How to execute a successful Product Strategy — Part 3

Part 3: Product Growth

Figure out your growth strategy or prepare for failure

Although this is the third part of FIVE’s product strategy series, the previous parts — product discovery and design and development — aren’t sustainable at market without growth strategy. And while growth strategy will have a high impact on any product, it’s not impossible to master.

Product/market fit doesn’t guarantee success

So, what happens when the wheels touch the ground?

Hope for the best. And measure everything:

Can a product exist without users?

No. A product without users isn’t a product. It’s a showcase, a display of skill, but it’s not a product.

  • Cost of getting your potential client to understand what your product offers
  • Cost of getting that potential client to become a qualified lead
  • In most cases getting the lead to try the product
  • Cost of getting your lead to become a full fledged client (This is also the cost of people working on those efforts, like sales or customer solutions people.)
  • Your whitepaper is fifth on the first search page
  • Potential client clicks the link and lands on your page
  • Email is required to download a whitepaper, which potential client provides
  • Whitepaper objectively reflects on your solution, the topic, and how can it help the client
  • Someone needs to design it, so it looks nice
  • Someone needs to optimize SEO for Google to notice it
  • And most importantly, you need time for the whitepaper to climb in search results (this might never happen)
  • Referral models — Invite a friend and get xx
  • Testimonials/Reviews
  • Evangelism — Creating super promoters

Engaging & converting users

We now know how hard it is to get new customers on board.

  • Viewed content
  • Explored categories
  • Created playlist
  • Entered free trial
  • Subscribed
  • Hasn’t used the app in a while
  • Cancelled free trial
  • Stopped creating content
  • Cancelled subscription
  1. Audit — We do a deep data dive for product and previous growth activities.
  2. Overall strategy — Create an overarching strategy aiming at both low-hanging fruit for immediate impact and long-term activities.
  3. Engagement plan — Tactical plan for implementing strategy on a sprint basis.
  4. Campaign execution — Implementing, testing, and validating campaigns (this includes design and copywriting).
  5. Reporting — We present campaign and test results on both executive and detailed levels and are used as input for planning the next sprint.

Product changes

Implementing parts of our growth strategy will get you a long way. And sometimes, you’ll recognize elements that you can improve further by incorporating them into the product. Consider this: we see that users are reacting well to our third email in an onboarding series. We even notice longer retention and better conversion. Insights like these allow us to make some high-impact changes to the product.

  • Conversion funnel(s)
  • Product UX

Measure & multiply!

Five is a mobile design and development agency with offices in Croatia and NYC.

Five is a mobile design and development agency with offices in Croatia and NYC.