2-minute Product Marketing Insights: May 2023 Releases
Part 1 Release Date: May 11, 2023 (2 min read).
📈 4 MICRO [PRODUCT MARKETING] CASE STUDIES
[1] Choose the freemium model if you're in a big market with many competitors and solve a niche pain point.
Canva adopted the freemium model to quickly scale its customer base while keeping acquisition costs low. Solving a niche problem with a simpler product at a lower cost helped in the company's disruptive growth strategy.
[2] Reduce the number of product roadmap guesses by setting up a cross-functional customer advisory board (CAB).
According to UserTesting, >50% of product teams frequently guess their product-related decisions. The CPO of the company suggests a cross-functional CAB to reduce the likeliness of rework.
[3] Improve product experience by creating distinct paths for the digital journeys of your practitioner and decision-maker personas.
Per HashiCorp's CEO, you want to separate the practitioner's digital journey from the decision-maker. The former should optimize for 'discover & learn' and later 'use & advocate,' while the latter is a 'why try?' buyer journey.
[4] Deploy the outbound playbook in a PLG model after verifying product-market fit through inbound efforts until at least $10M in ARR.
Sentry's CRO suggests outbound efforts - specifically identifying customers to proactively go after - concurrent to the typical inbound motion in PLG. The only caveat is to prove product-market fit by first scaling to $10M in ARR without a salesperson.
📚 1 BOOK & TOP 3 INSIGHTS
[1] Discover your ideal customer groups by analyzing your customers across three areas - profitability, desirability, and the typical length of the sales cycle, i.e., How long is their journey? How long does it take to close?
[2] Understand the trigger events for purchase by asking the 'Why Now?' question - Why did your prospect take action now, not a year ago or a year from now? What was the specific moment in time forcing them to take action?
[3] Unpack the world through the lens of your persona as they search for a solution - What are they seeing? What are they hearing? What are they doing?
🧠 5 CURATED MARKETING THINK PIECES
[1] ‘The Godfather of A.I.’ Leaves Google and Warns of Danger Ahead
[2] On GenML, Artifacts, and Product Management
[3] The Cost of Craft - Why is it hard to do great work at scale?
[4] How to Write Actionable User Research Summaries
[5] How I Use the Decision Stack in Product Leadership Coaching Sessions
Part 2 Release Date: May 25, 2023 (2 min read).
📈 4 MICRO [PRODUCT MARKETING] CASE STUDIES
[1] Use 3 sales efficiency metrics to check if you understand your ideal customer profile (ICP) and qualify your accounts well.
The CMO of 6Sense suggests using the win rate, cycle time, and average selling price (ASP) to see how your product marketing efforts add up to closing deals. The win rate in itself measures 3 things: market demand, product-market fit, and sales execution effectiveness.
[2] Incorporate some version of a waiting list as part of your pre-launch campaign to create buzz for your product.
Monzo - considered a successful retail challenger bank in the UK - launched its app using a unique referral scheme. After downloading the app, every user would immediately be added to a waiting list and only move forward with every referral.
[3] Highlight your company's unique opinions to solidify your brand and create content that exceeds expectations.
Companies usually rehash the same ideas to rank for keywords and increase website traffic. By focusing on opinionated SEO content - ex: challenging industry norms - Frontify increased the traffic from organic search vs. paid channels.
[4] Create exclusivity by focusing on micro-influencers with an engaged audience for your product seeding campaigns.
Product seeding is a strategy where you offer influencers free products for their promotion. Influencity says you can create an effective product promotion for your business using influencers with 1K to 100K followers.
📚 1 BOOK & TOP 3 INSIGHTS
[1] "The 5 Ps of Marketing AI - (i) Planning - building intelligent strategies, (ii) Production - creating intelligent content, (iii) Personalization - powering intelligent consumer experiences, (iv) Promotion - managing intelligent cross-channel promotions, (v) Performance - turning data into intelligence.”
[2] A typical marketing team, 5 years from now, will look different. You may see roles like "marketing AI specialist, AI ops leader, AI trainer, machine manager, recommendation engine director, director of deep learning, VP of augmented intelligence, and chief algorithms officer."
[3] Your organization needs an AI ethics policy - a formal statement that outlines your company's stance on AI. It should include how you will and won't use AI, plus efforts on your part to remove bias and ethical issues
🧠 5 CURATED MARKETING THINK PIECES
[1] How A24 took over Hollywood
[2] Creating an Experiment Doc - organize and structure with this template
[3] You Can’t Hack Product Positioning
[4] How to thrive as a PM by staying aware of your product ecosystem
[5] Dirty Dozen of PLG B2B SaaS health metrics with benchmarks
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