PRODUCT MARKETING AND PRODUCT-LED GROWTH Flashcards
Product marketing
Product marketing is the process of bringing a specific product to market and ensuring that that product is successful.
As a product marketer, your job entails guiding a product’s internal strategy. It is your duty to enable all of the marketing activities surrounding the product within your organization.
Go-to-market (GTM) strategy
A go-to-market (GTM) strategy is a plan specifying how you will present your product’s unique value proposition so you can reach your customers and achieve a competitive advantage. The purpose of a GTM strategy is to provide a roadmap for launching a product in a way that will achieve product-market fit — the end goal of your launch.
Product-market fit
When your product fulfills a market’s needs, you achieve product-market fit. Product-market fit occurs at the intersection of the introduction and growth stages of the product lifecycle.
In order to obtain product-market fit, you first need to create a minimum viable product (MVP).
Minimum viable product (MVP)
A minimum viable product (MVP) is an offering that has enough features to initially satisfy your target market.
Producing an MVP is the end goal of the product development stage (which precedes the introduction stage) of the product lifecycle. Your GTM strategy is essentially a blueprint outlining how you will introduce your MVP.
Total addressable market (TAM)
Total addressable market (TAM) is the amount of potential revenue your company could earn if everyone with a demand for your product or service actually bought it.
For most companies, the amount of achievable revenue is nowhere near TAM, but understanding your total market can help inform how to define the target market you’ll focus your marketing and sales strategy toward.
Product-led growth (PLG)
Product-Led Growth is a strategy coined by OpenView Venture Partners that relies on product features and usage as the primary drivers of customer acquisition and retention. It leverages a free product for initial usage and begins enforcing paywalls only after value has been delivered to users.
Product qualified lead (PQL)
A Product Qualified Lead is someone who has tried your product and indicated purchase interest through their usage. These leads tend to close at a higher rate since they have already interacted with your product.
