2-minute Product Marketing Insights: April 2022 Releases
Part 1 Release Date: Apr 14, 2022 (2 min read).
📈 4 MICRO [PRODUCT MARKETING] CASE STUDIES
[1] Share interactive snippets of your product to boost conversion rates or find product-market fit.
Carta, a cap table management software company, increased conversions from a newer base of customers (early-stage founders) they were going after. All they did was showcase a tool in their software set through an interactive snippet in a tweet.
[2] Review your product setup experience to remove info overload spots and improve conversions.
Slack ran many experiments on its pricing page. There was an increase in purchases when the company moved all the purchase options behind a dropdown list.
[3] Rely on waitlists to control user experience for a new product or test demand for new products.
HMBradley is a digital banking platform that offers specific programs for savers. Initially, they used a waitlist to manage the sudden noticeable demand for a product before changing their marketing to “skip the waitlist”.
[4] Open up the “source code” of your products to increase awareness of your product category.
Brewdog wanted to increase the awareness of craft beer in contrast to the mass-produced brands. The brand continues to offer free detailed recipes of their beers to the public, which increased its popularity with the homebrewing community.
📚 1 BOOK & TOP 3 INSIGHTS
“Good to Great: Why Some Companies Make the Leap and Others Don’t” by Jim Collins
[1] Focus your best people on the biggest opportunities, not the biggest problems.
[2] Apply the 'Stockdale Paradox' for life and business - "Retain faith you will prevail in the end, regardless of the difficulties. And at the same time, confront the most brutal facts of your current reality, whatever they might be."
[3] Find what drives your company's economic engine by picking only one ratio to systematically increase over time. For example, profit per x where "x" has the most impact on your engine.
🧠 5 CURATED BUSINESS THINK PIECES
[1] The theory of the firm: will individual companies exist 50 years from now?
[2] The multidisciplinary approach to thinking
[3] Why so many COVID predictions were wrong
[4] Assumptions we need to question now: What will we do if they no longer hold?
[5] The next GOOGLE: Taking the idea of a search engine in very different directions
Part 2 Release Date: Apr 28, 2022 (2 min read).
📈 4 MICRO [PRODUCT MARKETING] CASE STUDIES
[1] Share multiple narratives instead of a single positioning statement to include all audiences.
A positioning statement considers only one target audience, while companies must speak to customers, employees, suppliers, investors, etc. Tesla speaks to different audiences through multiple narratives: a leader narrative, car model, giga-factory manufacturing, or self-driving narrative.
[2] Track how your customer sign-ups engage with your product, new features vs. the # of sign-ups.
A fully onboarded customer, according to Stripe, was receiving 3 payments from different customers. Similarly, Notion considers an engaged customer as someone that invites at least 2 other people and adds a certain amount of content.
[3] Link your product’s relevant features to the business outcomes you promise in your messaging.
Many companies list product features in a long list separate from the business outcomes they highlight in every customer-facing asset. In contrast, Auth0 breaks down benefits and features supporting each benefit by use case, industry, and personas.
[4] Create a ‘public’ competitive intel program within your company to improve deal outcomes.
ClickUp’s competitive intelligence team periodically uses a dedicated channel (ex: Slack, monthly newsletter) to push competitive collateral like battlecards to their sales colleagues. This creates a feedback loop from the sales team on these assets and uncovers new hurdles in selling against competitors.
📚 1 BOOK & TOP 3 INSIGHTS
“Wanting: The Power of Mimetic Desire in Everyday Life” by Luke Burgis
[1] What we desire is dictated by the ‘models’ we pay attention to – ex: friends, celebrities, etc. Desire is, therefore, imitative not intrinsic.
[2] ‘Surveillance Capitalism’ - a company operating model to translate private human experiences into behavioral data, which can then be used to engineer desires or exploit for profit.
[3] “Sometimes, the market isn’t a good indication of what people want. It’s good at price discovery for thin desires, but not necessarily for thick ones.”
🧠 5 CURATED BUSINESS THINK PIECES
[1] The metaverse could be tech’s next $1T opportunity: These are the companies making it a reality
[2] The Boneyard Principle: Why the next big thing will emerge from a failed idea
[3] First Principles: The building blocks of true knowledge
[4] How Amazon’s super-complex shipping system works
[5] Preventing employee burnout can transform your company
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