In the last post, I highlighted that SMB’s are mostly a long tail business with a majority of the market at the smaller end of the spectrum. An insight that I did not appreciate going into this market is the amount of sensitivity to price. The statement that “There are three things that are most important in SMB, price, price and price” is 100% true! With most small businesses being small and not really in it to grow this price sensitivity makes a ton of sense. So if you are a startup in this space you come across an interesting squeeze.Read More »
Every companies’ strategy mentions owning the full customer relationship as a key goal. The thinking goes somewhat like this.
- We have identified a customer need in a super specific niche area inside a large industry vertical.
- Once we acquire this customer for this super specific need, we want to continue serving them and building a relationship with them
- This same customer has varied needs that exist in the large industry vertical, a vertical that is unnecessary complex and filled with incumbents offering poor products.
- We will build products that address all their needs. We will cross them into all these products
- The customer is happy as there is only one place to go for all his needs
- We will own the customer for everything they need in that industry vertical – we build high LTV
This post is #2 in the series of “The ultimate guide to hiring PM’s”. Post #1 is here.
Continuing with the theme of approaching the hiring process as a product, the hiring process has two main goals:
- Targeting: Find the right person. Create an efficient interview process that provides a full view of the candidate.
- Conversion: Reduce the candidate’s friction. Once you have decided you want a person on your team, ensure you have the best method to convert the user (candidate) to a customer (full time hire).