Converting Single-Product Users to Multiproduct Users Increases Lifetime Value

The fintech team's approach to converting single-product users to multiproduct users demonstrates a powerful growth tactic that directly connects team efforts to business impact.

The team discovered a critical insight: the customer lifetime value of a multiproduct user was significantly higher than that of a single product user. Rather than continuing as a "feature factory" building whatever features executives requested, they reframed their entire team's purpose around a specific, measurable goal - converting a defined number of single-product users to multiproduct users.

This approach worked because it created a direct line of sight between the team's daily work and the company's revenue goals. They calculated exactly how many conversions they needed to achieve to generate a specific revenue increase, making their contribution to the company's top-line revenue goal crystal clear. When they shared this goal with company leadership, executives immediately understood its value without needing complex explanations or additional justification.

The implementation required the team to evaluate every potential project against this single metric. In one case, a product manager created a prioritization matrix but struggled to define "impact" clearly. When challenged to express impact in terms of user conversions rather than abstract scores, the team realized their highest-impact opportunity was redesigning the entire onboarding experience to identify and route users to multiproduct usage from the start.

This approach required cross-functional collaboration with marketing and other teams, creating dependencies that made the work more challenging. However, because they could clearly articulate how this initiative would deliver their entire conversion goal, they had the confidence to pursue it despite the complexity.

The key to this growth tactic is establishing a team goal that's no more than one step away from the company's primary business objective. By focusing on user conversions with a known lifetime value increase, the team could make every decision based on a single question: "Will this help us convert more single-product users to multiproduct users?" This clarity eliminated the confusion that often comes from cascading goals through multiple layers of abstraction.

For product teams looking to implement this approach, start by identifying a metric that directly connects to company revenue or growth goals, quantify the specific target needed to make your team a worthwhile investment, and then ruthlessly evaluate all work against its potential impact on that specific metric.