Finest-5 Product reads #13
Only Fans growth, Dunzo's redesign and other product reads...
Happy Saturday,
Hicks law, a simple behavioral design principle, says to not produce too many choices to the user. But recently, I have seen so many instances of the contrary. Initially, I believed it was an issue of awareness. However, after recent interactions, I realized: ‘It’s not what we know, it’s what we know well enough to use intuitively’. I suggest, read a lot of examples and practice applicability in different scenarios.
I publish this newsletter as a collection of the best reads I did in the week across 100+ articles. Idea is to help you become better at product with minimal effort. Subscribe, to get the next release in your inbox.
How Only Fans Was Able To Pay Creators $3 Billion Dollars
Today, I start with the story of Only Fans, the platform that grew leaps and bound in a matter of 4 years. And even if you have an account or not, its popularity must have not passed you by. Only Fan’s roller-coaster story is also interesting enough to gaze into Continue reading..
Key Takeaways:
There were multiple failures before success. Most ‘overnight successes’ take years.
If something is not favored by the larger market, there’s an opportunity for business.
Get your customers to sell for you.
Dunzo’s order tracking experience
After story, lets dive into experience. A major UX update came from Dunzo few months. Team dived into solving a major user problem of trust and anxiety while tracking orders. And no doubt, they did a great job. Continue reading..
Key Takeaways:
Humanizing the user interaction is a great deal to build trust
Transparency: If users know what’s going on, they won’t overthink or get anxious
Copywriting can help with smaller nuances like surprise and visual elements
7 new product-led insights
OpenView launched a new report into the SaaS market and Kyle takes on to share some insights from the report. He covers the trend in the industry and what is working based on the data collected from 250+ companies to look into how Product led growth is being achieved. Continue reading..
Key Takeaways:
Free is becoming an expectation even for Enterprise accounts
Hire a Growth leader as soon as you have product-market fit
Plan to (finally) implement PQLs this year
The essential guide to customer retention
After weeks, I have a good read on my favorite, Retention. If you believe you know retention basics, I would suggest reading this article inside out and re-considering your beliefs on churn, LTV and some more. Continue reading..
Key Takeaways:
The wonderful state customer retention can achieve is negative churn.
Harvard Business Review found that by raising retention rates by 5%, the average business will increase profits by 25% to 95%.
When you face a churn, cohort analysis can be your best friend.
PRODUCT IDEATION: MODEL, PROCESS & 9 TECHNIQUES THAT WORK
Most of us believe that ideation is a natural phenomenon, where creative people will mostly come up with great ideas. Well, there is also some science to it. And even if you are not creative enough, you can land on some amazing ideas. Continue reading..
Key Takeaways:
Instead of a product manager holding the product vision by themselves, product ideation allows the entire team to take part.
Product ideation techniques: “How Might We” statements, Question assumptions, Picture prompts, Storyboarding, SCAMPER.
Product ideation tools: Round Robin, Mash-up method, Analogy thinking, Brainstorm cards.
Product of the week: Fullstory
With FullStory, you can capture the details of almost any user session on your site. You can then replay sessions to see the user’s experience in real-time. A very powerful tool for identifying user pain points, which you may never have considered, and address them. On top of that, you can start using FullStory freely, which allows you to view up to 1,000 sessions per month.