Hot in Enterprise IT/VC - What's 🔥 in Enterprise IT/VC #361
What's 🔥 in Enterprise IT/VC #361PLG, PLS, Sales led 🤯 - enough acronyms, build a product, sell it efficientlyOK, can we now say it, the rage around product led growth (PLG) companies and the enormous valuation multiples relative to top-down enterprise sales cos was a ZIRP phenomenon. We now have post-ZIRP hangover and lots of cleanup for many a PLG 🦄 restructuring to go enterprise. Sure it’s an absolutely amazing mousetrap to acquire users top of funnel and convert to customers, but it’s also just as easy to churn! Recently Airtable, which IMO, is kicking ass with rumored ARR of around $150M, did a reset to focus more on enterprise. The only unfortunate thing is the last round valuation was at $11B which will be tough to grow into. Netlify also did a reorg a few months ago along with a number of others.
Now that the bloom is off the rose, we have Product Led Sales (PLS), the natural evolution of Product Led Growth (PLG) vs. just plain old Sales Led. Enough with the acronyms 🤯 - PLG, PLS, Sales Led - it’s just business. Build a product people need and can’t live without. Sell the product. Time to value matters. That’s it - sell in the most efficient way possible for the price you will extract. A top down enterprise sales model will not work for $10k ACVs for example. As I’ve always said PLG is a continuum, and all roads eventually lead to steak 🥩 dinnahs and enterprise sales. This Battery report on the state of enterprise spending sums it up quite well: Same with this post from Gergely who writes the The Pragmatic Engineer . You have to remember the easier it is to onboard and self serve, the easier it is to offboard and stop paying. Speaking of Gergely Orosz , he reached out to me this week to comment on infra startups and pace of shutdowns from his latest newsletter (excerpt from The Pulse #63) - excerpt below from The Pragmatic Engineer (my comments in italics)
As always, 🙏🏼 for reading and please share with your friends and colleagues. Scaling Startups
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