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What is Growth Product Management
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Growth Product Management

What is Growth Product Management

Definition of Growth Product Management

Growth Product Management refers to increasing an existing product’s value and user base. Unlike traditional product management, which focuses on managing all activities required to bring a profitable product to market, Growth Product Management aims to help an existing product become more successful.

Growth Product Managers typically focus on specific metrics related to a product’s success, such as acquiring new users, increasing retention rates, finding new ways to monetize a product to boost revenue, or encouraging existing users to refer newcomers. Testing and experimentation are essential to validate new additions. 

How does Growth Product Management work?

As part of effective Growth Product Management, managers may discover that certain functions or features require revision to maximize value. Finding new ways to help users get more out of a product they’re paying for should bolster retention and cultivate an increase in referrals. After all, if a product’s new features make the user’s life easier, why wouldn’t they want to help a friend or colleague enjoy the same benefits as well?

However, Growth Product Managers must be willing to collaborate with teams to ensure that any changes they recommend will bring positive results. Otherwise, putting ideas and strategies into action may be harder than it should be. Regular, transparent communication is vital to ensure a harmonious and productive growth process.

General FAQ

What is a product growth strategy?
A product growth strategy aims to increase a product’s value by identifying new ways to satisfy users and attract newcomers. A growth product manager may be appointed to research options, find opportunities, and experiment with new features or functions.
What are the day-to-day duties of a growth product manager?
A growth product manager’s role involves analyzing metrics to identify flaws and opportunities to improve a product’s value, based on rates of adoption, referral, abandonment, etc. They will work with teams to implement changes, which means communication and collaboration skills are crucial to perform the job successfully.
What is product-led growth?
Product-led growth is a strategy for acquiring and retaining customers based on the product itself. For example, a new platform may be brought to the market with a freemium model or a free-trial period. With this, customers recognize the product’s value through using it or seeing it in action, rather than via marketing.
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