Transforming Product Strategy to Support Product-Led Growth in Financial Management Software Product
Hallberg, Markus (2026)
2026
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Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-202601281912
https://urn.fi/URN:NBN:fi:amk-202601281912
Tiivistelmä
This thesis examines how the product strategy of a Finnish SaaS invoicing software targeted at micro‑enterprises and sole entrepreneurs can be transformed to better support a product‑led growth (PLG) approach. The research was initiated in response to significant market changes, including intensifying competition, evolving customer expectations, and a strategic shift within the commissioning company toward a more harmonised product portfolio. The aim was to identify the critical success factors that enable a PLG‑oriented strategy and to provide actionable in-sights that support future investment decisions, product positioning, and long‑term growth.
The study builds on contemporary strategy and product management literature, including Product‑Led Growth, Jobs‑To‑Be‑Done (JTBD), Outcome‑Driven Innovation (ODI), Blue Ocean Strategy, SWOT analysis, and open strategy principles. A mixed‑methods case study approach was used, combining quantitative survey data (N=595), qualitative interviews and workshops with internal stakeholders, and extensive internal and external market data. Quantitative data was analysed using descriptive statistical methods, while qualitative data from surveys and stakeholder workshops was examined using thematic analysis to identify recurring themes relevant to customer needs, product value, and strategic enablers.
The findings demonstrate that the product enjoys exceptionally high user satisfaction and strong perceived value, particularly regarding ease of use, clarity of the user interface, and efficient invoice creation. However, freemium users grow at a significantly faster rate than paying customers, exposing challenges in conversion and monetisation. The research identifies key strategic gaps, including limited differentiation between pricing tiers, low upgrade activity, underutilised integration capabilities, and market fragmentation within the company’s broader portfolio. Blue Ocean analysis highlighted opportunities to attract noncustomers by improving pricing logic and targeting micro‑segment workflows more precisely. Internal workshops further identified product‑portfolio overlaps, emphasising the need for clearer strategic positioning across the suite.
The study concludes that while the invoicing software is strongly aligned with customer expectations and demonstrates excellent product–market fit, strategic refinement is required to unlock the potential of PLG. Strengthening monetisation, improving packaging clarity, and leveraging organisational capabilities such as customer support and ecosystem integrations would enable more sustainable long‑term growth. The research provides a structured basis for future decision‑making at the portfolio level and underscores the importance of data‑driven, user‑centered strategy work. The findings also highlight the growing relevance of PLG and the need for further academic research in this domain.
The study builds on contemporary strategy and product management literature, including Product‑Led Growth, Jobs‑To‑Be‑Done (JTBD), Outcome‑Driven Innovation (ODI), Blue Ocean Strategy, SWOT analysis, and open strategy principles. A mixed‑methods case study approach was used, combining quantitative survey data (N=595), qualitative interviews and workshops with internal stakeholders, and extensive internal and external market data. Quantitative data was analysed using descriptive statistical methods, while qualitative data from surveys and stakeholder workshops was examined using thematic analysis to identify recurring themes relevant to customer needs, product value, and strategic enablers.
The findings demonstrate that the product enjoys exceptionally high user satisfaction and strong perceived value, particularly regarding ease of use, clarity of the user interface, and efficient invoice creation. However, freemium users grow at a significantly faster rate than paying customers, exposing challenges in conversion and monetisation. The research identifies key strategic gaps, including limited differentiation between pricing tiers, low upgrade activity, underutilised integration capabilities, and market fragmentation within the company’s broader portfolio. Blue Ocean analysis highlighted opportunities to attract noncustomers by improving pricing logic and targeting micro‑segment workflows more precisely. Internal workshops further identified product‑portfolio overlaps, emphasising the need for clearer strategic positioning across the suite.
The study concludes that while the invoicing software is strongly aligned with customer expectations and demonstrates excellent product–market fit, strategic refinement is required to unlock the potential of PLG. Strengthening monetisation, improving packaging clarity, and leveraging organisational capabilities such as customer support and ecosystem integrations would enable more sustainable long‑term growth. The research provides a structured basis for future decision‑making at the portfolio level and underscores the importance of data‑driven, user‑centered strategy work. The findings also highlight the growing relevance of PLG and the need for further academic research in this domain.