Implementation of the "Product-led Growth" Strategy at Startups

In running a startup, it is important for founder to be able to determine the right strategy to be able to develop a sustainable business. There are various growth strategies that companies can do both in terms of products and services you go out.

On this occasion, #TuesdayStartup would like to explore more deeply about product-led growth with product teams from three startups namely Amplitude, video, and Pluang.

Product-led growth or product-driven growth strategy is a business methodology where user acquisition, expansion, conversion and retention are all controlled by the product itself. This creates company-wide alignment across teams—from technicians to sales and marketing teams—around products as the greatest source of sustainable and scalable business growth.

There is no one-size-fits-all strategy

Related #TuesdayStartup discussions product-led growth This presents three startups that have different segments. Amplitude with its analytics platform SaaS product, Vidio which offers services video-on-demand, too Pluang with investment products. These three products are just a few of the many products on offer out there.

In applying product-led growth, Pluang's VP of Product Robert Tan revealed the fact that "there's no one strategy that fits to all" or no one strategy will fit all segments. For example, when Pluang is trying to increase penetration by enabling cross-platform e-KYC, this does not apply to video services because its business does not require users to do KYC.

Robert also added that product-led growth not solely the responsibility of the product team within a company. Growth or growth is the task of all teams. How can all teams coordinate well to maximize value received by the user. Therefore, it takes a special time for all the divisions to come together and orchestrate this strategy together so that no function is lost overlap.

Prism above can be likened to a company that relies on products. The different colors are all the different teams—marketing, sales, CS, design, engineering—that usually operate on different wavelengths. Instead of separating them, a product-led prism brings these teams together. Their combined wavelengths form a bright light and focus on the user experience.

Data usage

Regarding the right time to start product-led growth, Enterprise Account Executive Amplitude SEA Karina Gunawan said, many startups feel unprepared if they have not reached a certain stage in their business. However, in the current dynamics of the technology industry, we are required to be able to move quickly. Of course, still with careful considerations.

To be able to move more dynamically, of course, is not easy and full of challenges. For example, in terms of data, it is not easy to be able to process and analyze all existing data. Even to get the data is also not easy. Karina's suggestion is that startups can determine priorities, what are their goals, so that when dealing with data, they can be more selective. "You don't need to get all the data, just the relevant ones," he said.

In terms of data, there are many ways to get relevant data, such as engaging directly with users, such as conducting surveys or interviews. Another option is to invest in data companies or third parties to be able to get decent data that can be used to encourage company development.

Simplify processes, maximize results

Chief Product Officer of Vidio Dhiku Hadikusuma Wahab share the principles regarding implementation product-led growth in start-up companies. First, starting from user problems, each team represents the user experience and pours out initiatives for the future to be included in the roadmap. Second, focus on core features, what kind of value you want to give. Video as a platform video-on-demand focus on player.

The third one is simplicity. Make sure the values ​​offered are easily accepted by users. In addition, from a technical point of view, one thing to note is reusability. When developing a product, as much as possible make sure that the product can be replicated and implemented in other ways, so as to encourage work efficiency.

In the end, all the strategies launched are solely aimed at bringing users back to the platform/service or what is often called customer retention. How can you replicate the experience of satisfied users and implement it on dissatisfied users. Aha moment is real, when the user can feel value offered, then this will also determine the sustainability of the company's business.