Have you heard of a product that can speak for itself? Think again. It’s what is called a ‘try before you buy a model’.
Product-led digital strategies let products sell themselves, allowing them to acquire, retain and upgrade customers after they try the product for free. The present trend in tech & apps lets prospects experience the product first-hand, and then decide if it’s right for them.
Product-led digital strategies make products the vehicle to sell themselves. They work on a freemium model that prompts customers to sign up and have limited access for free, or full access for a limited time.
Product-led design strategies work because some people have an immediate need to try out a product. In today’s busy world rarely do people have time to read lengthy whitepapers or study a huge list of benefits. Seeing something firsthand is believing after all.
Product Led Digital Strategies to let people have a first-hand encounter with your product for free, before letting them decide if they want the paid full version. Product-led digital strategies to do away with lengthy sales cycles. It encourages a user to acquire a goal, after which it markets its total features and prompts them to unlock all the benefits.
Some success metrics for a good Product-led digital strategy
Product Lead Digital Strategy fundamentally keeps the PRODUCT at the center of the strategy and plans overall marketing operations like Acquisition, Retention, Value Communication, Purchase, etc tied in with the ‘Product Features’.
1. Time to Value:
People should realize the value of the product quickly. Take for example Slack, Dropbox, or Skype – these products are free and intuitive so that users very quickly realize the value of the offering.
2. Perceived Value vs Experience:
The UI/UX, Usability, Navigation, and overall experience of the product should be planned as such that your audience does not face any resistance when realizing the value of the product.
3. Customer Acquisition:
The product is developed in a way that makes it easy to acquire more customers from a referral scheme or word-of-mouth. Ex. An invite from Dropbox gives you additional free space.
4. Customer Engagement & Retention:
To get the most engagement for a product, businesses can make acquiring the product free. Joining is supplemented by a ‘how to use’ content/library created to make you understand how to get the best out of the product with content like Product Tours, DIY Videos, Content Library, etc.
5. Purchase/Revenue:
After a product has been acquired for free, the marketing strategy can decide which users can be targeted from the subscription perspective. With basic marketing automation, triggers can be created for people based on their product usage levels.
Benefits of product-led digital marketing strategies
Product-led digital strategies have several advantages:
- It keeps customer acquisition costs low. It retains customers who are already using the product and gives a chance for them to upgrade the product after trying it themselves.
- Product Led Digital Strategies also have shorter sales cycles and do away with the need for a large sales team to support marketing.
- Letting customers try a product first hand, allows them to educate themselves on the features and benefits. This motivates them to upgrade as they are already familiar with the user interface and features.
If you’re a digital product producer, give your customers an experience they will never forget. Introduce them to a Product Led Digital Strategy and let them know exactly what your benefits are.
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