Sembrar's fractional product management played a pivotal role in Acodei's growth, increasing customer conversions by 7% and boosting monthly revenue by 32%. Our strategic interventions included overhauling the web onboarding process and introducing a new yearly pricing package, alongside identifying three new market opportunities for expansion, culminating in a 2X ROI within 4-6 months.
Company Overview: Acodei, a fintech startup, specializes in syncing financial data between payment providers and accounting software. Despite its success in finding a niche in the market, the company faced challenges in expanding its offerings and customer base.
Challenge: Jeff, the founder and head of product at Acodei, struggled with balancing the day-to-day business operations while enhancing the product and growing the business. With limited capacity and a strained budget, Acodei needed a strategic approach to improve customer conversions, enhance customer experience, and expand its market offering without the risk of hiring a full-time product manager.
Engagement Overview: sembrar collaborated with Jeff to focus on critical business objectives, especially with the 2023 tax season approaching. The primary focus was on enhancing the conversion rate and exploring alternative business models.
Action Taken: Sembrar's work included: Revamping the web onboarding process to remove bottlenecks in customer acquisition, Introducing a yearly pricing package for the SaaS application, boosting monthly revenue, Identifying three new markets for product expansion, opening new business opportunities.
Results Achieved: These strategic changes led to a 7% increase in customer conversion rate and a 32% rise in monthly revenue. The conservative ROI from Sembrar's engagement was 2X within 4-6 months.
Insights:
Implementing strategic changes in onboarding and pricing can significantly impact conversions and revenue.
Exploring new markets is essential for growth and diversification.
Fractional product management can provide the expertise and flexibility needed for startups at a fraction of the cost of a full-time hire.
