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Product-led growth

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Product-Led Growth is the go-to-market strategy that relies on using the product as the main vehicle to acquire, activate, and retain customers. In this (summarized and simplified) deck, I will explore:

- Why the fastest growing startups use a product-led GTM strategy
- The role of Sales and Marketing under this GTM
- Main marketing and product KPI's
- B2B martech stack
- Pricing SaaS
- Bottom up targeting

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Product-led growth

  1. 1. Adrian Escude adrianescude@gmail.com PRODUCT LED GROWTH
  2. 2. ● Bottom up targeting Puts product first, delivers value quickly. Targets ‘Doers’ ● “Show me the value” (and let me try it) Vs “Tell me about it” ● Self Service Transparent pricing and ability to transact ● Customer-experience- oriented org Culture of fast, continuous product improvement PLG Checklist
  3. 3. ● Bottom up targeting Puts product first, delivers value quickly. Targets ‘Doers’ ● “Show me the value” (and let me try it) Vs “Tell me about it” ● Self Service Transparent pricing and ability to transact ● Customer-experience- oriented org Culture of fast, continuous product improvement PLG Checklist ● DIY, easy onboarding ● High speed-to-value ● Shorter sales cycles ● Faster revenue growth ● Lower CAC ● Higher LTV ● Net Retention
  4. 4. PLG Internal Adoption Loop
  5. 5. The The prim The Promise
  6. 6. Less or equal to 5Y More than 5Y, less or equal to 10Y More than 10Y, less or equal 15Y More than 15Y Source: Kimchi hill Years to reach $100M ARR
  7. 7. Less or equal to 5 y > 5 y, less or equal to 10 y > than 10, less or equal 15 y > than 15 y 65% Of co’s that reached $100M within less less than 10Y Are PLG companies Source: Kimchi hill Less or equal to 5Y More than 5Y, less or equal to 10Y More than 10Y, less or equal 15Y More than 15Y Years to reach $100M ARR
  8. 8. PLG vs Non PLG PLG NON PLG
  9. 9. PLG vs Non PLG Benchmarking success Revenue Growth Net Dollar Retention CAC Payback Period Source: publiccomps.com
  10. 10. KPIs & Optimizations
  11. 11. CONVERSION CUSTOMER ACTIVE CUSTOMER LOYAL CUSTOMER Content VISITS Content Paid Other MQL Channels SQL IN- PRODUCT ENGAGEMENTS OUTSIDE PRODUCT ENGAGEMENTS Marketing team Sales team Customer success team TIME Customer Lifecycle in a Sales-Led GTM
  12. 12. “98% of MQLs never close” SiriusDecisions
  13. 13. PQL CUSTOMER ACTIVE CUSTOMER LOYAL CUSTOMER Content VISITS Content Paid Other TRIAL Marketing | Growth teams Sales team Customer Success team Product | Growth teams TIME IN- PRODUCT ENGAGEMENTS OUTSIDE PRODUCT ENGAGEMENTS Customer Lifecycle in Product-Led GTM
  14. 14. What is a PQL? Activation ICP Match PQL Engagement
  15. 15. ● Interaction with core features ‘X’ number of messages / actions / etc ● Addressed pain point Solved a problem / Experienced your value prop ● Invited team members PQL Definition Activation Engagement ICP Match Have they experienced the value of your product?
  16. 16. ● Active User They keep coming back for more ● Recency & Decay Recent activity ● Behaviour (in-app + website) Visited Pricing page, consumed blog content, etc PQL Definition Activation Engagement ICP Match Are they signaling further interest?
  17. 17. PQL Definition Activation Engagement ● Technographics Technology installed, Integrations ● Firmographics Company Size, Industry, Revenue, Funding, Geo ● Customer Persona Department, Job Title, Pain Points ICP Match Aligned with Ideal Customer Profile?
  18. 18. Aha moment /ä-hä ˈmōmənt/ noun 1. Pivotal moment when new users first realize the value of your product 2. A moment of sudden insight or discovery
