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."

Chapters
00:00 Identifying a Good Product
00:52 The Journey from Teaching to Product Management
03:01 The Role of a Product Manager
06:02 Understanding Customer Needs
08:55 Building a Successful Product
12:01 Navigating Challenges in FinTech
15:02 Mindset in a Regulated Environment
17:46 Prioritizing Product Features
21:00 Effective Customer Conversations
23:59 Global Expansion Strategies
26:51 Customer Retention as a Growth Driver
31:23 Understanding Customer Acquisition Costs
34:19 Building Effective Loyalty Programs
36:51 The Importance of Brand Trust
39:57 Merchandising as a Brand Strategy
43:27 Measuring Retention and Success
49:38 Increasing Revenue Without New Customers
55:46 The Role of Customer Support in Product Development