Zoom changed its pricing model–a small change that ultimately opened the floodgates at just the right moment. This could mean making smaller adjustments, but more consistently. Focus on product initiatives you can roll out fast: Form a new idea, test it quickly, and iterate with a fast turnaround. That rigidity and decisiveness is necessary to implement a product-led growth strategy that will adapt to the new environment. What did the first few weeks of the lockdown look like in your company? Did you take a step back and wait to see how it played out, or did you move fast and rip the Band-Aid off, even though you risked overshooting?Ĭompanies that took the blow and executed decisions swiftly, even if it meant laying off employees, had a higher chance of survival. Facebook pulled ahead faster in part because it had a sturdier platform that didn’t crash. This is evocative of the Facebook– Twitter rivalry early in both their journeys, when they were in close competition. The company had it in mind early on that it needed to build a universal tool, so it built an infrastructure that could scale fast and support rapid growth. It didn’t crash when millions of users started using the platform every day. Whatsapp has a very similar success story.įinally, Zoom was reliable. The number of internet users is much higher, making the ability to function on practically any device the foundation for organic growth. Consider Google Hangouts and Skype–both need an email address in a world where half the population doesn’t use email. Second, Zoom is platform agnostic, existing beyond any ecosystem constraints. How does this prepare a company for growth? First, it gets people attached to the brand: Zoom becomes their favored communication app, and when communication turns into a huge problem, it’s the first name that comes to mind (this is how Zoom made the leap from a business-user base to worldwide household name).
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There’s no need to register or download software, just click a link or direct dial in from any country in the world. Zoom’s great advantage in the teleconferencing space is that it is super easy to use, with as little friction for new users as possible. The beauty of product-led growth is that it’s a continuous process that can provide immediate results and leverage. While Zoom did prepare for growth pre-pandemic, it doesn’t mean it’s too late for new companies to follow those same steps. 1? It was ready for a crisis, before it even happened.įirst, a caveat. So, what can we learn from Zoom’s success during a time wrought with company failures? 1. They might shirk if you throw them paid ads, but they’ll learn to love a product that’s trusted by them and their friends. There’s really no better way of growing at a time when people are tightening their belts but also are in real need of tools to help them navigate unprecedented scenarios. It means breaking out of the mold of traditional marketing tools, forgetting what you think you know about your product and letting your “baby” be shaped by the market, rather than the founding team. Product-led growth is, put simply, creating a product so appealing, easy to use and accessible that it will generate excitement among users, who will in turn bring in other users, and word and usage will quickly spread.Īlthough it sounds basic, it’s not. So, how did Zoom do it? Its coming of age was not gratuitous, and it could be the poster child for a particularly effective strategy we should all be learning from: product-led growth, and using your customers to overcome times of crisis. Zoom has capitalized on the lockdown to accelerate so far beyond its competitors it’s almost embarrassing, multiplying its usage by 3,000 percent to 300 million participants a day in April. Nowhere is this clearer to all than with Zoom–a teleconferencing tool that has practically become a verb that’s thrown “Skype-ing” out of the park. It’s clear to us now that although some companies tanked during the pandemic, for others it seemed like they’d come into their own. TheVentureCity is accepting final applications for its free, online Product-led Growth Week program, which runs from Oct. Katya Skorobogatova is chief growth officer at TheVentureCity, a venture accelerator on a mission to make global entrepreneurship more diverse, international and accessible.
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