You are probably familiar with customer success platforms, but in the world of SaaS, there’s a transition happening, Recently, more and more companies are starting to use a further evolved platform that offers more in-depth solutions: A Product Success Platform.
So what exactly are product success platforms, and why are they becoming the gold standard? Keep reading, and we’ll tell you everything you need to know, including:
- An introduction to PSP: Product Success Platform
- How a product success platform differs from a customer success platform
- Main features of a product success platform
- Why you should use a product success platform
Introduction to PSP: Product Success Platform
Despite there being an arsenal of different tools for almost everything, many SaaS companies are still struggling to find an effective tech stack that actually fulfills 100% of their business needs. SaaS companies are still looking for an all-in-one solution that offers everything they need to improve their product and service at a continual rate. As a result, a new concept has emerged: product success platforms.
A PSP is a customer-centric, product-led platform that utilizes the product to optimize all areas of the customer lifecycle.
It offers a variety of tools and features to analyze user data, including downloads, customer feedback surveys, behavioral event tracking, engagement and product flows. PSPs then use this data to build, segment and optimize customer experience via onboarding processes and engagement campaigns. What’s more, this software also provides omnichannel, proactive support to maintain a top-quality level of customer care.
As a result, product owners gain a deeper understanding of their audience, have the right insights and tools to improve their product, and ultimately boost their product success metrics. To give you a better idea, here are some of the metrics PSP influences:
- Monthly Recurring Revenue
- Customer Engagement Score
- Customer Lifetime Value
- Net Promoter Score
- Customer Retention Rate
- Customer Churn Rate
Book a Demo to learn more about how FROGED, one of the leading Product Success Platforms, can help you drive growth at every stage of your customer lifecycle.
How a Product Success Platform differs from a Customer Success Platform
At first, the two concepts may sound similar, but PSP and CSP differ in many aspects.
A customer success platform is a specialized software that takes your customer data in your existing tech stack and automates the process of combining it to give you a 360-degree view of your customers.
On the other hand, a product success platform focuses on knowing your product inside out, how customers use it, and how useful and effective customers find it. A PSP platform can combine your customer and product metrics to provide more comprehensive insights, including customer conversions, active users, and product usage, to help you iimprove your product experience and communications in a very customer-centric way
Suppose you own a FinTech company that has been experiencing higher churn rate than usual. Choosing a CSP will enable you to better understand your customers, giving you a closer look at their behavior. However, if you use a PSP strategy, you will know exactly how your customers use your product, where they get stuck, and what makes them churn.
As a result of this second strategy, you’ll be able to solve the exact problems that your users are having, and you’ll be in a better position to communicate and engage them.
Main features of a Product Success Platform
When starting to use a PSP, you have to make sure that it contains a variety of features that give you full control over every touchpoint in your customer’s journey. Usually, product success platforms include customer success features. However, they then build upon these with other features and tools that can inform their strategy and help users by providing a better onboarding experience.
Let’s take a look at the most useful PSP features:
A product flow is the key to the public understanding and accepting the product. When added to PSP, it works for engaging your customers. With them, you can build and edit flows based on event tracking and user behavior conditions without code or a designer required.
Integrations are a great way to combine specialist tools together in order to make the most out of your data. You can choose to integrate with other tools that will help to improve your onboarding, self-serve customer support, and engagement needs that will make your product succeed. FROGED has Slack, Whatsapp, Zapier, Segment, Twillio, Jira Software, Google Meet, Jira, and customized integrations that will optimize your customer’s product experience.
Communication and engagement tracking tools
A key feature of an ideal customer success platform is the ability to track and manage all conversations, emails, and other communication channels in one place. By doing this, everyone can access customer updates, notes, and next steps to ensure a clear and straightforward journey for every user.
Product usage rates
Having direct access to the product usage rates guarantees that every person working in a company has real-time pulse on the usage and engagement of a product. For example, if you see that there is a steady decrease in people using a specific feature or tool within your product, then your team knows it must reevaluate the value of this tool, or revisit the onboarding process to make sure users understand exactly how to use it.
Having easy access to a single and comprehensive customer health score that combines relevant customer success statistics (like adoption, feedback, engagement, and more) provides a better and deeper understanding of your product.
Setting up a customized, proactive onboarding strategy helps you onboard customers faster, increase sign-up conversions, and educate users about your product.
Why you should use a Product Success Platform
Product success platforms are an excellent solution if you’re looking to bring your customer success to the next level. By using them, you’ll be able to measure your user experience, in-product user behavior, as well as how much users value your product.
But it’s not just about the metrics. Product success platforms will offer the tools you need to take these metrics and transform them into actionable steps to reshape your product in order to satisfy your customer’s needs for the ultimate product success.
The main benefits of PSP are:
- Reduce churn exponentially
- Understand your customers and how they use your product
- Simplify proactive outreach
- Identify upsell and cross-sell opportunities
- Automate your tasks for maximum efficiency
- Improve user onboarding and customer retention
- Get powerful and customized reporting tools
- Offer a customized onboarding experience
- Provide proactive customer support
Product Success Platform for SaaS
Finding the right product success platform can be tricky at times, but it’s key to building long-term relationships with customers and laying the foundation for a successful product.
After understanding what PSPs are, how they work, and why companies need them, we hope you’ll find the right solution to bring your product and customer success to the next level. Book a Demo with FROGED to learn more about how our PSP could drive growth for your SaaS product.
Are you looking for more? Check our last articles on How to build your Customer Success Strategy using a Product Success Platform and our Ultimate SMBs Guide to Product Success!