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When marketing your product, you work your way towards your end goal of customer success. This is when your customer gets what they want in the way that they wanted it. At its core, when a customer reaches customer success, that means your products have a perceived value.
But how will you be able to know if your customers have found customer success? In this article, we’ll be breaking down the key metrics to track during the stages of your product marketing strategy:
A common misconception is that product marketing is about marketing a single product through social media, ads, and so on. Although there is a bit of truth to it, that would be downplaying what it truly is.
When you market a product, your goal is to get the word out about it and make sure that people know what it’s all about. The product needs to be presented in a way that shows off its benefits to its future users. It should be able to convince people that it would be an investment to buy. In short, it should be able to communicate a product’s value to its potential customers.
In product marketing, product marketers work together with customer success, customer support, and sales teams, among others. That way, they can create content (e.g. ads, how-tos, etc.) that can help their customers see customer success (i.e. the customer gets what they want, the way they wanted it).
Product marketing doesn’t end once the product “gets into” the market. Its goal is customer success — and this generally occurs once product roadmaps, product promotions, and more are done. For example, if a customer wants software to close the gender pay gap, product marketers would not only need to introduce their product but also:
But how, exactly, can you tell whether your business has gotten to its end goal?
Customer success can be broken down into multiple metrics or key performance indicators (KPIs). These will tell you whether or not your product marketing strategies had worked towards your customer’s goals. We’ve outlined some of these metrics below.
It’s not uncommon for companies to ask their customers to complete a survey that involves the net promoter score (NPS). The NPS is a way for customers to rate from 0 to 10 how likely they are to talk about your business to their colleagues — in a good way, of course. It shows you whether or not they’re satisfied with your product and with the complete customer experience.
For example, if you were able to provide them with BI tools for their startup, as well as help them through the onboarding stage, there’s a good chance that they’d rate you a “ten”. With the NPS, you’ll be able to get an idea of what your customers really think about your business.
The metric customer churn rate (CCR), or customer churn, is the rate at which your customers cease to do business with you. By calculating it, you’ll be able to get the percentage of customers your company has lost over a period of time.
It’s critical to calculate the CCR as it tells if your overall customer success efforts are effective. If customers cease to do business with you, that indicates that you weren’t able to give them what they wanted, in the way they wanted it.
You shouldn’t aim to complete only one transaction with each customer. You need to sell, cross-sell, up-sell, and more — after all, it took you time to get those customers on board, so you might as well get the most out of it, right?
The metric customer lifetime value (CLV or LTV) considers your customers as investments. It measures the amount of money you’ve made from a certain customer, in relation to the amount of money you spent to convert that customer.
To calculate the CLV or LTV, divide the revenue per account (ARPA) by the customer churn rate (CCR).
The NPS measures what people think about your business, but what do you people think about your product? By tracking the product usage, you can gauge how valuable your products are to your customers. For instance, if your product is a streaming app and your customers aren’t logging in each day, that could be a sign that they’ll cancel their subscription soon.
You can then use this information to conduct market research using the top marketing research methods, like focus groups. That way, you can find out exactly why your customers aren’t using your product as much as you had wanted.
This metric reveals vital information that you can use to improve your products. It allows you to create products that your customers actually want — it’s the one way to ensure that they find customer success in the end.
The conversion rate is one of the most critical metrics in customer success. It shows you whether or not your customers are doing what you wanted them to do, whether that’s to sign up, add something to their cart, or more. These actions tell you that your customers are genuinely engaged.
When your customer takes action, they’ll slowly make their way towards customer success. Remember that conversion doesn’t occur overnight, so give your customers time to be slowly convinced that your products have value.
This is a straightforward metric to track — if sales are going up, you’ll know that your marketing strategies are working. If sales are going down, that suggests that you need to change your strategy.
The cost per acquisition is the amount of money that your company spends on each successful sale. Let’s say you spend $1,000 on Google Ads to attract customers that spend a total of $650. If your cost per acquisition costs more than your conversions, you need to go back to the drawing board and change your targeting strategies. You could, for instance, use social media channels to connect with customers instead — after all, it’s free.
By using these KPIs in product marketing, you’ll be able to know if your strategies are working towards your end goal. Partner with customer experience experts like StartingPoint to ensure your customers’ needs are fulfilled so they can reach customer success.
The best bit? You can take StartingPoint for a test drive free of charge. No matter the size of your business, our scalable solution to workflow management can confidently meet your needs. We recognize the importance of having access to a reliable and robust workflow management solution. For this reason, we offer a standard version of our solution free of charge.
Are you ready to get the ball rolling? Take StartingPoint for a spin today.