106. 3 Ways to Drive Product-Led Growth and Monetization

(Episode 1 of 2 with Eric Keating)

What is Product-Led Growth?

“Product–Led Growth is defined as a go-to-market strategy that relies on using your product as the main vehicle to acquire, activate, and retain customers.” (Source: ProductLed)

“Product-led growth is this concept that’s really gained a lot of steam and awareness over the last one to two years,” Eric said. “It’s the idea that your product is the primary driver of your user experience. Making your product available to try for free in a self-service capacity as often as possible is one of the most effective ways to go-to-market today. . . . Leading with a self-service free product experience is something that has been true at almost every single company I’ve worked at.”

1. Communicate with Our Customers

“In this world in which you need to deliver more self-service, effective product experiences, there’s this need to guide and communicate with users inside of your application,” Eric explained. “That’s the type of product experience that, when you do this effectively, can really drive adoption of your product and create new monetization opportunities.”

2. Focus on the Initial Experience

“One of the most important parts of product-led growth is having a fantastic initial product experience,” Eric said. “I’m talking about the first minute your user starts using your product. The first day, two days, of their experience is so critical, not only to whether or not you’re going to ultimately be able to convert them into a customer but also to their long-term retention.”

“[The new user is] starting to use your product because they have a specific goal or outcome in mind, and your job is to get them to that goal or outcome as quickly as possible, not show them every aspect of your product,” Eric explained. “It is a phased approach. Get them to that moment, and then start exposing them to more. It’s this gradual process, and trying to do everything in the first minute can really mess with your activation rates and conversion rates.”

3. Offer Level 10 Passions

“We were still in the early stages,” Eric said. “The objective [was to] make sure that everybody attending this conference heard about Zaius, and that we were a familiar name from now on out.”

“We had the [dogs] there for about an hour and there were crowds. There were lines to come up and see these dogs. Mission accomplished. We had a ton of interest, not only in the dogs but eventually in our product as well,” Eric said. “Ultimately, the objective was to increase our brand visibility, awareness, and recognition, and we did that.”

Key Takeaways

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Nathan Gwilliam helps entrepreneurs and digital marketers transform into better digital monetizers with revolutionary marketing and monetization strategies.

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Monetization Nation | with Nathan Gwilliam

Nathan Gwilliam helps entrepreneurs and digital marketers transform into better digital monetizers with revolutionary marketing and monetization strategies.