Nilan Peiris, CPO of Wise, explains his mental model of product marketing after observing how visual cues for speed and cost savings boosted user referrals.
“And closing this delta between what you've done and what you perceive to be done is what I call product marketing, like within the product and that in its own rights, a discipline I've learned.”
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More from Nilan Peiris
Insight
Peiris argues product teams cannot split-test their way to customer love
“Like you can't split test your way to love, right? So this experiment led product management approach where you kind of throw a bunch of things on the wall and then you kind of see what sticks. And generally we don't advocate this. Obviously there's a bit of i…”
Nilan PeirisSep 24, 2023▶ 38:51How to drive word of mouth | Nilan Peiris (CPO of Wise)
Disclosure
Wise utilizes weak product ownership, allowing regional teams to commit global code
“And you end up with a global product team that owns overall KPIs around conversion rate, et cetera. And you have local regional teams that are the conversion rate and the cost to do KYC for their market. And they contribute to the global product code base. So …”
Nilan PeirisSep 24, 2023▶ 59:26How to drive word of mouth | Nilan Peiris (CPO of Wise)
AssertionSupported
Wise attributes 70% of its new user acquisition to word of mouth
“We acquired 70% of the users that found out about Wise last month through word of mouth. So, contextually, we have sixteen million customers, and we're acquiring about a million a quarter about ten million actives, and yes, and a million that joined Wise the f…”
Nilan PeirisSep 24, 2023▶ 5:09How to drive word of mouth | Nilan Peiris (CPO of Wise)
AssertionNot checkable as stated
Wise found referral rates doubled at each step up the NPS scale
“When we overlaid the referral data over the NPS survey data, we saw something really interesting. Very low invite rates at one to six, and not just invite conversion rates of users that joined for invites. But when you've got people from six to the seven and e…”
Nilan PeirisSep 24, 2023▶ 11:05How to drive word of mouth | Nilan Peiris (CPO of Wise)
Insight
Wise needed an 8x to 10x price advantage to trigger organic advocacy
“When we entered markets, like when we entered the US for the first time, if we entered with a product that was priced at say, 5.9%, and the alternative was six, customers would use us, but they wouldn't talk about us. We only got the advocacy when we were eigh…”
Nilan PeirisSep 24, 2023▶ 13:44How to drive word of mouth | Nilan Peiris (CPO of Wise)
Insight
Building 10x better products requires avoiding existing third-party infrastructure
“Like you gotta build a 10 X better product than what's there. And if it's 10 X product better, it basically, it doesn't exist already. Right? So if you're If you're plugging in something else, that that's kind of a misstep.”
Nilan PeirisSep 24, 2023▶ 22:30How to drive word of mouth | Nilan Peiris (CPO of Wise)
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