What Is Product Experience (PX) and Why Does It Matter
Product Experience is the part of the customer journey that allows for churn reduction and improves revenue. Read how to build a Product Experience strategy
Product experience is a part of the entire user experience. It focuses on the journey within the key product itself. Think of it as user experience within the walls of the product. It is essentially an experience the customer feels from the time they log in to the time they quit using the product. Since product-led growth is touted to be the most sustainable way to propel customer retention, product experience has assumed new importance. Customers like trying products to get aware of how they work. For companies who are moving to a customer-centric mindset, it is important to embrace a product mindset. Product experience is achieved through features, quality control, and design.
Product Experience is the part of the customer journey that allows for churn reduction and improves revenue. An orientation towards PX helps companies become modern and data-driven.
Product experience is the narrow band of a customer experience. Product experience is based on engagements with the product. When customers get Onboard, they care the most about the product. In B2B companies specially, the product is the main flagship as it contributes heavily to customer experience. Product experience is the perception of customers to your product, its features, and more based on their engagement with it.
Customers want personalised solutions. Intuitive product experiences are raising expectations on companies. Customers who are now unsatisfied with the brand are moving to other solutions. Now having a great user experience is not enough. Customers want good products that adapt to their needs, engage them, and serve their purpose.
Having a product experience strategy will allow information to be distributed in a way that best suits customers.
Mastering product experience goes beyond a simple team function. It includes all interactions about the product internally and across departments.
Company-wide Effort : Product teams alone are not responsible for PX. It requires efforts of customer-facing teams, marketing teams and more. Since products are constantly changing, it is necessary for teams to equip themselves. CS teams and product teams need to work closely to get immediate value for any development.
The four teams that are responsible for a holistic PX strategy include-
For product teams, they need to have a product vision and strategy while creating strategies that will encourage feature adoption and drive product usage. The metrics that dictate include customer lifetime value, DAU, and MAU.
For sales teams that conduct demos to push users further down the funnel, they need information. Conversion rates are a metric to get an idea of how teams are performing.
Generating content or creating campaigns that drive product awareness makes marketing teams responsible for product experience. This effort is measured in CAC, trial signups, and MQLs.
To facilitate a product-led growth strategy, it is necessary to track engagement, analytics, feedback. These are the three components of a PX strategy.
With the right data, it is possible to offer a better experience to users. When product experience is backed by insights, it is possible to deliver the best experience. With data analytics, you can
Every user who visits your products will not be engaged for the long run. Every customer needs to be re-activated and engaged after multiple efforts. Reaching out to customers will improve the prospects of product adoption and reduce churn.
Customers expect a lot. Everyone wants a better version of yesterday every day. It is also important to gather feedback about your customers.
To create the best product experiences, you need the right technology to power it. With analytics, engagement, and feedback, it is necessary to get the right technology.
Product developments and features are key in customer retention. Promote product-led development by getting better insights. Better experience means more chances for customers to stay happier with the company.
Products are crucial. Depending on its specifications, it is possible to make customers advocates and drive new growth. To measure product usage, you need to target the right customers and upsell in a relevant manner.
Product leaders need to work with teams on developing a customer-centric mindset. Customer success needs to have the right data to show stakeholders the direct impact of the product on them.
To use technology, you need the right tools. The SmartKarrot Customer success platform enables companies to understand how users feel when they use the product. Keeping in mind the increasing rates of churn, a set of powerful tools can guide companies ace in customer retention.
Your product is your biggest asset. With your product, you can navigate and make a positive impact on the lives of customers. Companies who have understood product experience as the central force of customer relationships are leveraging its power. PX strategies will help companies strengthen their hold on their own product formulation to propel growth. With a powerful tool like the SmartKarrot Customer Success platform, companies can now understand aspects like product adoption, user engagement to stay ahead of the curve. Real-time alerts and account intelligence can provide deep insights into each customer’s account so as to offer a personalized PX.
Originally Published December 22nd, 2020, Updated December 22nd, 2020