Evertise
20 Jul 2022, 01:24 GMT+10
There's a lot of talk about product-led growth in recent times. Businesses with a PLG mindset do things differently, which is how they establish themselves as top product-led growth companies that serve as an inspiration for other businesses.
When your business is aligned with a proper product-led growth strategy by adopting the 3 pillars of product management, there's more room for success and improved user experience. The following sections shed light on what product-led growth is and what it takes to achieve this.
Product-led growth is a business strategy that involves focusing primarily on designing a product to drive user acquisition, conversion, retention, and expansion. When product-led growth becomes the center of your operations, all your teams come together to build, promote, and market products that directly contribute to your success.
Product-led growth strategy brings together the efforts of all teams to enhance the experience of your users. Today, the success of a business or a product largely depends on how well its users receive it. Therefore, when the product is put at the center of customer experience, businesses have more control over developing the product in ways that make it a hit.
Product-led businesses are successful because they have a different perspective when targeting users. These distinct qualities, when incorporated into your strategies, can help you become a successful product-led business. Here are the three use cases that can establish a success scenario when you aspire to become a product-led business.
Designing products that enhance user experience should be the ultimate goal of every business. What makes a product an immense success is how useful the end user finds it. One big question when you intend to design a product keeping the needs of the end user in mind is- how do I know what my user wants? The answer to this question lies in the data collected from customer feedback and surveys.
You can leverage your business and product-specific data to integrate changes into your designs in ways that enhance your user's experience with the product. You can run iterative experiments during the different product development phases to produce data that gives you insights into what your end users want.
Businesses generally gauge their success based on how much value they capture with their products. When your primary goal is to capture value, you might take more steps to build a product that meets the goals of your business rather than meeting the needs of your customers. Therefore, the first and more crucial step towards success is delivering value by becoming the best offering in your area. This essentially means deriving more insights from what your customers actually want.
When your product is designed to benefit the users and provide the best possible customer experience, it automatically translates to capturing more value. Therefore, adopting a strategy that is user-oriented rather than solely value-capturing helps you take the right steps to deliver value, which results in capturing value for your business and moving towards product-led growth.
The practice of working on a product to finally emerge with a ready-to-launch version without considering feedback is an outdated practice. One of the 3 pillars of product management that should be an important part of your product-led growth strategy is to test your product at every stage of design and development.
This helps you make changes and modifications to the product design at multiple stages so that, when you launch a product or feature, it is largely based on real feedback from actual users, meaning your final product would be ready to hit the market. This gives you the chance to work on bugs, issues, and friction points and tackle them so that users effortlessly interact with the final product.
Some examples of the best product-led growth companies are Airtable, Slack, Pinterest, Figma, and Typeform. Their success speaks volumes about the efficacy of product-led growth. Transitioning from a sales-led approach to a product-led approach requires a bottom-up approach, allowing your customers to experience the product completely, understand how they feel about it, and work on the product to make it as customer-friendly as possible.
While it takes an efficient and talented team to build a powerful product, it takes an organization to be intuitive and insightful about the needs of the customers so that the product aligns well with their needs.
Get a daily dose of Charlotte Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Charlotte Star.
More InformationSEOUL, South Korea: Thousands of South Korean educators and school staff gathered in Seoul over the weekend to demand increased ...
WARSAW, Poland: As part of European Union (EU) sanctions imposed against Russia over its invasion of Ukraine, Poland banned all ...
MONTGOMERY, Alabama: Last week, Alabama's school chief, Superintendent Eric Mackey, said that under new reading benchmarks to move to fourth ...
WASHINGTON D.C.: Last week, the Federal Reserve said its losses surpassed the US$100 billion mark and will likely continue to ...
ARLINGTON, Virginia: This week, the U.S. State Department approved the potential sale of drone-related munitions and other systems to Canada ...
BETHESDA, Maryland: This week, the US National Institutes of Health (NIH) said that it started early-stage human trials on FluMos-v2, ...
ANKARA, Turkey: During a meeting, Michael Evans, President of the Alibaba Group, told Turkish President Tayyip Erdogan that the Chinese ...
NEW YORK: This week, the Wall Street Journal (WSJ) reported that U.S. electric vehicle (EV) maker Tesla and Saudi Arabia ...
NEW YORK, New York - Interest rates could stay higher for longer, but there is the possibility of rate cuts ...
STOCKHOLM, Sweden: Days before the Riksbank, Sweden's central bank, is expected to again raise interest rates, the Swedish krona hit ...
NEW ORLEANS, Louisiana: As Midwest farmers prepare to harvest crops and send tons of grain downriver to the Gulf of ...
JAKARTA, INDONESIA: Government data released this week showed that as imports, such as raw materials and capital goods, declined more ...