In case you missed it, last week we introduced our very first round-up of PMM Questions - you can catch up on that one here.
In this week’s edition, we’ll be touching on everything from taglines and agile marketing to logo nightmares and customer comms.
And remember, you can get full access to these questions and more by joining our product marketing slack community.
Does anybody have any tips for calculating churn for our business?
The basic formula for churn is:
Number of churned customers / total number of customers
There are sites that can help you do the legwork (like ProfitWell), but, whether you use them or not, here are some important things to set out from the off:
- How to count your customers. If you’re using a period of, say, a month, generally speaking, you’ll have three types of customers: renewals, brand new customers, and newly churned customers. To get accurate answers you need to make sure you’re consistent with your counting.
- Defining the moment of churn. Will it be at the time a subscription expires and they don’t renew? Or at the moment of cancellation?
- Your timeframe. Is it sufficient enough to collect robust data? And are you keeping it consistent? Also, consider seasonal influences too; are there times of the year you typically lose more customers? You’ll usually need to go through several cycles before you identify this type of pattern though.
- Customer segments. If, for example, you have free, standard, premium and enterprise versions of your service, you need to calculate the churn for each individually.
Does anybody have any best practices for agile marketing?
Here are our five pennies worth’:
- Make sure you get buy-in from key stakeholders and decision-makers to ensure speedy sign-offs.
- Maintain a data-driven mindset and make sure the numbers you’re working with are real-time.
- If you never try you never know, so make sure your teams aren’t afraid of failure.
- Create a platform for easy and open communication so there are no collaboration barriers.
- Share successes and failures and continually iterate your ideas based on them.
Does anyone have any strong opinions on taglines?
Personally, we’re a fan. They differentiate you from your competitors, tell your audience what they can expect from you, define your brand on any medium, and align with and represent your vision...if they’re done right, of course.
Here are some of our favourites:
- MasterCard: There are some things money can’t buy, for everything else there’s MasterCard.
- Nike: Just Do it.
- Tesco: Every Little Helps.
- Ronseal: It does exactly what it says on the tin.
Simple, catchy, and super powerful.
What are the best tools for screen recording and audio?
Some of our fellow PMA’ers recommended:
We’re about to relaunch our logo but realised at the eleventh hour that part of someone else’s logo is almost exactly the same as ours, but the colour and wordmarks are completely different. What should I do?
This is a tricky one to answer without seeing the designs because it largely depends on just how similar it is. Trademark and copyright laws can be pretty confusing and lead to a lot of grey areas, but there are a few things you can answer off the bat:
- Is the other company a competitor? If so, you’re more likely to land yourself in hot water because there’s more chance of them contesting it. If you’re both in wildly different industries though, there’s likely to be less confusion for customers and so less conflict with the company.
- Has the other company trademarked their logo? If they’ve not, you could be in clearer waters.
- How alike is your logo? If it’s just one aspect, for example, the shape of an icon, but your colour scheme, typeface and placement are all dissimilar, you might be able to argue it’s sufficiently different.
If you’re not sure which side of the line your logo’s on it might be worth seeking legal advice before you launch it - after all, it’s better to be safe than sorry.
Does anyone have any experience with products where one user could have access to multiple accounts - e.g a paid and free account, and, if so, would you treat these customers differently in comms?
It’s probably best to separate these pots. Using the example above, divvy your data up into three segments:
- Paid for account only
- Free account only
- Paid and free account.
Otherwise, it’s difficult to effectively target each cluster. For example, your aim for people who’re only using your free account would be to take out the paid version, right? But if you sent that type of message out to all your contacts, you’d leave the people who’re already paying a bit confused. And if you didn’t send that message at all you’d be missing out on opportunities.
Taking a personal approach is always better and will enable you to:
- Send the right messages to the right people,
- Maximise opportunities,
- Avoid alienating customers who don’t need to see certain comms, and
- Improve conversions.