This content originally appeared on NN/g latest articles and announcements and was authored by Sara Ramaswamy
Summary: Product-led growth is a try-before-you-buy business strategy where the product experience informs how all areas of the business function. Successful product-led growth relies on strong product utility and usability.
It is increasingly difficult to attract and convert customers in the software market. Businesses are adopting product-led growth as a competitive strategy in which the product leads the way, speaks for itself, and (hopefully) sells itself. Achieving success with this strategy can yield major benefits to the business, but it is challenging to execute.
Definition : Product-led growth is a product strategy that seeks to acquire, convert, and retain customers by enabling them to try a product and assess its value before paying money for it.
Why Product-Led Growth
In the traditional sales-led growth model for software-as–a-service (SaaS) companies, potential customers cannot just try the product. Instead, they might be required to book a demo with a sales representative, sign a contract, and pay before getting to use the product. In a sales-led model, customers are likely to wrestle with the product since they already paid for it — a manifestation of loss aversion .
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This content originally appeared on NN/g latest articles and announcements and was authored by Sara Ramaswamy
Sara Ramaswamy | Sciencx (2023-05-21T16:00:00+00:00) Product-Led Growth and UX. Retrieved from https://www.scien.cx/2023/05/21/product-led-growth-and-ux/
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