Summary of Wes Bush's Product-Led Growth

Everest Media

Description

Please note: This is a companion version & not the original book.
Sample Book Insights:
#1 The main reason I wrote this book was because I witnessed first hand the power of Product-Led Growth. It all started in a cold, gusty winter in Waterloo, Ontario, when a small team of software developers created a free video hosting product that gained over 100,000 users in less than a year.
#2 Product-Led Growth is a go-to-market strategy that relies on using your product as the main vehicle to acquire, activate, and retain customers. It is a completely new way of growing a SaaS business that can lead to shorter sales cycles, lower Customer Acquisition Costs, and a higher Revenue Per Employee.
#3 The three tidal waves are: it becoming more expensive to acquire customers, buyers preferring to self-educate, and product experiences becoming an essential part of the buying process. You want to be on high ground when these waves hit.
#4 If you rely on your sales team to sell every product, you are adding a lot of friction to the buying process. This keeps your CACs high, but it also prevents you from helping your users self-educate.

Sujets

• Marketing
• International

Informations

• Publié par: Everest Media LLC
• Date de parution: 25 mars 2022
• Nombre de lectures: 0
• EAN13: 9781669364184
• Langue: English
• Poids de l'ouvrage: 1 Mo

Extrait

Insights on Wes Bush's Product-Led Growth
Contents Insights from Chapter 1 Insights from Chapter 2
Insights from Chapter 1

#1

The main reason I wrote this book was because I witnessed first hand the power of Product-Led Growth. It all started in a cold, gusty winter in Waterloo, Ontario, when a small team of software developers created a free video hosting product that gained over 100,000 users in less than a year.

#2

Product-Led Growth is a go-to-market strategy that relies on using your product as the main vehicle to acquire, activate, and retain customers. It is a completely new way of growing a SaaS business that can lead to shorter sales cycles, lower Customer Acquisition Costs, and a higher Revenue Per Employee.

#3

The three tidal waves are: it becoming more expensive to acquire customers, buyers preferring to self-educate, and product experiences becoming an essential part of the buying process. You want to be on high ground when these waves hit.

#4

If you rely on your sales team to sell every product, you are adding a lot of friction to the buying process. This keeps your CACs high, but it also prevents you from helping your users self-educate.

#5

When you’re launching a new category, you have to change the way people approach problems. This takes time and requires you to educate people on how to do things differently. If you jump too quickly to a product-led model with a new category, you risk a high churn rate because you don’t understand what it takes for customers to succeed.

#6

The high-touch sales model is expensive, and the sales cycles are extremely long. The LTV of a customer has to be high enough to recoup the investment in acquiring each new customer.

#7

The customer acquisition model in a sales-driven organization has a big leak. According to SiriusDecisions, 98 percent of marketing-qualified leads never result in closed business.

#8

When your company is structured like this, with sales leading followed by product, you’re forced to move upmarket and become part of the elephant-hunting treadmill.

#9

The CEO of a company that recently raised a Series C from great investors stated that his biggest regret was that their first customer was $1 million ACV. They were forced to get on the elephant hunting treadmill, and they’ve never been able to get off it.

#10

A product-led approach is not for everyone, and if you don’t know what you’re doing, adopting a product-led strategy might kill your business instead of helping it.

#11

When deciding between a free-trial, freemium, or demo model, you must be extremely careful. Choosing the wrong model can easily bankrupt your company. To make the right choice, you need a decision framework.

#12

A free trial is a customer acquisition model that provides a partial or complete product to prospects free of charge for a limited time. A freemium model is a customer acquisition model that provides access to part of a software product to prospects free of charge, without a time limit.

#13

The dominant growth strategy works best if you can do something better than your market and charge significantly less. This strategy is best implemented with the freemium model, which allows you to give away your product for free to a few users who might actually pay for it.

#14

Differentiated SaaS Growth Strategy requires you to provide a specific service that is better than the competition and charge significantly more.