Inspire Innovation and Strategy
Mission Mars: Product-Led Growth for Enterprise
The traditional definition of a ‘product’ is expanding in today’s rapidly evolving business landscape. It’s no longer just about physical goods on a shelf. It’s about services, experiences, and solutions that solve problems and deliver value. Every company, regardless of industry, is now a product company. All facets of your business–from a physical or virtual good to the solutions or services you provide–are products that can drive growth.
Product-led growth (PLG): The driving force behind modern businesses
We’ve learned that in the dynamic realm of startups, the rule is innovate or die. Product-Led Growth (PLG) emerged from this crucible, revealing that customer delight hinges on discovering a product’s ‘Aha’ moments when they realize value from a product.
Product-led growth (PLG) is a business methodology where the product itself is the primary driver of customer acquisition, conversion, and expansion, instead of primarily relying on sales and marketing efforts. In a PLG strategy, the goal is to create a product that offers immense value, while delivering an exceptional user experience. This combination of value and experience serves as the catalyst for organic growth, as satisfied customers willingly spread the word and advocate for the product.
Why convert to PLG?
Enterprises are adopting PLG strategies, and for good reason. PLG is disrupting traditional business models, growing at an unprecedented pace. With PLG market capitalization soaring from $21 billion in 2016 to $687 billion in 2020, the world is clearly shifting towards a product-led future.
Benefits of product-led growth:
Accelerated Growth
PLG companies are often nimble and can move quickly in response to market changes. They prioritize iterative product development and are constantly improving their offerings based on user feedback.
Customer-centric Approach
PLG companies prioritize understanding their customers’ needs and delivering a great user experience. By leveraging data and user feedback, they can rapidly iterate and adapt their products to meet evolving customer expectations.
Lower Barriers to Entry
PLG companies often rely on self-serve models, offering free trials or low-cost entry points that allow customers to try their products without extensive commitments.
Talent Attraction
PLG companies tend to be innovative, fast-paced, and offer exciting opportunities for employees. They often attract top talent, including engineers, product managers, and designers.
The challenge: Becoming product-led
Despite the allure of PLG, the shift can be complex for companies rooted in conventional salesforce-driven strategies. It’s more than just grasping the concept; it’s about evolving skill sets, leveraging innovative tools, and embracing forward-thinking methodologies. For instance, enterprises may need to realign their internal teams, revamp customer engagement methods, and invest significantly in user experience. The process is as much about changing organizational culture and mindset as it is about adopting new business strategies. However, the journey can lead to transformative results with the right guidance.
Our solution is a “Mars Shot”: Vision, goal, and value-driver
Our framework: The growth engine
Our approach to PLG focuses on customer-centric innovation through a data-driven feedback loop. Think of our PLG framework as a wheel. Each spoke represents a driver of product-led growth, and multiple spokes can power a single product idea. At the center of the wheel, we have the growth engine, customer feedback that propels the entire structure forward.
Related Capabilities
- PLG Ideation Workshop
- PLG Assessment
- PLG Strategic Roadmap
- Experience Design
- Data & AI
- Software Engineering
- Change Enablement
Product-led growth in action: Connecting manufacturers directly to consumers
Objective
A leading manufacturer wants to establish a more transparent and sustainable relationship with its customers.
Solution
Create an intuitive mobile app that educates, engages, and empowers users, placing sustainability at the forefront and ensuring that every customer knows the value of their purchase.
Potential Outcomes
- Customers gain a sense of fulfillment, knowing the environmental impact of their purchase, reinforced by social validation.
- Real-time notifications ensure users are informed about seasonal offers and exclusive savings.
- The app serves as a one-stop-shop, directly offering complementary products and accessories directly from the manufacturer, amplifying user experience.
- Increase revenue streams by collaborating with related service providers (i.e. knife sharpening for knife purchases).
1. User Sign-up:
Allow the customer to sign-up directly from the manual / installation guide to the manufacturer store app. Provide an incentive (e.g. extended warranty).
2. Setup Customer Profile
Collect the customer data to setup a profile that contains their billing information and data on the product they purchased; product info is auto-populated with the option for the customer to adjust.
3. Customer Profile / Mftg. Store:
Customer can view sustainability details like their energy savings, carbon offset, recycled product content, etc., which can be shared on social media (can have contests to promote the sharing with certain hashtags).
Book our PLG Assessment today. Our cross-functional team of strategists, business experts, and technologists have the insights and tools to help you get started on your PLG journey.
What to expect:
- Assess your existing efforts – Understand where you stand, and identify your strengths and areas for improvement.
- Ideate on new ideas – Break out of the mold, brainstorm, and discover innovative approaches.
- Define target use cases: Narrow down your focus to ensure every effort is perfectly aligned with your end goal.
- Map to possible initiatives: Strategize on possible initiatives based on your target use cases.
- Build your PLG Roadmap: Walk away with a clear, actionable plan to navigate your PLG journey.