Every SaaS company is looking for new ways to scale and grow their business. However, many companies struggle to find a growth trajectory. There are many factors which can indicate a failure to achieve growth, but OpenView says there's a common theme in all of those businesses.
Product-led growth is a term coined by OpenView Partners to define a way in which companies like Dropbox, Hubspot, and Slack have scaled their business and achieved the growth trajectory.
Basically, product-led growth is a go to market strategy that relies on the product solely to achieve rapid growth. The principle is that as users use a product and get value, they begin to use it often. When they like it, they tend to share with colleagues. As more and more people from a company uses the product, it becomes easy to make it an integral part of the business.
Although product-led growth is starting to trend now, several SaaS companies are executing PLG strategies for many years to acquire, engage and retain customers.
For starters, he explains in brief about product qualified leads (PQL) and how to determine one for your SaaS. Then he talks about finding out if your product is right for product-led growth and implementing PLG strategy for your SaaS.
Always remember, the strategy is about your product, and it differs from product to product. It means, what worked for companies like Slack, Hubspot or Dropbox, might not work out for your product. You have to think of a PLG strategy with your product in mind.
Would you consider implementing a product-led growth strategy for your SaaS?
Are you implementing one already? I would love to know more about it.