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A decent introduction to the strategy of product-led growth.

Product-Led Growth

Product-Led Growth

by Bush Wes

STASHED IN:

336 reads

What is a Product-Led Company?

Product-Led Growth is a go-to-market strategy that relies on using your product as the main vehicle to acquire, activate, and retain customers. This is in opposition to the traditional sales model. Instead of helping buyers go through a long, drawn-out sales cycle, they give the ...

ALLAN WILLE, FOUNDER KLIPFOLIO

Product-Led Growth means that every team in your business influences the product.

  • Your marketing team will ask, how can our product generate a demand flywheel.

It helps you pick the right go-to-market strategy for your business:

  • Market Strategy: Is your go-to-market strategy dominant, disruptive, or differentiated?
  • Ocean Conditions: Are you in a red- or blue-ocean business?

Market Strategy: Freemium, Trial or Demo

Depending on your strategy you can find yourself in one of the 4 categories, which impact your go-to market:

  • Dominant strategy: the best solution for the lowest price? Freemium works amazingly well here, but the size of the market needs to be really BIG. 

Red & Blue Oceans

Red-ocean companies try to outperform their rivals to grab a greater share of existing demand. As the market gets crowded, growth reduces, products become commodities, & cut-throat competition turns the bloody ocean red.

Blue-ocean companies access untappe...

Audience: Top-Down or Bottom-Up Selling Strategy

Traditionally, SaaS products sold to executives at the top. Nowadays, the tables have turned. Products are now cheaper & can be adopted without talking to sales: Slack is a perfect example, spreading organically, starting with one user who invites a colleague, then an entire team.

Time to Value

To create a successful product-led business, you need a quick time-to-value. New users need to have a good experience quickly.

There are the 4 types of users:

  • Mission Impossible Users. Your user has low motivation & finds it hard to use your product.

The Two Bumpers Product Analogy

As in bowling, we need two bumpers to keep our ball out of the gutter. We can use product and conversational bumpers to guide users to a key outcome.

  • Product bumpers are mission critical. They help users adopt the product within the application itself. 

Common product bumpers:

  • Welcome Messages
  • Product Tours
  • Progress Bars
  • Checklists
  • Onboarding
  • Tooltips
  • Empty States

Common conversational bumpers:

  • User Onboarding
  • Emails

Product tours are one of the most effective ways to bump users toward experiencing meaningful value in the product:

  • Product tours should ask users what they’re trying to accomplish in the product.
  • Product tours should cover important step(s) that set u...

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