Greetings, fellow internet denizens!

Today, we are going to talk about one of the hottest buzzwords in the business world: Product-led growth. But before we dive into the serious stuff, let's start with a joke:

Why did the startup fail? Because they didn't have a growth hacker. Just kidding! They failed because they had no product-market fit, no clear value proposition and their pricing model was all over the place.

Okay, now that we got that out of the way, let's talk about product-led growth.

What exactly is Product led growth? Well, it's a business strategy that focuses on the product itself as the main driver of growth. Instead of relying on traditional marketing tactics to acquire new customers, companies using product-led growth aim to create a product that is so damn good, people can't help but tell their friends about it. In other words, it's all about making your product so addictive that people just can't get enough.

Think about it, have you ever recommended a product to a friend because you loved it so much? That's product-led growth in action. Sounds simple, right? But the truth is, there's a lot more to PLG than meets the eye. PLG can be pretty complex, and there are a lot of different factors that go into making it work.

For starters, PLG companies need to have a product that people actually want to use. This may seem obvious, but you'd be surprised how many companies out there are trying to push products that nobody really cares about. If your product isn't something that people are excited to use, then it's going to be tough to make PLG work.

Another important factor in PLG is user onboarding. You need to make sure that new users can easily understand and use your product right from the get-go. If your onboarding process is confusing or difficult, then you're going to lose a lot of potential customers before they even have a chance to see the value of your product.

But perhaps the most important factor in PLG is product-market fit. This means that your product needs to be a good fit for the market you're targeting. If you're trying to sell a product to a market that doesn't really need it or want it, then PLG isn't going to do much good for you.

So, how do you create a product that's so irresistible, people can't help but spread the word? Let's take a look at some case studies in Nigeria to find out.

First up, we have Paystack, a payment gateway that was acquired by Stripe for over $200 million in 2020. Paystack's product was so easy to use and efficient that customers just couldn't help but use it over and over again. And as they used it, they told their friends, which led to more customers and growth for Paystack.

Flutterwave is another Nigerian fintech startup that provides a payment gateway for businesses. Flutterwave's product is so good that it has been adopted by big players like Uber, Booking.com, and TransferWise. Flutterwave's success is a result of its easy-to-use platform, robust API, and competitive pricing.

Another example is PiggyVest, a savings and investment platform that has taken Nigeria by storm. PiggyVest's product is so good that it practically sells itself. Customers can easily save and invest their money, and as they do, they earn interest and grow their wealth. It's no wonder that PiggyVest has seen explosive growth in recent years.

But it's not just fintech products that are using product-led growth in Nigeria. Take, for example, the social media app, TikTok. While not a Nigerian product, TikTok has certainly found a large audience in Nigeria due to its addictive product design. Users can easily create and share short videos, and as they do, they attract more followers and attention.

So, what can we learn from these examples? Well, for starters, having a great product is key. If your product is easy to use, efficient, and solves a real problem for customers, then it will practically sell itself. Additionally, creating a product that encourages word-of-mouth marketing is key. If customers are raving about your product to their friends and family, then you'll see exponential growth in no time.

Now, if you'll excuse me, I'm off to start my own PLG company. I'll just need to come up with a product that people actually want to use first...