Jumpstarting a successful flywheel - Deepstash

Jumpstarting a successful flywheel

  • Understand the customer experience through tools such as in-product analytics, in-product engagements, and surveys.
  • Use a smarter approach to segmentation. Do surveys and customer feedback loops to develop different user segments. Identify user pain points and user's objectives, then plan to deal with the pain points.
  • Focus on product qualified leads.
  • Make onboarding easy.
  • Use in-product analytics to power your product-led growth flywheel.

Improving your product-led flywheel will lay the groundwork for faster growth and a user-first product.

1

STASHED IN:

12

The SaaS industry can tap into a growth plan that gains momentum over time.

STASHED IN:

0 Comments

MORE IDEAS FROM Tips and Tricks for Building a Product-led Flywheel | Customer Success and Product Experience Software | Gainsight

The product-led flywheel

The product-led flywheel is a framework that promotes product-led growth. It focuses on the user experience at the various stages of the user's journey.

  • On the inner circle of your flywheel, imagine the different segments of your users based on where they are in their product journey. For example, product qualified leads, customers, active customers, loyal customers.
  • On the outer layer of your flywheel are the different stages of product growth: Onboarding, adoption, retention, and growth.

1

STASHED IN:

12

  • It's a better fit in the modern SaaS market that depends on recurring revenue to succeed. The flywheel assists in proving immediate product value.
  • It leads to higher NDR. It delivers excellent experiences to both the new and existing users.
  • It speeds up over time. The growth stages feed on one another to produce faster growth.

1

STASHED IN:

11

Deepstash helps you become inspired, wiser and productive, through bite-sized ideas from the best articles, books and videos out there.

GET THE APP:

RELATED IDEA

#1: Your In-Product Data

In-product data reveals how users and potential customers are interacting with your product. Moreover, it also allows you to see upsell opportunities and provides you a firm set of figures to back your decisions.

But what in-product data will lend the biggest boost to your strategy? See listed items below:

  • Customer profile data
  • Customer behavior data
  • Production data

STASHED IN:

6

  • A study by Bain and Co. found that a mere 5% reduction in churn can lead to a profit increase of 25-125%. That’s a massive gain for a little amount of work.
  • One of the biggest reasons that customers churn is that they don’t know how to use your product. They end up getting no real value from it. It’s a waste of their time and money.
  • That’s why it’s so important for SaaS companies to invest in customer education. The better you educate your customers, the more likely they are to stick around.

STASHED IN:

3

Churn can most basically be defined as resources lost in a given period of time. Typically it’s referring to users or revenue lost and is usually represented with either a percentage or dollar amount.

For example, if you had a 5% monthly user churn rate, that means each month 5% of your customer base is cancelling.

Or if you said you had $2,000 in monthly revenue churn, that means you lost $2,000 in monthly recurring revenue from either customer cancellations or downgrades.

STASHED IN:

3

In this guide, we’re going to go over six strategies to reduce churn, with real-life examples from SaaS companies that have successfully done it.

STASHED IN:

0 Comments