Purpose of functional area
Role of Product Management team is to ensure the desired Persona needs are discovered and fulfilled by product value propositions.
Inputs: How it impacts CVM
- Provides the core value proposition and customer experience of using it
- CVM function is operating within the boundaries set by product capabilities and how well it meets the needs of the Persona
- Provides essential customer data for future CVM work such as product usage history, purchase history, product attributes, availability, cost, and technical details
- Helps or hinders CVM by producing a product that is easy or hard to personalize
- May cause undesirable side effects for CVM e.g.:
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- New products that replace old ones may result in customer complaints and churn
- Uncompetitive features, capabilities may result in customer complaints and churn
- User experience issues may result in customer complaints and churn
- etc.
Impact of collaboration quality on CVM team results
Lack of alignment with Product team has drastic negative impact on core CVM KPIs achievement.
CVM work related to function
- CVM may needs to agree who is responsible for customer onboarding and education on product features
- CVM team conducts product upsell
- CVM team conducts cross-sell of other products, add-ons
Outputs: How CVM impacts this area
- Provides insights about product-segment fit in terms of:
- Product adoption, usage, retention and revenue KPIs
- Provides insights about the quality of product features based on current customer base usage patterns
- Provides insights about the pockets of locations, channels, customer demographics etc which outperform the average product user and suggesting improvements to product features
Key handshakes to consider
For CVM to be effective, it’s crucial that products not only meet basic customer needs but are also structured in a way that allows for personalization and data-driven strategies.
- Coordination on product data collection;
- Ability to tailor product features to customer segments;
- Personalization readiness to support targeted customer segmentation and offer personalization
- Joint development of product feature bundles that align with customer segment needs and preferences.
- Collaborative efforts in channel strategy to optimize product visibility and customer engagement.