Product Experience is increasing becoming the lever organisations deploy to gain critical competitive advantage, enhance client lifetime value, raise sales, and minimize turnover.
Great customer experiences are formed through your brand promise, embodied in your product and service delivery, and delivered by satisfied employees who provide first-rate service and support.
Brand awareness, brand promise and product experience
Brand awareness allows the consumer to attach value to the product, thus a high level of brand awareness prompts a quick purchase, ensuring your marketing budget delivers a higher return on investment (ROI). Consumers are inundated with choices and connect more easily with brands they recall or whose values they admire, thus spending money with them rather than an unfamiliar brand or product. That is because consumers prefer brands that are recalled easily rather than researching and collecting information before making a purchase.
By driving brand awareness, you can generate positive attitudes about your product in the minds of potential customers.
By prioritizing product experience when building brand awareness, organisations can benefit from:
1. Enhanced CX at every touchpoint, thus building brand equity
2. Build loyalty and trust
3. Build a strong connection between the customer, brand and product.
What is product experience?
The term "product experience" describes the customer journey that occurs inside the product itself, from the user's first use to the final use of the product. It is a more comprehensive, end-to-end perspective on user experience, which describes the particular interactions a person experiences with a product.
By focusing on the product experience, businesses may give customers greater value whilst increasing their lifetime value. The main factor in product differentiation, as well as long-lasting consumer satisfaction (as gauged by CSAT and NPS), is a positive product experience. Customer churn rises as a result of bad product experiences that make them more frustrated and possibly resentful of the difficulty of using the program to complete activities.
Stages of Product Experience
Every stage of a customer's relationship with your brand, including Product Adoption, Customer Acquisition, Customer Retention, Product Innovation, and Product-led Growth, should be assisted by your team's product experiences, all the while focusing on a regular basis of receiving and acting upon customer feedback.
1. Product Adoption
A good score on product adoption allows you to benefit from increased exposure and fuel growth.
2. Customer Acquisition
A good product experience strategy results in more customers being satisfied with their experience and therefore testing other products in your range inevitably resulting in customer acquisition.
3. Customer Retention
Product experience creates happy customers and the more mature the product experience journey the higher the customer retention.
4. Product Innovation
Feedback is vital in product experience and oftentimes is the trigger for new releases that fix problems and address problems, thus driving product innovation.
5. Product-led Growth
A good product experience increases retention rates, reduces customer churn, and ensure the focus is on revenue growth.
Why establishing a great product experience is vital
Now more than ever, a seamless product experience is paramount. Users that have a terrible product experience will either stop using the product altogether or will start to dislike using it. Meanwhile, positive product interactions boost usage, foster loyalty, and raise net promoter ratings.
Many products' sales and adoption cycles lack formal onboarding or training. Users are anticipated to jump in and learn as they go. As a result, the product needs to be distinct, easy to find, and properly labelled. Users should be guided, informed, and prodded by the product experience at the proper times. The right amount of background knowledge and context must be provided without detracting from the activity at hand.
Another important factor is subscription pricing structures. Customers no longer feel "trapped" or "stuck up" with a product they have explicitly purchased. As such, businesses must continue to provide excellent customer experiences after receiving payment. It is therefore even more crucial to offer value from the start for products that offer free trials.