Going after greenfield opportunities with FullStory's Scott Voigt
This week on How to Win: Scott Voigt, founder and CEO of FullStory, a digital experience intelligence platform that combines quantitative and qualitative data to drive digital growth. Founded in Atlanta in 2014, FullStory now serves over 3200 customers and has consistently increased their ARR by over 70% year over year. In August, the company wrapped up a $25M funding round bringing their total amount raised to around $200M. In this episode, we discuss how FullStory repositioned early on when they found a better-fit customer segment, why a focus on enterprise clients has been essential to their growth, and how an excellent user experience is creating a strong flywheel for them. I share insight on the theory of the flywheel effect, the importance of repetition in marketing, and how to stay ahead of copycats looking to clone your product.
Summary:
This week on How to Win: Scott Voigt, founder and CEO of FullStory, a digital experience intelligence platform that combines quantitative and qualitative data to drive digital growth. Founded in Atlanta in 2014, FullStory now serves over 3200 customers and has consistently increased their ARR by over 70% year over year. In August, the company wrapped up a $25M funding round bringing their total amount raised to around $200M. In this episode, we discuss how FullStory repositioned early on when they found a better-fit customer segment, why a focus on enterprise clients has been essential to their growth, and how an excellent user experience is creating a strong flywheel for them. I share insights on the theory of the flywheel effect, the importance of repetition in marketing, and how to stay ahead of copycats looking to clone your product.
Key Points:
- How FullStory pivoted on their original marketing tool when they caught sight of a stronger opportunity (01:19)
- I weigh in on the advantages of changing up your strategy when you're not seeing the growth you want (05:35)
- Scott describes FullStory's initial, highly personalized outbound strategy (07:04)
- How FullStory's shift upmarket influenced their strategy (09:46)
- My take on why to consider going after enterprise clients early, with a quote from Seismic's Doug Winter (13:44)
- How FullStory made the leap to become more than just a point solution (16:10)
- I explain how to develop messaging that will serve you now, and as you grow (18:00)
- Why FullStory's flywheel hinges on its user experience (19:10)
- I define the term "flywheel effect," with a quote from Jim Collins (21:14)
- My thoughts on why repetition is essential to any marketing strategy, with a quote from Dan Kennedy (23:41)
- How FullStory is maintaining their lead on clones (25:57)
- Wrap up (31:00)
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