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Adrian Escude
adrianescude@gmail.com
PRODUCT
LED
GROWTH
● Bottom up targeting
Puts product first, delivers value quickly. Targets ‘Doers’
● “Show me the value” (and let me try it)
Vs “Tell me about it”
● Self Service
Transparent pricing and ability to transact
● Customer-experience- oriented org
Culture of fast, continuous product improvement
PLG Checklist
● Bottom up targeting
Puts product first, delivers value quickly. Targets ‘Doers’
● “Show me the value” (and let me try it)
Vs “Tell me about it”
● Self Service
Transparent pricing and ability to transact
● Customer-experience- oriented org
Culture of fast, continuous product improvement
PLG Checklist
● DIY, easy onboarding
● High speed-to-value
● Shorter sales cycles
● Faster revenue growth
● Lower CAC
● Higher LTV
● Net Retention
PLG Internal Adoption Loop
The The prim
The Promise
Less or equal to 5Y
More than 5Y, less or equal to 10Y
More than 10Y, less or equal 15Y
More than 15Y
Source: Kimchi hill
Years to reach
$100M ARR
Less or equal to 5 y
> 5 y, less or equal to 10 y
> than 10, less or equal 15 y
> than 15 y
65%
Of co’s that reached $100M within less
less than 10Y
Are PLG companies
Source: Kimchi hill
Less or equal to 5Y
More than 5Y, less or equal to 10Y
More than 10Y, less or equal 15Y
More than 15Y
Years to reach
$100M ARR
PLG vs Non PLG
PLG
NON PLG
PLG vs Non PLG
Benchmarking success
Revenue Growth Net Dollar Retention CAC Payback Period
Source: publiccomps.com
KPIs & Optimizations
CONVERSION
CUSTOMER
ACTIVE
CUSTOMER
LOYAL
CUSTOMER
Content
VISITS
Content
Paid
Other
MQL
Channels
SQL
IN- PRODUCT
ENGAGEMENTS
OUTSIDE
PRODUCT
ENGAGEMENTS
Marketing team
Sales team
Customer success team
TIME
Customer Lifecycle in a Sales-Led GTM
“98% of MQLs never close”
SiriusDecisions
PQL
CUSTOMER
ACTIVE
CUSTOMER
LOYAL
CUSTOMER
Content
VISITS
Content
Paid
Other
TRIAL
Marketing | Growth teams
Sales team
Customer Success team
Product | Growth teams
TIME
IN- PRODUCT
ENGAGEMENTS
OUTSIDE
PRODUCT
ENGAGEMENTS
Customer Lifecycle in Product-Led GTM
What is a PQL?
Activation ICP Match
PQL
Engagement
● Interaction with core features
‘X’ number of messages / actions / etc
● Addressed pain point
Solved a problem / Experienced your value prop
● Invited team members
PQL Definition
Activation
Engagement
ICP Match
Have they experienced the value
of your product?
● Active User
They keep coming back for more
● Recency & Decay
Recent activity
● Behaviour (in-app + website)
Visited Pricing page, consumed blog content, etc
PQL Definition
Activation
Engagement
ICP Match
Are they signaling further interest?
PQL Definition
Activation
Engagement
● Technographics
Technology installed, Integrations
● Firmographics
Company Size, Industry, Revenue, Funding, Geo
● Customer Persona
Department, Job Title, Pain Points
ICP Match
Aligned with Ideal Customer Profile?