  19. 19. Activation Engagement ICP Match Aha! Moment examples Connect with 7 friends within the first 10 days 2000 messages sent within a team Returning 1 day after sign up Save 1 file on folder on 1 device Defining the Aha! moment
  20. 20. Visitor Trial PQL Customer Active customer Loyal customer Churned customer Visitor to Trial CVR Trial to PQL CVR PQL to Customer CVR Active Customers Rate Churn Rate Renewal Rate Days from Trial to PQL Days from PQL to Customer Days to Break Even Avg Customer Life CLV- to CAC ratio Customer lifecycle Effectiveness Velocity METRICS TYPE Key Performance Indicators Avg Selling Price
  21. 21. Visitor Trial PQL Customer Active customer Loyal customer Churned customer VISITOR TO TRIAL CVR Trial to PQL CVR PQL to Customer CVR Active Customers Rate Churn Rate Metric Optimizations Efficiency Renewal Rate 2%* Opt-in Free Trials ● Quality of the traffic ● Website content ○ Messaging ○ Design ○ Supporting visuals ○ Site architecture * Innertrends
  22. 22. ● Onboarding ○ Qualification & Segmentation ○ Guidance ○ Goals & Personalization ● Time to value → ‘Aha moment’ Visitor Trial PQL Customer Active customer Loyal customer Churned customer Visitor to Trial CVR TRIAL TO PQL CVR Active Customers Rate Churn Rate Metric Optimizations Efficiency Renewal Rate 25%* Opt-in Free Trials 1-10%** Freemium * sixteen ventures ** Insight Venture Partners PQL to Customer CVR
  23. 23. Visitor Trial PQL Customer Active customer Loyal customer Churned customer Visitor to Trial CVR TRIAL TO PQL CVR Active Customers Rate Churn Rate Metric Optimizations Efficiency Renewal Rate 25%* Opt-in Free Trials 1-10%** Freemium * sixteen ventures ** Insight Venture Partners PQL to Customer CVR Have your trial users experienced the value of the product?
  24. 24. “60% of users who try your app will never come back” Intercomm
  25. 25. Starts using add ons and other integrations Converts to paid Consecutive ‘Aha’ moments & activation points Sees the product as a solution Loyal Customer Active Customer Trial User Website visitor Engages directly with brand Value Time Aha moment(s) Product Adoption Activation
  26. 26. DESIRED OUTCOME CURRENT STATE ● User Onboarding Emails ● In-app messages ● Sales outreach ● Product Tours ● Interactive walkthroughs ● Progress Bars ● Checklists ● Onboarding Tools Content Product Accelerating Speed-To-Value
  27. 27. Not Every SignUp Is A Core User Likelihood to activate Likelihood to Convert CEO Director / CXO Product / Project Manager Developer Designer Marketer Analyst CORE USER CORE BUYER Source: Madkudu
  28. 28. Qualification & Segmentation Explicit, Enriched & Behaviour-Based Data Explicit | Sign Up Survey Enriched | 3rd Party Behaviour-based WEBSITE ● Firmographics ● Technographics ● Persona... IN-APP ● Webinar attendance ● Pricing page ● Blog posts consumed ● ... ● Number of Interactions ● Team member addition ● Completion of core journeys ● ...
  29. 29. ● Onboarding ● Email nurturing campaigns In- app messaging Sales reach outs ● Customer persona ● Use Case / Pain Points ● Industry, Firmo & Technographics Personalization Criteria Applied to
  30. 30. Core User (Marketer) Buyer (CEO) Sign Up Usage Invite Team Members Invite Team Members Add Credit Card Product Overview Call Sign Up Custom Journey & Content Hi Mark, I’m Mark, VP of Sales at <Company Name>, we are thrilled to have you onboard! To get the most out our app, be sure to <Usage Tip #1>, so you can <Product benefit number #1> Try it out and let us know if you have any questions, Hi Kevin, I’m Mark, VP of Sales at <Company Name>, we are thrilled to have you onboard! I wanted to help jumpstart the onboarding process by offering a quick product overview to ensure your team gets the most out of it. You can pick a convenient time that works best for you here Additionally, here you can find some quick resources on how sales <company name> helped companies in your industry to <benefit number #1> and <benefit number #2> Email # 1 to Core User Sign Up Email # 1 to Buyer Sign Up
