Ever wondered how brands like Netflix, Bumble, Pinterest, Duolingo, Airbnb made it to the billion-dollar club? In three words — product-led growth (PLG).
But, what does product-led growth actually mean? On the surface, it may seem simple — building a great product with the right product-market fit. But that’s not all! There’s a lot more to PLG than meets the eye.
A couple of years back, the path users took to ﬁnding information on a product involved getting in touch with a customer care executive, waiting on the line to connect, and only hoping to get the relevant answers to all their queries.
However, the narrative today is quite diﬀerent. In today’s day and product-led age, the product plays the protagonist.
There’s been a titanic shift in the way users engage with products. Users don’t want to spend too much time learning about the product or seeking access to it. To stay ahead of the curve and keep up with the user’s expectations, it’s vital for brands to ﬁre up their product in a way that lets customers fully experience and discover the product’s value in a short period.
This playbook is your pocket guide to understanding product-led growth in depth and uncovering key strategies to embracing and implementing a product-led strategy.
A user-centric module
It’s about creating happy customers who are your biggest fans. PLG focuses on understanding what users want from a product, building that into your product roadmap, devising new features users demand, and updating existing ones to constantly improve upon the product. The pocket ace of a PLG approach is that it actually lets users experience the product ﬁrst and pay for it later.
An emphasis on activation and retention as opposed to only acquisition
User acquisition is no longer the end game. PLG takes on a retention-first approach. Adopting a product-led strategy means building products in a way that lets users uncover features, discover the product’s value quickly, making the entire app journey seamless. Going down the PLG route means putting constant eﬀort into improving the product experience that gets users quickly activated on the product and become power users.
A successful PLG strategy requires buy-in from all teams across the organisation. It’s not something that you plan overnight and implement the following morning.
‘Product-led is a mindset that needs to trickle down right from the product to the marketing teams. The topmost priority of every team should be delivering value to the users by solving their pain points. Product-led companies (the successful ones) are those where all teams look through the lenses of product-led growth and hit their business outcomes/goals by letting the product take the front seat.
Common myths about product-led growth
It’s a B2B/SaaS thing
You will be surprised to know that up until recently, the concept of product-led growth was not commonly known/practiced, with the exception of a few brands, including Slack, Airtable, Salesforce, Calendly, Zapier, and their counterparts. Product-led growth has been a timeless strategy. B2C mobile apps have been implementing solutions to improve in-app user experiences without realising that these strategies tie back to product-led growth.
Product teams own product-led growth
The success of a PLG strategy is a lot about the product itself and a little less about the product teams. The answer to the question “who really owns product-led growth” is “everyone””.PLG may start with the product team having to build a superior product, however, it’s about how the other teams are leveraging the product to accomplish business outcomes/goals and creating a great product experience for the users.
A great product doesn’t need a PLG strategy
Simply having a great product is not synonymous with being product-led. Building a self-serving product — intuitive, oﬀering users the desired value, guiding users through their journey without being intrusive — are all building blocks of a product-led strategy. The product sets the groundwork for PLG. However, there’s more to the story of product-led growth. The tools/techniques employed to adopt and implement PLG, KPIs tracked to map the success of PLG, and imbibing a PLG mindset across every function of the organisation are equally important factors in truly driving product growth.
Learn more about PLG
On October 14th, in partnership with Techpoint Africa, Netcore will be hosting an hour-long physical founders’ meet and greet in Lagos to share more insights on a product-led growth guide, while taking founders through their ecosystem of products. Attendance is strictly selection-based. Indicate interest by registering via this link.
About Netcore Solutions
Netcore Solutions is a 23-year-old marketing automation company, present in 18 countries across the world. It is in its 6th successful year of operation in Nigeria.
Netcore’s cross-channel marketing automation platform integrates 9 channels of engagement, such as SMS, email, voice, browser push notifications, web in messages, app push notifications, app in messages, custom audience targeting on Facebook and WhatsApp.
In Nigeria, Netcore is currently serving 80+ clients across industries. The company is looking to expand its presence to Ghana and Kenya in 2022.