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Heard About PROMPT ENGINEERING!!!

Giving commands to a specific computer programme that can speak and write like a human being is similar to prompt engineering. It enables ChatGPT, a computer programme, to provide us with the information or answers we need in a more effective manner.

We must adhere to a few steps in order to use prompt engineering. We consider what we want from the computer application first. Do we want it to converse with us, provide information, or respond to a question? We select our objective.

The next step is to first provide context for the computer programme. We briefly describe what we’re talking about and highlight any key points. This aids the programme in comprehending our needs and providing more accurate responses.

The format of the answer is then specified to the programme. For instance, we can ask the programme to tell us the steps one at a time if we need a step-by-step manual. If we only need a one- or two-sentence response, we ask for it.

Also, the computer software can be made to behave like various persons or characters. We can instruct it to respond as though it were a well-known author, like Shakespeare. This increases the interest and fun of the replies.

To see how the software responds, we can test out various instructions. To direct the programme, we can use phrases like “list” or “compare and contrast.” Even if we give it a few sentences to begin with, it will build upon them.

Prompt engineering is a creative process, so finding the optimal solutions may need some trial and error. We may test out several commands to discover which ones perform the best. We can get the computer programme to provide us with the information we need in a way that makes sense to us by doing this.

In order to acquire the greatest answers and information from a talking computer programme, prompt engineering is similar to giving it specific instructions. It enables us to interact with the computer programme in a way that increases its value and appeal.

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Generative AI cannot replace human intervention

It's important to recognize the strengths and limitations of generative AI. While it can automate certain tasks and augment human capabilities, human intervention remains invaluable in areas that require critical thinking, emotional intelligence, ethical decision making, and complex judgment.

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Handle Launch Failure in 5 Easy Steps

In summary, handling a SaaS product launch failure involves being transparent, addressing the issues, following up with customers, and learning from the experience. By taking these steps, a company can minimize the negative impact of the failure and position itself for future success.

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PMM vs PM: Fun all around

Once, a product marketer and a product manager got into a heated argument about the direction of their new product. The marketer was convinced that a humorous ad campaign was the best way to promote the product, while the manager believed that a more serious, data-driven approach would be more effective.

As the argument escalated, the marketer pointed out that the product manager had no sense of humor, while the manager retorted that the marketer was all style and no substance.

In an attempt to prove their point, the marketer came up with a ridiculous ad concept involving a dancing unicorn, while the manager presented a boring chart with data points.

The rest of the team couldn't help but laugh at the absurdity of the situation, but ultimately, the two had to find a way to work together to find a solution that would benefit the product.

After a few more rounds of debate and compromise, they finally came up with a marketing campaign that incorporated both humor and data-driven insights. The product was a success, and the marketer and manager learned to appreciate each other's perspectives, even if they didn't always agree.  Both visualize the same but with different perspectives.

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Testing your MVP is a critical part of the new product development process. By following these steps, you can ensure that your product is well-received by your target audience and has the potential to succeed in the market.

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It's important to note that there are many tools available for measuring app performance, and the ones listed here are just a few examples. It's also important to choose the tools that best fit your needs and the specific metrics you want to measure.

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This template focuses on themes or areas of focus for each quarter or year, and includes specific objectives, key results, and initiatives for each theme. The initiatives column allows for more detailed planning and tracking of specific actions and tasks needed to achieve the objectives and key results. The use of themes helps to align product development with overall business goals, and allows for a more holistic approach to product planning and execution.

[itssandy-productmarketer]

Choose your SaaS pricing wisely

There are various pricing strategies that SaaS companies can use to monetize their products. Here are some common pricing strategies for SaaS products:

Tiered pricing: Tiered pricing involves offering multiple pricing plans with different levels of features, functionality, and limits. Customers can choose the plan that best suits their needs and budget. For example, a SaaS company may offer a basic plan with limited features, a standard plan with more features, and a premium plan with all features and additional benefits.

Usage-based pricing: Usage-based pricing involves charging customers based on how much they use the product, such as the number of users, amount of data stored, or number of transactions processed. This can be attractive for customers who have varying usage patterns and want to pay only for what they use.

