Improving Product Sales: A Product Manager’s Approach to Growth

In today's competitive marketplace, even great products can struggle to achieve strong sales. The role of a Product Manager (PM) in these situations is crucial. As a PM, you're not just concerned with launching a product; you are responsible for ensuring that it continues to evolve in ways that make it more attractive, useful, and profitable. Let’s walk through a product improvement strategy aimed at boosting sales and enhancing market relevance.

1. Understand the Current Market Fit

Before you think about improvements, take a hard look at where your product stands today. What problem does it solve, and how well does it solve it? Gather feedback from current users and potential customers through surveys, interviews, and user analytics. This will help identify pain points, gaps in functionality, or areas of over-engineering that might be hindering sales.

2. Identify Customer Needs and Pain Points

Customer-centricity is at the heart of successful product management. Begin by segmenting your users based on their behavior, demographics, and needs. Conduct user research to identify their pain points. For instance, are they finding it hard to use a feature? Are there complaints about the design? Are there requests for new functionalities that could enhance their experience? Understanding these issues directly from users helps prioritize what to improve for better sales.

Example: Improving a Mobile Banking App

A mobile banking app that users find cumbersome due to a confusing interface may struggle with user retention and conversion. The product manager needs to identify friction points—perhaps the sign-up process is too long, or customers struggle to find important features like fund transfers. A streamlined interface that guides the user intuitively through these tasks can significantly improve the user experience and lead to higher customer satisfaction, ultimately boosting sales.

3. Revisit the Pricing Model

Pricing is a critical factor that can make or break sales. If your product is priced too high for its perceived value, customers will turn away. Similarly, underpricing can sometimes signal lower quality. Conduct a competitor analysis to see where your product stands in terms of pricing compared to similar offerings. Experiment with pricing strategies such as discounts, tiered pricing, or freemium models, especially for digital products.

Example: SaaS Pricing Strategy

If you manage a SaaS product that’s struggling to sell, consider offering a freemium version to allow users to test your product. For paid tiers, ensure they are loaded with value-add features that make upgrading enticing. Regularly review customer feedback on pricing to adjust to market trends and expectations.

4. Enhance Product Visibility

Sales often falter because the product lacks visibility. As a PM, collaborate with the marketing team to craft data-driven marketing strategies. Invest in digital marketing, social media presence, and SEO to boost your product’s discoverability. Additionally, partnerships, promotions, and collaborations can further expose the product to a broader audience.

Example: Organic Products Market

If you’re managing a product like organic honey, increasing sales may involve educating the market about the benefits of your product compared to competitors. This could include social media campaigns showcasing the purity and sustainability of the honey, or partnerships with influencers in the health and wellness space.

5. Optimize for User Experience

User experience (UX) can have a direct impact on conversion rates. Whether it’s a digital product or a physical one, an intuitive and seamless experience increases user satisfaction and drives word-of-mouth referrals, which in turn boost sales. Regular UX testing, customer journey mapping, and A/B testing are invaluable tools for ensuring your product is as user-friendly as possible.

Example: E-commerce Platform

Let’s consider an e-commerce platform. If users abandon their carts during checkout, this is a clear sign that the checkout process needs to be optimized. Improving elements like page loading speed, offering a one-click checkout, or providing multiple payment options can reduce friction and encourage users to complete their purchase.

6. Innovate with Value-Added Features

To stay competitive and boost sales, consistently innovate with features that enhance the product’s core offering. However, ensure that these features align with the customer’s needs and don’t overcomplicate the user experience. Product innovation should not only solve existing problems but also anticipate future needs.

Example: Streaming Platform

For a streaming platform struggling to grow its subscriber base, adding personalized recommendations based on user viewing history or creating interactive content could differentiate it from competitors. But it’s important to balance these additions without overwhelming the user, so new features should be introduced gradually, based on user feedback.

7. Leverage Customer Feedback for Continuous Improvement

As a product evolves, sales strategies must adapt to reflect new realities. Use customer feedback as a guide to keep refining the product. Regularly check for user feedback via reviews, surveys, or social media to uncover areas for improvement and new growth opportunities.

Conclusion: Product Manager as a Growth Enabler

Improving a product for better sales isn’t a one-time fix. It requires ongoing analysis, testing, and innovation. As a product manager, you are responsible for aligning customer needs with the product’s capabilities, constantly seeking ways to enhance value. Through thoughtful improvements in usability, pricing, marketing, and innovation, you can guide your product to stronger sales and long-term success.

Let’s embrace the challenge of continuous improvement to transform products into market leaders.