Finest-5 Product reads #19

How behavioral science can boost your conversion rates

  • On day 1, users have the most momentum they will ever have. Catching them at this moment with the right features and mental model will drive higher opt-in rates and engagement.
  • The immediate benefit to the user of taking the action should be higher than the cost of the action.
  • When we feel like something is ours (the “endowment effect”), we may be likely to value it more.

Options, Not Roadmaps

  • Without a roadmap, we can completely change course without paying a penalty.
  • What’s wrong with committing to future work via roadmap?: uncertainty, expectations, guilt
  • Decide on which actual ideas to build one cycle at a time, while keeping options for later.

How You Can Use Cohort Analysis to Measure Customer Retention

  • With low customer stickiness, businesses soon run out of new customers, and ultimately slip into a downward spiral of negative returns.
  • There are two types of cohort analysis: acquisition cohort, behavioral cohorts
  • Cohort analysis and churn analysis help understand customers, but are different

Collection, analysis, action: A beginner’s guide to the product stack

  • A product stack is simply a collection of tools that allow you to collect, analyze, and act on data that is created by users
  • To build a product stack that gives you these necessary insights, there are three core components to know about: collection, analysis, and action.
  • The future value of quality data significantly outweighs its early setup cost.

Representing Customer Segments on Your Opportunity Solution Tree

  • The opportunity solution tree is a storytelling tool. It helps us explain why we’re doing this work and when and where our customers have unmet needs.
  • To be customer centric by definition implies that you know who those customers are and what their specific needs are.
  • We should take time to think through which customers we need to focus on to most influence our goal or success metrics.

Product of the week: Tango

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Opinionated Product Manager — Product @YourStory.com

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Harsh Jain

Harsh Jain

Opinionated Product Manager — Product @YourStory.com

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