How to Drive Product-Led Growth: Strategies, Challenges, and Insights

The consumer of today makes well-informed decisions before signing up for a product. Likewise, today's leading brands use a well-informed approach to drive their customers towards product signups. In this masterclass, you'll discover all the answers and learn how to take your brand to the next level. Watch this video now! Make product-led growth happen for your brand today!

At #Masterclass2021, MoEngage put together a panel of Rachit Nanda(Growth Product Manager) and Chirag Kataruka(Sr. Product Manager SWVL) to discuss interesting approaches to developing scale products rapidly. The discussion was hosted and moderated by Payas Agarwal, Product Manager, MoEngage.

Retention and Engagement

Seamless onboarding refers to the user experience that leads users to complete your product successfully. A successful onboarding experience helps user’s to learn faster. When users are familiar with your product, they are more likely to use it more often. This leads to high engagement rates.

According to Rachit Nanda, in terms of retention and engagement in general, it’s common that when a user installs an app, they’re looking for something specific on the app. So once you match their expectations by presenting them what they’re looking for right upon installing your app, you can probably win their attention outright, given how apparent it will be for both you and them that they get the values from your service.

Completely agreeing with Rachit, Chirag said onboarding is super important to retaining customers. Basing it on their expectations will help you improve their experience, so they actually stick around,d unlike if you had just dumped them right into too much information that would ultimately cross your fingers that they would find it convenient to use the platform ultimately retain customers.

Activation Journey

Marketing is like fishing. You can do everything right, but if you’re not targeting the “right fish,” all your efforts could be wasted. As a Marketer, it’s important to remember that all customers are not the same – some are more loyal than others! The key to attracting these “loyal customers” lies with your ability to listen for what they value to create that value for them.

Rachit highlighted that creating an effective customer activation strategy is not easy! To begin, you must first create buyer personas that will serve as representations of your target audience. This can be done by researching the type of demographic, behavioral patterns, needs, and other key factors when it comes down to transactions specifically for this particular audience that you’d like to have to buy your product.

Key Metrics for Onboarding

Every customer is a potential star for your business. Ensuring that every new member feels understood and welcomed at their entry point will help you attract them to your product or service. Onboarding is the process by which one acquaints new users with the product/service during their first few minutes to build a strong foundation for engagement and growth of the user base over time.

Rachit believes that if we are making a product for the customers, and if there is any problem regarding that product, we must give them a solution with the least friction possible. 

“If we are making or we are solving something for our customer and making value for them they would stick to it they will also promote your product, that’s where the growth loop would start”- Rachit.

Key Differentiator

Chirag highlighted that product onboarding aims to provide customers with all the necessary material, instructions, and tools needed to use the product responsibly. More than that, it is your chance to convince your customer why your product is valuable to them, why it’s better than others out there on the market, and how exactly they can use it in their lives without trouble or confusion.

Content Discovery

Rachit shared that the right content for the right user is a critical statement, and they are continuously trying to solve it. There is a system that their brand has created in the back end that gives the right user the right content based on the engagement on the app. Rachit also believes that it takes a longer period of time to learn all the engagement activities.

The Biggest Challenges For Driving Growth

Rachit remarked that challenges definitely occur while driving growth in terms of data and experiments. There are so many experiments in a company that identifying what particular experiment attribute to the kind of growth you want is tricky. That attribution definitely poses a challenge in terms of how or what is working and by what particular experiment or matrix got moved up or down.

Rachit also added that researching to get an idea of what the target audience is looking for is important. Then, generate market-worthy initiatives based on that research. Next, identify management tools that will streamline the workflow so that the time it takes goes faster.

“Having a proper framework based on the user engagement as well as the time spent by the user helps to overcome the challenges”- Rachit

While Chirag also completely agreed that many challenges come throughout the life cycle of the product and he also highlighted that from customer feedback, you can address the challenges and be able to overcome them.

Final Takeaways

The discussion ends with deciding what to build; next, it’s always best to use data to figure out what has been working or not and rather than making decisions based on a gut feeling! Using a well-thought-out approach will help you eliminate guesswork from decision-making by keeping track of your key product metrics and seeing if there is any sort of change in them after applying your latest product changes. Also, this will allow you to quickly decide if what you’re developing is something that pushes that proverbial needle or interrupting whether or not you need to pivot by changing course when things aren’t going in the direction you had anticipated.

You might also like

Get future event notifications