Implementing growth moves involves a lot of risk and uncertainty and requires significant investment. Additionally, much trial and error is needed before your business growth strategy is ready for launch. For this reason, it is critical to develop pilots to better understand and refine your growth moves – e.g., offering a product in one geography or through one distribution channel before deploying it widely. Companies can use the learnings from these pilots to optimize their growth strategy and maximize success.
The 90-Day Business Growth Challenge
To implement these pilot growth moves quickly and effectively, we have developed an iterative and agile approach to turn market opportunities into profitable business growth. We call it the 90-Day Challenge.
Through the 90-Day Challenge, companies can test digital and physical experiences and services that solve unmet customer needs, identify, and evaluate the metrics that truly matter, and quickly optimize and pivot based on what they learn – ultimately creating immediate impact on the business and on customers.
A successful 90-Day Challenge requires a constant focus on 4 key areas:
1. Customer Centricity
Putting customers at the center – designing and measuring pilots with their expectations and needs in mind.
2. Agile Iteration
Allowing for rapid iteration to optimize pilots and maximize learning based on customer feedback and in-market performance.
3. Pragmatic Planning
Balancing customer and operational realities with economics to plan and build pilots that will provide valuable insights and business impact.
4. Systemic Support
Ensuring required operational support is in place, including capabilities, people, and processes that are outside of, but in support of, the pilot.
Examples of Successful Business Growth Strategies
How effective can the 90-Day Challenge actually be? Here we’ve provided some examples of business growth strategies that have proven successful.
Omnichannel Customer Experience
For one of Prophet’s long-time partners, Electrolux, having an integrated, omnichannel approach to the brand experience was crucial for long-term success and for building a comprehensive consumer experience. To pilot their omnichannel experience, we helped them develop Optimal Match, which is available on the brand’s website site, retailer sites and in stores. Optimal Match generates product recommendations for consumers based on their answers to a series of lifestyle questions.
Through the 90-Day Challenge, we worked collaboratively with the Electrolux team to hypothesize consumer questions, develop a rough outline for marketing programs and create an initial investment request. Our team also defined success metrics and set key milestones for roll out. The move was then piloted in the UK, and showed a significant uplift in sales within 6 weeks of launch. We used learnings from the pilot to refine Electrolux’s approach to implementing an omnichannel customer experience.
Entering a New Industry
Similarly, the Latin American insurance company we referred to in the previous articles developed an approach for selling to a new industry. But before proceeding with a full deployment, it was critical to understand if the approach was commercially viable.
We conducted a 90-Day Challenge with them to develop pilots, which included highlighting the KPI’s for success (the capacity to successfully penetrate this new industry) and the required operational support (a motivated team of agents and representatives to sell and service this new industry). Upon completion of the pilot, we identified refinements to the sales approach so our client could better win over customers in this new industry.
Ultimately, the 90-Day Challenge helps companies develop pilots that are validated by learning and that result in meaningful impact by combining insight-based concepting, multi-disciplinary perspectives and pragmatic solutions. Is your company up for the challenge?
Interested in learning more about business growth? Be sure to check out the first and second articles of this series, we explored how to drive growth in a pragmatic way through the development of a strong customer value proposition and the deployment of growth moves to bring this strategy to market.