Insights from Indonesia Product Conference — Part 1

The objective of this article is to repost the insights from the previous Indonesia Product Conference by Apiary Academy. If there are certain errors or discrepancies, feel free to comment on my Medium account. The insights were gathered through note-taking from each speaker. Happy to share with all of you. My apologies if there are any missing links in each piece of information. I hope you all gain more insights after reading this article.

How to ensure your product team is a cost center or an engine of company growth?

Recorded from a session with Alfonso Fiore, CPO of Happy Fresh

Key Performance Index can be divided into several categories:

1. North Star Metrics (NSM) -> This metric is typically what CEOs care about.
2. All single products share the same NSM

There are several phases in KPI evolution:

Phase 1 — Learn to experience

For example:

Airbnb share to the public that experimentation is fundamental to their success.

NSM -> booking per day

IBPD -> Incremental Book / day

When they experiment, there will be two groups, each with different focus: quality and quantity. The team that focuses on quantity creates a better quality product because they are familiar with the process.

Airbnb encourages new employees to ship new features or experiences since day 1.

Phase 2 — Measure teams -> Individual Impact

NSM (booking per day) can be growing but IBPD (Incremental Book/day) is shrinking and also NSM may be declining but IBPD is growing. Some types of IBPD growth are booking generation by control or treatment.

Phase 3 — Control errors

Team KPI is a journey. To know whether your product team is a cost center or an engine of growth, it is important to not only focus on NorthStar metrics, but also focus on individual KPI such as implementing the experimental strategy that focuses on small teams or individuals.

Customer-centric Product experiences as The North-Start Metrics

by Siddhesh Sawant — Regional Vice President at Netcore

Nowadays, there is a marketing technology boom that in a decade will account for 5,233% growth.

There are several problems with users when they create brands.
1. Rising expectations

2. Attention recession

3. Data privacy

4. Multi-device and cross-channel

5. More options lead to less loyalty

The presenter gives an overview of challenges that impact business KPIs.

The challenges are:

1. Product discovery is a challenge
2. Lack of intelligence
3. Intense competition

While the impact of Business KPIs is:

1. Low CTR (Click-Trough Rate)
2. High bounce rate
3. Low-stagnant conversion rate
4. Revenue remains low
5. Marketing ROI is low

Those lead to the following insights:

Brands spend $500–1000 to acquire 10 users and only 1 user converts.

Out of users who convert, only 25–30% are retained after 90 days.

Therefore, it can be concluded that conversion to retention needs AGILITY.

6 Things a brand should do:

1. Crafting data-driven hyper-personalized customer experience using AI & analytics
2. Creating omnichannel customer experience for a connected, coherent digital experience.
3. Forging a real connection with users by actually helping them to build loyalty
4. Investing in and for the future — No-Code Product
5. Interactive and personalized messaging.
6. Customer-centric at the core priority of the product.

Life After User Breakup Minimize Churn. Win them Back

by Sahil Singh — Head of Sales, APAC at Branch

There are retention lifecycle framework

source: https://nils-stotz.medium.com/growth-frameworks-the-retention-lifecycle-framework-af14a22f820f

Top apps have higher day 1 retention rates and end with much stronger absolute in day 30.

We can categorize retention by frequency of usage:

1. Weekly
2. Monthly
3. Yearly

Some products that can use weekly retention include Slack, Instagram and Zoom.

Churned users are, in fact, the largest percentage of most products’ potential user pool.

Many of these users are probably using a competitor’s product, so they’re of high value.

Why user churn ?

1. Product Market Fit -> Research Method (NPS)

The product does not provide sufficient value

Competitors Offer More Value

2. Activation -> Completion of onboarding

The product is great, but users are not activated, not finding ‘aha’ moment

3. User Frequency-> Compare against similar products

Users are active, but do not use the product frequently enough

4. Cost -> Pricing analysis

Product is too expensive

5. Bugs -> Customer support, twitter, reviews

The product keeps breaking

6. Low-intent user -> Surveys,screen recording

The acquired users don’t want the product.

If you’re growing — Take advantage of temporary spike to build loyalty and retain these customers long-term.

If your traffic is low — Focus on long-term, prioritize relationship (rather than revenue) and use other creative ways to engage users.