Mind the gaps
Sometimes your biggest growth levers are actually quite simple to execute on - if you can find them! Here's how to get started.
Sometimes your biggest growth levers are actually quite simple to execute on - if you can find them!
I recently worked with a company who did an amazing job at onboarding new customers, driving very strong retention off of a great product.
But, when it came to non customers, there was no focus, so they were always chasing new leads.
In a case like this, the solution is quite simple: implement a system to deal with the gap between customers and non customers.
But FINDING the opportunity can be tricky.
What I tend to do to find these hidden opportunities is conduct an internal audit of systems from top down to look for things like:
- Missing channels that may work that are not yet utilized (normally this has already been done, so there isn't generally a big opportunity here)
- Missing CRO opportunities - what isn't yet being done that could drive incremental conversion rates up across the entire journey? Or, is there one key area where onboarding is just bad, where you can find a multiple point increase in conversion rates?
- Pricing mismatches - the model itself may be off compared to competitors, or there is a lack of bundling, pricing tiers that provide leverage, or just a price mismatch against value
- Lifecycle marketing - I almost always find issues here. Usually I'll spot gaps in onboarding (again), lack of education, too much "going in for the kill" type messaging, or missing sequences.
- Segmentation. Often times the biggest lever is actually up at the positioning or message level. Many companies we audit have generic, non specific, non engaging content and messaging. And they don't really understand the nuisances of their ICP and how to articulate solutions to known problems. In this case, we have them matrix out their value props against an ICP, then build problem/solution messaging. It almost always increases conversion rates.
None of these solutions above tend to require entire shifts in how the company operates, but each require some work to fix.
But the opportunities might be there - if you can find them.
So spend some time going back to the highest level, taking a beginners view of your company and see if you can find some gaps.