  31. 31. Visitor Trial PQL Customer Active customer Loyal customer Churned customer Visitor to Trial CVR Trial to PQL CVR Active Customers CVR Churn Rate Metric Optimizations Efficiency Renewal Rate 25%* Opt-in Free Trials 1-10%** Freemium * sixteen ventures ** Insight Venture Partners PQL to CUSTOMER CVR ● Activity-based content nurturing ● Community, documentation & support ● Frictionless self-service ● UX & product optimizations ● Sales follow up post PQL qualification
  32. 32. B2B Tech Stack
  33. 33. User session replay A/B Testing B2B Tech Stack Prototyping & design CRM Reporting & Data visualization Lead Scoring Product Analytics Web Analytics Personalization Contact Enrichment Market Research
  34. 34. A/B Testing and Experimentation https://www.optimizely.com/sample-size-calculator/ DON’T TEST IF ● It’ll take too long to get actionable results ● Low downside risk of the change, high effort to test it. ● You’re launching something completely new WHY TESTING ● Learn ● Decide ● Quantify ● Align
  35. 35. Pricing for SaaS
  36. 36. Value-based pricing ● Value is a proxy for usage. ● Pricing based on a value metric allows you to maximise revenue potential. Opportunity costs
  37. 37. Companies using value-based pricing are growing at double the rate, with half the churn Value-based pricing Source: Profitwell.com
  38. 38. Freemium vs Free trial
  39. 39. Freemium Pros: ● More visitor to ‘trial’ conversions ● Higher virality ● More product data to optimize UX ● Paid users who convert from free tend to better retention, and much lower CAC1 Cons: ● Limited features could result in a inferior experience ● Lower sense of urgency ● Higher cost to service 1A16z
  40. 40. Free Trial Cons: ● Less virality and buzz ● Requires more effort and time commitment on the user Pros: ● Sense of urgency ● Full feature set, most optimal UX ● More effort in a short timeframe, higher likelihood of conversion if UX is optimal The challenge Delivering on the promise of your business (aha moment) as fast as possible
  41. 41. Freemium vs Free Trial Complex Product? High price? Large Market? Targets doers? NO YES NO YES YES NO NO YES Freemium Free trial Sales-led
  42. 42. Bottom up + Top down GTM
  43. 43. Combining PLG and a Sales Led GTM Pure PLG Sales + PLG A self-serve GTM, later combined with a strong direct sales motion ● Compounds revenue growth ● Lowers CACs ● Enables larger contract values The Sales role in a mixed GTM strategy: ● Customer onboarding, expansions and renewals (Customer success) ● Work with resellers, distributors and MSP’s ● Help convert PQLs from large enterprises and other ‘hot leads’
  44. 44. Estimated ARR When Top Down Sales Was Layered In $100M+ $50M+ $30M+ $25M+ $20M-$25M Source: Andreessen Horowitz When do we add a Top Down GTM?
  45. 45. When to Layer Top Down Approach Bottom up flywheel working ? NO YES Continue developing bottom up GTM Customer demanding product at enterprise level or enough penetration? NO YES Introduce Top down GTM Continue developing bottom up GTM When do we add a Top Down GTM? Source: Andreessen Horowitz
  46. 46. Thank you Contact Me Adrianescude@gmail.com https://www.linkedin.com/in/adrianescude
  • whilpert

    Aug. 28, 2021
  • eramos422

    Apr. 19, 2021

Product-Led Growth is the go-to-market strategy that relies on using the product as the main vehicle to acquire, activate, and retain customers. In this (summarized and simplified) deck, I will explore: - Why the fastest growing startups use a product-led GTM strategy - The role of Sales and Marketing under this GTM - Main marketing and product KPI's - B2B martech stack - Pricing SaaS - Bottom up targeting

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