16 Product Strategies for Growth
As a product leader, you have the responsibility to plan strategically for your company to grow its customer base and revenue. Thanks to years of other people growing companies, there are standard playbooks for how to accelerate your company’s trajectory. Simply because they are standard doesn’t mean that you can’t execute them in your own special snowflake way, but it’s relatively hard to reinvent the wheel.
The list below is designed for leaders who are thinking about what the next phase of their company should be so that you can make sure you’ve entertained all the options. It’s very easy to think of one path and fall in love with it without exploring alternative routes. You may have a little Robert Frost in you, and it’s worth exploring the roads less traveled, it might just make all the difference.
Each of the 16 options, can be used to accomplish at least one of the three primary business objectives:
Add New Logos (growing your total addressable market or serviceable one)
Improve Retention (increasing lifetime value or money per logo)
Decrease Costs (reducing customer acquisition cost or operating expenses)
It’s important to note that for each goal, there are many strategies which can assist in accomplishing it. Unfortunately, not all strategies are correct for each company. Therefore, please see the attached video powerpoint deck which outlines tips for how to make that strategy successful and the conditions when it is a favorable option. If you manage a portfolio of products, different options will be applicable to each one depending on the current situation it is facing.
Tami Reiss is the SVP of Product Strategy at ProduxLabs and the CPO in Residence at Insight Partners. She writes about how Product Leaders can do more to focus on what’s important for a company’s growth and streamline internal processes to yield results. You can follow her on Medium or @tamireiss on Twitter.
