Talking to your customers - Deepstash

Talking to your customers

You need to continuously get feedback from existing customers and improve your product. It is equally important to talk to people who were your customers in the past and understand what turned them away.

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MORE IDEAS FROM THE ARTICLE

When you launch a new feature or module in your product, consider how the user will discover that feature and interact with it.

Your new feature must create an emotional response of "want to use it" in the user's mind.

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Teams often spend a lot of time discussing outlier user behavior during their team meetings. Although these conversations are exciting and test the limits, they don't serve the major cohort of your users.
You need to know who the 80% of your users are and prioritize solutions that will serve them.

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Product Managers (PM) are responsible for the growth of the product from the start. If the product fails, the PM takes full responsibility. To ensure a successful outcome, PMs need to spend a lot of time with their product to make it valuable for its users.

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Although you and your team's thought process evolves and becomes mature over time, your product needs to use the same personality and expression to communicate with each user.

You need to revisit those old modules from time to time and make changes for consistency.

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Often improvements that will have a less overall impact get prioritized because of a specific and pressing need of your customer success/support team.

Make sure that the improvements are made based on the overall impact.

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During the launch of the product, you decide on a simple pricing model for your product. When your product evolves, is your pricing changing equally? Is your pricing competitive and straightforward for the users as it was initially?

Re-work the pricing strategy of your product so that your existing customers do not feel cheated for what they have paid, and new users can see the value.

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Over time, you as a PM may become so used to your own product that it limits your ability to notice small flaws in the user experience.

Look at the product from the perspective of a new user, and find the missing pieces of information that prevents the user from a great experience.

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RELATED IDEAS

The challenge of moving upmarket as a product manager

Every product management role consists of a deep focus on the customer.

The challenge is ensuring that your product continues to evolve to meet the needs of your new customers without neglecting the needs of the long-term, smaller customers.

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1. Anchoring Bias

Let’s say you go to buy a watch, and the first one you like costs $150, which exceeds your budget, soon after you see a watch that costs $125, this new price seems reasonable now, even though this too might exceed your budget, however, as compared to the first one, it now feels like a better deal.

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Teams > Individuals in SaaS businesses

SaaS companies make disproportionately more money with Team plans:

  1. Deal Sizes are bigger
  2. Retention is so much better. Once a team is collaborating in a product, no single user can easily make the decision to leave
  3. Seat Expansion. Successful Team products have “net negative churn,” meaning that expansion from retained accounts exceeds revenue lost from churned accounts.

Individual plans are the definition of a Leaky Bucket, with usual yearly churn rates of 50%. The Individual plan makes sense for enabling sharing and collaboration as soon as you can. But Teams are the ultimate destination.

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