What is growth product management?

 

A Growth Product Management function is one of the sub-functions of traditional product management. Product management is responsible for creating value through core products and/or platform strategy and innovation and could have a wide range of goals such as product-market fit, product differentiation, roadmaps, etc. The best-practice growth product management, on the other hand, is responsible for extracting the value from the existing products and platforms. Growth product managers (PMs) own goals that reflect value extraction such as an increase in sales/subscriptions, monetization/free to paid, etc.

A growth product manager employs experiment-based and data-driven decision-making to drive profitable and sustainable growth. These experiments lead to both short-term or long-term product updates to one or more products. Customer retention, user experience, new product features, pricing/packaging, etc. are some common strategies that become a part of the growth experiments. The learnings from the experiments’ data and analyses are then used to improve the strategies and repeat the growth cycles to create a snowball effect.

The growth PMs are required to be both quantitative and creative. One of the popular metrics frameworks for growth product managers is AARRR, which stands for (user) acquisition, activation, retention, referral, and revenue (or monetization). Most successful growth PMs have a breadth of skills and accomplishments in integrating user acquisition methods (mar-tech and ad-tech stacks), finding ways to activate or onboard users fast (design thinking), and user retention (CRM stacks), referral products, and ways to monetize the core products. Most often, there is no clear path to growth and so growth PMs are required to be creative with the different levers they can pull.

In terms of organization structure, growth PMs are either part of the product management team or under a general manager of a business with revenue responsibility. Growth product managers are required to collaborate across the organization - marketing, product management, customer success, sales, product operations, finance, strategy, etc. Finding all of the required skills in someone is like finding a unicorn. Most of the well-known tech companies like Google, Facebook, Amazon, Uber, etc. compete for such talent.

"StatsLateral team added great value to our growth strategy through new product innovation, customer focus, and transparency.  StatsLateral has a deep understanding of the ad-tech, mar-tech, and CRM/customer data. They delivered a differentiated SaaS product fast and cost-effectively. StatsLateral's approach of integrated strategy helped with our product launch, go-to-market, and revenue growth.                                                        

-- Anthony Yam, SVP of Product at Flashtalking

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Why StatsLateral?

We work hard to create a partnership based on success and apply our core values to each client engagement:

  • We have in-depth expertise covering the breadth and depth of the marketing, CDP, CRM, and growth ecosystems, making it easier to deliver value in an interdependent and complex marketing system.

  • Our people have delivered success as C-level mar-tech and ad-tech executives, product strategists & managers, and growth marketers

  • We have partnered and worked closely in the industry with both dominant players like Facebook, Google, Salesforce, etc., and with new AI startups that provide innovative machine learning-powered emails, and content/copies, etc.

  • We have been part of tech startups, top strategy consulting teams, and engineering and data science teams to build innovative software.

We apply our unique skill-set to understand the breadth of 7000+ mar-tech solutions and provide depth of customer journeys and experience management for business success. 

Our clients drive these benefits from our approach:

  • Applying our expertise to truly understand a problem and provide a strategic solution

  • Fully transparent pricing based on the impact our consultants generate and low-cost alternatives just like we will do for our own business

Our Core Values

  • Customer success: We do not declare victory without customer success
     

  • Complete ownership: We are responsible for every success and failure. Period.
     

  • Simplify: We find ways to explain it to a 4th grader and to a granny
     

  • Fast & Scrappy: We believe speedy and low-cost innovations are secret to growth
     

  • Measurable: If we can’t measure, we won’t do it (or recommend doing it)