Rerun: The secret guide to product growth – Daphne Tideman (Growth Mentor)
Dec 27, 2023
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Daphne Tideman, Growth and Startup coach, discusses product/market fit and the importance of business/channel models. She emphasizes the significance of research in business growth and explores the differences between product management and brand management. Conversion rate optimization in e-commerce is also discussed.
Product market fit is essential for growth, but it's not enough; product market channel model fit aligns business models and channels with the market and product, setting up for sustainable growth.
Thorough research on target audience, needs, and channels is crucial for growth; continuous monitoring and alignment ensure meeting customer expectations.
Deep dives
Importance of Product Market Fit and Product Market Channel Model Fit
Product market fit is essential for any growth journey. It means finding an audience that loves your product, retains it, and provides good feedback. However, product market fit alone is not enough. It is vital to consider the product market channel model fit, which entails aligning your business model and channels with the market and product. This ensures that everything sets you up for success, not just one element. With growing competition, having a strong foundation in all these areas becomes crucial for sustainable and scalable growth.
The Role of Research in Achieving Product Market Channel Model Fit
Research plays a critical role in achieving product market channel model fit. Many businesses fail to conduct thorough research, which leads to challenges in growth. It is important to invest time and effort in understanding your target audience, their needs, and the best channels to reach them. This research should not be a one-time event, but rather a continuous process to monitor changes, test ideas, and ensure that all elements are aligned to meet the customers' expectations.
E-commerce and the Importance of Branding
E-commerce businesses have unique challenges and opportunities. In a crowded market, building a strong brand becomes crucial for differentiation and growth. Creating a human experience, gaining trust, and providing an effortless and enjoyable customer journey are essential for success. Unlike B2B businesses, e-commerce brands may find it harder to achieve exponential growth loops, but word-of-mouth referrals can be powerful. Branding and growth should work closely together to create a strong foundation for long-term success.
The Role of Conversion Rate Optimization (CRO) in Growth
Conversion rate optimization (CRO) is a vital component of growth, especially in e-commerce. CRO focuses on optimizing the entire customer journey, not just the conversion rate itself. It involves testing and learning to enhance the customer experience, drive value, and identify opportunities for improvement. CRO is a high-impact area that requires collaboration between the growth and product teams. Insights and findings from CRO should be shared across the organization to drive growth in all customer touchpoints.
What is the secret to exponential product growth? Daphne Tideman, Growth and Startup coach, joins us on the podcast this week. She discusses Product/market fit, the importance of business/channel models, and where companies go wrong when looking to grow their products.
Featured Links: Follow Daphne on LinkedIn and Twitter | Daphne’s book‘Growing Happy Clients’ | Read Daphne’s articles on Medium | Reid Hoffman ‘Blitzscaling’book | ‘Thriving In Hypergrowth’ – Cassidy Fein on The Product Experience
Our Hosts Lily Smith enjoys working as a consultant product manager with early-stage and growing startups and as a mentor to other product managers. She’s currently Chief Product Officer at BBC Maestro, and has spent 13 years in the tech industry working with startups in the SaaS and mobile space. She’s worked on a diverse range of products – leading the product teams through discovery, prototyping, testing and delivery. Lily also founded ProductTank Bristol and runs ProductCamp in Bristol and Bath.
Randy Silver is a Leadership & Product Coach and Consultant. He gets teams unstuck, helping you to supercharge your results. Randy's held interim CPO and Leadership roles at scale-ups and SMEs, advised start-ups, and been Head of Product at HSBC and Sainsbury’s. He participated in Silicon Valley Product Group’s Coaching the Coaches forum, and speaks frequently at conferences and events. You can join one of communities he runs for CPOs (CPO Circles), Product Managers (Product In the {A}ether) and Product Coaches. He’s the author of What Do We Do Now? A Product Manager’s Guide to Strategy in the Time of COVID-19. A recovering music journalist and editor, Randy also launched Amazon’s music stores in the US & UK.
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