EXP. Magazine 2022 - Curated By Ogilvy

Page 70

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EXPERIENCE

tips to becoming a more productled organization WRIT TEN BY: ALEX COHEN,

VP, PRODUCT MANAGEMENT, BOTTLE ROCKET

When you hear the term “product,” you might think shoes, cereal, a cell phone — something you can touch or hold in two hands. But today, the word has taken on a whole new meaning and carries greater value, especially for companies looking to become truly product led. These days, there are many different definitions to product-led growth and can often be molded to fit an organization’s goal. However, for this article, I’m going to reference a blog on ProductLed. com by Wes Bush, who defines it as a “go-to-market strategy”. In this sense, the product is the primary asset used to gain and retain customers. It’s about prioritizing the end-to-end user experience in everything you do - from product and pricing, to customer engagement and purchase. In product management, nothing should matter more that addressing customer needs. That’s why, with higher barriers to entry and heightening expectations to contend with, brands are purposefully weaving product into the fabric of the company. This is in stark contrast to sales-led companies, where the goal is to simply take a buyer from point A to point B in a sales cycle. Although customer acquisition is the lifeblood of any profitable company, it still costs five times as much to acquire new customers than retain existing ones. Product-led companies flip this traditional sales model on its head, and are able to minimize churn, by giving the buyer the “keys” to use the product. This is why we see the likes of streaming giant, Spotify – a classic example of a product-led company – offering one-month trial periods for their premium “no ads” subscription. Users understand how they can benefit from using the product and find value before paying. They then commit to pay when they feel it’s warranted, and Spotify achieves a 46 percent conversion rate in the process. This motivates product-led companies to maintain clarity of focus on making their product the best it can be. The product-led growth model is typically a strategy reserved for the Software-as-a-Service (SaaS) industry – used by Spotify, Slack, Dropbox, and Salesforce. But how might other organizations take lessons from this durable go-to-market approach? Here are three tips to get you started down the right path.

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I'm All Ears

4min
pages 94-95

The "Full-funnel Value of E-Commerce in Asia

3min
pages 88-89

Better Together. Wherever.

3min
pages 86-87

How Gather Helped Our Teams Work “Better Together”

3min
pages 80-81

The 7 Key Pillars Of CX Maturity

5min
pages 66-67

A Loyal Customer Is Not the Same as a Forever Customer.

2min
pages 56-57

Staying Alive

3min
pages 52-53

A Renewed Mandate: Employee Onboarding

2min
page 40

The Importance of CDPs in Today's Consumer-Driven World

6min
pages 33-34

Honey, I Shrunk the Restaurant!

2min
page 25

Is Your Brand Ready for a Post-Digital World?

9min
pages 18-20, 22

What's Your Why? Innovation on Purpose

2min
pages 14-15

MSCHF Continues to Make Mischief

3min
pages 10-12

Gucci Leads Luxury in the Virtual Try-On Space

2min
pages 92-93

In a World Full of Complications, Let’s Get Back to the Basics

6min
pages 90-91

Vans: An Off the Wall Experience / Mathieu Gillain

3min
pages 82-83

Putting Customer Experience Back on the Map

3min
pages 84-85

Making API Experience a Project Priority

3min
pages 78-79

The Power of User Feedback

3min
page 77

Why Today’s Customer Expects Synergy

6min
pages 75-76

Three Tips to Becoming A More Product-Led Organization

6min
pages 70-71

Know Me, Guide Me, Wow Me: A Re-introduction to E-Commerce

4min
pages 72-74

On the Road to Recovery Without Leaving the couch.

3min
pages 68-69

Unlocking 500% Opportunity: How Brand Equity Powers Breakout Commerce Experiences

5min
pages 64-67

How I Became An Accidental Brand Loyalist

5min
pages 62-63

Por Qué Quesadillas?

4min
pages 58-60

The Who, What, Why, and How of Scaled Agile

2min
pages 49-51

Design + Tech = Better Together

2min
page 61

Is the Cutting Edge the Only Place to Innovate?

3min
pages 54-57

Nintendo Switches Attention to Mobile

3min
pages 46-48

The Device I Wish I Would Have Had

2min
page 45

The Diversity of People in the Labor

4min
pages 42-44

Tide Successfully Bridges the Physical and Digital

3min
pages 28-29

Robots Continue Their Path to Home Automation

3min
pages 16-17

The Rebirth of Social Communities

2min
page 24

Why Marketing and Product Teams Should Bet on

6min
pages 38-39

Meta Human

2min
pages 9-13

Why Time Is the Newest Experience

5min
pages 30-32

The Shaper of Things to Come

5min
pages 26-27

Building A Culture of Experimentation

4min
pages 6-8
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