Making product adoption a growth driver
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Account Health 360 tracks product adoption, financial, service and relationship health, and allows to add a custom risk score
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1. You should keep track of how often your product is used.
2. Your customer may not need to use all of your product's features. Simply determine the product's basic offering and determine whether or not the customer uses it.
3. Examine how well your product is integrated into the customer's ecosystem. Have you finished all of the connections? Are you involved in their internal operations?
Product adoption is important because users who completely accept your product are more likely to continue with it. Adoption leads to increased retention and reduced churn, resulting in more constant and predictable revenue over time.
It is a parameter that measures product usage and enables you to define good and poor Health. Tracking this data point helps in making product adoption a revenue driver for the business.
Some of the proven strategies are -
1) Understand what draws them to your product. What is the use case they trying to solve using your product.
2)Onboarding makes or breaks product adoption. Ensure that the customer journey is seamless and leads to early value delivery.
3) Support the journey and user experience through behavioural emails.By sending emails that echo the advice offered in your in-app tutorials, you can increase the likelihood that a user will take action—whether that means trying out a new feature or finishing setup .
4)Bring in Customer Success early in journey as it helps to bring proactive approach to your adoption journey
The factors that influence new product adoption are
1. Complexibility- the more complex your product the chances of product adoption goes down.
2) Compatibility- your product should be compatible with the the user's core product. It should seamlessly integrate with it .
3) Competitive advantage- if your product is able to solve the use case the customer is trying to solve, the chances of stickiness increases manifold.
4) Triability- Most often the customers love to try out the product before committing in lengthy contract. A free trial fasten the product adoption.
Product adoption matters because when customers start achieving their business outcomes using your product they start loving your product and stick around. This helps in driving retention and bring in steady MRR
Product adoption is a process by which by your users start using your product to achieve their business outcomes.
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