HowProduct Led Support Can Help Your Company Grow?
If you’re in the Software-as-a-Service (SaaS) business, by now you’d know that SaaS is no longer a business luxury – it is everywhere. There are numerous well-funded companies and start-ups which are flourishing and 2018 was a record year for SaaS and software companies, with firms operating in the US spending $63.1billion on R&D and accounting for one-fifth of the domestic R&D within the US in 2020 despite the pandemic outbreak has seen companies rely more on SaaS to connect with individuals.
2022 will likely be remembered as the year in which the quality of customer service deteriorated across all industries because of the lack of employees and the impact of the resignation. The long wait times and long hold times were a common occurrence instead of an exception for everyone.
Businesses that employ a product-driven growth strategy — think Slack, Calendly, and Datadog can expand faster and more efficiently by using their products to build an active network of users who then turn to pay clients.
However, some companies that are led by their products such as Tesla, Uber, Lyft, and others are embracing the new type of support method that is setting the way for other companies to follow. This is referred to as support based on product.
The power center has changed from the buyer to the final user. This, along with the increasing consumerization of software implies that the consumers are now the final users and are now demanding a better experience with the software they use.
To succeed in the modern Age of Connected Work (more about that later) software companies need to be able to meet the demands of the market. This is by creating a product that caters to users who are users and then selling that product directly to the same end users.
Viability Growth companies that are driven by their products expand through word-of-mouth advertising or create a culture of sharing in the company. Think of that first moment you scheduled an appointment via a Calendly link. If you had never known about Calendly before, you soon became a user via a product-led growth model.
Take two of the most popular digital experiences: at-home-connected fitness firm Peloton and Doordash delivery system. Doordash.
At any period of time, Peloton owners can hop on their fitness machine and turn on the screen for a workout, then have a blast in the gym that is led by fitness experts who look like stars. Furthermore, they can receive a shout-out in an actual ride or get the high-fives of other participants on their leaderboards when they work to finish the exercise.
Sign-ups that are frictionless Companies that are driven by their products allow customers to sign up for their products. This could mean anything from a single sign-on to only requiring the minimum information to access the product and gain value from it.
Provide value rapidly: Product-led growth companies deliver value to users as fast as they can. Since the majority of growth companies that are product-led rely on social media to expand their user base it is especially important as it increases the probability that they refer a friend to them and thus create an online loop.
What’s the best Product growth strategy?
Blake Bartlett, one of the partners of OpenView Venture Partners, specified the five characteristics that propel PLG businesses to succeed during his presentation at the SaaStr Annual 2017.
- Simple sign-up
- Deliver value quickly
- Value first, then money (making freemium models an efficient device) and,
- Looking at all users as potential customers
There are some key steps to establish support for the product:
- Support for customers is offered via the app and is typically dependent on an event sometimes driven by a crisis.
- The app recognizes that person’s name as well as the service that is provided is tailored to the user’s needs.
- The tasks related to customers’ back office are closely linked to the features of the product and is prioritized according to customer features.
- The majority of activities are driven by code, using clever technology.
- When they need to act quickly customers need to respond, they have the option to engage in immediate conversations with expert product specialists using an omnichannel approach which includes high-quality videos and audio.
The model of growth driven by the product transforms your thinking about your product as well as your users and the relation between them. The products mentioned above use the concept of virality and network effects in their plans. They’re all that is built around collaboration and sharing. And they’re all adept at doing what they do and have experienced rapid and explosive growth.