As technology has open doors to unlimited options and data for Saas customers, it is the very need of every SaaS provider to attract more and more customers. To move with the technology SaaS teams also have to move towards product led strategies. A product growth strategy allows SaaS providers to use their changing, developing product as the base of all marketing and sales- which means the product and its value will sell itself.
What does product growth by strategies mean?
Product growth strategies means that marketing and sales team allow the product itself to speak for its development and growth. The point of this strategy is to show it’s immediate value to the users and build its trust on it. The product’s function and feature and consistent development is what marketing teams use to make sales. The primary focus is to show the real feature of the product before asking the client about the money. It includes all activities like product evolution. Products that meet customers need reach at their top. Product teams must know their customers need so that they can determine what changes they need to make, what features they can add.
Target customer and their needs
The first and most important step of a product-led strategy is to understand what their customers need and how to stand on them. What are the main focuses and challenges they right now face? Where would they be able to spare time, cash, and exertion? From a product growth point of view, the subsequent stage is investigating your present product and figuring out what is the best, prompt an incentive to your objective personas. What are the highlights that make it explicitly important and stand apart from competitors? What makes it an unquestionable requirement for their procedures? What agony guides explicit toward those clients does it comprehend? These are on the whole inquiries you ought to have the option to recognize answers to for your product to be a decent market fit for your specialty. This is the top of the brain while accomplishing development through a product driven technique. As you change your informing and product itself, the quick change your product brings to your objective client ought to be the core interest.
How does the sales and marketing team look at product growth?
Advertising ought to consistently be around the product and its highlights itself – directly to the point. When you've decided your market position and guiding principle to your objective clients, your informing and promoting system can be more product growth. Product growth informing ought to be based on passing on the fundamental belief of your item to your objective personas as unmistakably, appropriately, and effectively as could be allowed. Clients have a great deal of alternatives and they move rapidly in their exploration for an answer. In the event that they don't know immediately that your product is the correct answer for comprehending their main points, they won't ever. Your informing needs to points to your specialty explicitly to the main points you address, the highlights you decide to feature, all in a way that is handily comprehended by the client.
Furthermore, your concentration after communicating the estimation of your product is to let your product and its highlights justify itself with real evidence. product led marketing and sales will probably get the client to find the incentive all alone at the earliest opportunity through collaboration as opposed to a long sales process. For instance, getting clients interacting with a free period trail and bringing down the barrier to that activity however much as could be expected. When clients experience the product, the thought with a product growth system is that they will see the worth.
Some examples of product growth marketing and sales technique are:-
- Free period trials
- Interactive live demos
- Premium models
- Growing communications
A huge part for product growth and its success is to ensure that the customers themselves are satisfied with your product. In order for a successful onboarding after a user has signed up is to be simple, intuitive and informative for the user. The most important part here is user experience. Your visitors should find our key feature of the product to be intuitive and easy to use for their current process.there should be a demo of how to use the product and ite best feature to gain the best use of the product. The customers should have a sign up page so that they can easily enter your website and use your product right away through design.
Product growth through customer service and support
SaaS is a job Forever. The sale is never over. The provider has to ask customers to pay month by month to pay for your service which you have to ensure that it delivers on time. This is why product growth strategy is best for SaaS. Clearly with the product growth strategy, your product has to progress and improve. But how can you interpret what are the things that need to be improved? The answer is by communicating with your customer and getting their feedback. This is one of the most essential part product growth strategies.
Also asking for their feedback is important. By getting feedback from the customer you will get a knowledge about what are the regions where you need improvement and what are the new features you should add in your products so that more customers are engaged in your website.
Learning from the internal data
There's significantly more to learn for an product growth strategy in the moves that clients make. Utilizing heat maps and information on use inside your item can help show your group what is working and what isn't so you can improve your item to be of better an incentive for clients. For instance, if there is a component that isn't being utilized or an element that is being utilized a considerable amount, at that point you recognize what your clients see more an value in and you can utilize this data to better your product and to likewise create your informing around the highlights that are of worth. In the event that there are purposes of erosion, at that point you realize where to improve and wipe out what is unneeded.
Increase customer engagement through product improvement
To engage customers with your product, communicate
To make your product successful it is necessary to keep your users engaged and also to regularly communicate with them about your updates and services. There is use in making changes to your product if customers don't know what is new in the product and how much you are improving your product for them.
Feature discovery and updates
A big part of product growth is to let the users know the value of your product through features discovery. Feature discovery is a technique where users come to know about all the features in your product through your interface, also let them new features you have added and they didn’t notice through shedding light on it. This product growth strategy helps you to demonstrate and engage more users about your product and onboard new visitors to a successful long term sale. Feedcast is helpful for this as you can add tutorial and feature updates to Feedcast that can help users better understand of using your product and also increase engagement.
Effectively updating customers about updated and new features through mails, which is not valid all the time. As a user doesn’t always open your mail and it’s quite out of context. A better and more in contect way to engage more and more users is within your products using Feedcast. Feedcast is an in app changelog and newsfeed that opens when the user opens or click on “what;s new tab” in your product. On feedcast you can share anything for your product like new feature, updates, security patches, helpful content, etc. for better engagement and showing visitors what your product is improving. It puts your product in front of the users and helps keep users onboard. Features like push notification you can also bring users back to your product when you announce something new and something great.
Upselling as part of the product growth strategies.
With a product growth strategy, you can earn additional revenues by using your product to give premium features. Once you have visitors of your website onboard with working with your product at free or paid level, you can offer premium features which helps in giving something more which they didn’t expected and also raise revenue for you. Extra storage, more users, additional support are some of the perks that premium accounts offer.
Word of mouth
Using your customer database, you can reach more customers like them with their help. As they know and love your product and their word for your product can help you get more customers like them. You can do this by adding sharing features and asking them to share feedback with peers. Also you can allow them to invite peers to join and collaberate with your product which will grow your user base. For example Dropbox gave users extra storage space who shares their products and brought more sign ups. These types of affiliated programs can also be added to your product by giving something extra or giving rewards to those who share your product in their network and bring more sales though they are not connected to your company. Hence word of mouth is more powerful than paid ads in the run.
Pricing for Product growth
Ust like anything else in the product growth techniques, pricing is focused on providing value to the product. You want to give your target customers the access of the product that they want to receive not what you want to give them. SaaS is a space where there can be a lot of variation in customer’s size and also how the product is being used by them. “A-la-carte” style lets your customer choose which feature set and which price is best for them. Customers can choose their level and still get what they want. With this pricing system you are lowering the barrier to value for your product and can get more new customers.
A product growth strategy makes more sense for when used by SaaS companies. Your product can be versatile and its value will depend on the clients. Focusing on the right feature and letting the customers what they need is the best way to successful sales, marketing and customer retention and engagement. For the best way to get user engagement and hold your clients to your product with your best feature and updates, try Feedcast.