It's easy to see why product-led growth (PLG) is having a moment. It's a tried and tested strategy that keeps customer acquisition costs low and is uniquely tailored to today’s increasing customer expectations, where end users have more choice, purchasing power, and a try-before-you-buy mentality.
For many teams, big or small, getting PLG right can be daunting. It's impossible to just copy other companies’ successful PLG strategies because they are often specific to those companies’ value propositions, culture, and expertise. More so, with PLG centering your whole company around your users, a successful strategy should be as unique as they are. Although PLG may take many forms, one thing holds true: To succeed, PLG is rooted in your understanding of the customer journey.
Your digital analytics hub for product-led growth
One common roadblock for implementing a successful PLG strategy is access to data. Having to understand SQL or wait on someone to pull data for you prohibits faster decisions to improve customer experiences.
Amplitude makes it easy and intuitive for any team to start this journey. No SQL knowledge is required. Teams can leverage trusted data to generate clear behavioral insights about their products and use these insights to improve business outcomes around acquisition, retention, and monetization.
Measuring and improving these growth levers is something teams aspire to when reaching for PLG success. Finding a single partner that helps your team integrate solutions like analytics, feature management, and A/B testing and one that enables a unified customer data platform (CDP) can keep costs low, streamline your operations, and ultimately help your team realize value quicker. You’ll spend less time stitching together disparate data and tools and instead focus on executing your PLG strategy more confidently.
To help in your pursuit, we’re introducing Amplitude Plus, a single plan starting at $49 per month brings together different products into one modern stack to help get you and your team started. Uncover powerful insights about your customers and products, maximize the value of new features, and build more personalized customer experiences with Amplitude Plus.
In this sense, customer data is the compass that guides you toward PLG success. This means investing in the proper foundation that captures your customer’s 360-degree experience early on. With a single view of revenue growth, product, and marketing insights, anyone on your team can understand your users and iterate and improve through experimentation—rather than relying on assumptions.
Acquire and grow new customers with behavioral insights
Customer acquisition today is no longer about “growth at all costs.” Instead, it’s about being innovative and efficient in balancing across acquisition, engagement, and adoption to keep customers coming back. You'll need a holistic view of product and marketing insights to ensure you’re investing in the right tactics and optimizing your channel investments.
With Amplitude Plus, you can unlock visibility into the entire customer journey, starting with new customer acquisition. By connecting marketing campaign data to product usage, you can identify which channels, tactics, and campaigns result in power users and which strategies to double down on. Use these insights to curate better experiences that convert new customers faster and retain them.
WeMoney, an Australian startup, used Amplitude to uncover that new users who set money goals within the first three days of onboarding had a higher retention rate at the 12-month mark than those who didn’t. WeMoney then built goal-setting into their initial onboarding process, which led to a 20% increase in new-user retention. And after creating lookalike audiences and personalized messages, they further reduced customer acquisition costs by 2x.
Accelerate monetization through rapid iteration
Monetization is the process of converting your user's product value into revenue. And whether your monetization strategy is product-led, sales-led, or marketing-led, understanding the customer is critical. Knowing what your customers value most will help your team align that value with the customer's willingness to pay.
Beyond a comprehensive view of these customer insights, rapid iteration and testing can help you understand what attracts users, what engages them, and how they convert so that you can see which new features or experiences most impact your revenue. This efficient approach can help de-risk your monetization strategy as you accelerate revenue growth.
Speaking of risks and less-than-rapid iteration, many DevOps teams run into friction in the development process that limits their bandwidth to measure the results of the features they’re shipping. When teams are working across disparate systems to try to ship features and analyze results across siloed tools, it leads to a slew of problems like mismatched data, less trust in metrics, and more. In these frustrating ecosystems, companies are in the dark about how their product investments drive revenue.
With integrated feature management and analytics, your team can quantify the impact of the new releases faster and more quickly find opportunities for growth. Amplitude can help you dial into the right features and experiences that convert and monetize your users.
MySwimPro was able to iterate through rapid experimentation that led to an increase in ARPU by 70%. In addition, being able to monitor feature releases and changes in Analytics helped decrease their change failure rate from 30% to 6% and reduce the mean time to restore from 30 days to two days. With the confidence and speed of self-serve insights to move fast, the MySwimpro team is able to experiment, iterate, and improve faster as a team.
Improve customer value through personalization
Long-term customer retention is the key to generating revenue, growing customer lifetime value, and building a competitive moat. And although understanding and tracking churn is important, the effort can’t stop there. Lumping many different types of users into a single retention curve is ineffective—not all users are created equal.
Instead, your analysis and approach to improving retention should vary based on their lifecycle stage and common behavioral and user attributes. Segmenting your analysis with this granularity will help you understand what each customer loves, what makes them leave, and what keeps them coming back.
Understanding your users at this level will make them feel an individual connection with your company, which is important since 80% of customers say the experience a company provides is as important as its product or services. Personalization is no longer a nice to have, it’s a must-have.
With our insights-powered CDP, you can now analyze rich insights, easily segment users, create cohorts, and personalize how they engage these users across every touchpoint to maximize impact.
With Amplitude, you can not only understand behavioral insight but also orchestrate how customers are engaged across channels and platforms so they keep coming back for more. We make it easy to integrate with industry-leading tools to activate campaigns, drive acquisition, and maximize lifetime value.
“Amplitude helps us see which lessons lead to the most engagement and personalize the user experience. We can now create personalized lists of lessons that will be the most engaging for any given user and ultimately help them learn quicker.”
Let Amplitude put you on a path to product-led growth
Building for product-led growth can be daunting. But what many of our customers have figured out is that with the right foundation, it doesn't have to be. No matter your company’s size or growth stage, Amplitude has you covered with PLG templates that surface how you acquire, retain, and monetize customers, as well as free access to world-class expertise and education.
We’re also making our end-to-end platform available to startups and small teams with affordable options starting at $49 a month. Get started with the best of Amplitude in a single plan that includes self-serve analytics, powerful feature management tools, an insights-driven CDP, and more.
Check out our upcoming live demo of Plus in action! See how you can measure and improve acquisition, retention, and monetization with Amplitude.