Product managers, there’s never going to be a time where customer retention priorities and growth opportunities have more overlap, i.e., not at odds.
Think about it. The pandemic has forced a lot of businesses to go directly to their customer base for growth as new logos are harder to come by. If you’re one of them read on.
As a proof point, one of our current clients offers a CRM add-on solution that helps high-tech companies grow revenue and wallet share in existing customer accounts. The demand for their solution has gone off the charts since the pandemic hit.
Right now, your customers are far more willing to do business with you than new technology partners because in most cases, the risk is far lower. Seize the opportunity.
Resetting Your Customer Retention Priorities: A Team Exercise
Treat this as a collaborative product management team exercise, not an exercise for each product manager.
- Take all of your product backlogs and priorities and set them aside for the moment. None of them are relevant yet!
- List the top 3-5 strategic business priorities of your target customers as they exist right now.
- For each priority, state if it’s new since the pandemic hit or not. Then state why each so important to their success right now versus a year ago.
Here’s the most important part of this exercise. For each strategic priority listed above, what is the most common approach customers are taking to execute on that priority. In other words, what do they perceive as the best way to execute on each priority? Alignment to their thinking is the lynchpin to success.
Now, go to your product backlogs and see which items have a direct hit. Keep those and set everything else aside for now.
Huddle up with your fellow product managers and add new items to your product backlogs collectively that give you more direct hits against those customer business priorities.
These are your new portfolio priorities and should be planned and resourced as such.
Anything from your previous backlog that didn’t make the A-list here may still be important as far as customer satisfaction or usability. It’s just a matter of working them in relative to customer retention priorities that have a bigger impact on and wallet share growth.
If you want to learn how to uncover strategic customer priorities and align your portfolio priorities accordingly, contact Proficientz about a hands-on workshop for managing, marketing and selling a portfolio of solutions to grow your wallet share.
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