5 min read

Watch today "How to prioritize product tasks" + weekly newsletter

Watch today "How to prioritize product tasks" + weekly newsletter

Happy Monday!

We are going live today at 12 PM (CET) with Michael Youmans, Senior PM at Mimecast, to talk about Product Prioritization Frameworks and how to apply them in your everyday work.

If you haven't registered yet, you can do so here, and get a free bonus from our friends at Producter – a PDF file explaining 10 Product Prioritization Frameworks in detail!

👉 Watch this session for free!

✍️ Latest from our blog:

1/ How to pursue advanced activation strategies. Learnings from Miro, Loom, and Freshly

User activation strategies — how important could they be? Let’s just say that if you increase user activation from 10 to 20% from free to paid plans, it means a customer increase of x2. Craig Zingerline, CEO and Co-Founder of Growth University, advises hundreds of startup founders. He analyzed the most successful cases of advanced activation by Miro, Loom, Freshly and figured out what they were doing to drive activation. Craig shared his insights with Epic Growth and here is a short guide. Continue reading

2/ How ML models can detect sold items on the marketplace and improve customer experience

As product managers, we always want the best experience for users. So one of the issues to tackle is displaying only the listings of available products. Though it absolutely meets common sense, it’s easier said than done. And in this situation, ML models come in handy.

Being one of the quickest-developing trading networks and uniting 20+ brands, OLX Group every day faces the necessity to perfect the system. In this case study, with the help of principal Data Scientist from OLX Group Alexey Grigorev, we discover how to develop a model for detecting sold items and how to know if it really works. Continue Reading

📺 What to watch:

Here's our top-pick videos on PLG:

📚 What to read:

1/ How to integrate Sales and PLG

In theory, PLG and sales are not compatible. PLG is about your product and relying on its 'wow effect' to organically expand. Sales teams proactively seek all kinds of possible customer acquisition channels to drive up numbers.

Yet when the time comes to scale up your business, you need an expert sales team embedded in the company.

How can that be achieved? These insights are brought by Kyle Parrish (Head of Sales at Figma, formerly at Dropbox).

  • Hiring the right sales leader from the start. Someone who takes a step back to understand the company, the product, and the users they are targeting. Someone who does not come with preconceived ideas.
  • Building a competent sales team around the leader that fully commits to the values of the PLG company. They must be able to adapt to different ways of thinking. For Figma, it is all about empathy towards the customer at all times.
  • The key is understanding sales as an extension of the company's brand, instead of being a threat to the PLG culture.

Thinking about sales in a PLG environment as being in service of the customer and user experience is the solution to bridging the gap.

Continue Reading

2/ How to grow infrequent products

There is a massive category of low-frequency products (Insurance, Real Estate, Car Buying, Holiday Planning etc) where copying/pasting the same growth strategies as high-frequency products (Slack, Facebook, Zynga) doesn't work...

Vivek Kumar (VP Product at PropertyGuru Group and Reforge member) has developed an amazing framework around understanding and growing low-frequency products called ICED:

I = Infrequency

C = Control

E = Engagement

D = Distinctive

Infrequency relates to a customer's inability to recall an experience with your product. It increases with time. Infrequency determines the price of the product and key business decisions. A yearly interaction justifies a higher price. Infrequency is a spectrum, some products are more infrequent than others.

Control is difficult when the product is infrequent. A business offering frequent services can control the user experience. TurboTax, a tax filing system, enjoyed 90% retention rates on its desktop line because the system worked every day. But Indeed.com has no way of controlling how job interviews go. They can only control a part of the user's experience.

Engagement depends on the complexity of the product, degree of touch, and predictability of retention. Complex products, such as housing transactions will require strong engagement from the user but only once. TripAdvisor is a service with a low degree of touch — as it's only used on holiday. Predictability of retention is whether you can control through the user experience if they stay or not.

Distinctive is a key trait for infrequent products. Airbnb is an example of a brand that everybody knows even if usage is limited. Expedia on the other hand is non-distinctive, making its growth strategies reliant on search engines and paid traffic.

Using the ICED framework, business strategists for infrequent products can evaluate how to supplement product-market fit with long-term growth. It also decreases the usual frictions of being infrequent and allows to bolster resilience against macroeconomic turbulence.

Leveraging ICED can have the following effects:

  • Strong customer loyalty, which includes heightened retention and advocacy;
  • Improved organic acquisition;
  • Greater control over and successful delivery of growth outcomes for business;
  • Increased market penetrability that strengthens the product-market fit.

Continue Reading

⚡️ News that matters:

1/ Finverse wants to build open banking in the Asia-Pacific region

Finverse has an ambitious goal: enabling open banking throughout the Asia-Pacific region. They recently announced $1.8 million in seed funding and cover Hong Kong, the Philippines, Singapore and Vietnam.

Fintech startups focusing on helping sharing financial data between institutions are on the rise:

  • Plaid in the United States
  • Tink/Truelayer in Europe.

Current user focus are mostly fintech startups, SME lending providers and 'buy now, pay later' services

Continue reading

2/ Greek dark store delivery startup raises $3.5 million

Pop Market is a Greek startup which launched two weeks ago in Athens — promising 15-minute deliveries and fresh items such as fruit and vegetables.

Less than 2% of Greece's $11,3 billion grocery retail market happens online — yet customers want more flexible options.  This gap is similar in many other countries.

Instead of taking on bigger international players such as Delivery Hero. Pop Market intends to focus on domestic markets, scaling up their dark store network before thinking of international expansion.

Continue reading

🗣 Recommendation:

Podcast from Matt Bilotti

Every other Wednesday, Matt meets with other growth experts for 30 minutes to learn how they drive revenue through all sorts of growth strategies, tactics, and channels. Tune in for insights from companies like Shopify, Disney+, and Github.

Here is a new episode with Annie Mosbacher, Co-founder & Chief Strategy Officer at Decoded Strategies. They discuss a super fascinating topic — Starting Your Own Growth Marketing Agency.

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