The Nearbound Daily is now officially the ELG Insider Daily!
Welcome to the ELG Insider Daily—the #1 newsletter in the world keeping thousands of GTM professionals on top of the latest Ecosystem-Led principles, tactics, and trends. Join the movement here.
PRINCIPLES
To build a successful business, you first need to find your Product-Market Fit* (PMF).
*It’s the moment at which you have a product that lines up so perfectly with what your market wants and needs, that the demand becomes organic and undeniable.
Your PMF is composed by:
- Iterating on your product
- Keeping your product in sync with the market
- Data that supports market changes
Having a high demand for your product doesn’t mean you're safe. Market evolution may be happening underneath your feet.
If your market moves, you have to move too. If not, you can lose your fit and stop your growth.
TACTICS
2 ways partner data can inform your product strategy
Deciding on (or prioritizing) actions in your product roadmap is not something you can do based on feelings or intuition.
You need data — partner data.
Partner data shows market trends and how your prospects or customers overlap with your partner’s prospects or customers.
Only with that data can you build a truly integrated product and sustainable growth.
Here’s how to bring partner data into your product analytics dashboard by leveraging Ecosystem-led growth platforms like Crossbeam or Reveal:
1. Personalize your customers’ in-app experience
Adapt the product journey and fine-tune your customers’ in-app experiences based on their engagement with both your product and your partner’s product, along with their specific business goals and relationship with your team.
By leveraging partner data in your product team’s analytics dashboard, you can design tailored in-app experiences that encourage the adoption of beneficial integrations and measure whether your product is fulfilling your market’s needs (PMF).
2. Invest in the right integrations and product features
Use partner data to analyze which customers are using your native functionality versus those using your tech partner’s software, and understand why, to inform your product decisions. For example:
- If a particular integration significantly increases product usage and customer satisfaction, prioritize expanding that integration, fixing relevant bugs, and driving its adoption in-app.
- If a significant number of customers adopt a secondary feature but fail to use it actively or complete critical activities, investigate why. Use this insight to improve the feature, develop relevant integrations, and tailor your messaging to better promote the feature for specific use cases.
Adding partner data to your Product team’s dashboards can help you invest in features that provide the most value to your users.
Why?
When you put partner data in your Product team’s analytics dashboard three things can happen:
- Amplify the impact of your tech ecosystem on your entire product strategy
- Make informed decisions about the direction of your product and your PMF
- Encourage more product usage when customers adopt a particular integration, leading to investment in improving the integration or driving more adoption for the integration in-app
FROM THE ECOSYSTEM
The GTM metrics you need (by GTM Partners)
Just as Larry Freed (CEO at Give and Take Inc.) once said:
"You can’t manage what you can’t measure."
What you measure and track is going to change as your business grows and changes.
To achieve Product-Market Fit—the Transition Phase—make sure you don’t focus only on product demand, instead measure:
- Engagement
- Pipeline coverage
- Deal velocity
- Average deal size
- Gross Revenue Retention (GRR)
- Efficiency metrics like CAC
UPCOMING EVENTS
Last chance to join us LIVE from ELG Con
Last call! Join us LIVE at ELG Con London TODAY at 4:00 pm BST / 11:00 am EST / 8:00 am PST for an exclusive fireside chat with our very own Bob Moore and Simon Bouchez.
Curious about their journey and what's next?
Hear the story behind this monumental B2B merger and its impact on our community.
Stuff you don't want to miss!
- July 17th — GTMnow live event: Crossbeam and Reveal are joining forces: the merger and what it means for go-to-market and ELG. Join GTMnow/GTMfund VP of Marketing Sophie Buonassisi in conversation with Crossbeam CEO Bob Moore and Reveal CEO/now Crossbeam COO Simon Bouchez about how the merger will shape the future of ecosystems. Register here.
- July 18th—Extend HubSpot with G2 and 6sense: How B2B SaaS Companies Can Leverage Account-Based Strategies to Win—Tiphaine Amblard (HubSpot), Rachel Gianfredi (G2), Stephen Lackey (SmartBug Media), Jeff Wagner (6sense), and Jonathan Burg (New Breed) on how you can better leverage the G2 and 6sense integrations to optimize your ABM strategy. Register here.
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