What the Heck is Product Led Growth?
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The next evolution of go-to-market is Product Led Growth. Learn about this growth strategy where companies forgo spending large sums of money on traditional marketing and sales activities and instead rely on the product itself to supply a pipeline of satisfied users and ‘hand raisers.'
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What the Heck is Product Led Growth?
- 1. WHAT THE HECK IS PRODUCT LED GROWTH? A S H L E Y M I N O G U E Proprietary and Confidential ©2018 OpenView Advisors, LLC. All Rights Reserved.
- 2. OPENVIEW Based in Boston, we invest in software companies around the world aimed at improving people’s working lives. Learn more at ov.vc. T H E E X P A N S I O N S T A G E V C Proprietary and Confidential ©2018 OpenView Advisors, LLC. All Rights Reserved.
- 3. THE NEXT EVOLUTION OF GO-TO-MARKET IS PRODUCT LED GROWTH. Proprietary and Confidential ©2018 OpenView Advisors, LLC. All Rights Reserved.
- 4. BUT FIRST…A QUICK HISTORY LESSON. Proprietary and Confidential ©2018 OpenView Advisors, LLC. All Rights Reserved.
- 5. 1980s FIELD SALES THE HISTORY OF TECH GTM A T I M E L I N E Proprietary and Confidential ©2018 OpenView Advisors, LLC. All Rights Reserved.
- 6. 1980s FIELD SALES THE HISTORY OF TECH GTM A T I M E L I N E 1998 TELESALES Proprietary and Confidential ©2018 OpenView Advisors, LLC. All Rights Reserved.
- 7. 1980s FIELD SALES THE HISTORY OF TECH GTM A T I M E L I N E 1998 TELESALES 2000s ADOPTION OF OUTBOUND EARLY Proprietary and Confidential ©2018 OpenView Advisors, LLC. All Rights Reserved.
- 8. 1980s FIELD SALES THE HISTORY OF TECH GTM A T I M E L I N E 1998 TELESALES 2000s ADOPTION OF OUTBOUND 2000s CONTENT MARKETING EARLY LATE Proprietary and Confidential ©2018 OpenView Advisors, LLC. All Rights Reserved.
- 9. 1980s FIELD SALES THE HISTORY OF TECH GTM A T I M E L I N E 1998 TELESALES 2000s ADOPTION OF OUTBOUND 2000s CONTENT MARKETING 2010s SOCIAL SELLING & AUTOMATION EARLY LATE Proprietary and Confidential ©2018 OpenView Advisors, LLC. All Rights Reserved.
- 10. THE NEXT EVOLUTION OF GO-TO-MARKET IS PRODUCT LED GROWTH. Proprietary and Confidential ©2018 OpenView Advisors, LLC. All Rights Reserved.
- 11. PRODUCT LED GROWTH. INSTANCES WHEN PRODUCT USAGE SERVES AS THE PRIMARY DRIVER OF USER ACQUISITION, RETENTION AND EXPANSION. Proprietary and Confidential ©2018 OpenView Advisors, LLC. All Rights Reserved.
- 12. 12 I stopped thinking about our business like a traditional sales and marketing firm. It's more like a flywheel where the customers are the main driver that pulls new prospects in. That flywheel spins at the rate of our customers’ delight. B R I A N H A L L I G A N C O - F O U N D E R & C E O H U B S P O T “
- 13. HOW DOES THIS REALLY PLAY OUT? R E A L W O R L D I M P A C T Founded: 2005 NYSE: BOX 2018 Fiscal Revenue: $506M Market cap: $2.8B BOX Founded: 2007 NASDAQ: DBX 2017 Revenue: $1.1B Market cap: $9.4B DROPBOX Proprietary and Confidential ©2018 OpenView Advisors, LLC. All Rights Reserved.
- 14. Company Enterprise Value CY2018E Revenue CY2018E Revenue Growth Rate Dropbox (NASDAQ:DBX) $12,305 $1,357 60.7% LogMeIn (NASDAQ:LOGM) $5,391 $1,191 20.3% Shopify (NYSE:SHOP) $13,706 $1,032 53.3% Atlassian (NASDAQ:TEAM) $13,717 $864 39.3% DocuSign (NASDAQ:DOCU) $8,570 $656 26.5% Wix (NASDAQ:WIX) $4,602 $599 40.6% Twilio (NYSE:TWLO) $5,057 $588 47.5% New Relic (NYSE:NEWR) $5,697 $585 36.0% HubSpot (NYSE:HUBS) $4,575 $498 32.7% Zendesk (NASDAQ:ZEN) $5,435 $463 30.3% Pluralsight (NASDAQ:PS) $3,146 $224 34.2% MongoDB (NASDAQ:MDB) $2,242 $220 42.2% Smartsheet (NYSE:SMAR) $2,524 $161 44.9% SendGrid (NYSE:SEND) $1,007 $144 28.4% PLG Index Median $5,224 $587 37.6% SaaS Index Median $2,304 $257 25.3% PRODUCT LED COMPANIES OUTPERFORM Proprietary and Confidential ©2018 OpenView Advisors, LLC. All Rights Reserved.
