Below are some resources that a product manager will find useful while navigating their job. This is a collection of ideas and frameworks (with some adaptations) that will enable a product manager to give structure to their approach to product management.
Visualize the Customer Funnel using AIDAOR
How do you grab the attention of your potential customers? Is It organic? Is it via paid advertisement? What is the the click through rate on your ad?
Once you have the attention, where does your customer go to seek more information? Do you have a landing page with concise and clear description, and a call to action. Can the user tell in 5 seconds what the value he or she is going to get and how to proceed?
What is the underlying desire that you are stimulating or what is motivating the user to take action?
This is the most important step. You should try and minimize the amount of work the customer has to do to get to the award. How much time does it take for customer to make the purchase- how many customers are dropping off right before taking the ‘action’?
Once the customer has taken the action, consider giving a small reward to make the customer feel involved. Some apps use a points system and award a few points just for signing up!
Measure the engagement rate of the customer in the first 30 days and offer free support and demo sessions if required to ensure engagement and proper onboarding.
Acquiring a customer is hard enough. Once you have them with you, make sure you have a great retention strategy for them. Retention can be considered an engine of growth (the three engines of growth being – organic or viral growth, paid or purchased growth, and stickiness or retention).
Spend time and resources to retain your customers and increase the customer lifetime value. The longer they stay, the more valuable they are (in most cases). Measure monthly or annual stickiness of your customers depending on the subscription model.
A happy customer that you are able to retain for a long long time, might also become your promoter, and bring new customers, hence lowering your overall cost of acquisition.