MBA1859 Implementing Product-Led Growth in Your Business

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Hey O. Welcome to the Hunt Hundred dollars MBA show. Because a better you equals a better business. That's why we deliver daily 10 minute business lessons for the real world. I'm your host, your coach, your teacher Omar Zenholm. I'm also the co founder of Webinar Ninja, an independent software company I started with my co founder back in 2014. And in today's episode you will learn how to implement product led growth in your business. The concept of product led growth is the idea of allowing your product to to be your marketing engine. It's the idea of to show them instead of selling them on what you offer. This is a very popular growth strategy in the tech world. In the startup world, if you ever signed up for any app for free, that's product led growth, they're giving you the app for free so you can fall in love with it and go on a paid plan eventually. Now not everybody that signs up is going to do that. And when you sign up for product led growth as a business owner, you understand that and you understand as part of the strategy. But in today's lesson we're going to talk about how you can implement this strategy in any business, not just software. More and more it's becoming a buyer's market, meaning buyers want to be educated on the choices they're making when they buy. They're not just going to buy based on marketing or snazzy ads or funny taglines. They actually want to do their research and taste what they're going to actually buy before they buy it. So let's get into it. Let's get down to business. Hey Fidelity, how can I remember to invest every month?

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Like I mentioned at the top of the episode, if you ever used an app for free or had a free trial of something that is product led growth and this can work in software, but it can also work in many different industries. So I want to give you a few examples of product led growth in different industries, in different business types and different products, and then we'll go into how to implement it in your business. If you're in the content game where you sell coaching or courses, one of the easiest ways to get new customers is to give away an introductory course in the area that you teach in your main bread and butter coaching or course. Let's say, for example, I'm a golf coach and I do group coaching calls on golf swings online. I can run a live webinar where I invite lots of people for free to be a part of my free workshop on how to improve your putting. If they like that, they're gonna love your coaching. So they're getting a taste of what it's like. They're getting coached by you. They're getting your product for free in exchange for basically test driving the experience of being a part of your product or service. If you're a consultant, for example, if you help people their business strategy or you're a mental health coach, or you do some sort of service or consulting, you can give them a 30 minute consulting call or a 15 minute consulting call. The point here is that they get to know you a little bit and they get to understand who they'll be working with. If you're in the physical product space, AR is your friend. Augmented reality, which is built into most smartphones these days, will allow you to to build a very simple app so people can see what your product would look like in their hands or in their living room or in their closet. They can place your product in the real world before they actually order it online. This is a type of augmented reality. I know Ikea has been doing this for some time now. And it actually moves a lot of product. It actually helps them sell more product because people can see, hey, what is that lamp going to look like next to my nightstand? And they can just use their iPhone to do that, or their smartphone. By the way, product led growth has been around forever. Even before software, if you've ever went to a clothing store, you probably tried on the piece of clothing that you were going to buy before you bought it. You went to the fitting room and you tried it out before you bought, right? You looked at yourself in the mirror and said, wow, I look good in this shirt. I'm going to buy it. If you can try on that shirt or that pair of pants or that pair of shoes, you probably have less of a chance of buying it because you're not really sure if it's right for you. So how do you implement product led growth? Well, first of all, you got to look at your core product, whatever it is, a course, a service, a actual product, a book, and see what is a minimal viable version of that, what is a smaller version, a mini version of that product that you can offer. It doesn't mean you have to reinvent a new product. You can just actually take a module from that course, or you can take a chapter from that book and offer that for free so people can start to enjoy your product, your service, your thing, before they actually pay for it. So don't go out and waste time and money and effort trying to reinvent a free product to give away. To do product led growth, just use what you already have. Just take a part of what you already have and offer it to your customers. Now, with product led growth, it's called product led growth, meaning that whatever you're giving to the customer, service to grow that lead magnet needs to be front and center on your website. It should be the number one call to action in all your marketing. So you want to get people to sign up for that thing, that free thing, at all costs. It should be on your homepage, it should be on your marketing materials, it should be in your bios, in your social, it should be everywhere. Because this is what's going to get them on your email list and this is where you're going to nurture them via email marketing, through phone calls, through webinars, through all that kind of stuff. So you really should lead with that free product.

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Lesson on Product Led Growth the whole point of product led growth is to allow your product to sell your product. This forces you to improve your product because the better your product is, the easier it's for you to sell it because people are going to just use the product, get a taste of it and be like, wow, I want more guys. Free samples have been around forever and it's because it works. So allow it to work for your business. Start small, start experimenting and see what it does for your revenue. Thanks so much for listening to the $100 MBA show. If you love what you hear, leave us a review on your favorite podcast app. You'd love to hear what you think of the show. Before I go, I want to leave you with this. One of the best books I've read on this topic is Product Led Growth by Wes Bush. It's a great book that I read in one flight actually going from Toronto to Vancouver and it's such a great easy read and it really goes into depth, but with practical examples on how you can implement product led growth, especially if you're in the software world. Thanks so much for listening and I'll check you in tomorrow's episode Q and A Wednesday. I'll see you then. Take care.

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