How a Growth Stack Can Accelerate Your Business
Have you ever noticed the number of tools we all use on a regular basis? From business tools that help us automate processes and communication, to personal tools that help us track daily habits and activities – whatever you need help with, there’s a tool for it.
And although these systems are created to make our lives easier, having too many of them which we need to learn, use, track, and maintain can be time-consuming and overwhelming.
This is probably why customers are becoming more hesitant, and oftentimes resistant, to adding new solutions to their operations – even ones that could help them overcome key challenges. Over time, this resistance has led to revenue loss, higher churn rates, and low ROI for independent software vendors (ISVs).
There is, however, a solution. One that can help ISVs meet KPIs while simultaneously delivering exactly what their customers need. The solution is a growth stack.
Read on to learn more about what a growth stack is, why it’s important in today’s digital environment, and how we can help you build one.
What is a growth stack?
A growth stack is a set of tools and solutions that work together to achieve specific outcomes.
The main goal of a growth stack is to minimize “tool fatigue” and help you win back your employees’ time and energy – and your customers’ recurring business.
You can build a growth stack by partnering with cloud technology providers that fill in the gaps you might be missing on your own SaaS solution. For example, if you offer customers a chatbot-building platform, it might be worthwhile to partner with a CPaaS provider that can enable them to deploy their chatbots on a range of digital channels.
Why you should build a growth stack
Now, you might be wondering – is it worth going through the trouble of partnering with other vendors to add to a solution that might be fine on its own?
According to a recent study by Accenture:
- 89% of executives believe that their organization’s ability to generate business value will increasingly be based on the limitations and opportunities of their technology architecture.
- 77% of executives state that their technology architecture is becoming critical to the overall success of their organization.
- 90% of executives state that multiparty systems will enable them to forge a more resilient and adaptable foundation to create new value with their organization’s partners.
In other words, technology is evolving at a rapid pace – and independent software vendors that want to stay relevant and competitive must prioritize preparing their tech stack for the future. This means setting up adaptable solutions that can meet changing consumer behavior.
The fastest, easiest, and most economical way to do this is to partner with well-established cloud technology providers who can add on to your existing infrastructure to support new use cases for your customers and open new revenue streams for your business.
Benefits of having a growth stack
There’s more to a growth stack than meets the eye. We’ve already mentioned it’s a fast, easy solution that can help you overcome rising challenges within the platform-as-a-service space. However, building one in partnership with a cloud technology provider can also help you:
- Eliminate high competition: You can leverage other services and technology rather than compete with it – enabling you to give customers an all-in-one solution.
- Adapt to fast changes in technology: Partnering with other software providers will ensure your tech stack is well equipped and up to date.
- Meet changing customer expectations: Expanding your product portfolio enables you to offer customers the ability to customize and adapt your solution to their needs.
- Attract and keep talent: Combining systems will make your employees’ daily operations easier and more enjoyable.
All in all, combining a set of tools and solutions can help your business grow and scale alongside shifting trends, behaviors, and technological advancements.
As a result, you’ll experience:
- Decreased churn rates and costs
- Increased customer satisfaction
- More sales and brand loyalty
Let’s build a growth stack, together
We’ve been a leader in omnichannel communication for over 15 years – with a primary goal of helping businesses improve their customer experience, satisfaction, and ROI.
Adding omnichannel capabilities to your solution can set you apart from the competition.
Customer communication, engagement, and support all play a vital role in a business’s success. Enabling your customers to build out, orchestrate, and automate their customer communication alongside other operations in a single workspace can lead to:
- Higher customer satisfaction
- Greater return on investment
- Reduced costs for your customers and business
Our Partner Connect Program is designed to help you expand your communication solutions and channel portfolio with the help of our experts. Receive 24/7 support anywhere in the world – and provide an unparalleled experience for your customers and employees.
We’ve worked with leading brands around the world to improve customer experience with omnichannel technology. Here are some of the results:
- Bolt increased its conversion rates by 40% after optimizing its driver registration process with omnichannel cloud technology.
- Unilever experienced 14x higher sales after implementing a WhatsApp chatbot to promote its new product line.
- The United Nations Children’s Fund (UNICEF) decreased its churn rate by 33% after unifying its donor communications with our cloud solutions.
- Deutsche Telekom AG experienced 2x better campaign performance after implementing RCS through our customer engagement and contact center solutions.
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Let’s build a growth stack, together
Develop the speed and agility to meet your clients’ CX needs, now and in the future, with our omnichannel communications solutions.
