Opened new customer verticals (e.g. Landscaping); studied new relevant workflows, conducted feasibility and competitive analysis, and developed technology workflows (product) to complement use-cases.
About Vector
Vector is a dedicated fleet provider for document and workflow management solutions.
Opened new customer verticals (e.g. Landscaping); studied new relevant workflows, conducted feasibility and competitive analysis, and developed technology workflows (product) to complement use-cases.
Setting
Vector primarily focuses on the extremely saturated and capital-constrained trucking space. They had a customer in Landscaping that was growing quickly and was using only the Vector Mobile Capture solution.
Usage: 4% of Total Addressable Market (TAM)
Platform: Document Capture
Market: Landscaping
Pain Points
Vector needs to scale quickly. The Trucking space is one such that even though the solution is productized, all the features must be modified (manually) to complement each customers' unique needs. To accelerate growth, other verticals are being considered.
Customer: Was happy with the document capture solution they were using, however, with only a relevant usage of 4% of their TAM, they were having trouble seeing the value of continuing the program.
- Small percentage of user adoption
- Needs additional solutions as part of their tech-stack
- Didn't see Vector as a platform curated for their industry
- No visibility into their cost analysis (ROI)
User Research
We had to create a sample size that would complement our buyer persona:
- Capital to purchase solution (Revenue base)
- Enough users to where our value unit economics make the solution ROI positive
- Current Tech-Stack
My team met with the customer and learned a lot of their pain points that ironically we could solve for immediately. Our technology is powerfully customizable, however, the customer didn't know we could create such complementary functionality. We made a list of solutions that are relevant for them and then created a competitive matrix against other solutions in the Landscaping space.
I then proceeded in interviewing the largest 5 Landscapers (potential targets) to additional user stories.
Noticed a pattern of workflows that we can replicate and productize which are consistent with that of the original customer. Only 20% of the sample size mentioned that they already have the same workflows built internally.
Naturally, I would have preferred to have a larger feedback data set interviewing Landscaping companies of different sizes.
Mockups
The solution was well-received from the original customer. The customer bought into the mockups and greed to provide continuous feedback of the product for further iteration and vertical productization.
Wrapping Up
The company now has a suite of relevant workflows for the Landscaping industry. While large enterprises require some small degree customization, the workflows are very consistent and attractive in the space.
Customer Data:
- Usage: 100% of Total Addressable Market (TAM)
- Platform: Document Capture + Workflows
- Market: Landscaping
- Revenue per user increased by 111%
- Revenue per account increased by over 40x