Common Pitfalls of Product Led Growth
Product-led growth can be a brilliant strategy for your organization, or it can cause more problems than it’s worth. It all depends on your company’s current situation. Here are some perspectives on when product-led growth may not be the right strategy for your company and some general growth challenges to watch out for.
|
|
|
The Product Collective Member Hub (exclusive online community platform) is opening up to everybody! Ready to jump in for free?!
You get over 120+ hours of Product Management videos (including Keynotes from recent INDUSTRY conferences), easy access to expert interviews with the likes of Ash Maurya and Jason Fried, a place to share resources and advice with 1000s of others, and more!
|
|
|
7 business growth challenges to anticipate and overcome. Achieving consistent, sustainable growth is likely to be a fundamental goal for your business. Expansion can lead to many exciting opportunities for your company and new experiences for your employees. But it’s important to be prepared for the obstacles that might arise on the path to long-term success. From managing uncertainty to maintaining efficiency in an increasingly complex organization, Hung Le describes some challenges your business could encounter as it grows, and some tips to overcome them.
(via Sage)
Not all B2B companies should do product-led growth. Product-led growth is a great strategy, but it’s not a magic wand. In fact, if you implement product-led growth (PLG) when your organization isn’t ready, you risk doing more harm than good. Elena Verna describes four scenarios where you need to prioritize other work before you can start a PLG motion.
(via Amplitude)
Continues below...
|
|
|
13 DAYS TO GO -- LIMITED SEATS AVAILABLE!
|
|
New York Product Conference
Manhattan, New York - May 4
On May 4, 350 product people will get together IN REAL LIFE in Midtown Manhattan for a full day of keynotes, lightning talks, interactive speaker interviews, and to mix and mingle with their fellow software Product Managers.
NYPC features a packed agenda, with sessions covering strategic decision-making, re-igniting stagnant products, leadership, and more. Along with this valuable content, you'll be treated to snacks, refreshments, and meals throughout the day -- and access to an exclusive after-party to cap off the day, thanks to our friends at ITX.
Our early bird pricing ended in March, but you can use the code Rewind50 to register before Friday to save $50 and take advantage of last month's pricing. If you're bringing a team of 3+, reply to this note for a code to save even more!
Make sure you register soon, as space is limited to 350 attendees.
|
|
|
|
UserTesting launches machine learning-powered Friction Detection. The new feature uses machine learning to analyze video recordings of user sessions and identify moments when users encounter difficulty or confusion while performing a task or navigating a workflow. The feature aims to help product designers and developers pinpoint areas that need improvement and enhance the overall user experience.
LinkedIn now allows users to verify their identity, place of work, and company email through new features enabled through partnerships with Microsoft and Clear. Through the new partnership, users can verify their identity by providing a U.S. government issued ID and U.S. phone number. Then Clear will verify the profile and LinkedIn will showcase the designation on the user's profile. This is probably closer to what people think of when they say “verification” (as opposed to dropping $8 and saying “trust me.”)
It’s possible to share your screen, but still maintain some privacy. Sariska’s Co-Browsing SDK allows you to co-browse with peers to review designs or brainstorm ideas without having to share your entire screen. The tool brings users together on any page on the web while giving control to each one of them, and keeping conversations, browser and user data private. It’s as if your entire team is looking at the same website over your shoulder, even if they’re in another time zone.
Enterprise tech startup Databricks asked its entire workforce to write training data for Dolly 2.0, its ChatGPT rival. The goal was to train a machine learning model that could serve as a smaller, less-expensive alternative to ChatGPT. The intent is for businesses to use Dolly 2.0 to build their own AI language programs, thus giving them control over what data they include in the training set which could vary depending on their use case.
|
|
|
Discover new learning through Product Momentum! Join our growing community of podcast listeners and engage with stories and perspectives from product leaders like Radhika Dutt, Jesse James Garrett, and Rich Mironov. Explore over 100 episodes of casual, comfortable, and insightful conversations to help you create powerful customer experiences.
|
|
|
|
Lords and Peasants
Hey there, peasants and lords of the internet! Back in November, Elon Musk tweeted about Twitter's new "Lord and Peasant" model. Effective yesterday, if you want a blue checkmark on your Twitter profile, you'll have to cough up $8 a month. It doesn’t matter if you’re a politician, celebrity, or journalist. You’ll have to pay up. (Well, unless you’re LeBron James, Stephen King, and William Shatner, I guess).
So move over, feudal lords - it's Twitter's turn to play the Game of Thrones.
As Product Managers, we're always looking for ways to make a buck. But, there is a larger debate here about whether or not it's fair to charge for something that was once free. On one hand, Twitter needs to make money somehow. It’s pretty well known that they’ve been bleeding cash both before and after Musk took the helm. On the other hand, this move is certainly going to create even more of a divide in the Twitterverse. Some even are saying it could be the start of the demise of Twitter. While I’m not so sure that’s true just yet, I’m also not personally paying for the privilege to have the blue checkmark next to my name unless I see other real benefits added to the program.
At the end of the day, product managers need to strike a balance between revenue and inclusivity. Maybe Twitter could find a way to offer premium features without creating such a clear divide. Or maybe we'll all just have to accept that we're either peasants or lords and move on with our lives. We’ll just have to see.
For more on all of this, check out Rocketship.FM’s latest episode on the Elon Musk brand of Twitter – was released, appropriately, yesterday… on April 20th. You’re welcome, Elon.
|
|
|
Why rapid growth for a start-up isn’t always good. For a SaaS start-up, experiencing rapid growth can seem like the perfect outcome for hungry and impatient software entrepreneurs. But there are risks associated with growing too quickly. With growing too fast just as damaging as not growing at all, it’s vital that founders stay grounded, aware, and open-minded to pivots as their company expands. Yoda Yee explains the pitfalls to rapid growth to look out for.
(via Fast Company)
Avoiding pitfalls and embracing enterprise growth. At a certain point, any successful product-led growth (PLG) business will need to embrace the enterprise. Eventually, breaking into the larger market by selling to organizations instead of individuals becomes the next goal. However, changing over from a self-service model to a sales-led model can bring down your business entirely if you’re not careful with how you manage it. To make matters more difficult, the strategies that brought you success so far could hurt you in the long run as you expand to this new market. Annie Pearl, the Chief Product Officer at Calendly sat down with Blake Bartlett on the BUILD podcast to discuss the reasons embracing the enterprise is inevitable, what to watch out for when transitioning, and discussed strategies to help successfully navigate this new sales world.
(via Annie Pearl)
Most product-led growth transitions fail. Here’s how to fix them. A successful transition to product-led growth requires a complete reorganization of priorities within every team in the business — a process that doesn’t magically happen when you add on a free trial. Wes Bush learned this the hard way when he was a growth marketer at Vidyard. Wanting to boost leads and scale the product as fast as possible, Vidyard added a free trial option, but changed nothing else. It bombed. Wes shares how he discovered what Vidyard did wrong and how he learned the number one reason most product-led transitions fail.
(Via ProductLed)
|
|
Love the Problem with Ash Maurya - Founder of LEANSTACK
Thu, Apr 27 2023
03:00 PM - 03:45 PM EDT
Most products fail, simply because we build something nobody wants. This begs the obvious question: Why does this happen and how do you build what customers do want? Traditional approaches like surveys, focus groups, and even directly asking customers don’t work because customers themselves often don’t know what they want. We'll dig into all of this and more in this session.
|
|
|
|
