If you’re thinking, “Product-led growth, is there any other kind?” then you’re likely to agree with 99% of this article. A product-led growth strategy places the product first, contrary to a traditional sales-led approach. Mind you, it’s not that sales are a happy coincidence, but it’s definitely not what will determine how you guide and support your customers.
As a SaaS company, we understand the importance of making your product understood and valued by users. We live and breathe this mentality and use FROGED with our clients and well, we’ve learned a few things along the way about what it really means to be product-led and how it can positively impact your business.
This article covers:
- What is Product Led Growth?
- Why is Product Led Growth important?
- How does FROGED promote Product Led Growth?
- What can FROGED mean for my company/product?
What is Product-Led Growth?
Product-led growth is a business methodology that focuses all acquisition, expansion, conversion, and retention strategies on the product. Although you may not be experiencing a eureka moment just yet, this realization in the business world has meant radically changing most marketing strategies. The aim is no longer to target a customer through a business philosophy; the aim is to target a customer through a purpose, and that purpose happens to be your product.
Why is Product-Led Growth important?
Let’s put it this way, your customers can live without your product, but can your business survive without your customers? Exactly. By building your business tactics around your product, you’re directly placing the focus and attention on the user experience. At the end of the day, you’re doing everything to have that one thing in common. By improving the user experience, you increase the chances of reaching long-term engagement, customer loyalty, and eventually, product success. This is the safest gateway to sustainable growth.
How does FROGED promote Product-Led Growth?
FROGED supports your entire customer lifecycle, from acquisition and onboarding to retention, conversion, and ultimately expansion. On top of this, we also have a pretty cool team to help you along the way and make sure your product success is sustainable. Sounds good, right? If so, below is how FROGED can help you tick all the boxes.
It’s likely that you’ve read the term “flow” before as a way to describe an automated business process. Our “Product Flows” are exactly that but place the product as the main business objective. FROGED Product Flows allow you to measure or analyze user behavior and engagement with the product; carry out A/B testing through an onboarding process for your product or a new feature; or retarget a campaign to inactive users. Think of Product Flows as sandboxes for your product that record these interactions with your product. This is definitely the most organic and reliable way to get feedback on your product.
You should never judge a book by its cover, especially if it’s unintelligible. The same thing happens when a user first sees your product. The longer for them to understand and see the value of your product, the longer it will take your business to grow.
The length of time for a user to navigate through your onboarding process will already affect their perception of your product and experience. A proper onboarding process speeds up the time-to-value, i.e., the time frame between a first purchase and the aha moment — when users realize the value of your product and how they can benefit from it.
FROGED helps you reach this moment through:
- In-app messages that can be customized based on user behavior. This directly impacts customer acquisition and retention rates.
- Behavioral emails are categorized according to previously saved segments and audience filters. For example, you can send an email campaign after a week of purchase or a free trial. This will help reduce your churn rate and lower the cost of acquisition (CAC).
Proactive Support Tools
We usually relate the term “Proactive” to “more effort”. And that’s just not true. Although there may be special circumstances that require a reactive approach, a proactive customer support strategy can reduce future pain points and allow your team to offer the personalized attention modern users are demanding. FROGED can help you:
- Use custom events to segment according to user behavior and actions.
- Address users by their name through personalization features in emails.
- Record user interactions to analyze open rate and click rate in email campaigns.
There’s no better form of marketing than loyal customers, and that’s just undeniable. FROGED offers an intuitive and dynamic interface, so you can easily create your own knowledge base and live chat.
- Add support widgets on your site, including live chat or updates.
- Create a button for a floating search engine, so your customers can quickly access what they’re looking for without leaving the page.
- Create help articles using the FROGED Knowledge Base to provide users with more in-depth guidance.
There’s a reason our churn rate is lower than the industry standard. And that’s because we use FROGED.
What can FROGED mean for my company/product?
If a product-led growth approach is beneficial for your customers, then it’s surely good news for your business. FROGED includes all the tools in the game to support a sustainable growth and hit the right metrics:
- Higher Monthly Recurring Revenue (MRR)
- Lower Customer Acquisition Cost (CAC)
- Shorter Time-to-Value
- Higher Net Promoter Scores (NPS), i.e., customer loyalty and customer satisfaction
A product-led growth company like FROGED has a customer-led mindset that prioritizes the value of the product over how much it sells. Let’s not be naive here, we know everyone has to eat, but we’ve figured out that how you eat and when is more important than how much food you put in your system. In other words, a product-led company will focus on the quality and not the quantity, and that is definitely something your customers will appreciate.
If you want to join the community of product-led companies, read our FROGED blog article Product-Led Companies Roundup: March 2022.