Product-led growth is when a business earns more conversions, higher customer loyalty, and increased revenue directly from a strong product experience.
Previously, tactical in-store sales strategies sold products. But in the modern ecommerce landscape, in which consumers increasingly demand convenience and control, many customers are eschewing traditional sales reps in favor of determining their own opinions about product quality.
Product-led growth occurs when brands can create products and product experiences that drive consumers to not only buy more items but also become loyal ambassadors for them.
Ultimately, a product-led growth strategy requires a solid product that helps solve a consumer need. But for a product-led growth strategy to be successful, brands need to integrate their sales, marketing, product, and customer engagement initiatives, as all of these impact the overall product experience.
Zoom and Slack, for example, stood out from their competitors during the COVID-19 pandemic not only because they offered top-notch products but because the brands were able to connect their product development and marketing strategies seamlessly, leading to increased sales.