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Navigating Choppy Waters: 5 Tips to Revive Your Product's Growth Trajectory

 

In the dynamic world of product lifecycle management, every voyage comes with its fair share of smooth sailing and stormy seas. But what do you do when you find your ship caught in a downturn? If you're a product manager witnessing a dip in sales, a surge in cancellations, and a rise in customer complaints here are the top five practical tips to set your ship back on course.

1. Listen Attentively to Customer and Contact Centre Feedback:

The first step towards course correction is understanding why your customers are jumping ship.

Dive deep into customer and contact centre feedback and complaints.

Unearth the underlying issues, pain points, and concerns they're facing. Use this insight to refine your product's features, end to end journey, and enhance its value proposition.

2. Revamp and Re-engage:                       

Don't shy away from change; embrace it.

Analyse your product's performance data to identify which features are underperforming and which ones are still winning hearts.

Revamp those underperforming aspects, injecting new life into your product or consider removing these if they are not adding value and causing angst. This could mean updates, overhauls, or even sunsetting certain features.

Once your revitalised product is ready, re-engage your customers with compelling marketing campaigns and personalised messages that highlight the improvements. Choose the low-hanging fruit opportunities first in terms of customer and business value and ease of implementation.

3. Strengthen Customer Support:

A surge in customer complaints indicates that your ship might be leaking.

Bolster your customer support channels and provide swift, empathetic responses to their concerns.

By addressing issues promptly, you not only resolve existing problems but also demonstrate your commitment to customer satisfaction.

4. Data-Driven Decision Making:

Navigating through stormy seas requires a reliable compass.

In this case, it's data.

Dive into your sales analytics to uncover patterns and trends. Isolate the reasons behind the downturn – perhaps it's a seasonal dip or a broader market trend.  Make informed decisions backed by data insights to strategise your revival plan effectively.

5. Embrace Product Lifecycle Management Innovations:

In times of crisis, innovation can be your lifeboat.

This is where Skyjed can help. Skyjed's cutting-edge product lifecycle management SaaS platform offers a comprehensive suite of tools that can be your co-pilot in navigating through troubled waters.

From continuous product health assessments and real-time performance and risk monitoring to strategic product planning, Skyjed provides the insights and guidance you need to not only weather the storm but also thrive in its aftermath.

By leveraging Skyjed's AI-powered capabilities, you can gain a 360-degree view of your product's performance and make informed decisions that will steer your product toward success.

As a skilled product manager, you're equipped to navigate through challenges.

By embracing customer-centric strategies, data-driven decisions, and innovative tools like Skyjed, you have the power to reverse a downturn, increase customer satisfaction, and set your product on a course toward success once more.

Example: Decoding a Downturn: How Skyjed's Product Review Revivies a Home Loan Offering

Consider this scenario: your home loan product has enjoyed a steady 2% monthly growth rate in applications over the past eight months.

However, in the last quarter, the tides have turned, and the growth rate has plummeted to a negative 3% month on month.

Learn more about how a comprehensive product review with Skyjed can be your compass to navigate this turbulence. Let's set sail on a journey of revival.

The Scenario:

For nearly three-quarters of the year, your organisation’s home loan product was on a growth trajectory, with a steady 2% monthly rise in applications month on month.

But the recent quarter has seen an abrupt reversal, with the growth rate plummeting to negative 3% month on month. This downturn raises concerns and demands swift action.

Conducting an Extensive Product Review with Skyjed:

Skyjed has a range of product reviews on hand. By conducting an extensive product review using Skyjed's cost effective SaaS platform, you can shed light on the factors behind the downturn and pave the way to recovery.

Let's explore how:

Identify Customer Pain Points:

Through Skyjed's lens, delve into customer feedback and complaints related to your home loan product.

Discover if there have been increased complaints about unclear terms, high processing times, or unresponsive customer service.

For instance, a recent rise in complaints about prolonged loan approval times could be a contributing factor to the growth rate decline.

Analyse Usage and Engagement Data:
 

Skyjed allows you to scrutinise your performance data, revealing how customers interact with your home loan product.

Perhaps you find that a once user-friendly interface has become convoluted, leading to decreased engagement.

An example might be the complexity of submitting application documents online, discouraging potential applicants.

Monitor Market Trends:
 

The banking landscape is dynamic, and market trends can swiftly impact consumer behaviour.

Skyjed's product review monitoring capabilities help you stay attuned to such shifts.

For instance, a sudden shift in mortgage rates offered by competitors might explain why your product is losing its edge in the market.

Uncover Product Performance Metrics:
 

Skyjed's product review process digs deep into performance metrics.

You might discover that the recent dip coincides with a drop in other related performance metrics, possibly linked to a lack of personalised loan options tailored to various customer profiles.

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Image 1: Sample Annual Product Review
 
Addressing Contributing Factors:
 

With Skyjed's insights in hand, you can chart a course for recovery:

1. Simplify the Application Process

Armed with data on customer complaints and engagement, you can streamline the application process. If feedback indicates complexity, consider a simplified document submission process and intuitive interface.

2. Enhance Customer Support

If customer complaints point to dissatisfaction with support, bolster your support channels.

Perhaps integrating a chatbot for instant loan-related queries could be the solution.

3. Stay Competitive with Flexible Rates

If market trends are at play, consider offering adjustable rates to stay competitive .

4. Personalise Loan Options

Using insights from performance metrics, tailor your loan offerings to meet diverse customer needs.

Introduce flexible repayment plans or bundled services for different customer profiles.

The Skyjed Platform

Skyjed goes beyond helping you navigate the process of identifying issues; it equips you with the tools to formulate a comprehensive strategy for a turnaround.

Upon conducting an extensive product review, Skyjed platform enables you to map out risk mitigation measures and strategic actions that directly address the identified pain points.

Additionally, Skyjed provides a holistic product health check score, offering a succinct yet comprehensive overview of your product's overall well-being. This score not only consolidates data but also enables you to measure the effectiveness of your strategies. It serves as a tangible benchmark, helping you gauge improvements and providing the confidence to steer your product toward sustained success.

Screenshot 2023-06-02 at 2.32.59 pm

Image 2: Sample Annual Product Health Check

By leveraging Skyjed's product lifecycle management platform, you can establish a hierarchy of high-priority and high impact actions that will pave the way for effective product review strategies.

The platform offers automated reporting that tracks and updates the progress of these actions, ensuring transparency and accountability.

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Image 2: Sample Risk & Strategy Actions Dashboard

As you navigate through the product review process, Skyjed's automated reporting becomes your compass, allowing you to monitor the implementation of critical measures and witness their impact on turning around your product's performance.

The recent downturn in your home loan product's growth rate is not a harbinger of defeat, but rather a call to action.

Skyjed's platform empowers you to dissect the contributing factors and steer your product back on course. By identifying pain points, analysing data, monitoring trends, and optimizing performance, you can hoist your home loan offering to new heights, sailing through challenges and emerging stronger than before.

About Skyjed

Skyjed’s AI-powered end-to-end lifecycle and governance platform is mission control for product management. Bringing together every data point across your entire product portfolio and lifecycle into a single source of product truth, it gives our clients a new perspective to make more strategic lifecycle decisions to launch, monitor, optimise, and win with brilliant products. 

Our industry-leading platform has received numerous awards and recognition from clients and industry bodies, demonstrating our commitment to innovation and excellence.

Watch our Skyjed demo

If you want more information Contact the Skyjed team.