is as important as enhancing patient-facing features.

4. Embrace a Learning Mindset: Continuous curiosity and a willingness to delve deep into user behavior are essential traits for successful product management, as demonstrated by Alex’s career progression.

5. Integrate Technology Thoughtfully: While AI offers numerous benefits, maintaining the human element in mental health services is paramount. Technology should serve to augment, not replace, human interaction.

Conclusion

The episode "Building Cerebral with Alex Streed" offers a profound exploration of user-centric product development in the mental health sector. Through Alex Streed’s experiences at Ellevest and Cerebral, listeners gain valuable insights into the importance of direct user engagement, early activation strategies, and the delicate balance between technology and human connection. Tomer Cohen’s adept questioning and Alex’s thoughtful responses provide a roadmap for product leaders aiming to build impactful, sustainable, and user-friendly products in any industry.

Whether you're a seasoned product manager or an aspiring leader in product development, the lessons from this episode underscore the significance of empathy, curiosity, and strategic thinking in creating products that truly resonate with users.