Growth strategies from Czech Unicorn - Productboard
Hiya 👋,
I'm SO excited about today's newsletter. Productboard is one of the companies I've always looked up to, most likely because I share the same nationality as its founders 🇨🇿 😊
Founded in 2014 by Daniel Hejl and Hubert Palan, Productboard grew into one of the few Czech unicorns with a valuation of $1.725B after the latest Series D in 2022 [1].
If you don't know what Productboard is, it's essentially a go-to app for product managers to help them understand what their customers really need, prioritize what to build next, and create product roadmaps.
They grew to 6500 customers and raised over $250M [2], which makes them a pretty big deal.
Let's have a look at 5 growth strategies they used in the early years to get initial traction.
Product Hunt Launch
Productboard wasted no time launching on Product Hunt, and guess what? It totally worked out - they scored the product of the day back in November 2017!
Product Hunt is a community of tech enthusiasts, early adopters, and influencers. A successful launch usually means more sign-ups. It's also a great way to gather feedback - while hunters try your product, you get valuable insights.
Productboard proudly displayed their product of the day badge on their website, adding that extra social proof in the early days.
Why it’s good?
Reaching early adopters
Feedback and validation
SEO visibility
Did you notice the ProductHunt logo in the corner? It's an extra social proof you can add to your site after launching on ProductHunt.
2. App Directories
Just after the public launch in 2016, Productboard got its profiles listed in major app directories like GetApp, G2, and Capterra.
While listing in these directories may seem like an afterthought, it's a key move to boost visibility and credibility, especially if you're a B2B standalone tool.
When potential customers research and compare tools, read reviews, and evaluate competitor products, these app directories become a valuable channel for attracting highly qualified leads.
Why it’s good?
Credibility through reviews
Targeted discovery
SEO visibility
Product directories are a great way to get feedback from your customers early on + you can get extra reach via ads and paid features.
3. PR on TechCrunch
Productboard made its public debut at TechCrunch Disrupt San Francisco in 2016 [3]. Things really took off from there!
By then, Productboard already had its first 100 paying customers from the Beta program. PR on TechCrunch events and blogs helped spread the word, and was the first step in building a trusted brand among product managers.
Being on TechCrunch isn’t just about acquiring new customers; it also helps attract potential investors' attention.
Why it’s good?
Brand exposure
Authority and credibility
Attracting investments
The Productboard team makes a public launch on TechCrunch Disturb - a genius move as they present in front of their target audience. Everyone is interested!
4. Personal Beta Sign-up
A private Beta is a great way to get feedback early and improve your product proposition and messaging before you hit the wider market.
Productboard took it a step further with an approach they call “Personal Beta Sign-up” [4]. They focused on quality over quantity of sign-ups when it came to beta sign-ups, focusing on nurturing strong relationships with their early adopters.
How? It all started with the signup process. Instead of the usual email sign-up, they went with social signup - LinkedIn. This allowed them to control who gets to try their product, keeping it exclusive to their target audience.
On top of that, the founders introduced themselves during the signup process and were active in the beta feedback community groups. That personal touch not only boosted brand loyalty but also improved user retention.
Why it’s good?
Lead qualification
Relationship building
Feedback loop
Productboard founders made the first introduction during the Private Beta Signup. A great way to get to know the team before users join the community.
5. Measure from Day 1
Since the early days, Productboard measured not only user interactions with the product but also their engagement with the website even before signing up.
Their Product-Led Growth (PLG) stack included Mixpanel for event tracking and Intercom for audience segmentation and outreach. This data is incredibly valuable as it provides insights into individual user behavior, their navigation through the funnel, and how they convert into active users.
By tracking the entire user journey, it’s possible to identify any potential flaws in the funnel and customer experience.
Why it’s good?
Data-driven decisions
Personalized marketing
Retention insights
A little Mixpanel badge popped up in the footer of the website in 2016 suggesting that Productboard was connecting pre-sign-up and product usage data.
These strategies show how important it is to leverage various channels and tactics for growth. It's all about boosting visibility and engaging deeply with the user base to drive progress.
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