Finest-5 Product reads #8
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Today, I have completed 2 months of writing this newsletter and one thing I am proud of is discipline. I have not delayed a single piece, leave aside skipping. I am constantly learning and experimenting to improve. For instance, a more structured content.
I plan to continue doing so and pass on the incremental value to you. Ultimately, this newsletter serves a single ambition of making you a better at product.
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You must have felt the power and obsession with CTA’s. I have read stories where redesigning or replacement of CTA has significantly increased conversion. Since then, I have always been curious to understand where the button serves best at, how it feels and many more questions. Continue reading..
Make buttons as visible and labels as clear as possible.
Prioritizing buttons helps user focus on key actions.
Sound or visual feedback makes button feel more real-world.
Choosing Your North Star Metric by Lenny Rachitsky
If you zoom out, don't Buttons seem to come together and serve North Star metric (NSM)? So does most of your product, people and technology. That's the importance of NSM and once chosen it will set the direction in which your product will sail. Lenny, helps us read companies and suggests a good way to select a NSM. Continue reading..
Question to ask: Which metric’s increase today, would most speed up my business’ flywheel?
To choosing your NSM, ask: What jobs are our users hiring our product to do?
Majority of companies align around a sole metric because it’s the best way to make a noticeable impact.
Did you hear a complaint recently, “if only I could A/B test it”. With a lot of tools in the market, every PM feels experimenting is the way. But do we actually understand A/B testing or do we believe it empowers us with data before we go live, hence reducing risk, so let’s do it. Continue reading..
You can majorly run 3 types of test: A/B Test, A/B....N test and Multivariate test.
Tests to ‘prove’ a hypothesis will need traffic.
Insignificant result is not necessarily a bad thing.
Saying it outright, Retention is the most important metric for most products. Why? because retention keeps the customer, on whom you already had a cost of acquiring and because that’s how you scale. If your customer funnel is leaky, so will your cash flows be. Continue reading..
Acquiring a new customer can cost five times more than retaining an existing customer.
The better you retain users, the faster you grow your business.
Specific cohorts analysis can help figure out who will churn.
Google, Microsoft and most recently Stripe are some companies that scale fast with taking bets over and over to create a new ceiling for themselves. They keep striving to not saturate and build something new that might fail, but if successful they have a new market to grow. Continue reading..
Shipping continuous big bets aren’t just about career progression, but also company growth.
As companies scale, they need standardized processes on how to build and launch new bets in order to drive additional growth.
You need to accept the uncertainty by building processes that mitigate this complexity, increase conviction, and reduce risk.
Product of the week: Blissfully
To be honest, I haven’t used this product. But, I luckily landed on the product page and started reading. Not every day, you come across a SaaS management product with 4.7* rating, a lot of testimonials praising the customer serve and a beautiful UX. Explore and feel happy!! :)
PS: Will see you same time, same inbox next week with newest product reads :)