Let’s discuss Product Growth, the elements of product growth, and the types of Product Growth at neerajaneja.com.
Product growth refers to increasing the value and user base of existing products which results in generating more revenue. It comprises all activities that make a product more successful and profitable.
Product value can be increased by
– Improve product usability by improving UX, UI, Information Architecture, Navigation, etc.
– As a product growth manager, we add useful features to the product.
– Provide personal experience to the user.
– Improve customization.
It involves increasing the product value, usage, user base, and overall satisfaction. It is related to fulfilling the needs of the user and giving them a better experience. To improve product experience, get regular feedback through surveys, do innovations, add new features, provide the best support, find out issues people are facing, and resolve them.
Who is playing the main role in product demand?
The answer here is “ End User “. In today’s world, we are creating products only for end users. To make the product more useful we continue to add useful features after doing a lot of research.
How can we reach the end user?
The first task is to focus on your product. Do the research and add useful features. Make it more useful for the users. Provide the user free subscription for a certain time. Introduce, Freemium, and Subscription based model.
In the case of SAAS-based products,
Launch a Free subscription so that end users can experience it. The free subscription also helps in increasing the user base. Give discounts (Types of discount) to free subscribers and convert them to premium users.
What is the motive of product growth?
– Increase the user base of the product.
– Increase active users of the product.
– Increase the level of product development.
– Find out the opportunities required in product development.
– Increase the profit/ revenue.
– Increase product value and usage.
– Increase usability of the product.
