Des Traynor – Reaccelerate
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Intercom co-founder and Chief Strategy Officer Des Traynor explores the strategies required to find new growth areas in your business.
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Des Traynor – Reaccelerate
- 1. I’m @DESTRAYNOR from @INTERCOM - and slides will be tweeted Reaccelerate Finding new engines of growth in your business
- 4. It really was the best of times
- 8. So what’s all that mean?
- 12. 😱
- 15. BURN LTV:CAC CHURN RUNWAY GROWTH RATE RULE OF 40 NRR GRR Founderseverywhereareworriedabout
- 17. Planning2023
- 20. Good Times Let’s try some shit! Why not build it and see what happens If we’re serious about $ ambition then we need to… It doesn’t need to be ROI positive this early
- 21. Hard Times Back to basics Sure shots only Defend the existing business It needs to make sense this year Good Times Let’s try some shit! Why not build it and see what happens If we’re serious about $ ambition then we need to… It doesn’t need to be ROI positive this early
- 28. If you add 💩 to your business you’ll get a 💩 business
- 29. Healthy revenue Ambition kicks in Unhealthy revenue 💩 BAD MARGIN THIN USAGE HIGH CAC BAD NRR
- 30. Find the slices of your business that perform by VERTICAL B2B vs B2C, SaaS vs eCommerce, etc. CUSTOMER SIZE 0-9, 500+ employees etc. SOURCE organic vs ad-campaign, referral vs virality, etc. PRODUCT fi le storage vs collaboration, support product vs sales product etc. SIGN UP METHOD self serve & PLG vs sales-led and account managed FEATURES USED all-vs-some, deep usage-vs-thin, SDKs, APIs, etc. TEAM Support vs Success vs Product vs CIO ACTIVITY monthly/weekly/daily, desktop vs mobile CHURN high/low, reasons: price/product/intent etc. NRR expansion-vs-churn, expansion paths, etc. COMPETITIVE LANDSCAPE win rates vs top competitors, loss reasons, etc.
- 31. Your best customers are the ones you can sustainably acquire, who use your product deeply and get differentiated value
- 32. The single biggestthing that hurts healthy businesses is complexity.
- 33. Complex adverts Complex landing page Complex pitch Complex sign up flow Complex sales routing Complex onboarding Complex UI Complex upsell/cross sell Complex roadmap Complex org chart
- 34. Back then Now
- 35. 1 2
- 36. 1 2 2B
- 40. 1 2A 2B
- 48. WHAT WE THINK WE’RE DOING WHAT WE’RE DOING CHOICES FRICTION CHOICES FRICTION
- 50. Shouldwe Attract more customers Not? or By… Damaging UXfor most customers Adding more choices to funnel Add complexityto our business Improve our funnel the way it is Simplifywhat’s already good
- 51. Remove Complexity Focus on what’s working 01 02
- 52. Sofromthesequestions,youfindyourbullseyecustomer VERTICAL B2B vs B2C, SaaS vs eCommerce, etc. CUSTOMER SIZE 0-9, 500+ employees etc. SOURCE organic vs ad-campaign, referral vs virality, etc. PRODUCT fi le storage vs collaboration, support product vs sales product etc. SIGN UP METHOD self-serve & PLG vs sales-led and account managed FEATURES USED all-vs-some, deep usage-vs-thin, SDKs, APIs, etc. TEAM Support vs Success vs Product vs CIO ACTIVITY monthly/weekly/daily, desktop vs mobile CHURN high/low, reasons: price/product/intent etc. NRR expansion-vs-churn, expansion paths, etc. COMPETITIVE LANDSCAPE win rates vs top competitors, loss reasons, etc.
- 53. • Our best customers are B2B SaaS teams less than 500 ppl e.g.here’sanexample 💡 • They hear about us through the PM community • They buy us us to formalize their roadmapping process • They typically sign up through self-serve fi rst, and convert to sales led later • They use the majority of our features except reports and our integrations, most creation/consumption in Gantt chart tool • Typically we see PMs and product leaders as the main users • Our NRR correlates perfectly with their PM headcount growth • Churn is driven by adoption of a bigger product with overlapping functionality (e.g. Asana, Linear) • We compete in new business with Roadmap.io, and we lose (35% of the time) due to lack of integrations(Github, Basecamp), and also due to price (we’re ~20% more expensive)
- 54. What are the most important things to do, for each function (sales, marketing, support, product, etc.) to maximise throughput of this customer type? QUESTION Ensure you’re doing all of them, in order of impact. Ensure you’re doing nothing else, regardless. Do not post-rationalize things.
