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Product First
Go To Market
Strategy
2018 Tech
Adoption Summit
I’ve Been a SMB Owner and
Spent the Last 13 Years
Trying to Sell to SMBs
Currently CMO at ThriveHive where
we provide everything you need to
market your business online - all
wrapped in Guided Marketing
The Elephant in the Room: Customer Acquisition Costs
are Up Over 50% in the Last 5 Years
Source: Price Intelligently
Product First Go To Market Strategies are a Remedy for
Increasing Customer Acquisition Costs
Source: Price Intelligently
Sales Efficiency is at the Heart of Why Product First
Customer Acquisition Makes Sense Numerically
Outbound Cold Calling
Close Rates:
0.1%
Inbound Warm Calling
Close Rates (MQLs):
1%
Product Qualified Lead
Close Rates (PQLs):
10%
Changing Consumer Behavior is at the Heart of Why
Product First Customer Acquisition Makes Sense
Strategically
Product First Go To Market Companies Perform Better
Source: OpenView
Company
Shopify (NYSE:SHOP)
Atlassian (NASDAQ:TEAM)
DocuSign (NASDAQ:DOCU)
Dropbox (NASDAQ:DBX)
Zendesk (NASDAQ:ZEN)
New Relic (NYSE:NEWR)
Twilio (NYSE:TWLO)
LogMeIn (NASDAQ:LOGM)
HubSpot (NYSE:HUBS)
Wix (NASDAQ:WIX)
Smartsheet (NYSE:SMAR)
Pluralsight (NASDAQ:PS)
SendGrid (NYSE:SEND)
MongoDB (NASDAQ:MDB)
PLG Index Median
SaaS Index Median
Median Metrics
PLG Companies 35.1% 26.6% 73.8% 42.8% 37.7% 10.0x 7.6x
Non-PLG
Companies
25.3% 21.0% 69.3% 37.0% 31.4% 7.7x 6.2x
Delta, PLG to
Non-PLG
9.8% 5.6% 4.5% 5.9% 6.2% 2.2x 1.4x
Valuation Drivers
Revenue Growth
Gross Margin Rule of 40
2018E 2019P TTM 2018E 2019P
Valuation
EV / Revenue Multiple
2018E 2019P
What Defines a PQL with SMBs?
1. Firmographic Fit - I have the right type
of business
What Defines a PQL with SMBs?
1. Firmographic Fit - I have the right type
of business
2. Marketing Behavior - The marketing
behavior indicates a need for a
solution in my space
What Defines a PQL with SMBs?
1. Firmographic Fit - I have the right type
of business
2. Marketing Behavior - The marketing
behavior indicates a need for a
solution in my space
3. Product Behavior - The product
usage indicates that my product is a
good fit with this buyer
MQL Funnel
ProductAwareness
Content
Download
Traffic
Email
Nurture
Sales
Interaction
Completed
Sale
Time
Marketing focus is on
developing signals to tell sales
who the best prospects are
MQL Funnel
ProductAwareness
Content
Download
Traffic
Email
Nurture
Sales
Interaction
Completed
Sale
Time
Marketing focus is on
developing signals to tell sales
who the best prospects are
Free
Product
What are Hallmarks of an Effective Product First Go To
Market Strategy?
● Free forever product instead of a free trial
What are Hallmarks of an Effective Product First Go To
Market Strategy?
● Free forever product instead of a free trial
● Simple freemium product value proposition that marketing can explain
What are Hallmarks of an Effective Product First Go To
Market Strategy?
● Free forever product instead of a free trial
● Simple freemium product value proposition that marketing can explain
● Ability of a customer to completely self -provision free product
What are Hallmarks of an Effective Product First Go To
Market Strategy?
● Free forever product instead of a free trial
● Simple freemium product value proposition that marketing can explain
● Ability of a customer to completely self -provision free product
● A large top of the funnel (you’re converting a subset of your MQLs)
What are Hallmarks of an Effective Product First Go To
Market Strategy?
● Free forever product instead of a free trial
● Simple freemium product value proposition that marketing can explain
● Ability of a customer to completely self -provision free product
● A large top of the funnel (you’re converting a subset of your MQLs)
● Viral adoption of the free product
What are Hallmarks of an Effective Product First Go To
Market Strategy?
● Free forever product instead of a free trial
● Simple freemium product value proposition that marketing can explain
● Ability of a customer to completely self -provision free product
● A large top of the funnel (you’re converting a subset of your MQLs)
● Viral adoption of the free product
● Tight connection between the free product and the paid product
What are Hallmarks of an Effective Product First Go To
Market Strategy?
● Free forever product instead of a free trial
● Simple freemium product value proposition that marketing can explain
● Ability of a customer to completely self -provision free product
● A large top of the funnel (you’re converting a subset of your MQLs)
● Viral adoption of the free product
● Tight connection between the free product and the paid product
● Tight integration between the product and your CRM
Building a Great Free Product is Usually Harder than
Converting Free Users into Paid Users
When Should Sales Contact a PQL?
