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5 product-led growth strategies to help your enterprise win in 2023


When “business as usual” is no longer an option

As businesses dive headfirst into their strategic initiatives for 2023, many are predicting that the economy will get worse before it gets better. With a full-blown recession looking increasingly likely at some point this year, large-scale corporations that once enjoyed seemingly unlimited resources—as well as companies that once pursued growth at any cost—no longer have the luxury of conducting business as usual.

Now, growth has to come at the right cost, and the smart use of budget and resources has to be priority number one. That means becoming more effective—in messaging and targeting, in lead generation, in deal closing, and in delivering value that matters to customers. But what’s the most effective way to drive growth and efficiency?

Put simply: your product.

In a new survey by Pendo and Mind the Product of over 500 product professionals, we found that companies are leaning into product-led growth (PLG) strategies to secure their future. 54% say their company has implemented or accelerated product-led growth (PLG) in the current economic downturn, in addition to the 29% who introduced PLG strategies prior to the downturn.

What is product-led growth (PLG)?

PLG describes a business strategy that places a company’s software at the center of the buying journey—and often at the center of the broader customer experience. A PLG strategy counts on the product itself—its features, performance, and virality—to do much of the “selling.”

Learn more about PLG →

Automation in large part explains why. At a time of tightening budgets and frozen or shrinking headcounts, the status quo is no longer an option. Leveraging the product itself for sales ops and marketing plays saves precious resources otherwise spent on pricey ad campaigns, time-consuming human-intensive outreach, and other operational expenses.

But there’s another element to why businesses are turning to their products for better growth and efficiency: The data their products hold about customers and users. This is why, when asked about which trends would shape how their organization approaches product management through 2023 and beyond, 61% of organizations chose “new business decisions now made possible by product data” as an answer.

Let’s take a closer look at five PLG strategies companies are pursuing to thrive amidst the impending downturn, and the role data plays in each.