Aha moment
/ä-hä ˈmōmənt/ noun
1. Pivotal moment when new users first realize the value of your product
2. A moment of sudden insight or discovery
Activation
Engagement
ICP Match
Aha! Moment examples
Connect with 7 friends
within the first 10 days
2000 messages sent
within a team
Returning 1 day
after sign up
Save 1 file on
folder on 1 device
Defining the Aha! moment
Visitor
Trial
PQL
Customer
Active
customer
Loyal
customer
Churned
customer
Visitor to Trial CVR
Trial to PQL CVR
PQL to Customer CVR
Active Customers Rate
Churn Rate Renewal Rate
Days from
Trial to PQL
Days from PQL
to Customer
Days to
Break Even
Avg Customer
Life
CLV- to CAC ratio
Customer lifecycle
Effectiveness
Velocity
METRICS TYPE
Key Performance Indicators
Avg Selling Price
Visitor
Trial
PQL
Customer
Active
customer
Loyal
customer
Churned
customer
VISITOR TO TRIAL CVR
Trial to PQL CVR
PQL to Customer CVR
Active Customers Rate
Churn Rate
Metric Optimizations
Efficiency
Renewal Rate
2%* Opt-in Free Trials
● Quality of the traffic
● Website content
○ Messaging
○ Design
○ Supporting visuals
○ Site architecture
* Innertrends
● Onboarding
○ Qualification & Segmentation
○ Guidance
○ Goals & Personalization
● Time to value → ‘Aha moment’
Visitor
Trial
PQL
Customer
Active
customer
Loyal
customer
Churned
customer
Visitor to Trial CVR
TRIAL TO PQL CVR
Active Customers Rate
Churn Rate
Metric Optimizations
Efficiency
Renewal Rate
25%* Opt-in Free Trials
1-10%** Freemium
* sixteen ventures
** Insight Venture Partners
PQL to Customer CVR
Visitor
Trial
PQL
Customer
Active
customer
Loyal
customer
Churned
customer
Visitor to Trial CVR
TRIAL TO PQL CVR
Active Customers Rate
Churn Rate
Metric Optimizations
Efficiency
Renewal Rate
25%* Opt-in Free Trials
1-10%** Freemium
* sixteen ventures
** Insight Venture Partners
PQL to Customer CVR
Have your trial users
experienced the value of the
product?
“60% of users who try your app will
never come back”
Intercomm
Starts using add ons and other integrations
Converts to paid
Consecutive ‘Aha’ moments & activation points
Sees the product as a solution
Loyal Customer
Active Customer
Trial User
Website visitor
Engages directly with brand
Value
Time
Aha moment(s) Product Adoption
Activation
DESIRED OUTCOME
CURRENT STATE
● User Onboarding Emails
● In-app messages
● Sales outreach
● Product Tours
● Interactive walkthroughs
● Progress Bars
● Checklists
● Onboarding Tools
Content Product
Accelerating Speed-To-Value
Not Every SignUp Is A Core User
Likelihood to
activate
Likelihood to
Convert
CEO
Director / CXO
Product / Project Manager
Developer
Designer
Marketer
Analyst
CORE USER
CORE BUYER
Source: Madkudu
Qualification & Segmentation
Explicit, Enriched & Behaviour-Based Data
Explicit | Sign Up Survey Enriched | 3rd Party Behaviour-based
WEBSITE
● Firmographics
● Technographics
● Persona...
IN-APP
● Webinar attendance
● Pricing page
● Blog posts consumed
● ...
● Number of Interactions
● Team member addition
● Completion of core journeys
● ...
● Onboarding
● Email nurturing campaigns
In- app messaging
Sales reach outs
● Customer persona
● Use Case / Pain Points
● Industry, Firmo & Technographics
Personalization
Criteria Applied to
Core User (Marketer) Buyer (CEO)
Sign Up
Usage
Invite Team Members
Invite Team Members
Add Credit Card
Product Overview Call
Sign Up
Custom Journey & Content
Hi Mark,
I’m Mark, VP of Sales at <Company Name>, we are thrilled to have you onboard!
To get the most out our app, be sure to <Usage Tip #1>, so you can <Product
benefit number #1>
Try it out and let us know if you have any questions,
Hi Kevin,
I’m Mark, VP of Sales at <Company Name>, we are thrilled to have you onboard!
I wanted to help jumpstart the onboarding process by offering a quick product
overview to ensure your team gets the most out of it. You can pick a
convenient time that works best for you here
Additionally, here you can find some quick resources on how sales <company
name> helped companies in your industry to <benefit number #1> and <benefit
number #2>
Email # 1 to Core User Sign Up
Email # 1 to Buyer Sign Up
Visitor
Trial
PQL
Customer
Active
customer
Loyal
customer
Churned
customer
Visitor to Trial CVR
Trial to PQL CVR
Active Customers CVR
Churn Rate
Metric Optimizations
Efficiency
Renewal Rate
25%* Opt-in Free Trials
1-10%** Freemium
* sixteen ventures
** Insight Venture Partners
PQL to CUSTOMER CVR
● Activity-based content nurturing
● Community, documentation & support
● Frictionless self-service
● UX & product optimizations
● Sales follow up post PQL qualification
B2B Tech Stack
User session replay
A/B Testing
B2B Tech Stack
Prototyping & design
CRM
Reporting & Data visualization
Lead Scoring
Product Analytics
Web Analytics
Personalization
Contact Enrichment
Market Research
A/B Testing and Experimentation
https://www.optimizely.com/sample-size-calculator/
DON’T TEST IF
● It’ll take too long to get actionable results
● Low downside risk of the change, high effort to test it.
