Thinking 5x product led growth for a series C funded Start-up in Ed-tech
Updated: Jul 20, 2022
A star product of a start-up was looking to grow sales by 5x from current revenue of INR 50 CR. The Associate Director of the company's ed-tech division wanted to build his yearly strategy around this goal. Thinking Spree consultants called a Thinking Sprint and made their team run through various scenarios to grow the numbers incrementally.
The session started with bringing the entire team together to determine the growth target for the product this year.
Narrowing Target Audience (TG)
Thinking Spree experts enabled nudged the team to leverage the company data to identify the top TG, as well as attributes of this TG. For example, Thinking Spree identified top cities, age groups, and various other attributes of customers most likely to purchase the product. This awareness led them to think about how to reach more similar types of customers.
Next, we examined the total market potential and estimated share of this product segment to determine how much-untapped market still remained. This helped us establish that there was enough potential for growth and re-establishing our client's growth potential.
In collaboration with the sales team, a detailed discussion was held on gathering insights into this TG. This enabled the entire team to assess what is attracting them and what acts as a barrier. For example, in this case, their TG has a competitive mindset and is motivated by winning. The team went on a reflection journey to identify activities that were not in line with the TG's needs and generate new ideas for how to communicate more effectively with them.
The value proposition for the product was determined. The entire team was able to discuss why people were buying their products over the competition, and how this was a deal-closing factor for them.
The Thinking Spree experts asked the team to map all the competitors of the product in the market and estimated their market size, product USP, and pricing. This enabled them to realize their competitive strengths and positioning in the market.
We revisited all the channels that customers are most likely able to access and how those channels were being leveraged to expedite sales. We discussed how the marketing team could generate more leads through better targeting, placement and positioning. 3 new channels were identified that would generate five times the current lead pool, which would lead to the desired potential sales growth.
The team reviewed the entire sales journey to create a plan to accommodate an increasing number of leads. Operations and automating a few processes could cut man hours in sales.
The team had achieved clarity on the product, sales, and TG.
They were able to narrow their audience and align their marketing and sales communications in accordance with their goals.
A few enhancements were made to make the product more attractive to the users,
3 solid strategies are being developed to set up 3 new sales channels enabling them to increase the lead size by 3x immediately and 5x by the second half of the year.
By the end of four weeks' worth of intense thinking and discussion, everyone had a clear vision of how they would achieve growth beyond what they had originally thought possible.
Here’s a direct quote from the founder:
“Thanks for sharing customer insights, it not only helped me understand user needs but look at business rationally''
We’re just an email away to partner with you on your success story. To know more about our
process and innovation consultancy services, click here.