1. Hand Raise 2. Usage Limit Reached 3. Feature LImit
Encountered
ThriveHive is Investing Heavily in Product First Go To
Market
● Acquired Closely (Perch App)
● Launched ThriveHive Grader with Conversational Interface
Thank You
adam@thrivehive.com

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2018 Tech Adoption Summit: Headline Talk — Adam Blake, CMO & GM of SaaS, ThriveHive

  • 1. Product First Go To Market Strategy 2018 Tech Adoption Summit
  • 2. I’ve Been a SMB Owner and Spent the Last 13 Years Trying to Sell to SMBs Currently CMO at ThriveHive where we provide everything you need to market your business online - all wrapped in Guided Marketing
  • 3. The Elephant in the Room: Customer Acquisition Costs are Up Over 50% in the Last 5 Years Source: Price Intelligently
  • 4. Product First Go To Market Strategies are a Remedy for Increasing Customer Acquisition Costs Source: Price Intelligently
  • 5. Sales Efficiency is at the Heart of Why Product First Customer Acquisition Makes Sense Numerically Outbound Cold Calling Close Rates: 0.1% Inbound Warm Calling Close Rates (MQLs): 1% Product Qualified Lead Close Rates (PQLs): 10%
  • 6. Changing Consumer Behavior is at the Heart of Why Product First Customer Acquisition Makes Sense Strategically
  • 7. Product First Go To Market Companies Perform Better Source: OpenView Company Shopify (NYSE:SHOP) Atlassian (NASDAQ:TEAM) DocuSign (NASDAQ:DOCU) Dropbox (NASDAQ:DBX) Zendesk (NASDAQ:ZEN) New Relic (NYSE:NEWR) Twilio (NYSE:TWLO) LogMeIn (NASDAQ:LOGM) HubSpot (NYSE:HUBS) Wix (NASDAQ:WIX) Smartsheet (NYSE:SMAR) Pluralsight (NASDAQ:PS) SendGrid (NYSE:SEND) MongoDB (NASDAQ:MDB) PLG Index Median SaaS Index Median Median Metrics PLG Companies 35.1% 26.6% 73.8% 42.8% 37.7% 10.0x 7.6x Non-PLG Companies 25.3% 21.0% 69.3% 37.0% 31.4% 7.7x 6.2x Delta, PLG to Non-PLG 9.8% 5.6% 4.5% 5.9% 6.2% 2.2x 1.4x Valuation Drivers Revenue Growth Gross Margin Rule of 40 2018E 2019P TTM 2018E 2019P Valuation EV / Revenue Multiple 2018E 2019P
  • 8. What Defines a PQL with SMBs? 1. Firmographic Fit - I have the right type of business
  • 9. What Defines a PQL with SMBs? 1. Firmographic Fit - I have the right type of business 2. Marketing Behavior - The marketing behavior indicates a need for a solution in my space
  • 10. What Defines a PQL with SMBs? 1. Firmographic Fit - I have the right type of business 2. Marketing Behavior - The marketing behavior indicates a need for a solution in my space 3. Product Behavior - The product usage indicates that my product is a good fit with this buyer
  • 12. MQL Funnel ProductAwareness Content Download Traffic Email Nurture Sales Interaction Completed Sale Time Marketing focus is on developing signals to tell sales who the best prospects are Free Product
  • 13. What are Hallmarks of an Effective Product First Go To Market Strategy? ● Free forever product instead of a free trial
  • 14. What are Hallmarks of an Effective Product First Go To Market Strategy? ● Free forever product instead of a free trial ● Simple freemium product value proposition that marketing can explain
  • 15. What are Hallmarks of an Effective Product First Go To Market Strategy? ● Free forever product instead of a free trial ● Simple freemium product value proposition that marketing can explain ● Ability of a customer to completely self -provision free product
  • 16. What are Hallmarks of an Effective Product First Go To Market Strategy? ● Free forever product instead of a free trial ● Simple freemium product value proposition that marketing can explain ● Ability of a customer to completely self -provision free product ● A large top of the funnel (you’re converting a subset of your MQLs)
  • 17. What are Hallmarks of an Effective Product First Go To Market Strategy? ● Free forever product instead of a free trial ● Simple freemium product value proposition that marketing can explain ● Ability of a customer to completely self -provision free product ● A large top of the funnel (you’re converting a subset of your MQLs) ● Viral adoption of the free product
  • 18. What are Hallmarks of an Effective Product First Go To Market Strategy? ● Free forever product instead of a free trial ● Simple freemium product value proposition that marketing can explain ● Ability of a customer to completely self -provision free product ● A large top of the funnel (you’re converting a subset of your MQLs) ● Viral adoption of the free product ● Tight connection between the free product and the paid product
  • 19. What are Hallmarks of an Effective Product First Go To Market Strategy? ● Free forever product instead of a free trial ● Simple freemium product value proposition that marketing can explain ● Ability of a customer to completely self -provision free product ● A large top of the funnel (you’re converting a subset of your MQLs) ● Viral adoption of the free product ● Tight connection between the free product and the paid product ● Tight integration between the product and your CRM
  • 20. Building a Great Free Product is Usually Harder than Converting Free Users into Paid Users
  • 21. When Should Sales Contact a PQL? 1. Hand Raise 2. Usage Limit Reached 3. Feature LImit Encountered
  • 22. ThriveHive is Investing Heavily in Product First Go To Market ● Acquired Closely (Perch App) ● Launched ThriveHive Grader with Conversational Interface