Product-led Growth and Its Impact on the Future of Marketing
Updated: Jul 7, 2022
The combination of digital, mobile, and social technologies have shifted marketing. It has also led to new opportunities in the form of product-led growth.
We may not see a complete shift in marketing at this point because marketers are still struggling to adapt to the changing needs of the audience. As technology gets smarter, so will marketers adapt their strategies accordingly.
Product-led growth is not just limited to the product itself but also includes services that can be delivered through or around the product or service and other things. These might be physical products, digital products, and even non-physical services such as consulting or coaching.
Now more than ever before, a business cannot afford to be without a marketing strategy. Products, not marketing plans, are the future of marketing. Product-led growth is what businesses need to focus on and pivot on as they evolve their business models.
In order to grow their business, companies must do this by understanding what consumers want from them and then providing them with an experience that delivers that. It requires transitioning from just selling the product to selling the experience of the product.
Companies have an opportunity for growth by making products more personal with touchpoints such as social media channels and marketing campaigns that help inspire people about how important it is for them to have a personal relationship with the brands they purchase from.
In the world of digital marketing, product-led growth and product-led evolution are trending concepts. Digital marketers will have to shift their focus from strictly on marketing channels to what customers want in order to be successful.
Product-led evolution is different from the typical marketing process in that it is focused on increasing customer retention and brand advocacy by moving away from traditional marketing models toward value-based solutions.
A shift towards a more customer-centric approach can be seen with brands like Nike, which has shifted its focus from a traditional shoe marketer to becoming a technology company that puts customers at the center of its growth strategies.
How Product-led Growth Has Changed How People Buy Products? toward
The rise of mobile e-commerce has changed the way we buy products. This is especially true for the Millennials who are born with a different mindset from their parents. They even prefer to use their mobile devices as their primary online shopping tool.
As consumers start having a greater impact on how brands and retailers operate, there are some important questions that every company needs to answer. Is your strategy product-led or customer-led? What do you need to change in order to improve customer experience?
The rise of product-driven businesses has also led to an increase in new things like predictive maintenance, which helps companies by preventing high-cost repairs and downtime by constantly assessing the condition of machinery with software tools.
The product-led economy is a phenomenon that has been on the rise. This article focuses on how this new way of buying goods has changed the way we buy products.
Related Post - What is Product Led Growth?
In today’s world, many people use their smartphones to find the best products for them and even get personalized recommendations from companies like Amazon and Google.
With notable changes in buying behavior and changing shoppers' preferences, businesses need to reconsider their strategies.
The demand for products will also change as consumers grow more accustomed to mobile commerce over brick-and-mortar stores.
The digital evolution has increased the potential for companies to reach more customers by optimizing their product marketing efforts.
In the past, companies needed to invest significant resources in advertising, TV commercials, and radio ads in order to drive awareness of their product and their features. In contrast, today’s digital world enables companies to focus on building user-focused products while leveraging marketing technologies such as personalized content and search engine optimization strategies.
What is Product Led Growth?
Product-led growth is a process that focuses on building products that are already in demand. It is the most efficient way of making product innovation because it prevents any unnecessary extra work and helps companies to build the right products at the right time.
Product-led growth can be done with the help of data, market research, and customer insights to understand customer needs, set up hypotheses around those needs, and test prototypes from there.
Product-led growth is a revolutionary way of thinking about growth that is based on the product instead of the customer. It’s a paradigm shift in how we think about marketing and business.
In most cases, the idea of product-led growth is to build products that have very sticky usage patterns. A new trend in product development has made it possible to convert website visitors into customers.
With this paradigm shift, companies start thinking differently - they become more tactical with their marketing plans and focus on building products with high retention rates and sticky usage patterns
Product-led growth is a model of building and scaling a business by growing the product before looking for business opportunities.
Product Led Growth is a strategy for companies to invest in building their product with high quality, before finding ways to scale their business. This approach leads to faster ROI and an improved customer experience through the product development cycle.
According to Tom Schmidlin, CEO at ProductHunt "The best part about this approach is that it prevents any resource from being wasted on pursuits that don't work."
Product-led Growth Implications for Marketers and Entrepreneurs
With AI assistance, marketers and entrepreneurs can focus on what they are best at - creativity and emotions.
AI writing assistants are increasingly getting popular in the workplace. Some companies use them when they need to generate content for a specific topic or niche. While digital agencies use them to generate all kinds of content for their clients.-
We should not think of these AI writers as a replacement for human copywriters. They just provide assistance to the content writers by getting rid of writer’s block and generating content ideas at scale.-
Marketing has been transforming over the last several years with a product-led approach. This was largely fueled by digital marketers who were able to use the web to gain an edge against their competitors.
The question that arises is how will this transformation affect marketers and entrepreneurs in the future?
It is clear that data, technology, and automation are changing marketing. It is also clear that these changes will extend beyond just advertising into other areas such as customer acquisition, customer service, product design, and so on.
The product-led growth era is upon us. It is a time in which building products for consumers to use becomes the key to business success.
Marketing needs to change post-product-led growth, and marketers and entrepreneurs should shift their focus toward executing the marketing plan. They would need to be resourceful and focus on how they can build quality products while converting them into leads or customers.
While there is a lot of buzz around AI, it’s not as easy as it sounds. Companies need to take care of things like data analytics; much more than just writing content for their website or blog posts.