A product growth strategy aims to increase a product’s value by identifying new ways to satisfy existing users and attract new ones.
It focuses on four main elements:
Acquisition
Attracting new users to your product. This could involve various tactics like marketing campaigns, partnerships, content creation, or offering a freemium model.
Conversion
Encouraging users to take a desired action, such as signing up for a free trial, purchasing a product, or downloading content. Optimizing landing pages, calls to action, and user onboarding flow are key aspects of conversion.
Retention
Keeping existing users engaged and using your product regularly. This can be achieved by adding new features, offering personalized experiences, addressing user feedback, and building a strong community around your product.
Expansion
Encouraging existing users to increase their usage of your product or spend more money with your company. This could involve introducing premium features, upselling and cross-selling, or offering loyalty programs.
