Listen to… optimize conversions on your site, get your pricing point at the right level and learn from a master product creator…
King of product creators
Hiten Shah is a prolific creator of products – more than 30 to date. And 5 of them have been multimillion dollar successes. He’s also had a few failures on the way.
That all adds up to a lot of experience of what to do and what not to do.
In this excellent interview on Indie Hackers, Hiten gives a ton of advice for anyone starting a business. Or building a new product.
So much learning in this podcast, it’s hard to boil it down to 3 key takeaways. I had many. But here goes…
- Make sure the problems you’re solving for your customers are their top challenges. Do the research to figure that out before you start building the solution. If it’s not a priority, ask how you can make it the priority. When you research, focus on what they are doing today. People don’t want new things. They want better, faster ways to do the things they are already doing.
- The section on how Hiten and his co founder Marie got to their current product FYI. Is interesting how failures and ideas took them on the path to where they are now.
- Learn from the past but don’t get bogged down by it. Do postmortems on the things you do in your business and document it. Hiten also found improved results come from sharing it with his newsletter subscribers and also teaching them how to do it (eg a launch on Product Hunt or getting an MVP out of the door in 5 days)
Do you stress over whether you’ve picked the right price point for your product?
Many entrepreneurs agonize over getting it right because they think of it as a one time decision.
Patrick Campbell from ProfitWell takes an alternative view – pricing is like any other ongoing process in your business. It’s never fixed in place.
In this interview on How To SaaS he explains the key to getting pricing that is right for you and your customer.
- Pricing is the single biggest growth lever. It’s worth spending time focused on price because the rewards are so high. Back in my corporate days, pricing was a huge fixation because small increments in pricing had huge impacts on the bottom line.
- First step in figuring out your pricing is to talk to customers. Do the qualitative research and feed into a framework to score willingness to pay, elasticity etc. Segment the hell out of the data.
- Use data to support pricing decisions. Opinions and assumptions not backed up by data aren’t helpful.
B2B Conversion Optimization
“Taking what you’ve got and improving on it”
That’s the essence of this beginner’s overview of conversion rate optimization (CRO) on the Digital Marketing Podcast. Although titled B2B, it’s relevant for B2C as well.
So, before you throw more money at ads, get some ideas on how to improve the conversions on your existing funnel.
- Although Google Analytics is helpful, you need an analytics tool tailored to CRO (like HotJar) to run conversion projects.
- Screen recordings of user behavior are a goldmine. When designing a page it’s usually not under the same conditions as when they get used (eg mobile, poor wifi, old browsers). Screen recordings can highlight that. And with that in mind – design with empathy.
- Don’t get too attached to your copy, design, offers, etc. If users on your site are telling you it’s not working, test alternatives against it.