- 15. SO, YOU WANT TO SURVIVE IN A PRODUCT LED WORLD? Proprietary and Confidential ©2018 OpenView Advisors, LLC. All Rights Reserved.
- 16. PRODUCT PRODUCT LED COMPANIES FLIP THE SCRIPT O N E V E R Y A S P E C T O F T H E I R B U S I N E S S Proprietary and Confidential ©2018 OpenView Advisors, LLC. All Rights Reserved. MARKETING PRICING SALES
- 17. PRODUCT PRODUCT LED COMPANIES FLIP THE SCRIPT O N E V E R Y A S P E C T O F T H E I R B U S I N E S S Proprietary and Confidential ©2018 OpenView Advisors, LLC. All Rights Reserved. MARKETING PRICING SALES
- 20. Each business only really sells one thing. Obsess over it. I A N S I E G E L C O - F O U N D E R & C E O Z I P R E C R U I T E R “
- 21. 21 PRODUCT PRINCIPLES • Start with real user pain • Strip out the uncritical • Deliver value immediately • Make the product stick Proprietary and Confidential ©2018 OpenView Advisors, LLC. All Rights Reserved.
- 22. PRODUCT PRODUCT LED COMPANIES FLIP THE SCRIPT O N E V E R Y A S P E C T O F T H E I R B U S I N E S S Proprietary and Confidential ©2018 OpenView Advisors, LLC. All Rights Reserved. MARKETING PRICING SALES
- 24. THE RESULT? $100 MILLION IN 30 DAYS. Proprietary and Confidential ©2018 OpenView Advisors, LLC. All Rights Reserved.
- 25. 25 MARKETING PRINCIPLES • Enable virality, internally and externally • Your product is a marketing channel • Target users, not just buyers Proprietary and Confidential ©2018 OpenView Advisors, LLC. All Rights Reserved.
- 26. PRODUCT PRODUCT LED COMPANIES FLIP THE SCRIPT O N E V E R Y A S P E C T O F T H E I R B U S I N E S S Proprietary and Confidential ©2018 OpenView Advisors, LLC. All Rights Reserved. MARKETING PRICING SALES
- 28. 28 PRICING PRINCIPLES • Remove any barriers from initial usage • Enforce paywalls only after value • Expand customers with scalable expansion paths • Use product data to upsell users Proprietary and Confidential ©2018 OpenView Advisors, LLC. All Rights Reserved.
- 29. PRODUCT PRODUCT LED COMPANIES FLIP THE SCRIPT O N E V E R Y A S P E C T O F T H E I R B U S I N E S S Proprietary and Confidential ©2018 OpenView Advisors, LLC. All Rights Reserved. MARKETING PRICING SALES
- 30. PRODUCT PRODUCT LED COMPANIES FLIP THE SCRIPT O N E V E R Y A S P E C T O F T H E I R B U S I N E S S Proprietary and Confidential ©2018 OpenView Advisors, LLC. All Rights Reserved. MARKETING PRICING SALES CUSTOMER SUCCESS
- 32. 32 SALES PRINCIPLES • You empower self-service • Customer success is your north star • Be a product evangelist • Create opportunities for upsell Proprietary and Confidential ©2018 OpenView Advisors, LLC. All Rights Reserved.
- 33. ARE YOU THINKING… Proprietary and Confidential ©2018 OpenView Advisors, LLC. All Rights Reserved.
- 34. THIS WILL NOT WORK WITH MY PRODUCT / MARKET / BUSINESS MODEL? Proprietary and Confidential ©2018 OpenView Advisors, LLC. All Rights Reserved.
- 35. WE ARE NOT SLACK. WE ARE NOT DROPBOX. WE ARE TRUE ENTERPRISE SOFTWARE. Proprietary and Confidential ©2018 OpenView Advisors, LLC. All Rights Reserved.
- 36. I BRING YOU LOGIKCULL Enterprise subscription turned ”pay as you go” pricing model Grew customer base by 500% in less than 12 months (100% growth year prior) Tripled customer success team in 2017 Company maintained a 97% customer satisfaction score
- 37. PRODUCT LED GROWTH MARKET MAP DEVELOPER & PRODUCT TOOLS BACK OFFICE & OPERATIONS CUSTOMER ENGAGEMENT PRODUCTIVITY & COLLABORATION THE MATURITY
- 38. THANK YOU! O P E N V I E W P A R T N E R S . C O M / N E W S L E T T E R Proprietary and Confidential ©2018 OpenView Advisors, LLC. All Rights Reserved.