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“Product Led Growth” is the hottest trend in go-to-market strategies since go-to-market strategies. This methodology, per the ProductLed Institute focuses on “using your product as the main vehicle to acquire, activate, and retain customers.”
Product Led Growth (PLG) is the ultimate “test drive” experience: give prospects or customers access to the product you are trying to sell them, and use the product itself to foster adoption, seal the deal, or even expand customer use cases.
The coolest things about PLG? It works.
In fact, product-led companies garner a 30% higher valuation on average than others in the public market. So what about PLG makes it so successful? A tenet of product led growth is maintaining the experience around the user, and enabling that environment to drive key business initiatives.
For B2B companies, this is a pretty daring concept. Learning how to implement product led growth strategies, or at least capitalize on the success experience can provide, is quickly becoming a differentiator.
One part of any customer transaction that frequently disrupts the customer experience is contracting. When it comes to signing, buying, or negotiating, the customer or prospect often has to be pulled out of an experience to complete the transaction. If that transaction fails to live up to the level of curated experience driving the desire to buy in the first place...you are undoing a lot of your work.
Product-led growth sells to users through the product, not buyers through sales people. This means an emphasis on user environments and empowerment. Even if you do not subscribe to PLG for your business, you need to bring this ideology into your online, in-app, or in person business transactions if you want to compete.
73% of all B2B buyers are millennials. These buyer personas don’t just want online, self-service buying experiences, they expect them.
The good news is that this expectation comes with a desire to expedite the buying and signing processes. This means that designing an embedded flow within your site or app that facilitates contract acceptance not only empowers the customer to buy how they want when they want, it speeds up time to sign.
Removing barriers to sign and presenting contracts in a way that is customer friendly allows the customer to be in control of their transaction. Onboard new customers, renew partnership agreements, deliver licensing terms at checkout and so much more even from within your existing experiences.
75% of customers are more likely to buy from a vendor that recognizes them by name, and offers them tailored recommendations based on purchase history or usage. Product-led growth plays directly into this market desire, offering you the ability to steer customers automatically towards features or purchases that are based on their interaction with your product.
The same standard should be upheld when it comes to signing. Scaling personalized, easily executed agreements within a self-service flow will grow your business. Take advantage of automation through integrations and dynamic form fields to present tailored, relevant and accurate forms or agreements to your customers in an instant. Ensure your existing relationship is reflected in all future transactions.
Contracts are expensive. In fact, they are costing you money as you read this blog. How do I know that? IACCM research that surveyed 700 major organizations found that there has been a 38% increase in the last 6 years with costs associated with standard, low risk, procurement or sales contracts. Dollar wise, we are talking about $7,000 dollars per contract in cost increase. When you look at how those costs are incurred, 70% of that cost is derived from the review/approval and negotiation phases.
If those processes benefit from a self-service, automation leveraging makeover, you are looking at a simple way to reduce your overall costs while providing an improved in-product experience for customers. Save your department and company a little money while making customers happy.
Embracing the idea of experience being a primary driver of buyer behaviors is proving a crucial differentiator in modern commerce. How will you apply it to elements of your business, like contracts and agreements, that create customer touchpoints?
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