- 55. Ensure every function blank sheets their roadmaps and only takes inputs from target customers Adapt your entire customer funnel (sales, services, support, etc.) to ensure a world class experience for them Ensure all your metrics/dashboards track the success of this type of customer Kill all activities that don’t support the strategy, even and especially the “harmless” ones. DO Post-rationalise your roadmaps, e.g. “let’s fi nish o ff this project because it’ll probably help them too” Let numerous exceptions and edge-cases keep the old initiatives alive Celebrate successes that have nothing to do with your new re fi ned plan Continue decisions/meetings/org-charts that were predicated on the old plan. DON’T
- 59. Your current healthy business Sell to larger companies (aka go upmarket)
- 60. Your current healthy business Sell more stu ff to current buyers within your customer base Sell to larger companies (aka go upmarket)
- 61. Your current healthy business Sell more stu ff to new buyers within your customer base Sell more stu ff to current buyers within your customer base Sell to larger companies (aka go upmarket)
- 62. Your current healthy business Sell more stu ff to new buyers within your customer base Sell more stu ff to current buyers within your customer base Sell to larger companies (aka go upmarket) Package your product for speci fi c new verticals
- 63. ALL OF THESE APPROACHES 1. ARE HARD 2. ARE EXPENSIVE 3. WILL ADD COMPLEXITY TO YOUR BUSINESS
- 64. Don’t do this unless your core business is good Your current healthy business Sell more stu ff to new buyers within your customer base Sell more stu ff to current buyers within your customer base Sell to larger companies (aka go upmarket) Package your product for speci fi c new verticals
- 65. Take your current product upmarket WHAT’S GOOD Higher ACV Lower churn, stickier usage Longer contracts WHAT’S HARD PRODUCT: Brand new features required, current features go unused, endless customization requests, heavy platform investment MARKETING: Di ff erent routes to buyers, less product hunt, more Gartner, purchase journey complicated SALES: Long cycles, buying committees, rip and replacement SUPPORT: SLAs, Professional services, Customer success
- 66. More product for your current buyers WHAT’S GOOD Increases ACV Improves your product posture Existing trusting buyer, easy route to market WHAT’S HARD PRODUCT: ✨Innovation challenge✨ + new competitive set + more headcount required (without neglecting current product) MARKETING: Adapting brand umbrella to keep it all sensible. Changing landing pages, adding complexity without harming CVR. Deciding if new product is new starting point. SALES: New opportunity/challenge for RMs decisions around land + expand vs. sell it all day one. SUPPORT: Larger product footprint = more issues, harder to get
- 67. New buyers within current customers WHAT’S GOOD Increases ACV Can help you go “wall to wall” and establish yourself more as a platform Compound bene fi ts on primary records (e.g. shared employee record, user record) WHAT’S HARD PRODUCT: Brand new buyer/landscape to deal with. Constrained by current choices. MARKETING: Higher level brand challenge (endorser/sub-brand), wholly di ff erent campaigns/audiences/etc. SALES: Need to leverage current customer to get x-fn intros and target new buyer SUPPORT: Fundamentally 2 di ff erent customer types
- 68. Package your product for new verticals WHAT’S GOOD New lines of revenue for often little additional product work Often lower competition in niche areas, higher win rates WHAT’S HARD PRODUCT: Platform work required to allow bespoke UI. Vertical speci fi c integrations MARKETING: Current channels and messaging usually won’t work SALES: New domain expertise required (new playbooks)
- 69. AS YOU WEIGH THIS UP… Friction is exponential, not linear Everything for someone > something for everyone* As much cash from as a little code as possible** Beware the asymmetry of mediocrity
- 72. …Andonlythen… Find your strongest core business 01 Strip all the complexityfrom it 02 Focus your roadmap on optimizing it 03 Find new revenue engine 04 If you’re looking to reaccelerate
- 73. Thankyou I’M @DESTRAYNOR FROM @INTERCOM INTERCOM.COM