Finest-5 Product reads #33
Products that go before signup, strategy, etc..
Hey,
Let us start today’s letter with some positivity. I came across this beautiful article that talks about why product management is awesome. A good dose to make you feel, no matter how much chaos it is, what you are doing is incredible.
A different way to think is, why put value behind a sign-up also? Putting things upfront for users to experience is a way to reduce time to value even further.
Key takeaways:
- Only a small percentage of your website visitors ever sign up. That means the vast majority of visitors receive very little value — if any.
- Users want to have control over the experience — not be sold to
- Instead of 2–4% creating an account, your product can be shown to everyone. You deliver value sooner, and to more people.
A lot of startups face a problem of not having clear strategies. A major reason is: Value out of strategy is not tangible enough, hence, it is disincentivized.
Key takeaways:
- Strategy requires discourse, collaboration, contemplation, and critical thinking. It takes time and space. Sadly, time to think — alone and together — is in short supply in most organizations.
- Good strategy includes a set of coherent actions. They are not “implementation” details; they are the punch in the strategy
- A high % of the people in your company primarily care about vision, goals, and priorities. To them, that is a strategy. Why? It’s actionable and impacts them
Everyone says we cannot teach Creativity. However, a right environment can let people be open in thinking and at the same time collaborate at the same level.
Key takeaways:
- Done well, a framework does three things: guard-rails, amplifies creativity, standard operating procedure
- Product teams should be given a problem to solve, not a solution to implement.
- While each team is unique and will create its own norms, there is value in establishing a common set of tools that are shared across teams
8 user onboarding metrics and KPIs you should be measuring
Onboarding is the place where today everyone is trying to optimise. And optimization with the right metrics will help teams to do a better job.
Key takeaways:
- Onboarding is a key way to improve your overall retention rate, so keeping track of this metric shows how well your optimizations are paying off.
- To get the most out of some metrics, you’ll need to divide your user base into cohorts based on when they started onboarding
- If your feature adoption rate is low, see if you can do more to prioritise your most important features in your onboarding process.
Effective customer engagement is business critical
With the limited time and a lot of products in the market, everyone is trying to fight for engagement. People realise engagement is the way users will go to the paid tier.
Key takeaways:
- 88% of executives agree that customer engagement has a significant impact on their organization’s bottom line.
- Effective customer engagement holds the key to customer retention and loyalty
- In the digital age, sharing information across departments becomes increasingly critical to customer engagement success across the customer journey
Product of the week: BeReal
Your Friends for Real
A different take on social media, where the friends stop sharing fake updates. A real-world scenario to see what your friends are actually up to.
