Continuing the conversation on data and measurement, Trisha speaks on how to focus on the right metrics that will drive retention and renewals. Her approach is to identify which feature usage correlates with long-term retention, and steer new clients to try out and adapt those features as soon as possible.
In this episode, Eric continues the conversation with Trisha Price, Chief Product Officer of Pendo.io.
Pendo.io is on a mission to elevate the world’s experiences with software, and so far they’ve raised a total of $469.5 million in funding, and have amassed a team of 800+ members.
Continuing the conversation on data and measurement, Trisha speaks on how to focus on the right metrics that will drive retention and renewals. Her approach is to identify which feature usage correlates with long-term retention, and steer new clients to try out and adapt those features as soon as possible.
Trisha approaches driving usage through a set of bespoke guides that are segmented based on their current experience with the platform. Getting the right, personalized message to users in the right moment is crucial to make sure that adaptation becomes a streamlined and seamless process, and doesn’t put the burden of discovery and implementation solely on the Customer Success team.
To get a true understanding of the right time to reveal features and push for implementation, you must whiteboard the customer journey. At the end of the day, you’re the only one who cares about your product releases - your customers care about solving their problems at the appropriate time in their journey. It’s very easy to get caught up in focusing on the day 1 of the customer's journey, instead of seeing the full picture and understanding that you need to provide continuous education in bite-sized chunks.
Product Leadership is a newer role in the grand scheme of things, but it’s not at its infancy anymore - so a big sign of a great product leader is someone who’s built their core principles. For Trisha, it’s all about driving customer value and finding interesting and hard problems to solve for your customers. You need to play the long game, understanding that outcomes won’t be driven overnight, so you won’t really know if your new feature is a success from the get go.
Trisha’s technical background has typically landed her roles where she’s both the CPO and the CTO, and this exact background drives her curiosity to understand product on a molecular level giving her an edge due to her holistic vision of what is possible to achieve. Not having a technical background often drives a lot of insecurity in Product Leaders and Managers, and even though Trisha doesn’t deal with this fallacy herself, she suggests that the way to overcome it is to have an engineering partner that you can truly trust - which is also the model they currently have at Pendo.
Check out the full episode to learn how to create the ultimate customer experience!
HIGHLIGHTS:
00:00 How To Improve Your Retention Rate
02:26 Drive Sticky Feature Usage With Guides
04:35 Mapping The Customers Journey
08:45 Timing Is Everything
11:32 Trisha’s Principles as a Product Leader
14:11 Overcoming the “I’m Not Technical Enough” Fallacy
18:42 Trisha's Leadership Principles
Connect with Trisha - https://www.linkedin.com/in/trisha-price-3063081/
Check out Pendo.io - https://www.pendo.io/
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To reach out to Eric, visit FullCycleProduct.com