2020 will go down as a year that none of us could have ever expected. Many businesses had to rethink their annual goals & targets and pivot like never before – at times having to readjusting their priorities from growth to crisis management. However, now that we’re closing the door on 2020, it’s time to focus on the future and building growth again for 2021. But the rules have changed, and for businesses to be successful, they must have a roadmap in place to guide them.
There is no one size fits all approach, so architecting the right growth playbook is critical. Our own CEO, Katy Keim recently provided insight on how to drive business recovery in 2021. One key way to do this is to build out a growth playbook and determine where you are in the 4 paths to growth.
Here at LQ Digital, we’ve found that each company is essentially in one of these 4 stages:
Recently, we described the first stage on the path to growth: “Fine Tune Profitability” and identified the challenges as well as some of the solutions we’ve deployed to help clients excel at this stage. Once a company has mastered how to Fine Tune Profitability, they’ve essentially been able to identify who their best customers are with data. The new challenge then becomes: how do you reach these ideal customers?
The answer is you have to identify your go-to-market strategy and the best channels for you to do so. We helped a carsharing platform to do just that. This particular business wanted to increase conversions on both high and low end funnel events – both app downloads and first time car renters. They also needed to find new and efficient traffic to grow and scale their business quickly. Watch the video to learn more about how we solved this problem for them, such as:
- Used our data integration platform to identify & segment out 2 key customer segments: locals & travelers
- Identified profitable growth in 2 channels – Search & App
- Achieved 237% increase in conversions within the first 6 months at a lower cost per conversion
- Dug deeper into the data funnel beyond the surface to identify previously unknown key LTV customers, allocate budget effectively and open up new market territories
Watch the video to learn more.
If you need help building your own growth thesis and need to aggressively scale your business, we’ve got you covered. Contact us to learn more. We also offer a free 2 week benchmark assessment along with key recommendations to help you find your best customers, just fill out our digital assessment here to get started.
