On today’s episode we are talking about how to drive growth in your organization. 

Bocar Dia resides at the crossroads of investing and hands-on guidance for portfolio founders during the initial stages of development, encompassing go-to-market strategies, founder-driven sales, and fundraising. As a founding member of Hootsuite’s Enterprise product team, he was instrumental in propelling the business to surpass $150M+ in revenue and establish a workforce of 2,000+ within a swift seven years.

Top 10 Takeaways:

1. Gradual Market Penetration: Bocar outlines Hootsuite’s growth journey, transitioning from addressing acute pain points within innovative verticals to embracing more markets. They began by targeting sectors with pronounced social media needs and young demographics, such as media and entertainment, creating a core vertical foundation.
2. Core Vertical Strategy: Bocar stresses the importance of developing a “core vertical” playbook. This entails predictably building pipeline, converting prospects to customers, and ensuring successful customer experiences. The core vertical motion is focused and efficient, requiring a well-defined ICP, persona, and value proposition for consistent growth.
3. Scaling New Verticals: To enter new markets, the speaker emphasizes a meticulous approach. Instead of adapting the existing sales team, a “target team” is formed, consisting of individuals who validate the new vertical’s pain points and needs. The new team’s sole focus is understanding the new vertical’s challenges and building the right solution.
4. Market Validation before Scaling: Validation is critical. Before deploying resources to scale in a new vertical, the speaker emphasizes validating the market’s demand and readiness. The product is refined to meet vertical-specific requirements, and only after attaining around $1 million in sales does the speaker recommend expanding resources and integrating the new vertical into the core sales team.
5. Iterative Customer Development: Bocar emphasizes the importance of thoroughly understanding a new market before attempting to sell a new product or target a different vertical. Through customer development, validate market pain points, seek feedback, and partner with lighthouse accounts to refine the solution. This phase involves asking for feedback, not selling.
6. Partnership Approach for New Offerings: Instead of selling a non-existent product, the speaker suggests forming partnerships with potential clients in the early stages. Engage lighthouse accounts that have provided feedback to participate in a partnership for product development. This approach builds early customer relationships and validates the product’s viability.
7. Balancing Launch and Sales Optimization: After refining the product with initial partners, the speaker highlights the importance of a controlled launch, especially for enterprise products. Avoid a wide-open launch until the sales motion has been optimized and a predictable sales process has been established. Use waitlists to fine-tune prospecting and sales strategies.
8. Metrics and Unit Economics as Indicators: When evaluating the viability of a product, unit economics play a pivotal role. For venture-scale businesses, metrics like LTV to CAC ratio guide decision-making. Additionally, analyzing the customer feedback, market demand, and unit economics helps determine whether to pivot, refine, or scale a product. The competitive landscape matters, but the economics are central to the decision-making process.
9. Strategic Differentiation: In a saturated market, entering with a unique offering requires substantial differentiation, either through technical superiority or a distribution advantage. The speaker suggests that if the product advantage is significantly better than competitors, it can be the basis for differentiation. However, the advantage should be clear and tangible, ideally backed by data that demonstrates its superiority.
10. Quantifiable Value Proposition: To stand out in a crowded market, it’s crucial to provide a quantifiable value proposition that showcases the superiority of the product. Demonstrating a clear return on investment (ROI) is essential, whether it’s by being 2X, 3X, or even 10X better than existing solutions. In highly competitive markets, executives seek compelling ROI before committing to new products.

Top 3 Takeaways:

1. Check out the book series from Winning by Design. Lots of good topics related to different roles. 

2. If you’re building a company, look at the work of Mark Roberge who teaches at the Harvard Business School. His book, The Sales Acceleration Formula is a good place to start. 

3. If you’re leading an organization that is more self-serve motion on the customer side – check out the guides from OpenView Ventures

How to get in touch with Bocar:

LinkedIn: https://www.linkedin.com/in/bocardia/

To find out more about Forum Ventures: https://www.forumvc.com