🏃🏼♀️ 2-min PMM: Canva's Pricing Page, Peloton's Pain Messaging, Sampler's Market Insight, Brex's Feature Tests
October 2023, Part 2 release
📈 4 MICRO [PRODUCT MARKETING] CASE STUDIES
[1] Rely on your unique insight about the market to communicate your point of view (PoV) and highlight your differentiator.
Your unique market insight should cover what you understand "about the market that others don't." Sampler's market insight that traditional CPG sampling programs do nothing to foster relationships with customers led them to the PoV that targeted digital sampling would turn customers into "raving fans."
[2] Ask these 4 questions and answer each one in the 'first person' to develop effective pain messaging for your product.
Get in your customer's shoes to answer these questions - (i) What do they need to do? (ii) How do they feel doing it? (iii) How does your product address this need? (iv) How does your product make them feel? Peloton's answers led them to messages such as Live Studio Cycling Comes to You, Transform Your Life From The Place You Live, showing how customers would feel using their product.
[3] Analyze 'willingness to pay' for features per market segment to modify your pricing as your product moves upstream or downstream.
Understand 'willingness to pay' by getting a handle on what customers want, need, and will pay for, especially since all three can differ. Brex's Chief Strategy Officer advises you to test the 'elasticity curve' of specific features by placing those 'features on trial' to discover what customers will pay for depending on who they are - ex: SMB, mid-market, enterprise.
[4] Update every plan description on your pricing page to align with a specific buyer persona to reduce purchase time.
Every plan on a pricing page should be explicit about the intended buyer. Canva assigns a plan name, curated description highlighting the persona(s), and relevant pricing metrics for every available option.
📚 1 BOOK & TOP 3 INSIGHTS
[1] Product Momentum Gap - It's the difference between the high growth curve and average growth. It usually pops up due to a misunderstanding of the target customer. This misunderstanding gradually leads to sales approaching the wrong prospects, subsequently showing a drop in conversion rates and churning customers who convert.
[2] A different way to think about value - Look at value as the 'moment a customer finds a repeatable behavior' that brings a positive impact. Therefore, we must build features focusing on user behaviors that modify or create better user habits. Growth for a company comes from these habits.
[3] Use a 'Product Value Pyramid' to communicate your value outside your company. The pyramid answers the following questions - "(i) Whose life are we improving? (ii) What problem do we solve? (iii) Why is this important to our users? (iv) What experience do we want to provide? (v) What behaviors do we want to influence?"
🧠 5 CURATED MARKETING THINK PIECES
[1] The Techno-Optimist Manifesto (by Marc Andreessen)
[2] The rise and fall of rent-a-celebrity platform Cameo
[3] How Shazam IDs Over 23,000 Songs Each Minute
[4] 15 Metaphors for Waste In Product Development
[5] Why Culture Has Come to a Standstill