Category: Product management
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Freemium model
A freemium model is an acquisition strategy used by companies where it allows users a basic version of a product to be used for free forever. What is the goal of a freemium model? The term freemium is the combination of “free” and “premium”. This model essentially includes a basic version of the product where…
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How do you decide product pricing?
Product pricing is the direct factor that shapes your revenues and profits. Pricing a product involves decisions based on the value to the customers, cost to the company, and competition. Here’s a step-by-step guide to pricing your product. Understand value to customers To calculate the value delivered by a product, you need to assess the…
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Product Engagement
Product engagement is the measure of how much the users interact with your product. Product-led and software-as-a-service (SAAS) products can have thousands to millions of users using the product. The quantified data of how many users and how often they use the product is the product engagement. What is the importance of product engagement? Simply…
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Customer Activation
Customers might pay for your product at first. But often it is the case for product-led companies that they do not use the product at all or might use a minimal part of the product. These customers are at the risk of churn. This is more serious for the products who charge annual subscription charges.…
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Understanding the SaaS Customer Lifecycle
Software-as-a-service (SaaS) is on a rise. This is because SaaS products are flexible to use in terms of pricing. A typical SaaS product works on a monthly or annual subscription and is based upon the usage of customers. What is a SaaS Customer Lifecycle? A customer lifecycle for a software-as-a-service product is the continuous journey…
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Product positioning
How do you decide to purchase clothes from a particular fashion brand? How do you decide which laptop to buy? This essentially depends upon your previous experiences with the product, your thoughts about how the product is, and the things you have heard from others regarding it. What is product positioning? Product positioning is the…
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Value proposition
Value proposition gives you the reason why you should buy a product. It is the promise made by the company that builds the product and is the main purpose for which a customer should buy the product. What is a value proposition? A product solves a pain point of the target customer segment. The value…
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Product market fit
What is product market fit? 50% of startups fail because of a lack of product-market fit. What is product-market fit? When a product solves a customer’s pain point and adds the required value, it has achieved the product-market fit. In simple terms, the product is benefiting the customers to a level where they are ready…
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Minimum viable product (MVP)
Post the prototype stage in the product development process, the minimum viable product (MVP) is meant to test of product’s ability to solve a problem. Making hypothesis A startup is nothing but a solution to a problem of a customer. Naturally, the starting up process starts with finding a pain point of a customer/s. When…
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Breaking down problems
Product problems can often be overwhelming. It is difficult to know where to start and visualize. Breaking down the problem into smaller parts and solving it one by one is the appropriate way to approach it. Know the “why”? The first step in breaking down is to know the “why” behind the problem which you…