Tasked with improving our customer’s conversion rate, I started the standardized benchmarking: looking at what already established players in the market had done and what we could adopt in order to improve our services.
However, I quickly came to realize that even though they might have the biggest market share or biggest customer base, it necessarily didn’t translate into happy and loyal customers within that market.
So I ventured further. I moved on from the same product, same market mentality and started to look at other companies in different markets with high conversion and low churn rates.
What makes them better? How do they have loyal and happy customers?
And this is when I realized: I looked at the solution from a wrong angle, especially in two points. First of all, I focused only on a company with the same offerings and secondly I adopted only one idea. But there is so much more when identifying several ideas and merging them together, creating a unique core competency that is different from other companies.
The key takeaway?
Same product, same approach doesn’t work – look beyond what you think you know.