Many companies start with a single product, but to continue growing and accelerating, it’s crucial to transition to a multi-product model. This shift can be a significant revenue generator when done successfully, as evidenced by companies like Apple, Adobe, and ServiceNow. These industry leaders have sustained hyper-growth rates by constantly expanding their product offerings.
Key Takeaway
Transitioning to a multi-product model can lead to substantial growth and revenue generation for companies.
The Journey to Multi-Product Success
When Daniel Lereya joined monday.com in 2016, the company was a single-product entity. As they experienced rapid growth, the team realized the need to maintain momentum and conquer new markets. To achieve this, they expanded their product line to include monday sales CRM and monday dev, tailored to their customers’ needs. The result? These new products brought in significant revenue, surpassing the early days of the company.
Embracing Risk and Overcoming Challenges
While the benefits of a multi-product approach are clear, leaders must navigate challenges such as identifying the right product-market fit and establishing a go-to-market strategy. Drawing from his experience, Lereya offers three essential steps to ensure a successful multi-product journey.
Finding the Right Fit
Identifying a product-market fit can be daunting, especially with limited resources. However, certain signals can indicate a wide product-market fit for your initial offering, making it easier to identify your second product.
