Growth products are products or services that are designed to quickly increase customer adoption and usage. They are often characterized by fast on-boarding and ease of use, quick results, innovative features, or compelling use cases. Growth products can include web and mobile applications, software-as-a-service (SaaS) tools, or retail products.
For example, ride-sharing or food-delivery apps are growth products because they are designed to quickly encourage users to register, communicate and purchase their services with few steps. SaaS tools, especially cloud applications, have seen growth because they provide users with access to a variety of tools in one place, all while being extremely user-friendly and self-explanatory. Growth products are becoming increasingly popular because they offer a novel and simplified user experience.
When entrepreneurs develop a new product or service, they should consider the potential for growth. Ultimately, the goal with a growth product is to increase user base and engagement, so that more customers will use the product and derive value from it. By understanding what their customers need and creating a product that meets those needs, entrepreneurs can develop products that encourage customer adoption and continued use.