PayPal: The Original Product Growth Company 🚀
https://www.aakashg.com/2021/08/30/paypal-the-original-product-growth-company/
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Summary
PayPal is a great example of a company that has successfully grown a product by focusing on the right characteristics (a fit with user needs and a large enough market) and leveraging growth levers like referrals and merchant integrations. The company has also been successful in building new products adjacent to its main one, which has helped to increase stickiness and loyalty amongst users.
Top Highlights
- This is where we encounter the first product growth lesson from the history of PayPal. Do not grow a product without the right characteristics: a fit with user needs, and a sufficiently large market. Â The young company did not continue to toil in obscurity with FieldLink. They pivoted.
- . Simply, they did not have product market fit. This is where we encounter the first product growth lesson from the history of PayPal. Do not grow a product without the right characteristics: a fit with user needs, and a sufficiently large market.
- You may be able to trade-off the short-term for the long-term by putting the user first. Putting users first is a product growth lever almost any company in any industry can pull.
- Lesson 2: (The first) referrals program
- Lesson 3: (The first) big merchant integration
Tags
#Entrepreneurship
#Founding Story
#PMF
#Growth
#Network Effect