● You’re launching something completely new
WHY TESTING
● Learn
● Decide
● Quantify
● Align
Pricing for SaaS
Value-based pricing
● Value is a proxy for usage.
● Pricing based on a value metric allows you to maximise revenue potential.
Opportunity costs
Companies using value-based
pricing are growing at
double the rate,
with half the churn
Value-based pricing
Source: Profitwell.com
Freemium vs Free trial
Freemium
Pros:
● More visitor to ‘trial’ conversions
● Higher virality
● More product data to optimize UX
● Paid users who convert from free tend to
better retention, and much lower CAC1
Cons:
● Limited features could result in a
inferior experience
● Lower sense of urgency
● Higher cost to service
1A16z
Free Trial
Cons:
● Less virality and buzz
● Requires more effort and time
commitment on the user
Pros:
● Sense of urgency
● Full feature set, most optimal UX
● More effort in a short timeframe, higher
likelihood of conversion if UX is optimal
The challenge
Delivering on the promise of your business (aha moment) as fast as possible
Freemium vs Free Trial
Complex Product?
High price?
Large Market?
Targets doers?
NO
YES
NO
YES
YES
NO
NO YES
Freemium
Free trial
Sales-led
Bottom up + Top down GTM
Combining PLG and a Sales Led GTM
Pure PLG
Sales +
PLG
A self-serve GTM, later combined with a strong direct sales motion
● Compounds revenue growth
● Lowers CACs
● Enables larger contract values
The Sales role in a mixed GTM strategy:
● Customer onboarding, expansions and renewals (Customer success)
● Work with resellers, distributors and MSP’s
● Help convert PQLs from large enterprises and other ‘hot leads’
Estimated ARR When Top Down Sales Was Layered In
$100M+
$50M+
$30M+
$25M+ $20M-$25M
Source: Andreessen Horowitz
When do we add a Top Down GTM?
When to Layer Top Down Approach
Bottom up flywheel
working ?
NO
YES
Continue developing
bottom up GTM
Customer demanding product at
enterprise level or enough penetration?
NO
YES
Introduce Top
down GTM
Continue developing
bottom up GTM
When do we add a Top Down GTM?
Source: Andreessen Horowitz
Thank you
Contact Me
Adrianescude@gmail.com
https://www.linkedin.com/in/adrianescude

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Product-led growth

  • 2. ● Bottom up targeting Puts product first, delivers value quickly. Targets ‘Doers’ ● “Show me the value” (and let me try it) Vs “Tell me about it” ● Self Service Transparent pricing and ability to transact ● Customer-experience- oriented org Culture of fast, continuous product improvement PLG Checklist
  • 3. ● Bottom up targeting Puts product first, delivers value quickly. Targets ‘Doers’ ● “Show me the value” (and let me try it) Vs “Tell me about it” ● Self Service Transparent pricing and ability to transact ● Customer-experience- oriented org Culture of fast, continuous product improvement PLG Checklist ● DIY, easy onboarding ● High speed-to-value ● Shorter sales cycles ● Faster revenue growth ● Lower CAC ● Higher LTV ● Net Retention
  • 6. Less or equal to 5Y More than 5Y, less or equal to 10Y More than 10Y, less or equal 15Y More than 15Y Source: Kimchi hill Years to reach $100M ARR
  • 7. Less or equal to 5 y > 5 y, less or equal to 10 y > than 10, less or equal 15 y > than 15 y 65% Of co’s that reached $100M within less less than 10Y Are PLG companies Source: Kimchi hill Less or equal to 5Y More than 5Y, less or equal to 10Y More than 10Y, less or equal 15Y More than 15Y Years to reach $100M ARR
  • 8. PLG vs Non PLG PLG NON PLG
  • 9. PLG vs Non PLG Benchmarking success Revenue Growth Net Dollar Retention CAC Payback Period Source: publiccomps.com
  • 12. “98% of MQLs never close” SiriusDecisions
  • 13. PQL CUSTOMER ACTIVE CUSTOMER LOYAL CUSTOMER Content VISITS Content Paid Other TRIAL Marketing | Growth teams Sales team Customer Success team Product | Growth teams TIME IN- PRODUCT ENGAGEMENTS OUTSIDE PRODUCT ENGAGEMENTS Customer Lifecycle in Product-Led GTM
  • 14. What is a PQL? Activation ICP Match PQL Engagement
  • 15. ● Interaction with core features ‘X’ number of messages / actions / etc ● Addressed pain point Solved a problem / Experienced your value prop ● Invited team members PQL Definition Activation Engagement ICP Match Have they experienced the value of your product?
