Monday.com, a project management and team collaboration software, has successfully embraced the product-led growth principle as a guiding force for the entire organization. The foundation of this strategy lies in integrating marketing strategies into product features to drive user adoption, conversion, and retention.
Stav Levi, Head of Product at monday.com, attests to the effectiveness of this strategy. One of their key metrics is the North Star metric, Monthly Active Paying people (MAP), which goes beyond a mere metric. Throughout the implementation of this strategy, monday.com has witnessed impressive growth in MAP, with significant monthly increases, demonstrating their true focus on helping users derive value from the product.
Monday.com‘s product-led development doesn’t just concentrate on buyers but also emphasizes actual product users. The conversion rate from trial users to paying customers is a crucial performance indicator. Monday.com has recorded a positive conversion rate, with users quickly recognizing the value and deciding to become paying customers for a comprehensive experience.
One notable success of this development strategy is the enhancement of user interaction and internal promotion. Metrics related to the number of users inviting internal members create a clear evidence of the success of this strategy, generating a positive ripple effect within the business. This not only strengthens internal usage but also helps expand the user community and creates a chain reaction of positive feedback.
Monday.com‘s product-led growth strategy is not just a marketing tactic; it’s a business philosophy that has achieved remarkable success, evidenced by metrics such as MAP growth, conversion rates, and the number of users inviting internal members. Focusing on delivering quick value and making a strong impression from the outset is the key to attracting and retaining customers, driving sustainable business growth.
Author Ho Duc Duy © All rights reserved.
