The goal is simple: you want your product and business to grow. But (unfortunately) you can't wave a magic wand, and there isn't a one-size-fits-all product growth strategy that you can apply to every organization or industry.
So how do you decide which initiatives to prioritize to meet your growth goals?
This guide covers four unique product growth strategies you can follow, with tips on how to decide which is right for your users and business. We’ll also share how to turn your plan into an actionable product growth strategy framework.
Summary
- A product growth strategy is an actionable plan and framework that businesses use to increase revenue and product usage
- There are four types of product growth strategies to choose from:
- 1. Increase your user base
- 2. Expand into new markets to acquire more customers
- 3. Encourage people to use your product more
- 4. Create new products for your market
- Choose the right product growth strategy by asking yourself these questions:
- Are there user insights to back it up?
- Does it align with other company goals?
- Is it attainable?
- Will we be able to get buy-in?
- Build your product growth framework by
- Identifying who is involved, their roles, resource restrictions, and the best way to collaborate
- Choosing tactics based on your strategy, following the design-thinking process: empathize, define problems, ideate solutions, prototype, and test
- Establishing project start dates, duration of each phase, check-in frequency, and goal deadlines
- Monitoring growth metrics like Customer Acquisition Cost (CAC), revenue growth/MRR, churn rate, customer lifetime value (LTV), and free trial conversion rate to evaluate success and inform stakeholders
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