  • 16. ● Active User They keep coming back for more ● Recency & Decay Recent activity ● Behaviour (in-app + website) Visited Pricing page, consumed blog content, etc PQL Definition Activation Engagement ICP Match Are they signaling further interest?
  • 17. PQL Definition Activation Engagement ● Technographics Technology installed, Integrations ● Firmographics Company Size, Industry, Revenue, Funding, Geo ● Customer Persona Department, Job Title, Pain Points ICP Match Aligned with Ideal Customer Profile?
  • 18. Aha moment /ä-hä ˈmōmənt/ noun 1. Pivotal moment when new users first realize the value of your product 2. A moment of sudden insight or discovery
  • 19. Activation Engagement ICP Match Aha! Moment examples Connect with 7 friends within the first 10 days 2000 messages sent within a team Returning 1 day after sign up Save 1 file on folder on 1 device Defining the Aha! moment
  • 20. Visitor Trial PQL Customer Active customer Loyal customer Churned customer Visitor to Trial CVR Trial to PQL CVR PQL to Customer CVR Active Customers Rate Churn Rate Renewal Rate Days from Trial to PQL Days from PQL to Customer Days to Break Even Avg Customer Life CLV- to CAC ratio Customer lifecycle Effectiveness Velocity METRICS TYPE Key Performance Indicators Avg Selling Price
  • 21. Visitor Trial PQL Customer Active customer Loyal customer Churned customer VISITOR TO TRIAL CVR Trial to PQL CVR PQL to Customer CVR Active Customers Rate Churn Rate Metric Optimizations Efficiency Renewal Rate 2%* Opt-in Free Trials ● Quality of the traffic ● Website content ○ Messaging ○ Design ○ Supporting visuals ○ Site architecture * Innertrends
  • 22. ● Onboarding ○ Qualification & Segmentation ○ Guidance ○ Goals & Personalization ● Time to value → ‘Aha moment’ Visitor Trial PQL Customer Active customer Loyal customer Churned customer Visitor to Trial CVR TRIAL TO PQL CVR Active Customers Rate Churn Rate Metric Optimizations Efficiency Renewal Rate 25%* Opt-in Free Trials 1-10%** Freemium * sixteen ventures ** Insight Venture Partners PQL to Customer CVR
  • 23. Visitor Trial PQL Customer Active customer Loyal customer Churned customer Visitor to Trial CVR TRIAL TO PQL CVR Active Customers Rate Churn Rate Metric Optimizations Efficiency Renewal Rate 25%* Opt-in Free Trials 1-10%** Freemium * sixteen ventures ** Insight Venture Partners PQL to Customer CVR Have your trial users experienced the value of the product?
  • 24. “60% of users who try your app will never come back” Intercomm
  • 25. Starts using add ons and other integrations Converts to paid Consecutive ‘Aha’ moments & activation points Sees the product as a solution Loyal Customer Active Customer Trial User Website visitor Engages directly with brand Value Time Aha moment(s) Product Adoption Activation
  • 26. DESIRED OUTCOME CURRENT STATE ● User Onboarding Emails ● In-app messages ● Sales outreach ● Product Tours ● Interactive walkthroughs ● Progress Bars ● Checklists ● Onboarding Tools Content Product Accelerating Speed-To-Value
  • 27. Not Every SignUp Is A Core User Likelihood to activate Likelihood to Convert CEO Director / CXO Product / Project Manager Developer Designer Marketer Analyst CORE USER CORE BUYER Source: Madkudu
  • 28. Qualification & Segmentation Explicit, Enriched & Behaviour-Based Data Explicit | Sign Up Survey Enriched | 3rd Party Behaviour-based WEBSITE ● Firmographics ● Technographics ● Persona... IN-APP ● Webinar attendance ● Pricing page ● Blog posts consumed ● ... ● Number of Interactions ● Team member addition ● Completion of core journeys ● ...
