Category: Product

Types of Customers

Marketing, Product

If you want to achieve in your business, you have to setup your business model correctly. when we talking about business model at that time main element of business model will be type of our customers. we need to identified that who will be our ideal customer. to identified customer we need to measure two parameter.

  1. Effort: We will consider here how much effort we need to put in marketing, sales, and operation to fulfilled customer requirements.
  2. Return: We consider here profit margins, turn around time, and repeated business or capacity of buying other services.

Base on above parameter you can find 4 type of customer:

  1. Amazing Customers : Low Efforts and high return
  2. Bread winning customers: High Efforts and High Return
  3. Convenience Customers: Low Efforts and Low Return
  4. Dangerous Customers: High Efforts and Low Return

You have to find your customer type %. You might have convenience customer in your pipeline, also have bread winning customers and amazing customers. You have to build funnel to win more amazing customers and you need to give your more efforts to find amazing customers.

KPI – Key Performance Indicator

Marketing, Product

Key Performance Indicator (KPI) is very important for each business. KPI will help business owner to check how effectively they are achieving their business objective. Business has to build KPI in each department like Marketing, Sales, Operations, R&D, finance, HR and Managment.

Each Business type has its own KPIs. You have to identify which KPI is most important for your business.

Today we will see some examples of Marketing KPI which help the business owner to identify how their marketing team is doing. There are many KPI that will belong to the Marketing Area but we will see just a few to get the idea that how to define KPI.

  • Sales Qualified Leads (SQL)
  • Purchase Funnel
  • Funnel Conversion Rates
  • Brand awareness
  • Lifetime value of a customer (LTV)
  • Customer acquisition cost (CAC)
  • Customer retention

all are above KPI which will be belong to SaaS base platform. you have to find your own business KPI for Marketing department. You have to keep track of day wise, week wise and month wise. Base on comparison you will able to see that does your strategic is helping you to achieve your goals which you have define.

Product = Idea – Build – Market

Product

When we think about the product building process, just 3 things come in my mind is Idea -> Build -> Market. so let’s explore what does it mean by Idea, build and market. doing these 3 things how we can build successful products. In today’s blog, we will see the idea and the next two blogs will be about Build and Market.

Idea: The product development process gets started with an idea. when you have an idea and you want to see that do my idea will work in the market? once you get the below questions answer then you might get an answer to those questions.

  1. What problem will get solved by your product?
  2. Why people will use your product?
  3. What is unique about your product?
  4. What exactly am I making?
  5. what will be my target audience?
  6. what is my market size?

There are many more questions but above is the basic question which will tell you that you should go for an idea or no-go for the idea.