How to Grow Without Spending - What is Product led Growth?
Today, I wanted to dive into an exciting topic that has been captivating my attention lately: product-led growth. As a fan of companies that have achieved remarkable growth without exorbitant marketing budgets, I find the concept of organic customer acquisition truly fascinating.
So, what exactly is product-led growth? It's a go-to-market strategy that focuses on building a product so exceptional and user-friendly that it naturally attracts new customers. Instead of relying heavily on sales and marketing efforts, the product itself becomes the primary driver of growth.
Allow me to share a few examples that have exemplified the power of product-led growth:
Zerodha: A Referral Success Story Zerodha, a popular online stock trading platform, is a prime example of harnessing the potential of referrals. Six years ago, I was introduced to Zerodha by one of my cousins, and I've been using it ever since. Not only have I personally benefited from their excellent services, but I've also referred more than 20 people to the platform. Zerodha's robust referral program, offering a percentage of the referred commissions, incentivizes customers like me to actively promote their platform.
Notion: Spreading through Collaboration Notion, a versatile productivity tool, has gained significant traction through its collaborative features. After witnessing other YouTubers utilizing Notion, I decided to give it a try. Gradually, I implemented it within my teams, sharing to-do lists and notes exclusively on Notion. As a result, I inadvertently encouraged others to sign up and experience its benefits. This cycle of organic growth through collaborative usage is a testament to the power of product-led growth.
Slack and Canva: Empowering Users to Invite Others Slack, the widely popular communication platform, and Canva, the intuitive design tool, have both thrived on the product-led growth model. By creating seamless collaborative features, these platforms enable users to effortlessly invite others to join in. When a product is smooth, user-friendly, and enhances collaboration, it naturally encourages organic growth as users actively bring their peers on board.
Now, I'm curious, have you ever experienced the power of product-led growth? Whether as a customer or a business owner, discovering products that organically attract new users can be both inspiring and rewarding.
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