  • 29. ● Onboarding ● Email nurturing campaigns In- app messaging Sales reach outs ● Customer persona ● Use Case / Pain Points ● Industry, Firmo & Technographics Personalization Criteria Applied to
  • 30. Core User (Marketer) Buyer (CEO) Sign Up Usage Invite Team Members Invite Team Members Add Credit Card Product Overview Call Sign Up Custom Journey & Content Hi Mark, I’m Mark, VP of Sales at <Company Name>, we are thrilled to have you onboard! To get the most out our app, be sure to <Usage Tip #1>, so you can <Product benefit number #1> Try it out and let us know if you have any questions, Hi Kevin, I’m Mark, VP of Sales at <Company Name>, we are thrilled to have you onboard! I wanted to help jumpstart the onboarding process by offering a quick product overview to ensure your team gets the most out of it. You can pick a convenient time that works best for you here Additionally, here you can find some quick resources on how sales <company name> helped companies in your industry to <benefit number #1> and <benefit number #2> Email # 1 to Core User Sign Up Email # 1 to Buyer Sign Up
  • 31. Visitor Trial PQL Customer Active customer Loyal customer Churned customer Visitor to Trial CVR Trial to PQL CVR Active Customers CVR Churn Rate Metric Optimizations Efficiency Renewal Rate 25%* Opt-in Free Trials 1-10%** Freemium * sixteen ventures ** Insight Venture Partners PQL to CUSTOMER CVR ● Activity-based content nurturing ● Community, documentation & support ● Frictionless self-service ● UX & product optimizations ● Sales follow up post PQL qualification
  • 33. User session replay A/B Testing B2B Tech Stack Prototyping & design CRM Reporting & Data visualization Lead Scoring Product Analytics Web Analytics Personalization Contact Enrichment Market Research
  • 34. A/B Testing and Experimentation https://www.optimizely.com/sample-size-calculator/ DON’T TEST IF ● It’ll take too long to get actionable results ● Low downside risk of the change, high effort to test it. ● You’re launching something completely new WHY TESTING ● Learn ● Decide ● Quantify ● Align
  • 36. Value-based pricing ● Value is a proxy for usage. ● Pricing based on a value metric allows you to maximise revenue potential. Opportunity costs
  • 37. Companies using value-based pricing are growing at double the rate, with half the churn Value-based pricing Source: Profitwell.com
  • 39. Freemium Pros: ● More visitor to ‘trial’ conversions ● Higher virality ● More product data to optimize UX ● Paid users who convert from free tend to better retention, and much lower CAC1 Cons: ● Limited features could result in a inferior experience ● Lower sense of urgency ● Higher cost to service 1A16z
  • 40. Free Trial Cons: ● Less virality and buzz ● Requires more effort and time commitment on the user Pros: ● Sense of urgency ● Full feature set, most optimal UX ● More effort in a short timeframe, higher likelihood of conversion if UX is optimal The challenge Delivering on the promise of your business (aha moment) as fast as possible
  • 41. Freemium vs Free Trial Complex Product? High price? Large Market? Targets doers? NO YES NO YES YES NO NO YES Freemium Free trial Sales-led
  • 42. Bottom up + Top down GTM
  • 43. Combining PLG and a Sales Led GTM Pure PLG Sales + PLG A self-serve GTM, later combined with a strong direct sales motion ● Compounds revenue growth ● Lowers CACs ● Enables larger contract values The Sales role in a mixed GTM strategy: ● Customer onboarding, expansions and renewals (Customer success) ● Work with resellers, distributors and MSP’s ● Help convert PQLs from large enterprises and other ‘hot leads’
  • 44. Estimated ARR When Top Down Sales Was Layered In $100M+ $50M+ $30M+ $25M+ $20M-$25M Source: Andreessen Horowitz When do we add a Top Down GTM?
  • 45. When to Layer Top Down Approach Bottom up flywheel working ? NO YES Continue developing bottom up GTM Customer demanding product at enterprise level or enough penetration? NO YES Introduce Top down GTM Continue developing bottom up GTM When do we add a Top Down GTM? Source: Andreessen Horowitz