In the past two decades, the SaaS industry has evolved by leaps and bounds. Since its advent in 1999, the approaches that companies take to market themselves in the industry have changed drastically.
Earlier, the companies relied heavily on outbound marketing techniques like cold calling, and then came the trend of Inbound marketing and sales-led growth. However, these approaches are slowly becoming obsolete, and the industry is shifting its focus toward product-led growth strategies.
It is the strategy that enables a company to acquire and retain customers based on the product’s value. The prospects sign up for the product for free, and if they see any value in the product, they might choose to become a paid customer. A company solely focuses on providing the best value to the users because user satisfaction directly translates to more customers.
Smart solution companies like Toplyne offer advanced tools for SaaS companies enabling them to identify the best free users who are more likely to become their premium subscribers. Using such tools, companies can improve their sales pipeline. The product offered by companies like Toplyneis are easy to implement and offers room for experimentation with go-to-market strategies.
Using such tools can increase revenue, reduce the sales cycle, and reduce waste of resources as SaaS companies can figure out who their potential customers are.
So, how can SaaS companies achieve product-led growth? Read on to know.
Determine the Value Proposition
The primary step a company must take is to determine the value proposition of the product and the overall business.
The companies must have answers to questions like, what customers get from using the product, what they feel, and how they want to be perceived while using the product.
As the company starts finding the answers to those questions, they will be able to understand the product’s value better. After determining the value proposition, the companies can communicate it with the customers.
Deliver the Value Proposition
The value that is being delivered to the customers can be deemed as the experienced value, whereas the value that the companies promise is perceived value.
So, the experienced value must be the same or more than the perceived value for customer satisfaction. This way, the customers will trust the company more and not hesitate to become paid customers.
Chart an Easy Onboarding Process
When a prospect starts using the platform and begins to explore what value the product adds to their life can be considered an onboarding process. The companies must make it exceptionally easy for the users to onboard themselves on the platform. The platform must have all the instructions and tutorials the users might need to enjoy the product and reap its benefits.
The more time a product requires for onboarding, the more prolonged the experienced value stage is, which can frustrate the user and make them opt for another product.
More Collaboration Among Various Teams
Traditionally, all the teams work independently from each other, but that is now a thing of the past. Since in the PLG approach, the product must be top-notch along with the sales department, and it requires extensive collaboration from all the various departments.
From the developers to marketing and sales, each department must collaborate to improve the value proposition and acquire more customers.
These are some of the ways through which SaaS companies can achieve product-led growth. Using solutions like Toplyne makes the job easier as artificial intelligence helps recognize the people who are already further up in the decision-making process, which also reduces the sales cycle for the company.
Ayesha completed her Doctor of Philosophy in Biochemistry and started her career as a College Lecturer in 2013. Today, she’s a happy mom of 2 Kids in the field of digital marketing. She loves reading books, spending time with her family, and making delicious food for her husband.