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Secrets to Product-Led Growth (PLG) Success
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Countless new software companies are launching every single day, making the market more commoditized than ever before. It’s more expensive than ever to acquire new customers using a traditional sales-led motion. And customers expect the ease of a Netflix-like experience. So, what’s the answer? Enter product-led growth (PLG). Using a product-led strategy, a company uses its product to acquire, engage, and monetize users, allowing them to essentially try the product before they buy. And it’s becoming a prominent go-to-market strategy in SaaS.
That’s why we’re talking with Wes Bush, founder and CEO of ProductLed. He’s the bestselling author of Product-Led Growth: How To Build a Product That Sells Itself and is one of the most sought-after product experts in the world. After working for some of the world’s fastest-growing companies, he now partners with SaaS founders around the globe on how to turn their products into powerful growth engines.
In this episode, Stephanie and Wes talk about what it takes to be successful with product-led, common misconceptions about PLG, transitioning from sales-led to product-led, and so much more.
Key Takeaways:
- The founder and CEO MUST be involved in and leading the company’s PLG effort for PLG to be effective. PLG must become the company’s go-to-market motion and be baked into its DNA.
- Product-led is a go-to-market strategy, not an initiative driven by the product team.
- PLG is NOT just a free trial.
- PLG conversion rates are not the same as win rates in a sales-led motion.
- Your company must have moats of how you’re going to win that make it clear why your product is the obvious choice in the market.
- You have to understand your user better than anyone else in the market.
- Sales-led pricing strategy won’t automatically translate to a pricing model that works for PLG.
- Don’t go into PLG from day one with zero customers. Use founder-led sales to obtain your first 10-30 customers, then implement PLG.
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