Product-led growth (PLG) is generating a lot of buzz in the B2B SaaS space, but few people can effectively describe what it is exactly. For me personally, I know it when I see it, but it can be challenging to introduce the concept of PLG to our clients. <\/p>\n\n\n\n
If you look up the definition of PLG, you\u2019ll find something like this: <\/p>\n\n\n\n
\u201cProduct-Led Growth is defined as a go-to-market strategy that relies on using your product as the main vehicle to acquire, activate, and retain customers. \u201c<\/p>\n\n\n\n
While somewhat accurate, this definition is simply too abstract, especially for those entirely new to the concept. As an avid supporter of PLG and a believer that it can have a transformative impact on growth, I have set about finding a way to more effectively introduce the topic to clients in an engaging, more tangible way.. <\/p>\n\n\n\n
A New Approach to Defining Product Led Growth<\/strong><\/p>\n\n\n\n I mention that the definition above is \u201csomewhat\u201d accurate because I don\u2019t agree with the categorization of PLG as a strategy or even a tactic. Rather, product-led growth should be defined as a mindset that permeates every growth tactic and strategy across the customer lifecycle from awareness to retention. At its most basic level, PLG is a way of thinking that constantly comes back to a simple question – how can you use one of your most valuable assets, your product, to gain widespread adoption? <\/p>\n\n\n\n Before getting any more specific, I want to turn to a real-world example of successfully embracing this mindset: Bill.com. <\/p>\n\n\n\n Traditional invoice processing involves a vendor\u2019s accounts receivable team sending an invoice to a customer\u2019s accounts payable team. Once the invoice is sent, it enters a seemingly black hole for the vendor, which is only illuminated when the vendor receives payment. Bill.com transforms this process by adding valuable visibility for the vendor while also making it easier for accounts payable teams to manage the accounts payable process – a win-win for both parties and, as I am about to describe, a big win for Bill.com. The revamped process offers Bill.com several opportunities to build brand awareness, and more importantly, get its product in front of potential new customers. Here are some examples: <\/p>\n\n\n\n Speaking from experience as a vendor, the regular status updates and web management features provide terrific visibility, but they also made me aware of Bill.com. <\/p>\n\n\n\n We have implemented product-led growth initiatives with many of our clients using a similar mindset. A few examples of these initiatives will give additional clarity: <\/p>\n\n\n\n All of these initiatives resulted in a significant contribution to growth for these clients. <\/p>\n\n\n\n TL;DR<\/strong><\/p>\n\n\n\n Most SaaS companies we work with have ample untapped opportunity to better utilize their actual products in everything from brand building, to new customer acquisition, to user retention. <\/p>\n\n\n\n To adopt the PLG mindset, start by conducting a product audit to reveal growth opportunities. Go through your entire product to find ways to increase awareness, acquisition, conversion, activation and retention and assign an impact score to each item. Share this list with your product and development teams to gain an understanding of the level of effort. Implementing these changes will build buy-in around the concept of product-led growth. <\/p>\n\n\n\n These questions provide some insight into the product-led growth mindset:<\/p>\n\n\n\n The possibilities for product-led growth are extensive and will continue to grow which is why the adoption of a mindset is critical. It isn\u2019t just a tactic that gets accomplished, but a way for entire organizations to think.<\/p>\n","protected":false},"excerpt":{"rendered":" Product-led growth (PLG) is generating a lot of buzz in the B2B SaaS space, but few people can effectively describe what it is exactly. For me personally, I know it when I see it, but it can be challenging to introduce the concept of PLG to our clients. If you look up the definition of […]<\/p>\n","protected":false},"author":1,"featured_media":79812,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","content-type":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"episode_type":"","audio_file":"","cover_image":"","cover_image_id":"","duration":"","filesize":"","date_recorded":"","explicit":"","block":"","filesize_raw":"","footnotes":""},"categories":[19,93],"tags":[],"yoast_head":"\n