The business had experienced impressive sales growth so hadn’t invested in their product. As a result they were seeing an increase in customers reporting issues, though it had yet to impact sales.
The Board was unconcerned and reluctant to spend any time or money on reviewing the product until the problem began to seriously impact revenue.
To prevent reputational damage and a slow drying up of demand, management decided they needed to review their product offering. They also wanted to consider hiring a product advisor, for which they needed the support of the board.
The first challenge was to enable the company to carry out a review of their product functionality. Invigorate provided benchmarking data, so that the business could review its product from an industry perspective, as well as to benchmark the maturity of their product function.
With this information, the business was able to identify the areas of their product that were underperforming, and build a strong case around business reputation and customer retention.
This analysis gave the business the tools to go to their board, with an improved understanding of their product execution support gaps, and data-driven analysis of potential consequences.
The Board agreed to invest in and improve the product offering, massively improving customer satisfaction and NPS scores. The business then went on to hold a very successful fundraise.
Having been supported through this vital precursor work and having pre-emptively addressed an issue that would have formed a significant stumbling block to investor confidence, the team are now scaling successfully.