Four Levels of Product Growth
The first level is sales. You hire salespeople who sell the product to customers by sending emails, visiting, calling, etc. While sales activity is critical in business, scaling is limited because you need more salespeople to sell more.
The second level is marketing. Marketing activity is physical and digital, such as distributing flyers, launching TV commercials, advertising on social media platforms, and digital advertisement. It increases name recognition and gains potential customers.
The third level is product development. A great product increases customer satisfaction, attracts more loyal customers, and generates word of mouth. This approach is longer-term than the previous ones, but it reaps more significant rewards in the long term. Peter Thiel, the co-founder of Paypal and a billion investor, says product is more important than marketing and sales in his book “Zero to One.”
The fourth level is human development, a long-term strategy for big rewards. Software products are created by humans, so developing employees is crucial. John C. Maxwell, the author of The 21 Irrefutable Laws of Leadership, says, “If you grow a leader, you can grow the organization. If you don’t, you can’t. A company cannot grow throughout until its leaders grow within.”
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