Freemium pricing: Freemium pricing involves offering a basic version of the product for free, with limited features or functionality, and then charging for additional features or functionality. This pricing model can help attract and retain customers while providing a revenue stream for the SaaS company.

Value-based pricing: Value-based pricing involves charging customers based on the value they receive from using the product. This pricing model requires understanding the customer's pain points and the value the product provides in solving those problems.

Perpetual licensing: Perpetual licensing involves charging customers a one-time fee for perpetual use of the product, with the option to purchase maintenance and support services at an additional cost.

Subscription pricing: Subscription pricing involves charging customers a recurring fee, such as monthly or annually, for access to the product. This pricing model provides a predictable revenue stream for the SaaS company and allows customers to budget their expenses.

Pay-as-you-go pricing: Pay-as-you-go pricing involves charging customers based on the actual usage of the product. This pricing model is similar to usage-based pricing but provides more flexibility to customers, allowing them to pay only for what they use.

 By choosing the right pricing strategy for their SaaS product, companies can balance their revenue goals, customer needs, and competitive landscape, leading to a profitable and sustainable business model.

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5 posts!

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Product Positioning Statement Examples

For a SaaS product, a positioning statement should succinctly communicate the unique value proposition of the product and its target audience. Here's an example of a SaaS product positioning statement:

[Product Name] is a cloud-based software solution that provides [benefit or solution] to [target audience] by [key differentiator or value proposition]. With [Product Name], [target audience] can [key benefit or use case] with ease and efficiency. Our platform is designed to [unique selling point] which makes it stand out from the competition. Whether you're a [specific customer segment], [Product Name] is the ideal solution for [pain point or challenge].

For instance, here's an example of a SaaS product positioning statement for a project management tool:

"ProjectPro is a cloud-based software solution that provides seamless project management to teams of all sizes by automating workflows and facilitating collaboration. With ProjectPro, project managers can create and assign tasks, monitor progress, and share project updates in real-time. Our platform is designed to increase productivity and streamline project workflows, making it stand out from the competition. Whether you're a small startup or a large enterprise, ProjectPro is the ideal solution for managing complex projects with ease and efficiency."

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7 crucial steps to analyze whether your Product is “MARKET FIT”

Market Fit analysis is a critical process in determining whether a SaaS product is suitable for the market. The following are the steps that can be taken to perform a market fit analysis of a SaaS product:

Identify the target market: Determine the specific group of people or businesses that the SaaS product is designed for. This includes understanding the demographics, psychographics, and other characteristics of the target market.

Analyze the competition: Determine the key competitors in the market and identify their strengths and weaknesses. This helps to understand what the market is looking for and what gaps can be filled by the SaaS product.

Analyze the market size and growth potential: Determine the size of the market (TAM) and its growth potential. This helps to determine the revenue potential and the opportunity for the SaaS product.

Conduct customer interviews: Conduct interviews/VoC campaigns with potential customers to understand their needs, pain points, and what they are looking for in a SaaS product. This helps to identify if the SaaS product is a fit for the market.

Determine pricing strategy: Determine the pricing strategy based on the competition, market size, and the value provided by the SaaS product. This helps to ensure that the SaaS product is priced competitively and provides value to customers.

Test the product: Test the SaaS product with potential customers (Beta Testing) to identify any issues or areas for improvement. This helps to ensure that the SaaS product meets the needs of the market.

Iterate and improve: Based on the feedback received from customers, iterate and improve the SaaS product to ensure that it meets the needs of the market.

By following these steps, a SaaS product can be evaluated for market fit and improved to meet the needs of the market.

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GTM Strategy: 5 Talking Points

1. Identify your target audience: Before launching a product or service, it is important to identify your target audience. Who are you creating this product for? What are their pain points? What do they value? By understanding your target audience, you can tailor your go-to-market strategy to reach them effectively.

2. Develop a unique value proposition: Your product or service should offer something unique to your target audience that they cannot get from your competitors. Develop a clear and concise value proposition that communicates the benefits of your product or service.

3. Create a multi-channel marketing plan: Your go-to-market strategy should include a multi-channel marketing plan that includes a mix of online and offline channels to reach your target audience. This may include social media, email marketing, search engine optimization (SEO), paid advertising, events, and public relations.

