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Product Led Growth: The Rise of the User

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Over the past few decades, buyer power shifted from the executive to the end user. OV's Kyle Poyar explains how this shift occurred and how product led growth is how you adapt.

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Product Led Growth: The Rise of the User

  1. 1. PRODUCT LED GROWTH The rise of the user. Kyle Poyar, VP of Market Strategy Product Marketing Summit 2019
  2. 2. Our mission is to improve people’s working lives. We do this by: • Investing in the best software products • Driving product led growth Learn more at ov.vc THE PRODUCT LED GROWTH VC
  3. 3. IT USED TO BE HARD TO ADOPT NEW SOFTWARE
  4. 4. LOTS OF PEOPLE Long sales process Complex implementation Training & certification
  5. 5. LOTS OF TIME Complex implementation Long sales process Training & certification
  6. 6. NOT ANYMORE
  7. 7. TODAY…
  8. 8. SOFTWARE…
  9. 9. SOFTWARE JUST…
  10. 10. SOFTWARE JUST KINDA…
  11. 11. SOFTWARE JUST KINDA SHOWS UP
  12. 12. END USERS ARE FINDING THESE PRODUCTS
  13. 13. AND TELLING THEIR BOSS WHICH ONES TO BUY
  14. 14. THE END USER ERA IS HERE
  15. 15. AND THE BEST SAAS COMPANIES RECOGNIZE IT S-1 Filing We recognize that users drive the adoption and proliferation of our products. Bottom-up adoption within organizations has been critical to our success as users increasingly choose their own tools at work. S-1 Filing We grow through viral demand driven by individual users. S-1 Filing
  16. 16. Everything we buy starts with a little project at the edge of the organization. Some developers tinkering with something. A couple of salespeople, a couple of marketers, and then it ends up on the CIO’s desk. Software buying has been turned on its head, and you need to market and sell to humans and enable those humans to put it to work for you. 1 6 BRIAN HALLIGAN Co-Founder and CEO HubSpot
  17. 17. WHY IS THIS HAPPENING?
  18. 18. 2000s Cloud CLOUD EVOLUTION 1990s Data center TODAY Connected Cloud
  19. 19. $10K+$100K+ Free+ PRICE EVOLUTION 1990s 2000s TODAY
  20. 20. Executive Era CIO Era End User Era BUYER EVOLUTION 1990s 2000s TODAY
  21. 21. DISTRIBUTION EVOLUTION Sales led growth Marketing led growth Product led growth CIO ERA EXEC. ERA END USER ERA
  22. 22. EVOLUTION CAN’T BE STOPPED CIO Era Exec. Era End User Era
  23. 23. PRODUCT LED GROWTH IS HOW YOU ADAPT Product led growth is a business strategy where product usage serves as the primary driver of user acquisition, conversion and expansion.
  24. 24. Appeal to end users Price comes after value Measure everything Invest in customer success FOUR STEPS TO PRODUCT LED GROWTH
  25. 25. Executive Pain We need to manage our sales pipeline. End User Pain I hate scheduling meetings.“ “ APPEAL TO END USERS
  26. 26. I hate expense reports. So annoying! I hate file sharing. So annoying! I hate internal emails. So annoying! I hate scheduling. So annoying! I hate web conferencing. So annoying! I hate post-it notes. So annoying! ANNOYANCE IS OPPORTUNITY
  27. 27. MAKE IT EASY TO GET STARTED – END USERS DEMAND SELF SERVE Request Demo Contract Order Form Configuration Implementation Training Support Tickets Talk to Sales Sign Up Ts & Cs Automated Onboarding Documentation Knowledge Base Bots Community SSO End users hate this End users love this
  28. 28. Paywall before “aha!” moment PRICE COMES AFTER VALUE
  29. 29. A FREE OFFERING IS TABLE STAKES Data from OpenView 2019 SaaS Benchmarks Survey PLG Companies All SaaS Companies Free trial Product analytics Self-service buying Bottoms-up sales Product qualified leads Referral programs Dedicated growth FTEs Freemium
  30. 30. FRICTION ISN’T AN EXCUSE TO GATE YOUR PRODUCT Data from OpenView State of Product Led Growth Survey (N=500) Free Version No Free Version Product can be used practically immediately. There is some friction to start using the product. There are extensive requirements before the product can be used. 41% 52% 7% 14% 59% 27%
  31. 31. YOU GET CREATIVE WITH “FREE”
  32. 32. INVEST IN CUSTOMER SUCCESS
  33. 33. SALES = CUSTOMER EXPANSION 55% of customers who spend $100k+ started with one free user
  34. 34. USE PRODUCT DATA TO SELL Track PQLs and their funnel conversion Don’t track PQLs, but it’s on our roadmap 23% 32% 45%Don’t track PQLs
