Product-Led Growth started out as a pain. In an interview with the BBC, she told them “It could take a whole semester to learn the very basics. Even the simplest tasks, like exporting a high-quality PDF file, could take 22 clicks.”
She dropped out of university, turned the agitation of Product-Led Growth into building a B2C solution. That idea was so novel, it helped market itself. Today that solution is worth well over a billion dollars and this Australian-based unicorn is Canva.
So, what happens when you see a levelling off of new users and your competition is hot on your heels with products and services that are just as attractive as your offering? Just as with B2C clients, It starts with developing a rapport, asking questions and attentively listening to understand your customers needs and then mapping out the next phase of growth.
In some instances, this ongoing relationship with your clients will help you pinpoint whether it’s the right time to build a sales team and initiate more client facing engagements to your largely “self serve” brand. This option can unlock millions of dollars of revenue and increase customer loyalty, as the brand continues to better serve its customers. These funds can be invested in developing new products or technology, however, the more exciting value can be realised in servicing and finding more customers.
The average B2C is sitting on a CRM of hundreds of thousands or millions of free/self serve users, some of whom are actually B2B customers, whose full commercial potential has yet to be unlocked. When you are able to connect with clients that can be upsold and open new revenue streams from existing users, you will find that conversion will be quicker, cost of sale reduced and loyalty will be higher among this group, as they are already invested in the brand. These are the new clients you never knew you had!
At the point where Whistle steps in, the machine and the technology has already been built by the client with the potential for hundreds and – best case scenario- thousands of people signing up for individual accounts. But the challenge becomes greater as these companies grow and try to determine which accounts have more potential- where customers can spend up to ten or 20 times more than they have. The focus then becomes on identifying accounts, building the process for up-sale and aligning this with Product, Marketing, Sales and Support functions. The focus becomes primarily about conversion rather than acquisition.
After segmenting the customers, a programme is built to identify the people with the most commercial potential and create the user journey that accommodates this group. In a nutshell, the Whistle PLG service engages customers at the right opportunity in their user journey and drives them towards a new multi-license sale or upsell.
Back to Canva
Canva has a winning formula and is a fantastic platform. While the website’s basic service is free to use, it makes its money by charging a subscription fee to access its more advanced tools. But they have no way of getting more money from, say, an IBM marketing department or a company with more than 20 employees than they do from an individual user.
As a Whistle Product-Led Growth client they would have three wins:
Firstly, they would start by tracking the user and buyer journey. Understanding how people sign up, which details they leave when doing so, what to ask them and when to engage them (for example: after creating their first Canva presentation). Would form a strong foundation for this approach. Ideally, Canva would wish to identify customers who are most engaged, happy and more likely to upgrade or purchase a multi-licence plan.
One of the biggest problems for fast growing B2C brands is being able to access and use that information. Hence, the second step for Canva, would be to optimise their CRM – where they capture the valuable information that will allow them to segment that data into high yielding customers who require multiple accounts and create targeted marketing to that segment and to potential net new customers, who haven’t yet signed up at all, but who possibly mirror those already acquired.
Thirdly, Whistle would engage in holistic discussions with product teams, sales teams and support teams at Canva to identify the opportunities to add value in the customer’s product life-cycle and ensure that alignment is happening across all fronts.
- Product: This helps identify when users are most satisfied and determines the point at which it is the best time to upsell them. There may be elements built into the product where users can upgrade themselves – or new product elements which could encourage further adoption.
- Sales discussions would be primarily based on conversion and building a seamless process which allows for sales teams to get out of their customer’s way.
- Support discussions would be focussed on maintaining people on the platform, building customer loyalty, identifying happy customers, but also on understanding where elements of the Marketing and Sales functions could have misled or confused customers, in order to improve upon them.
- Marketing departments are keepers of all data, are the voice of the brand and are in control of most product adoption. For this reason, discussions would revolve around which elements of sign up and information collection could be more helpful to sales teams and where to focus future campaigns, based on current successes.
The Whistle Product-Led Growth service is about bringing all stakeholders together at the right time in a fluid way and managing the whole process to increase adoption and sales. We work with a number of fast-growing B2C brands who are focussed on accelerating B2C adoption or the B2B potential of their offerings.
Find out more about the Whistle Product-Led Growth service.
What makes an SDR? Is it all about their experience? Their way with words and people? Or is there more to it? According to TechTarget, an SDR is someone who has a main focus on prospecting, moving, and qualifying leads through the sales pipeline. The SDR then hands...
Selling to a CEO may seem like an excellent strategy for the aspiring SDR. However, a number of factors need to be taken into consideration before approaching the head of the table. As an SDR agency with years of experience, Whistle explores some of the steps to...
Looking to engage the services of a top-notch SDR? What should you be looking for in terms of that SDR’s qualities and work ethic? How can you tell if the individual you are considering has what it takes to make a tangible difference in your sales numbers? Having a...