Proptech Growth Strategy Brief Newsletter
Waitwhile Growth Strategy
Waitwhile allows businesses to let their customers wait in a virtual "line", and tells them it’s their turn with an SMS.
"Grain of Salt" Warning: I write this newsletter with an outsider's understanding of the business in question. I am likely to make mistakes, leaps of judgement, and assumptions - that's what makes it fun.
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Since so much of our lives are lived within the built world, proptech opportunity is sometimes hidden in software solutions that don't feel connected to real estate at all. Such is the case with Waitwhile.
Waitwhile is a queue management platform built on the premise that people spend astounding amounts of time waiting in line - 1 trillion hours a year, according to their founder Christoffer Klemming. This has obvious knock-on effects for business, as potential customers factor in wait time in their decision to patronize a given business or not.
With retail in a tailspin due to e-commerce penetration even before COVID-19, there's obvious benefits to retail space using tools like this to help maximize revenue and customer sentiment in a time where physical retail's only bulwark against e-commerce is creating quality customer experiences.
As with most SaaS tools, the key metrics to think about for growth would be trial signups and paid subscriptions, with activations (trial users who deployed the tool to customers) as an intermediary metric. And, of course, solid retention is the holy grail to aim product development toward.
Here's how I think Waitwhile could unlock new levels of growth.
Waitwhile has already invested heavily in SEO (with industry vertical landing pages) and with paid search (they're all over Google for "waitlist app" and competitor related search terms), but they're curiously not spending anything on paid social advertising.
This feels like a miss for two reasons. First, they should be at least leveraging retargeting campaigns to remarket to site visitors acquired through paid search aand other channels. Secondly, their concept strikes me as a little unintuitive, and I'd be willing to bet that there's more latent demand in people who don't know they need an app like Waitwhile than there are those who know they need it and search for it. Not only that, but cost per click on "waitlist app" related keywords look quite competitive and expensive.
Try arget lookalikes of their existing customers, and try more targeted campaigns with lookalikes of their users within specific industry verticals.
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There are two core things Waitwhile should focus on for activating traffic - differentiating from the competition, and building social proof.
First, they need competition comparison pages to build a strong case for differentiation from their competitors. They're already bidding heavily on competitor keywords, but they don't even provide a compelling differentiated value proposition in their ad copy. Failure to double down on what makes them unique will spell disaster long term.
Secondly, they should double down on the success of their industry vertical landing pages. To do so, they need to invest in testimonials and case studies for each of them. Waitwhile is in a crowded space, and they can't give potential users any reason to doubt that they're the right pick for them.
This is probably the easiest one of all. Waitwhile needs a referral program.
This is a perfect fit for a few reasons. Waitwhile caters largely to local retail businesses, and nobody networks like local business leaders. Word will travel quick along local business groups if customers are properly incentivized. Local business and retail are notoriously low margin, so if you can help customers get Waitwhile for cheaper if they activate their networks, so much the better for both of you.
Give them a reason to share with their other local business peers - give both the referrer and referee a nice discount, and incentivize them to refer as many new customers as possible.
That's it for today. Thanks for reading!
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