Product-led growth (PLG) is a business methodology and go-to-market (GTM) strategy for developing, marketing, selling and using software. It is the latest trend for B2B software companies looking to increase adoption and grow revenue.
The rise of PLG is attributed to the fact that software has become a fundamental utility powering our working lives and the changing B2B buyer expectations. Business and tech professionals are intrigued by the idea of self-service and user-driven control when it comes to buying and using software and apps.
However, PLG is not suitable for every company or product. It's important to ensure the product is designed and developed for specific use cases, is self-serve, has an intuitive user interface, and is supported by a well-defined and documented strategy to market, sell and expand usage.
In addition to developing the right product, a comprehensive conversion program is a must. This includes thoughtful usage paywalls, on-demand interactive demos, smart trials, and the ability to share the app with colleagues.
Cross-functional and departmental collaboration is key to PLG’s success. Marketing must be tailored to each stage of the user-customer-account relationships, while sales is involved primarily once users begin adoption. Customer success/support must provide ample self-service and the right level of assistance. Product pros must listen to the user base and evolve the tools into products and products into solutions.
PLG requires a company-wide commitment and a well-thought-out, user- and customer-driven approach to developing, selling and delivering products. Experienced GTM leaders advise that PLG can be effective when the right product and strategy are in place.
Originally reported by Martech: https://martech.org/product-led-growth-3-important-lessons-from-the-front-line/
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