4 key elements of Product-led-growth as a SaaS growth strategy
Episode 65
In today’s issue, we discuss what is product-led-growth and what are the 4 core elements of a PLG strategy to grow your SaaS.
Friends,
Product led growth is when you leverage your product to acquire, activate, convert, retain, and monetize your users.
In PLG, your product is not only the set of features that solve customer pain points but also your go-to-market (GTM) motion, and your distribution and engagement channel.
This leads to (a) lower acquisition costs, (b) improved user experience (b) increased scalability (d) faster capital efficient growth.
The core elements of a product-led-growth strategy:
Commoditization of customer expectations: In PLG, customer expectations are scoped out since the buyer persona is defined very early on. The value delivery system is mapped out relative to the competition along with identifying most-efficient use-cases to optimize for.
Value-Driven Experiences - PLG companies prioritize delivering value-driven experiences that keep users engaged.
Seamless Onboarding - Seamless onboarding is particularly useful if your product is self-serve. This is because it allows users to explore and use the product independently, without the need for hand-holding. The goal is to enable users to reach the AHA moment as fast as possible.
Clear positioning and value proposition - Since a user-centric approach is at the heart of product-led growth, understanding user needs & sentiment is key. This includes looking at competitors, analyzing customer sentiments, figuring out loopholes in the value delivery system. Good PLG companies position their product relative to the market, have a clear value prop targeting users and use this data to provide a seamless product experience.
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Attract & close high-intent buyers from your landing page
99% of startups fail because they can’t find product-market fit. Especially in the early days when you’re spread thin between building out your product & talking to customers. Both of which are non-negotiables.
Your landing page is the first thing that prospects see when they land on your page. Your copy needs to communicate your value prop effectively & target their pain points and how your solution helps them.
Copywriting is more than just words. It’s sales. And you need to invest in a salesman that does the selling for you 24*7 even when you’re asleep.
But who can you trust with this?
Well, the gentleman who left the above review got a before-after version of his landing page (pipl.ai)
He saw a 21% increase in conversion on his page and guess what?
He made $10k in sales for his SaaS. Talk about a high ROI.
Not going to guarantee that this will 100% happen for you too but a man can try :)
Some more examples:
Want to get more users from your landing page? Book a call with me - I’d love to learn more about what you’re building :)
In case you haven’t noticed, I’m a real (and proud) business nerd lol