  35. 35. MEASURE EVERYTHING Set up product analytics Define user activation Run in-product experiments Keep tabs on user cohorts
  36. 36. GROWTH TEAMS CATALYZE CHANGE Data from OpenView State of Product Led Growth Survey (N=500) Rarely or never run experiments Occasionally run in- product experiments Almost always running 1+ experiment 21% 27% 52% 55% 26% 20% Growth Team No Growth Team
  37. 37. DO YOU WANT TO BE LIKE THESE COMPANIES?
  38. 38. S-1 filing THEY’RE ALL IN ON PRODUCT LED GROWTH Employees are increasingly empowered to “bring your own software,” leading to the user- driven viral adoption of new software products.
  39. 39. S-1 filing S-1 filing THEY’RE ALL IN ON PRODUCT LED GROWTH Employees are increasingly empowered to “bring your own software,” leading to the user- driven viral adoption of new software products. As free hosts realize the benefits of our platform, they often subscribe to a paid plan to gain access to additional functionality.
  40. 40. S-1 filingS-1 filing S-1 filing THEY’RE ALL IN ON PRODUCT LED GROWTH Employees are increasingly empowered to “bring your own software,” leading to the user- driven viral adoption of new software products. As free hosts realize the benefits of our platform, they often subscribe to a paid plan to gain access to additional functionality. The Shopify platform provides merchants with an intuitive user experience that requires no up- front training to implement and use. Merchants can set up their shop in less than 15 minutes.
  41. 41. S-1 filing S-1 filingS-1 filing S-1 filing THEY’RE ALL IN ON PRODUCT LED GROWTH Employees are increasingly empowered to “bring your own software,” leading to the user- driven viral adoption of new software products. As free hosts realize the benefits of our platform, they often subscribe to a paid plan to gain access to additional functionality. The Shopify platform provides merchants with an intuitive user experience that requires no up- front training to implement and use. Merchants can set up their shop in less than 15 minutes. People love using Slack and many become advocates for wider use inside of their organizations.
  42. 42. S-1 filingS-1 filing S-1 filingS-1 filing S-1 filing THEY’RE ALL IN ON PRODUCT LED GROWTH Employees are increasingly empowered to “bring your own software,” leading to the user- driven viral adoption of new software products. As free hosts realize the benefits of our platform, they often subscribe to a paid plan to gain access to additional functionality. The Shopify platform provides merchants with an intuitive user experience that requires no up- front training to implement and use. Merchants can set up their shop in less than 15 minutes. People love using Slack and many become advocates for wider use inside of their organizations. We put a commercial transaction after the customer is experiencing success with our products. We call this "inverting the traditional enterprise sales model."
  43. 43. S-1 filingS-1 filing S-1 filing S-1 filingS-1 filing S-1 filing THEY’RE ALL IN ON PRODUCT LED GROWTH Employees are increasingly empowered to “bring your own software,” leading to the user- driven viral adoption of new software products. As free hosts realize the benefits of our platform, they often subscribe to a paid plan to gain access to additional functionality. The Shopify platform provides merchants with an intuitive user experience that requires no up- front training to implement and use. Merchants can set up their shop in less than 15 minutes. People love using Slack and many become advocates for wider use inside of their organizations. As individuals increasingly choose their own tools at work, purchasing power has become more decentralized. We put a commercial transaction after the customer is experiencing success with our products. We call this "inverting the traditional enterprise sales model."
  44. 44. THE PLG IPO WAVE IS BUILDING
  45. 45. BETTER POST-IPO PERFORMANCE 2019 YTD2018201720162015201420132012 $1B $1.2B $6B $17B $21B $43B $101B $208B -20% 0% 20% 40% 60% 80% 100% PLG Index S&P 500 PR SaaS Index NASDAQ Composite
  46. 46. $200B+ MARKET CAP 2019 YTD2018201720162015201420132012 $1B $2B $6B $17B $21B $43B $101B $208B
  47. 47. THE END USER ERA IS HERE
  48. 48. THANKS!

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