Building a stunning product is great—but that’s not the end of the journey. It’s how effectively you scale your business model that makes all the difference.
In this article, we’ll discuss how to scale your product growth and convert it into a large-scale, fully functional, and profitable business model.
Here’s how you do it:
Step #1: Identifying the key metrics to scale your business.
Step #2: Scaling your product growth dynamically.
#1 Identifying key metrics to scale your business
Every business has unique factors and parameters that determine its success or failure. To scale your product growth, it’s important to identify those key metrics. Listed below are some of the important product metrics.
- Top-line metrics: This refers to the attributes that directly contribute to the business goals, revenue, and customer value. For example, the number of hours of videos watched is the top-line metric for YouTube while the number of users and messages sent is the metric for WhatsApp
- Operational metrics: There are a number of steps involved in achieving the top-line metrics. Operational metrics help measure the effectiveness of those steps. Team strength, development time, faster launch are some of the examples of these metrics.
- Core business metrics: It is the most important metric that makes your product stand out in the crowd. It defines the USP of your product. Quality, purpose, value, engagement, are some of the examples of a business’s core metrics.
The next step to identifying these metrics is to understand the three types of fits and devising a strategy to achieve those fits.
#2 Scaling your product growth dynamically
Having achieved the fits and identified the key metrics, it’s time to put them to work.
One of the best ways to grow your business dynamically is to devise a modular and scalable roadmap that you can superimpose on different traction channels, lookalike audiences, potential marketplaces, and new avenues.
Let’s suppose you have built a SaaS product for midmarket companies. Here’s the overview of the product, the problem it solves, and the purpose it serves:
| Product | SaaS Product for Accounts Automation |
| What’ is this product meant for? | To track all the expenses, payroll, marketing budget, etc. in one placeTo trigger red alerts when the spending exceeds allowed limitsTo indicate ROI metrics based on goals, revenue, and expenditure |
| Target audiences | Mid Market B2B companies with 1 – 100 employees |
| Problems Solved & Purpose Served |
Leaves no room for suspense accounts and keeps track of every penny spent and earnedSaves time, money, and laborIncreases transparency Gives a bigger picture to the company’s revenue goals |
| Problem-solution fit | Problem: Dollars of Money spent across hundreds of sources, channels, and hidden areas that can’t be tracked or fixed Solution: A foolproof expense and revenue tracker |
The above snapshot clearly explains how the product has achieved the problem-solution fit. Leading your business to the next level warrants additional fits like product-market fit and business model fit.
Scaling your product with Product-Market Fit
What it takes for a product to thrive in the market successfully is twice as much as what it took to build it. Scaling your product growth begins with the first step of achieving a Product-market fit. In the above example, the SaaS product is built around the idea of helping B2B companies solve their financial and accounts management problems. If this idea can be scaled exponentially to solve bigger problems for more users, it directly reflects on the product growth.
Let’s see how this idea can be scaled.
| Original version (Problem-solution Fit) | Upscaled Product(Product-Market Fit) | |
| Product | SaaS Product for Accounts Automation | SaaS Product for Accounts Automation & Intelligence |
| What i’s this product meant for? | To track all the expenses, payroll, marketing budget, etc. in one placeTo trigger red alerts when the spending exceeds allowed limitsTo indicate ROI metrics based on goals, revenue, and expenditure | Additional featuresUpgrading automation tool into an intelligence toolPutting Business Intelligence Into action for Predictive analysisCombining human insights and artificial intelligence for accurate forecastsCapabilities to spot areas of improvementROI calculator and smart cost-saver widgets |
| Target audiences | Mid Market B2B companies with 1 – 100 employees | Companies with up to 2K employeesExpanded to accommodate more users Team version and Single-admin versionsTargeting more industries in the adjacent domainsBranching out to B2C companies also |
| Problem-solution fit Problem: Dollars of Money spent across hundreds of sources, channels, and hidden areas that can’t be tracked or fixed Solution: A foolproof expense and revenue tracker |
Product-Market fitExpanding the product’s visibility to more users in the marketNurture a deep relationship with a large enough portion of your target marketDevelop more features to make your product work for a broader spectrum of audiences |
The initial product strategy was to serve a set of purposes for a set of users. The strategy behind scaling the product is to increase the product’s capabilities and values dynamically to a larger part of the market. The size of the market should be bigger enough and proportional to the ROI you are aiming to achieve.
The possibilities of scaling a product are endless. Business model fit helps you to scale your product growth further and penetrate your market deeper and stronger.
Leveraging Business Model Fit to scale further
Having reached out to more customers within your market and adjacent markets, the next step in your scaling journey is to create a concrete, foolproof, and industry-best business model for your product.
Onboarding more customers is great. But after a point, you hit a stage of market saturation and your growth graph might remain linear. Then it’s about time to upscale your strategy from a product level to a 360-degree business model.
Take advantage of the metrics that contributed to your success and explore how to make the most out of your product.
Let’s define the steps to achieve the business model fit for the example we are discussing.
| Original version (Problem-solution Fit) | Upscaled Product(Product-Market Fit) | Upscaled Product(Business Model Fit) |
| ProductSaaS Product for Accounts Automation | ProductSaaS Product for Accounts Automation & Intelligence | ProductFully Customizable Revenue Intelligence Tool |
| FeaturesTo track all the expenses, payroll, marketing budget, etc. in one placeTo trigger red alerts when the spending exceeds allowed limitsTo indicate ROI metrics based on goals, revenue, and expenditure | Additional FeaturesUpgrading automation tool into an intelligence toolPutting Business Intelligence Into action for Predictive analysisCombining human insights and artificial intelligence for accurate forecastsCapabilities to spot areas of improvementROI calculator and smart cost-saver widgets | Additional FeaturesA Headless API that is easily customizableIntuitive and easy-to-build-and-use featuresFeatures to define your own data visualizationStyle guide and UI personalization tailored to your brandAny on-demand feature customization |
| Target audiences Midmarket B2B companies with 1 – 100 employees | Target audiences Companies with up to 2K employeesExpanded to more users Team version and Single-admin versionsTargeting more industries in the adjacent domainsBranching out to B2C companies also | Target audiences Agencies that support B2B and B2C companies with toolsFranchise business partnersReferral customers |
| Problem-solution fit Problem: Dollars of Money spent across hundreds of sources, channels, and hidden areas that can’t be tracked or fixed Solution: A foolproof expense and revenue tracker |
Product-Market fitExpand the product’s visibility to more users in the marketNurture a deep relationship with a large enough portion of your target marketDevelop more features to make your product work for a broader spectrum of audiences | Business Model FitPenetrate further by identifying more ways to scale the ROI by enhancing the valueBecome a leader, pioneer, or a visionary by leading the industry and co-growing with the franchise partners |
The above example stands as proof of how an effective idea can be transformed into a large-scale business. This is an ongoing process in the product journey. The same product that was initially designed for small-time businesses can be converted into an industry-leading flagship product if it is strategized effectively. Once you have achieved the business model fit, you need to keep repeating the process from Step Zero until you saturate and expand again. But the growth will always remain exponential.
Happy Scaling!
If you need help with product discovery, defining your product roadmap or scaling strategy, get in touch with us for a free consultation. Our product experts are just a call away. Write to us at hello@siamcomputing.com. Siam Computing houses a team of product specialists who have years of expertise in creating adept product solutions for a wide range of clients and industries
