So you bought a SaaS! Nice job, welcome to the first day of the rest of your hold period. Let's jump into what's next: a post acquisition growth strategy.
The good news is that if you acquired the company "correctly", then you should already have at least 1 channel that is in some state of "working". If you don't have a channel that's working, this isn't the right post for you, also shame on you!
Leverage What's Working
Any acquisition worth its salt should have at least one working growth channel. This is a must have for us when buying products with revenue. Let's look at a few different growth channels (that are already working for you) and some good questions you might ask yourself about them.
- How can we optimize current content?
- Are there gaps in keyword strategies?
- Could you leverage a few backlinking techniques?
- Can you double down on high quality content creation? Perhaps using a tool?
- Increase ad spend without diminishing returns?
- Optimize landing pages for better conversions?
- Test new ad creatives or targeting strategies?
- Platform Presence: Are there platforms where your brand is absent but your audience is active?
- Engagement Strategy: How can you increase interactions on your posts? Maybe add a little personality. 👿
- Content Calendar: Is there a consistent posting schedule in place? Use a tool to help make this easy on you / your team.
- Collaborations: Can teaming up with influencers or brands amplify your reach? I've never had much success with this approach but some people swear by it
- Program Structure: What's the commission structure? Is it enticing for potential affiliates?
- Promotion: How are you reaching out to potential affiliates? Think webinars, dedicated content, or even cold email.
- Tracking & Payouts: Are you using a robust system to track referrals and ensure timely payouts? We've used rewardful.com in the past.
- Affiliate Training: Can you provide resources or training to help affiliates succeed in promoting your product?
- Create a relationship with your affiliate, these people are here to help promote your brand. Treat them like royalty!
Discover a New Growth Channel
Beyond the established channels, there's always room for diversification. Your mission? Find that one additional channel that resonates with your potential customers. Generally, I think 1 channel can get you to 7 figures of revenue. So you really only need one to get you to 7 figures, and scale out to multiple channels after that. However, it is nice to have 2 channels that work 😊.
Making sure the growth channel that is currently working is the best one is a worthwhile experiment.
Craft, Test, Repeat
The buzz of the digital space often tempts us to be omnipresent. But rather than spreading efforts thin across dozens of channels, adopt a sniper's approach:
- Craft a detailed hypothesis.
- Launch a meticulously planned test.
- Analyze results, refine, and repeat.
Remember, it's about depth, not breadth. If the data you get back doesn't tell you anything, you won't know what to change, and you won't know how to improve.
No "One Size Fits All" in Portfolio Strategy
Owning a portfolio is fantastic, but it's crucial to remember that each company is its own beast. Just because a LinkedIn strategy worked wonders for Company A doesn't mean it's a surefire hit for Company B.
Spot the Low-Hanging Fruit
Often, there are some glaringly obvious growth opportunities post-acquisition:
- Social Ghost Town: A brand without a social media presence in this era is akin to a shop without a signboard. Build it up, make some noise, and let the world know you're here.
- Email Onboarding Drought: Lack of onboarding emails? You're missing out on immediate user engagement. Crafting a sequence can dramatically improve user retention.
- Vintage Looks Aren't Always Cool: If the app or website looks like it's straight out of the 2000s, it's makeover time. An updated, sleek design can significantly improve user experience and trust (and maybe even conversions!).
- Untapped Ad Potential: If they've never ventured into the world of ads, you might just have struck gold. With the right strategy, this can be a game-changer.
The Goldmine of Free Value
This one feels counterintuitive but hear me out. Providing massive value on social media for $0.00 is a potent growth strategy. As the heavyweight Alex Hermozi once said, "Give away the secrets, sell the implementation."
By showcasing the depth of your expertise without a price tag, you establish trust and authority, making potential customers more inclined to buy when they're ready.
In the end, post-acquisition growth is about a blend of leveraging existing strengths and being daring enough to chart new territories. You're just going to have to accept that most things won't work. Maybe more than 90% of the things you try will be a complete waste of efforts (revenue wise) but will be super helpful as you narrow down your options and find product-channel fit.
Happy growing! 😎🚀