Why Product Managers Need To Hear The Voice Of the Customer
June 6, 2018
June 6, 2018
There are a number of key pieces of information that a product manager can learn from listening to the voice of the customer which has an impact on all aspects of growing a business. The more the voice of the customer is implemented into the analysis of your sales, churn and product planning the more you can use data to drive repeatable success within your business model.
Here are 3 ways that the voice of the customer can be used to grow your business:
- Conversion Profile: By looking at your leads and sales pipeline you should be able to tell the key indicators of when a lead converts to a paying customer. For example, when a lead logs in on a daily basis, completes X number of setup steps and has achieved a specific value point, you know they will convert based on historical data. Understanding the sales pipeline and specifically what those trigger points are as a product manager is key because once you do know what they are, you need to ensure your on boarding experience within your product hand holds new trials to get through those steps as quickly and pain free as possible. Listen to the voice of the customer to know when they feel they achieved enough value to convert and make the path to that value within your product a high priority to streamline.
- Churn Exits: Learning why people are leaving your platform is just as important as learning what triggers them to convert. You need to ensure you have feedback loops in place with your exit workflow of your product so you can hear the voice of the customer on what your product is missing to ensure you again make that the priority to add to your product roadmap. A product based business has 2 main touch points that you need nail which is your sales conversion and churn mitigation. At these two points in your product you need to ensure you have customer feedback available and when you get the information that you prioritize the changes to your product roadmap. Your marketing team does a lot of work to get your brand awareness and trials coming in. As product manager your responsibility is to do the most you can with those trials and this requires listening to the leads and customers on what it will take to convert and stay.
- Customer Loyalty: In order to grow your product, you need to grow your product champions and the overall happiness and loyalty of your user base. While these changes always help to increase conversion and curb churn, the goal of this focus is to really move the needle on people using your platform and remaining some neutral or detractors with their overall happiness of the system to becoming promoters and champions about your system. The best sales you can get is from a user posting a review, telling a social media group about you or other industry specific groups that they are being successful as a result of your product. By listening to the voice of the customer you can see the changes needed which can range from small user experience updates to larger feature opportunities that make your product stand out and grow the loyalty of the base which again decreases churn, increases word of mouth and ends up letting you build a better product using customer feedback loops to drive your product roadmap.
One of the key parts of using the voice of the customer to drive your product roadmap is always the understanding that the product only exists to fill a need that your specific customer segment has. The product is there for your users, not you or your team that built it. As a result, they know what they need to get the most out of your offering and the more you listen to them you can learn how to convert more users, loose less users and build an overall happier user base.