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All products have a life cycle , from development to insertion to increase and maturity . A fantastic product is not enough . To continue speed your company ’s increment , you must go multi - intersection .
The modulation to multi - product can be a pregnant revenue generator when done successfully . The substantiation can be seen with the best - in - class companionship — from Apple to Adobe to ServiceNow — constantly adding multiple product offerings and expanding on their subsist capability . Most of these companies make significant revenue on products that are n’t their initiative ones and have wield to sustain a hyper - growth rate by having a multi - product oblation .
We were a unmarried - product society when I started working at monday.com in 2016 . During my first few year , the company saw rapid emergence as customers continue to use our software in new and inventive way of life . It was astonishing to witness , but it pose the question : How do we defend this momentum ? The challenge before us was as decipherable as the laws of nature commonwealth — the large your customer radical is , the harder it is to mature at the same charge per unit . This is when we acted on our vision to conquer each core aspect of work with new , targeted products . In addition to adding new capability to our platform , we launched monday sales CRM and monday dev free-base on our customers ’ needs . We ’ve know growth from these new products that significantly excel those of our early monday days , with the one-year repeat revenue for monday sales CRM and monday dev growing 22x and 4x faster , respectively , since their wide release .
While going multi - product can bring your business to the next spirit level , leaders confront several challenges when taking on this endeavor — from find oneself the right product - market fit and establishing a go - to - market strategy to timing and more . Drawing on my experience of graduating monday.com from the one - product mold , here are three stone’s throw to see to it your multi - product journey is successful .
If the (product-market) shoe fits
We all know that happen a product - market paroxysm can be challenge , especially when you have limited resources and must move chop-chop to see and serve your target market place . But there are a few signals that your initial oblation has a wide of the mark product - grocery fit , and it would be promiscuous for you to identify your second product :
Is your intersection amplify with only relevant features to some of your customers ? Or have you get down to see unlike repurposes of your ware within your existing customer base ?
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You ’re ready to take on the multi - product journey if you answered yes .
For example , after converge with some of our customers at monday.com , we recognized a movement : A large portion used our workplace direction platform to create their own CRM solution . They shared the business note value of repurposing our platform for CRM and the substitute resolution they debate while we pieced together the commonalities of the solutions they work up . Our current offering was providing our customers more note value for several reasons , which kick in us the confidence that a CRM result would be successful as our second production .
The (GTM) signal is strong
establish a go - to - food market ( GTM ) scheme might seem costly , but it does n’t always have to fracture the bank . masses often cerebrate you need to splurge on prominent bets to get near results , but in reality , you could test the waters without combust a hole in your pocket .
Imagine you have an idea of what your 2nd merchandise offering could be . Instead of now going all in on new feature , why not tweak what you already have , repackage it , and see how it proceed ? Setting up a mere landing place page with a few templates is like creating a welcome mat for potential users . You ’re not aiming for a monumental inflow of sign - ups but rather look for feedback . It ’s about quality , not quantity .
A well - crafted landing place page becomes the starting compass point to pucker feedback before diving deep and trust all your resource to a new product idea .
Start small to go fast
To run tight and gain traction quick , you must remove all the complexity of being a large company , meaning intensity level is not in numbers when achieving cogent evidence of construct . It helps to put together a small but dedicated squad for this .
In the initial form , turn over this team an early - stage startup within your fellowship . For example , we protrude with one developer and one product coach , and they experimented until they had a few dozen paying accounts . Then comes the “ growth ” phase , where you ’ve get word the value your possible 2d intersection could have and want to gain it by bringing in cross - department expertise — from marketing to cut-rate sale , production , and sustenance . If you lead off with a big team before you have trial impression of concept , you will be slow down , and metre is of the nitty-gritty when you start experimenting with a new scheme direction like multi - product .
With all that said , my most significant piece of advice is do n’t be afraid to take risk .
More often than not , when leaders have a product that works with a solid revenue stream , they are suddenly afraid to try new things because they desire to annul risking their customer base . Not experimenting or judge new things is the more important risk . loss leader at some of the largest , most successful companies were n’t afraid to take risks , and neither should you .
