So next up, we’ve got a topic with a bit more specific about sort of start ups and entrepreneurism and product management. So if you have some sort of products particular, if it’s some sort of digital product like ASUS, this is quite applicable, but actually it’s applicable in some service industries as well. But I saw a couple of tweets that touched upon customer feedback and customer requests for features of your product. Right. So I’ve run a couple of products in the past. And what you often get is people on the support, on the live chat or e-mails, whatever, or in sales conversation, who will turn out to say all your stuff’s great, but it really needs this extra thing over here. This feature is missing. This feature or another classic one in sales is like, I would buy this if it had this other thing. This extra thing. And you get it all the time, and especially when your, you know, living month to month with your cash flow and you’re in this of early stages, the growth stages of your Start-Up or your business, and you need that money in through the door. The temptation is to say, right, well, OK. The customer is always right. Let’s. Engineers, please take this feature requests and build it and stick it in. Let’s go, because then we’ve got another sale. So it’s worth doing and all that comes up. So there’s a couple of guys on Twitter who are tweeting about this. Had a couple of different views on the same kind of topic ones, Ben but Bradberry. And the other one was Tyler Trinkaus, who’s Earnest Capital. And Ben Bradberry says, if you want fluffy products, ask customers what features they want next. If you want useful products, ask customers about their biggest pain points. Future features a speculative present. Pain points equals reality. And so what he’s describing there is, is that. Customers like the place where customers are coming from, when they’re asking you for features, is they have underlying issues or underlying problems, problems that they need solving. And then in their heads, they go, oh, what a way to solve this problem is this. I’m going to ask them for this. That makes total sense. But what he’s saying there is, is that the customer doesn’t necessarily have the full picture of. What other people’s problems are, whether this is a general class or problem, can be solved in a broader way or whether this is very specific, solve a problem just for this particular customer. And that if you as this sort of customer support person or the product management kind of person can dig a bit deeper and ask the deeper questions and get to the underlying problem, then that gives you a chance to solve a deeper thing in a better way for more people to bring more value to your customers and also more value to you. And then Tyler Angus was talking about it from a slight different reactions to his tweet was, oh, my customers are awesome. Me for feature X, should you build feature X question mark. So, you know, as if you’re getting a lot of people asking for the same thing, should you build it? And he had quite an interesting framework on how to approach that kind of problem. And his approach is like data driven. So he’s saying, listen to your metrics. Is not having feature X effecting one retention or customers cancelling because the feature doesn’t exist to growth? A customer is not signing up because the feature doesn’t exist and three annual average revenue per user would.
Existing customers pay more if that feature existed. And I think that’s quite a good mental framework to dig in particular with your team because, you know, you’re going to be making decisions in coordination with your UI, you X people, your engineers, your growth people, whatever it might be. And that gives you a really good framework to say, right. We might have ten feature requests for 10 different features that a lot of people are asking for. Which one do we prioritise? Which ones do we do versus not do? And so if you go through and do do, your best guess is by under retention gross an average revenue per user, then that gives you a framework for basically prioritising production. So you can you can make sure you’re working on the thing that’s got the biggest bang for back up front. And then gradually, what you write down the list and some things you could give up completely. So, Marcello, I know that you’ve had various sort of products in the past with an almost infinite wish list of feature sets. What’s been your experience?
Yeah, I think you hit a critical point on that. It’s not that lots of customers are asking just one new feature you need to prioritise because you have a ton of box that you need to fix. So you have a limited team of engineers also.
You know, it’s everything is always urgent. You know, Start-Up as well.
So then then you have limited resources and then you have bugs. Some of them are like suburbian. So that’s for sure. It is some time then you have less urgent bugs and then you have even features that are not made for your customers, but are for internal processes like how to improve, become more efficient.
So it maybe will not bring you saved, but you will reduce costs.
So that’s another way of looking at it. So then and then you have all that customers are requesting. So from from there, from all the things they are asking, I think that mini roadmap or lie checklist on it. Is it affecting like retention on sign ups sales? And if it’s not, I will put it on a low priority list. Yeah, for sure.
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