Ep 5: Raiffeisen Bank & PandaDoc - Building Products People Want, Customer Retention & Loyalty

In this episode, we hosted Kseniya Strelnikova, Product Director at Raiffeisen Bank, who went from being a teacher to one of the best product experts in fintech. We discussed how to build products people actually need and how to use customer loyalty to grow revenues. Ksenia discusses the challenges faced in a regulated environment, strategies for global expansion, and the critical nature of customer retention as a growth driver. Together we dig into effective loyalty programs (hint, these are not what you expect) for reducing customer acquisition costs and enhancing customer retention. Furthermore, we explore the importance of customer support in product development and the need for deep customer understanding.Takeaways- Product managers must connect the vision of founders, investors, and customers.- Understanding customer needs is crucial for product success.- In regulated environments, creativity and adaptability are key to overcoming challenges.- Customer retention is more cost-effective than acquiring new customers.- Loyalty programs can drastically reduce customer acquisition costs.- Retention metrics should focus on active users, not just logged-in users.- Customer support teams provide invaluable insights for product development.- Segmentation of customers is key to understanding their needs.Sound Bites"You have to know your customer really, really well.""You should never describe your product.""You have to be very thorough with the market research.""The cost of acquiring a new customer is so high.""You need to have a very strong brand offering.""Retention is number one.""Customer support is the voice of the market."Chapters00:00 Identifying a Good Product00:52 The Journey from Teaching to Product Management03:01 The Role of a Product Manager06:02 Understanding Customer Needs08:55 Building a Successful Product12:01 Navigating Challenges in FinTech15:02 Mindset in a Regulated Environment17:46 Prioritizing Product Features21:00 Effective Customer Conversations23:59 Global Expansion Strategies26:51 Customer Retention as a Growth Driver31:23 Understanding Customer Acquisition Costs34:19 Building Effective Loyalty Programs36:51 The Importance of Brand Trust39:57 Merchandising as a Brand Strategy43:27 Measuring Retention and Success49:38 Increasing Revenue Without New Customers55:46 The Role of Customer Support in Product Development