Have you ever thought about making a sample of your product available for free to your audience? If so. Know that this is a strategy that is part of a digital trend.
Product-led growth is a concept that involves business methodologies and acquisition techniques that have a full focus on the product. Through it. It is possible to improve the customer experience and generate more value for your business.
Interested? Then follow our article!
What is product-led growth?
Product led growth is a strategy based on customer acquisition based on strategies focused on the product itself.
This is a method that breaks the traditional marketing and sales concept and delivers a positive. Personalized product experience before a purchase actually takes place.
Loosely. The name can be translated as “product-oriented growth”. So it is an excellent strategy to launch digital products and also to drive results in already launched products.
However. To better understand what product-led growth is. It is necessary to understand the growth of customer acquisition techniques. Below you will learn about one of these techniques.
What is product qualified lead. Or pql?
Pql or product qualified lead in a simple way. Is a metric that indicates if a lead is ready to purchase a certain product.
To analyze this data. It is necessary to verify a set of actions performed by the lead to determine whether they have the maturity and potential to receive an offer for your product.
It’s as if that customer has traveled a path with your brand and is closer to the finish line.
How did product-led growth come about?
The term was created in 2016 by investor and partner blake bartlett of venture capital firm openview venture partners. He had in his name the bet of a new market trend.
Although the concept is new. The strategy itself doesn’t have that new origins. Who has never received a free sample of a perfume. For example? These physical experiences have also become essential in the digital market.
In the world of software. With the help of digital marketing and techniques such as inbound marketing. The old “free samples” have become more Hungary Phone Number complex. Quantitative and qualitative actions.
Which business models best match product-led growth?
Product-led growth is a concept that is directly related to some more specific business models. Check out these models below:
one way to bring the product experience to the user is to offer a free plan with additional paid options.
Freemium has a strong relationship with product-led growth and has proven to be an attractive business model today. As it is an opportunity for potential customers to get to know the business and become interested in the product.
This strategy also brings a more personalized service in which the customer can choose a plan or additional services that suit their own needs and desires.
saas is a model for producing and selling software that works with the help of the internet . You probably subscribe or have already subscribed to one of them: netflix. Spotify. Dropbox and many others that emerge and conquer new audiences.
These platforms often offer free demos to introduce the solutions and spark interest in purchasing a paid subscription.
An example is netflix that offers a free trial time. Or a cloud storage service that offers a small space at no cost.
These strategies are very much in line with product-led growth. As the product itself is the main attraction for consumption.
But how to put product-led growth into practice?
First. It is important to know that there is no formula to apply this concept. But some actions help to better implement this strategy in your business. See the tips we separate and put it into action now!
Understand the value your product delivers
do you really know what your product delivers to the customer? Having this well defined is a key factor in drawing up more assertive plans.
The customer needs to clearly understand what he consumes and all the benefits he gains from the purchase.
Know everything that really is the gold of your business and have this information ready to be released to the world!
Communicate this value to the public
defined value. It’s time to communicate that value to your audience.
How to buy something that is not known the benefits? Or. Buy something that does not meet what is expected by your audience? Not cool. Is it?!
Therefore. Be sure to bring as much information about the product and its value to the audience as possible.
Informing can also be offering a free experience with your product. Thus. You show how valuable it is in practice.
Deliver what you promise
We see many promises out there during product promotion. But in many situations these promises are not fulfilled for everyone. Don’t create illusions about your product to generate interest.