(BPT) - By Sarah Acton, Chief Customer Officer, BILL
One of the most exciting aspects of my role as Chief Customer Officer at BILL is learning from our customers every day. There are always new lessons, especially in today's world of rapid change in consumer behavior, business practices and technology.
We recently hosted a group of customers to network and share their experiences regarding unlocking business growth with others. This topic proved compelling for our panelists and attendees alike, with many businesses facing some of the same challenges.
Entrepreneurs and leaders are powering through - finding ways to attract and retain customers and developing growth strategies that are working. I was particularly inspired by four pieces of advice that any organization can implement to win.
Understanding your customer
SFJAZZ reminded me that knowing what your customers want, expect and are willing to pay for is music to any organization's ears.
Based in San Francisco and now in its 41st year, SFJAZZ is the largest non-profit jazz presenter in the world. Originally founded in 1983 as a two-day festival, SFJAZZ serves over a quarter of a million fans and students every year through its year-round concert, commissioning and education programs.
SFJAZZ CEO Greg Stern has built the nonprofit's success on understanding his audience of jazz fans and artists, connecting with local communities in San Francisco, and finding ways as a nonprofit to build a revenue stream from patrons and donations.
Greg knows that San Franciscans want more jazz, more often. SFJAZZ produces 400 shows a year between two state-of-the-art venues tailored for jazz appreciation. Fans are busy - so shows are generally 90 minutes long, giving people time to enjoy a break and still make it home to go to school or work the next day. He knows his audience wants to feel connected to the community, so outreach through education and artist development are integral to the SFJAZZ mission.
SFJAZZ now has one of the highest rates of audience-sponsored revenue in the artistic nonprofit arena. Donations and sponsors are still important, but knowing what customers want has given SFJAZZ a unique advantage in being self-funding (through ticket sales) for a large part of its operation.
Creating product-marketing fit
Second, create product-market fit. Not every organization nails this. Some try to create a fit over time or believe so much in their own innovation that they power forward, unsure why revenue is slow to keep pace. Sasha Orloff, co-founder and CEO of Puzzle, has been hyper-focused on product-market fit since before the company even shipped.
Sasha knew he wanted to upend the status quo in bookkeeping and accounting. Artificial intelligence (AI) and rapid technological change were creating opportunities for new ways to handle finance, but accounting software wasn't keeping pace with the rest of the tech world. While Sasha understood some of the frustrations, he explored deeply what customers would want by tackling product development from a variety of perspectives.
He leaned hard into the Sean Ellis methodology, a fast and effective way to evaluate the consistency of a particular product in the market, by taking best practices from the methodology and applying them effectively. He surveyed and had deep conversations with business entrepreneurs and founders to understand what they were missing from legacy accounting technologies. Then he talked with the people who would use any accounting technology on a daily basis and got close to accountants and bookkeepers.
His efforts have paid off tremendously. Puzzle is now positioned as the modern accounting platform for the AI era, enabling its customers to get financials and insights every day. Importantly, Puzzle is trusted by the industry and thousands of start-ups and has auto-categorized $30B+ of transactions.
Remaining flexible
Third, remain flexible. Business is going to change every day - twists and turns are normal. Christine Tedstrom, Senior Director of Finance at apparel powerhouse Marine Layer, tells other business leaders and colleagues to look at long-term value creation and not just short-term gains. The only way to achieve those goals is to acknowledge that flexibility is essential to great outcomes - and while plans are super, they will have to adapt.
A well-known host of a fashion reality show used to say that in fashion, "one day you're in and the next you're out." As an innovative, California-inspired retailer focused on sustainability and recycled materials, Marine Layer's leadership makes sure they stay absolutely "in" by committing to great products, keen market tracking and business understanding delivered with financial data. They know when to stay the course with a decision and they know when to pivot or change direction.
Marine Layer has created massive success with "absurdly soft shirts that are perfect for a 7-day weekend kinda lifestyle." The company started when the founder's girlfriend threw away his favorite shirt and grew with the help of friends and a '69 VW bus. What was once a shirt company now spans almost every type of apparel.
Flexibility can take you to successes and growth you didn't anticipate.
Making decisions in real-time
Fourth, make decisions in real-time. This is the counsel of Kate Hultin-Schott, Director, Consulting at Armanino LLP. Armanino is one of the top 25 largest independent accounting and business consulting firms in the United States. They are a nationwide leader serving privately held companies and private individuals, as well as nonprofit organizations and public entities. Kate is a fan of historical trend analysis and looking at trends over quarters. But she is justifiably frustrated when companies make decisions based on old data. She questions why we demand real-time data from every other aspect of our lives - sports scores, weather, traffic - but are fine waiting days, weeks or even months for business data.
To Kate, real-time is the time that matters most. Yes, it is important to combine real-time with historical data and context (no one wants to mistake a blip for a trend), but not having fast, reliable data that presents the "now" is a miss.
With more than 12,000 customers, over 2,500 valued employees, and 21 offices in the U.S., keeping up with what is happening in the moment has obviously paid off.
I hope these lessons for unlocking business growth inspire you as they've inspired me. And I hope they unlock your own organization's success.
When SMBs thrive, so do their communities. At BILL we are dedicated to serving the needs of SMBs and accountants so they can focus more on running their businesses and serving customers. To learn more, visit Bill.com.
