Thread by @namratha_bemane

Week 4 started on @TheProductfolks Insurjo'22 with "Product Led Growth" session by @mickey_alon ( CTO @GainsightHQ )

Hosts @MotwaniSuhas
@SmarthVasdev

#TheProductFolks #10DaysOfProdMan #Day11 #IAmTeamInsurjo #insurjo22 #product #productmanagement #Insurjodocs #Growth

Here's a thread on PLG,🧵
1) What is Product Led Growth (PLG) & strategies?
2) Debunking some Myths of PLG?
3) why PLG is biggest Trend in SaaS?
4) Growth Tactics?
5) what can we do for PLG?

@Amplitude_HQ @mixpanel @Airmeet @WebEngage @Meesho_Official @gopracticeio @YourStoryCo

1) Product-led growth (PLG) is a business methodology in which user acquisition, expansion, conversion, and retention are all driven primarily by the product itself.

The product becomes a revenue & retention source of its own, driving deeper engagement with users.

Growth driven by sales is unsustainable and hollow.
Ex: typical client acquisition expenses are five times higher than retention costs.

There are 3 funnels to understand when it's about the growth of the product.
- Top of the funnel
- Middle of the funnel
- Bottom of the funnel

2) Few Myths are,
- PLG is the most dominant go-to-market motion.
- PLG is a revenue-driving strategy.
- You don't need a sales team because products sell themselves.
- Buyers are completely self-sufficient.
- PLG isn't right for me.

3) PLG used methods in SaaS products is PLG strategies often allow users to experience a product for free, with the intention of showing enough value to encourage them to upgrade to the paid version.

The main issue when we don't use PLG, High user acquisition costs (CAC).

Personalization is a key form to keep users engaged, based on the user journey & their interaction, more content matching their taste/genre is delivered to have them retained in the product’s services.

Companies that use a PLG strategy can scale more quickly & cost-effectively.

Ex: Prime & Netflix giving 1 month free without charge for watching their content for users then once the users are taken by the it's offerings, services & benefits they would be willing to activate a paid subscription with long-term benefits for the user engagement & activation

4) Aquisition Led growth : The acquisition growth strategy will align the strategic vision of the company with the business objectives.

Acquisitions help companies attain rapid growth and lead to an overnight increase in market shares.

one can leverage on the economies of scale that organisations get through acquisitions, which will reduce the total delivered cost. Acquisitions give immediate bottomline & topline improvements, since the investment in acquisitions is generally amortised over a period of 10 years

Expansion Led Growth:
-> Product experiences have become an essential part of the buying process.
->Understanding value given to users
->Communicating the value to users
->Delivering solutions on that value

5) due to a pandemic, this definitely changed how software or product is accessed and sold.
->pandemic also reduced the distance between buyers and users in other words market supply and consumer demands

AARRR - Acquisition, Activation, Retention, Revenue, Referral have changed

Key Learnings/Takeaways:
Internal alignment around metrics that fuel sustainable growth, such as user acquisition, engagement, and retention, is the first step in becoming a product-led organization.

Thanks for Reading if you enjoyed it, do like, Retweet, share.💜

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Untill next time, see you soon. 👋

Day 12:

https://twitter.com/namratha_bemane/status/1580291848995995648?t=eOVKAnGcqwqcL0Br4_ua3Q&s=19