4. Build relationships with key influencers: Building relationships with key influencers in your industry can help you reach a wider audience and build credibility for your product or service. Consider partnering with influencers to promote your product or service on their social media channels or through sponsored content.

5. Measure and iterate: It is important to measure the effectiveness of your go-to-market strategy and iterate as needed. Use analytics tools to track your marketing campaigns and adjust your strategy based on what is working and what is not. Continuous improvement is key to a successful go-to-market strategy.

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Retention in SaaS- Reality Check

Many companies with a SaaS business are struggling to retain their clients. How do you stop your clients from leaving? As with many things, the answer depends on the situation.

Some customers choose to leave because they are too busy at work. A different case altogether. The customer needs a SaaS product because he or she can’t do a task in less time without it. This example would represent a good retention situation.

Most other cases are not as happy. Your customers are leaving because the SaaS product does not serve their needs. The SaaS product has been created to replace an old business application or solution.

What is a retention customer? A retention customer is someone who signs up for the SaaS solution at first because it solves a problem. Because of a good first experience, the customer wants to stick with the SaaS solution for a while.

But then, the customer either stops using the application or stops using it on a regular basis. Instead of seeing a return on the investment, the customer moves on to something else. Or, because it isn’t fun or the customer feels that it’s not easy enough to use the software, the customer stops using it altogether.

In this case, we’ve got a retention situation.

The vendor loses money and the customer is unhappy with the service. Why is this happening? Why can’t your customers keep using the SaaS product? The answer is simple: They don’t understand what they are using.

When you run a SaaS business, there is only one type of customer you have. The rest is an illusion. There are users, beta testers, trial users, trial clients, trial customers, and your target market. Take their sign offs to build something as good as ‘Market Fit’.

[itssandy-productmarketer]

Go To Market in SaaS: Team Collaboration

The “Go To Market Strategy” built up in SaaS, from a product manager perspective.

You may think you know the definition of a product manager, or perhaps you read the books and thought you were a product manager. I’m going to tell you about the product manager role and collaboration among teams

Product Manager – Definition

A product manager should have the understanding of the customer and their business problems. If you can’t understand your customers or their business, how are you going to effectively support them?

What should the product manager be responsible for?

The product manager bears the responsibility of managing product backlog. They manage it from a high level and decide what the right thing to do is. From then on, they coordinate everything that needs to be done, such as the release of the product. It includes what marketing to do to sell the product, sales to find and attract customers and everything related to marketing and product engineering. It’s an executive role.

What does it look like from the customer side?

The customer needs a product. This needs to be managed in a specific way. A product needs to have a minimum functionality, a minimum value and minimum cost, it needs to have a unique business model and it needs to be easy to use.

SaaS Product Manager – Customer

A good SaaS product manager will be involved with the customer as early as possible. The main problem in SaaS is that a lot of the “customer” requirements come from the customers, sales department and engineering team. If you want to understand the customers’ problem, ask questions. Find out why the customer needs the solution. Once you have the customer’s problem, you can create a product with features and functionalities that is ‘Market Fit’ in true sense.

What does it look like from the sales department and the engineering team?

If you think about the sales department, they are often the ones that ask the product manager what the product should look like. For example, if you go to an online portal, they will tell you what the portal should look like. When they tell you this, they will also give you a “sales funnel”, “marketing funnel” and a “customer lifecycle map”, each one with different stages for different groups of customers. These stages are often very wrong and they will be the ones to do the market analysis. The customer lifecycle map will also look good to the sales department because it will tell them who the different groups are and how they can sell to those groups.

The engineering team is responsible for making sure that all the functionality that the customer needs is implemented. The best thing you can do is ask the customer what they want and try to understand if they have enough functionality and if they need any more.

SaaS Product Manager – Engineering

SaaS product management will often be confused with application management. This is mostly because the marketing manager needs a software that can sell to the market.

The problem is that the engineering team is responsible for building the product, while the marketing department is responsible for marketing the product.

You will not build software only to get it sold. The goal of SaaS is to make money and you need to understand the business to understand how you are going to do that. If you are just marketing a solution that is only a clone of something that already exists, then you are not going to succeed.