Micro Product Marketing Insights: January 2022
Release Date: January 30, 2022
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Newsletter word count: 806 words (~3 min read).
📈 8 MICRO [PRODUCT MARKETING] CASE STUDIES
[1] Create a customer health score to trigger outreach and avoid potential SaaS customer churn.
Asana initially created an Account Health Score (AHS) using a short set of engagement metrics to generate a value on a 100-point scale. The company then moved to a machine learning system to generate the same score by taking in metrics beyond core actions (ex: geographical concentration of users, reliability of payments).
[2] Remove friction and scale up faster by selling your software through multiple SaaS marketplaces.
Databox is listed on several SaaS marketplaces including Hubspot, Intercom, Zapier. The benefits beyond traffic from the SaaS marketplaces extend to (a) their marketing and brand support, (b) streamlined customer experience, (c) integrated backend operations.
[3] Solve customer problems before they need to use your product to build trust and boost adoption.
Credit Karma (a credit monitoring tool) offers tools like a debt repayment calculator, credit score simulator to close the information gap. Similarly, Villahomes (a backyard cottage building company) holds webinars about local regulations affecting backyard cottages.
[4] Add features (ex: live chat, FAQs) on the pricing page to overcome last-minute purchase anxiety.
The FAQs on Semrush’s pricing page tackle common objections/reservations on refund policy, commitment time, plans. Many companies also add live chat, testimonials from high-profile clients to improve a buyer’s motivation to purchase.
[5] Get creative and find a ‘distribution trick’ that lets your product grow at an explosive rate.
The use of QR codes by Bird scooters to enable anyone with a smartphone to scan and become a rider is one example. In its early days, Yammer would also allow individual employees to directly sign up without needing the IT department’s permission.
[6] Partner with an adjacent company in your customer's value chain to improve product adoption.
SiriusXM is offering a free 12-month subscription to Discovery+ as part of its premium plan. The giveaway allows Discovery+ to save on marketing costs while gaining enough time to convince potential customers.
[7] Directly call out competitors in your niche to highlight product pros/cons and acquire new users.
After Discord made the pivot to a chat tool, the company paid for Reddit ads challenging incumbents like TeamSpeak and Skype. Discord also used its Reddit account to respond directly (following the ads) to questions on features, product roadmap, privacy.
[8] Improve your product’s adoption if you’re not a familiar brand through ‘exceptional warranties’.
You get a 25-year warranty on any mattress from Avocado Mattress. Similarly, a 50-year warranty for bed linen from The Linen Works and a 100 year one for most products from Saddleback Leather.
📚 2 BOOKS & THEIR TOP 3 INSIGHTS
[1] “Strong Product People: A Complete Guide to Developing Great Product Managers” by Petra Wille
A product leader must address and overcome 4 risks – (1) value risk - will customers buy it, (2) usability risk - can they figure out how to use it, (3) feasibility risk - do we have the time, skills, tech to build it, (4) business viability risk - does the solution work for our business.
Aim for at least one customer/user touchpoint each week. It can be a simple activity - ex: reviewing app-store reviews, a quick call with 2 or 3 loyal customers asking about your latest release, etc.
Alternative to Minimum Viable Product (MVP) from Henrik Kniberg - Track delivery in small steps - (1) Earliest testable product - basic prototype to test ideas and assumptions, (2) Earliest usable product - a real software product delivering basic functionality, (3) Earliest lovable product - a well-rounded product that people fall in love with.
Cultivate a process mindset - Turn your goal into discrete steps and forget the goal. Focus only on executing the steps.
Create a 'braintrust' for life - Surround yourself (both professionally and personally) with people who (1) you can trust, (2) think in solutions, and (3) can be honest.
3 qualities for successful habits - (1) should have an impact, (2) you can do them, (3) you want to do them.
🧠 10 CURATED BUSINESS THINK PIECES
[1] Solitude and Leadership: If you want others to follow, learn to be alone with your thoughts
[2] Web3’s potential for the future of work
[3] The Metaverse is here: What does it mean for your business’ strategy?
[4] It’s Gen Z’s world, and we’re just living in it
[5] Why people share: the psychology behind “going viral”
[6] Smart VCs look for potential monopolies
[7] How to detect the real problem in your business so that you can solve it effectively
[8] Young people are leading the mental health revolution
[9] Prediction Consensus: What the experts see coming in 2022
[10] A brief practical guide to being an infinite player
Feel free to reply to this email to share your feedback on the newsletter.
Keep Learning and Carry On!
Regards,
Bryan Elanko
“Learn insider product marketing tips from fast-growing companies”
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