2-minute Product Marketing Insights: November 2022 Releases
Part 1 Release Date: November 11, 2022 (2 min read).
📈 4 MICRO [PRODUCT MARKETING] CASE STUDIES
[1] Focus on increasing team usage in your PLG motion to close more enterprise contracts.
Miro doesn't count individual usage for its MAU numbers. They believe in creating a sticky team experience for a strong case during enterprise contract negotiations.
[2] Divvy up your win/loss report into distinct, actionable summaries specific to every stakeholder.
Salsify takes every win/loss report and chops them into bite-size intel unique to different areas of business - ex: feedback for the product team, competitor insights for sales, etc. They also use text tagging to identify trends across all reports.
[3] Improve user notifications by choosing the right channel, right timing and offering customizations.
You can impact your product experience for good or bad through how users interact with your notifications. Courier suggests the selective use of notification channels - email, mobile push, SMS, and chat (ex: Slack) - for their advantages in specific scenarios.
[4] Always compile 3+ bullet points of concrete evidence to support your value proposition statements.
Kalungi suggests 3+ "reasons to believe" to back up your 'umbrella' value propositions. These can be awards, numerical proofs, or a solid feature related to the proposition.
📚 1 BOOK & TOP 3 INSIGHTS
[1] An outcome is a change in human (customer/user/employee/stakeholder) behavior that drives business results.
[2] We need to ask our teams to work on outcomes (ex: fewer people calling tech support) to create the impact (ex: reduce costs) we want.
[3] THREE questions for finding outcomes – (a) Outcome we're trying to create: what are the user and customer behaviors that drive business results? (b) Features/policies/promos etc., to create the outcomes: how can we get people to do more of these behaviors? (c) Tests and metrics to measure progress: how do we know we're right?
🧠 5 CURATED MARKETING THINK PIECES
[1] How platforms turn boring
[2] Software pricing models: choice and intelligent implementation
[3] Building delight in your design system
[4] What is Product Operations (Ops), and is it Right for You?
[5] What Moneyball-for-Everything Has Done to American Culture
Part 2 Release Date: November 24, 2022 (2 min read).
📈 4 MICRO [PRODUCT MARKETING] CASE STUDIES
[1] Check if customers love using your product by studying your cohort retention curve.
You can graph the cohort retention curve by looking at the 'retained percentage of returning customers over time.' According to Sequoia Capital, your product is healthy if your graph flattens at a high retention percentage.
[2] Improve product usage by incorporating 'visual engagement technologies' in your B2B onboarding process.
Most of the little help a user gets while using a B2B product - ex: website, app - is through online user manuals, training videos, and feature tips. Glance suggests you embed the option to communicate with experts into the product - live video chat, co-browsing, etc. This lets the user get the precise help they need and stimulates continuous learning after the initial onboarding.
[3] Use a data warehouse as your single source of truth and only push select insights to your sales teams.
A data warehouse allows you to centralize data points from point solutions specifically bought for teams like customer success, product, marketing. Per Swantide, a data warehouse is better than extending your CRM to do everything. Additionally, you can choose the data you want from other sources for the sales team to consume through the CRM.
[4] Build a customer health scorecard around 4 key categories to develop sustainable retention strategies.
Valuize highlights 4 categories of metrics crucial to create an easy-to-digest customer health scorecard. These categories are (i) engagement health, (ii) product usage and adoption, (iii) lifecycle stage, and (iv) customer value and customer perception.
📚 1 BOOK & TOP 3 INSIGHTS
“It Pays to PLAY: How Play Improves Business Culture” by Kristi Herold
[1] Main Thesis - "An investment in play leads to happier, more productive employees, a stronger organizational culture, and greater profits."
[2] MIT Sloan Management Review - "A toxic corporate culture is by far the strongest predictor of industry-adjusted attrition and is ten times more important than compensation in predicting turnover."
[3] Ask your employees the following question every month: How happy are you at work on a scale of 1 to 5? Aim to maintain a score of 4 and above on this KPI since it impacts everything from customer retention to company growth.
🧠 5 CURATED MARKETING THINK PIECES
[1] Why Everything Looks the Same: How economic globalization, generational transition, and technology converge to flatten the consumer experience
[2] The Rise of Influencer Capital: How social media, celebrity promoters, and banks looking for a quick buck transformed the markets.
[3] Finding Product/Market Fit with Network Effects
[4] When not to use surveys as a primary research tool
[5] “Nobody could have known”: inclusive behaviors to counter short-termism
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