Learn more about product with this collection
How to develop a growth mindset
How to think creatively and outside the box
How to embrace change
Evan Michner
- As a Saas PM, look at a problem carefully from all angles to pave the right path forward. When a PM can go on vacation and trust the team to make the right decisions for the customer, that’s success in my book. It means that the PM has done a great job of communicating the problem and metrics of success for that project.
- Focus on Data and The AARRR framework is always a solid starting point: acquisition, activation, retention, referral, and revenue. For example, take the referral.
- Always talk to your customers and never treat them as a number or a dollar sign＄.
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Jill Renwick
On measuring success:
- Overall client sentiment. Are clients seeing value in the platform? Are we solving an actual problem for them? Are we easily replaceable?
- Client retention
- Overall platform usage. How often are clients logging in and using key features?
- Monthly recurring revenue. How much money are you making from the platform?
- Feature-specific adoption.
To avoid failure there should be a passion for your product, If you don't care about the product or clients you're building for, move on to a different role!
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Ramin Shokrizadeh
- Funnel and segmentation analysis is key to SaaS product optimization. Focus on understanding data more generally and teach yourself how to write SQL queries. These skills will pay off tenfold.
- A healthy Saas funnel is one that has a low and sustainable Churn rate with customers who are promoters.
- Metrics: For the web, focus on net promoter score (NPS) and its trend over time, broken down by customer segment and persona type. For mobile, look at weekly retention rates by cohort to ensure we’re keeping new app users engaged over time.
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Allison Burnett
- Every release must be Easy-To-Use, provide value for your customers, and not frustrate them.
- Always ask questions, don’t make assumptions, and do research to make the right decisions for your product area.
- While getting metrics on the product is always key, it’s important to remember ‘the why.’ Why are your customers using the product this way? How are they using the product to do whatever they need to do? Getting data is one thing; understanding the data and your customers is another.
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Olexandr Prokhorenko
- Stay sharp with technology and have a Holistic view of Technologies around you. Your goal should be to offer an end-to-end experience.
- Measure success with profitability and cash growth. A general rule of thumb is if your LTV is at least four times your CAC, you can recover the CAC in less than a year. It varies though and is not a hard-and-fast rule.
- Build it and they will come. You can build the biggest thing ever and end up with the biggest failure ever. You’re not going to build something 100% right. 80% (or even less sometimes) is good enough.
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Sue Raisty
- Track the number of meaningful customer contacts each PM has per week. It fundamentally changes PM behavior.
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A team could deliver more value to customers by shipping the first version than by sitting around perfecting it. Cast the vision, build the version. Keep iterating, keep shipping!
EVAN MICHNER
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