Episode 150: The Evolution of Growth Hacking and Product Management in SaaS with Hiten Shah, Co-founder and CEO at Nira
Dec 20, 2023
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Hiten Shah, Co-founder and CEO at Nira, joins Melissa Perri to discuss the evolution of growth hacking in the SaaS industry. They talk about the original intent of growth hacking, the misconceptions around it, and the challenges of reconciling different interpretations of Minimum Viable Product. They also touch on effective customer communication, the importance of product thinking, and evolving products through strategic sequencing.
Growth hacking has evolved from innovative strategies to superficial tactics, emphasizing the need for sustainable approaches in driving business growth.
Effective communication in software timelines involves managing customer expectations without dismissing their needs.
Product-led growth requires aligning desired outcomes and understanding customer behavior, rather than relying on blanket terms and misinterpretations.
Deep dives
The Importance of Organizational Support for Product Success
Creating great products goes beyond product managers and their interactions with developers. It entails having a supportive organization with effective systems, processes, and cultures that contribute to delivering value to customers.
Understanding and Communicating Software Timelines to Customers
When explaining software timelines to customers, it is crucial to strike a balance between not promising hard dates and providing a general idea of when features will be prioritized on the roadmap. Effective communication involves focusing on the now and next, being transparent about the development process, and managing customer expectations without dismissing their needs.
The Origination and Evolution of Growth Hacking
Growth hacking originated from identifying a need for a different approach to startup marketing compared to traditional scaled marketing. It emphasizes finding scrappy ways to achieve growth without being reliant on marketing budgets. Over time, the term 'growth hacking' evolved to become associated with tactics or tricks to drive growth, sometimes leading to unethical practices. Today, a more sustainable approach involves embedded product thinking, aligning growth efforts with the product strategy, and focusing on long-term customer value.
The Concept of Product-Led Growth and its Misconceptions
Product-led growth refers to strategies where a product's functionality drives user acquisition and retention. However, the terminology can be confusing and easily misinterpreted. Rather than using a blanket term, it is important to align on the desired outcomes and apply frameworks like the 'Switch Method' to understand customer behavior when switching products.
Navigating Terminology Misconceptions in Product Management
Misconceptions and ambiguous definitions of popular terms, such as Minimum Viable Product (MVP), can lead to misunderstandings and hinder effective communication within product teams. It is valuable to approach conversations by seeking alignment on goals, outcomes, and processes, focusing on understanding different perspectives, and using terminology that promotes shared understanding and avoids confusion.
In this episode of Product Thinking, Hiten Shah, Co-founder and CEO at Nira, joins Melissa Perri in the evolution of growth hacking and product management in the SaaS world. Hiten unveils the true purpose of growth hacking, modern marketing misconceptions around growth hacking and product-led growth, as well as the challenge of reconciling differing interpretations of the term Minimum Viable Product (MVP) in agile and business startup contexts.
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