⏰ 2-min Product Marketing Insights from Palette, Powtoon, Delivery Hero, Membership Academy
April 2023, Part 1 Release
📈 4 Micro [Product Marketing] Case Studies
[1] Switch to a vested commission model from a traditional sales compensation plan if you want your PLG effort to succeed.
Palette points out that traditional sales compensation plans never account for execution, delivery, and long-term customer satisfaction. A vested commission model - ex: commission payments on invoice collection, compensating on consumption metric, etc. - ensures alignment of sales teams with usage or consumption-based pricing characteristic of many PLG motions.
[2] Pre-qualify your leads by using BANT to shape your copy on your landing page.
Membership Academy's landing page is upfront about who it targets and who it isn't for. They use BANT to write copy that attracts the right type of prospects - B (Budget): can the person access the money needed for product purchase? A (Authority): does the person have the power to approve the purchase? N (Need): does the person viewing the page want to achieve your promised outcome? T (Time): what's the time for their desired solution?
[3] Avoid poor UX or shortcuts by defining the design vision early in the requirements gathering phase.
According to Delivery Hero, the lack of a single design vision statement can lead to designers being at the mercy of product managers and engineers. In the worst case, it can lead to unethical designs, shortcuts, and poor user experiences in fulfilling business needs.
[4] Improve save rates by reworking your cancellation flow to re-engage, educate, and empathize with your customer.
Powtoon limits its exit survey to 3 questions and leverages the customer's selected reason for canceling to (i) share appropriate messaging and (ii) present offers relevant to their cancellation reason for the customer to stay.
📚 1 Book & Top 3 Insights
“The JOLT Effect: How High Performers Overcome Customer Indecision” by Matthew Dixon and Ted McKenna
[1] A major reason for losing a deal beyond a customer's love for the status quo is the customer's inability to decide. Overcome this indecision by dialing down their fear of purchasing.
[2] The book's central thesis - Use the JOLT method to help customers overcome indecision and jolt into action: judge the indecision, offer your recommendation, limit the exploration, and take risk off the table.
[3] The 3 sources of indecision - (i) the customer is stuck between options and unsure which one's best for their needs, (ii) the customer is anxious they haven't done enough homework to decide, and (iii) the customer is skeptical about the returns from the decision.
🧠 5 Curated Marketing Think Pieces
[1] The Age of AI has begun (by Bill Gates)
[2] The Systems of Elite CEOs: Setting the Stage for Billion-Dollar Growth
[3] The Most Popular Experience Design Trends of 2023
[4] The Marketing Funnel for Technical Products
[5] How to Organize a B2B SaaS Marketing Team