Many founders try to sprint through the growth valley of death by focusing solely on top line growth. But until you reach a strategic inflection point where you need to prioritize speed over efficiency, you may better FastScale.
You first create a solid high growth foundation and then scale your business fast, predictably and efficiently.
If you FastScale, it may take you a bit longer to create a massively valuable business. But the probability that you succeed is significantly higher.
With a company-wide focus on customer success you can achieve your growth and exit valuation goals. If you make your customers incredibly successful, they will churn less, buy more and spread the word. Referrals will further reduce customer acquisition costs and CAC payback period. You recoup your investments quicker and can reinvest the money in order to further fuel your growth engine. A virtuous cycle!
How to boost growth? How to acquire more customers? How to get more traction? If you are a founder looking for answers to these questions, do not directly jump to analysing options to further fill the top of the conversion funnel. Optimise your conversion funnel first. Optimising the conversion funnel will not only lead to more customers, but also to lower customer acquisition costs, shorter payback periods, better CLV/CAC-ratios and ultimately higher growth.
In 2017, I wrote this article about the importance of pursuing the ultimate goal of establishing a profitable business. Given the recent IPO developments (e.g. WeWork and others), this article seems to be even more relevant today.