Grow your B2B Business with a Product-led Strategy [+Webinar]
In the past 20 years, corporate buying decisions have shifted from a strictly top-down approach to one that is heavily influenced by internal users. Today’s B2B users are looking to get experience with the product they are actually buying – even before they buy or upgrade it. Rarely do they want to interact with salespeople or marketing campaigns anymore. In response, companies need to transition to a Product-Led Growth (PLG) model. A product led growth model does not just mean making changes to your product. Product led growth requires creating company-wide alignment across your teams—from engineering to sales and marketing—to make the product itself the largest source of sustainable, scalable business growth.
What is Product-Led Growth?
With B2B users no longer wanting to interact with sales or marketing, the product and product experience now needs to be at the center of your acquisition, conversion and expansion opportunities. Instead of talking to sales or consuming marketing content, prospects try the product. By getting into the product the user can see the product’s potential value first-hand. And it is far easier to convert prospects when your product does all the heavy lifting – as this modified sales funnel illustrates:
If you are not convinced that driving customer acquisition through your product itself is in your future, consider the benefits of product-led growth you are not realizing: expanded market reach, lower acquisition costs, and higher conversion rates.
Where do you begin?
By first identifying with the five golden rules of successful product led growth:
- Know thy customer. The term “customer” can have different meanings – the product led growth approach means that success of your business relies completely on understanding what your users want. And before you can build a product that delivers the right value, you need to know who they are.
- Give before you get. Freemium, free trial, try before you buy are all examples of ways to make the product available to demonstrate the value before you generate revenue.
- Obsess about growth. Never rest on your successes. You always want to make the product more relevant to the existing customers, other market segments and new personas. Always be relentless in delivering customer delight.
- Make it easy and fun. Seamless discovery, sign up and access to the product is paramount – barrier free. Fun is making it relatable by demonstrating how they are making progress: think checklists and milestone celebrations as they use the product. Done right, a little gamification can lead to a lot of viral awareness.
- Organize around product and user. As your Sales and Marketing teams are no longer leading the way, your user with your product now takes center stage. The customer is now in the driver’s seat when it comes to the strategic direction of your product – embrace this.
Knowing the five golden rules is one thing – learning how to apply them, with a few real-world examples, is treasure. This upcoming webinar will dig deeper into these rules, and provide further insights into how to take on a product led growth mindset for your B2B organization.
To learn the iterative customer-led methodology used by successful Product Management teams to develop Digital Products that matter–faster and more effectively. Take a look at our comprehensive Digital Product Management Course, you’ll learn all the core skills needed to become a Certified Digital Product Manager™.