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How Do You Drive Growth in a Mature Software Business?

Within the Volaris Comms & Media Portfolio, we value learning from each other and sharing best practices across the Portfolio. This article is the third in our 4-part Comms & Media Insight Series containing tips and best practices from our business leaders. This installment will feature Q&A from David Nyland, Mats Ekelund, and David Sharpley.

We asked the team, "How do you drive growth in mature software businesses?"


David Nyland - Portfolio President, Comms & Media

The first step is to build a strong core.

Profitable yet sustainable growth first requires a strong core business, no matter the size of the company. Strengthening one’s core can be achieved by maintaining discipline across all functional areas of the business.

At Volaris, we have a business playbook to help our companies optimize profitability using proven best practices. This translates into predictable outcomes and sustained profitability. Once we have a strong and profitable core business, capital deployment is business-case driven and typically takes the form of sales, marketing, and new product investments.

We value growth above all else, so this is a key focus for us.

David Sharpley - CEO, Incognito Software Systems

Profitable growth is based on two key factors – getting closer to your existing customer base and gaining new customers.

Relative to the latter, from my experience, businesses commonly make an investment in order to secure a new logo, given the fact customers are taking a risk on a new vendor (or expanded footprint). Normally this is a wise ROI if you know up-front, the level of investment being made and comfortable in the assumptions (growth, costs, etc.)

Expanding within your existing customer base is critical for the growth of the company and can be very rewarding. Your customers have a true lens on your operational execution, and if positive, can be advantageous. As in any relationship, whether business or personal, trust is foundational.

Trusting relationships can be leveraged for the mutual benefit of customer and vendor stakeholders.

Mats Ekelund - Portfolio Manager, Comms & Media

Understand your customers’ needs and your teams’ needs and growth will follow.

Similar to David Sharpley, I look at two key factors for driving growth.

  1. Focus on your Customers

    Work closely with your existing customers and develop the product in partnership with them. As a software provider, we’re building solutions for our customers to operate and run their businesses. Our products are mission-critical to our customer’s operations, so we know if anything were to happen their business would be affected. By working closely with our customers and understanding how our software is imperative to their business, we are able to deliver a product that can predict any challenges and operate without interruption.
     
  2. Focus on your Team

    Hire bright people and then focus on retaining both your people and your customers. On the “human” side of the business, you need to provide the right tools and environments for our people to be successful. Every member of your team should be an advocate, feel invested in the company and work together to achieve our goals. When your employees are committed to service and take the time to figure out how to best suit a customer’s needs, your customers will recognize that.

Read the full series. 


This article was originally published on LinkedIn. You can view it here.

April 17, 2019

Read more from Erini Andriopoulos
About the Author
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Erini Andriopoulos

Erini is the Marketing Manager for the Volaris Communications & Media Portfolio. Whether it’s for global CPG brands or local start-ups, Erini has five years of telling stories that inspire, educate, and inform. How can she help you learn more about the Volaris Communications & Media Portfolio? Send her an email at erini.andriopoulos@volarisgroup.com with your questions.