Growing your company is always a main priority of startups, and yet startup growth is nearly impossible to achieve. WB21 is an online merchant banking platform that has managed to achieve incredible growth. But what they did isn’t unique to the financial sector.
You can take many of the principles they have used and apply them to your business, regardless of the industry you happen to be in.
WB21 Sees Incredible Success
In March 2016, WB21 celebrated its ten-week anniversary. For most startups, this wouldn’t have meant anything. But for WB21 it was a major milestone because they passed 250,000 customers. Ever since its public launch in December 2015, the company has seen customers come in from North America, Europe, and Asia. According to Abygail DeSouss:
We are currently looking at 47,521 corporate and 202,479 private customers holding accounts in multiple currencies with us.
The company has seen a fairly even split between continents. 36% of their private customers come from North America and 24% of them come from Europe. So just how did WB21 do it?
— WB21 (@WebBank21) March 17, 2016
Addressing a Real Problem
The heart of the matter is that WB21 is doing something that other companies aren’t. They haven’t revolutionized the industry they are operating in. They have looked to a major problem in the banking sector and solved it. They have used what’s already there.
And that’s something entrepreneurs can take away from this. So many entrepreneurs are determined to create something completely new, despite the fact that this isn’t necessary. It’s enough to just solve an existing problem and incredible success can be achieved.
WB21 reports that it’s growing 33% every single month. And they have done this through operating a frictionless signup process. It takes no more than five minutes to setup an account, and this doesn’t compromise security. It’s allowed the company to see an 89% conversion rate.
Reducing the Cost
But there are many new innovations that solve problems yet never take off because they provide no value for money. WB21 understood this and so they allowed customers to send 18 different currencies in nearly real-time. Compare this to a bank that requires days to do the same thing.
This is convenient, and it offers value for money because there’s only a 1% flat fee. Compare this to a bank where you may be charged multiple fees. Customers know when they work with WB21 they are getting a solution that also saves them money.
Entrepreneurs need to always be thinking about the value for the money a customer can extract from a new solution when they are working on product development. Think about whether what you are selling is worth paying for.
[clickToTweet tweet=”WB21 offers a banking product to send 18 different currencies in nearly real time – cheaper. ” quote=”WB21 offers a banking product to send 18 different currencies in nearly real time that is both more convenient and cheaper. “]
Growing on Real Results
Look back to the statistics given in the first section. Those represent real results and real revenue. Should WB21 decide that it requires more investment, it would have no problem attracting it because it’s proven itself. It’s proven a hit with customers.
Many entrepreneurs, especially in the tech sector, are instead focusing on creating an idea and hoping that Facebook will pick them up. The unicorn company is a billion-dollar company, but it’s never managed to make a single dollar in revenue. This is not the way to grow because your valuations and growth are based on nothing.
WB21 has demonstrated that real growth is based on accomplishing real results.
WB21 immediately expanded its services to North America, Europe, and Asia within days of its official release. It goes to show that this is a global market and that it’s necessary to market to the world, rather than to stay confined to a single territory.Entrepreneurs should be looking at what they can offer the world as a whole, as opposed to just what they can offer to a niche market.
Entrepreneurs should be looking at what they can offer the world as a whole, as opposed to just what they can offer to a niche market.
[clickToTweet tweet=”Going global is easier than ever before due to the existence of the Internet. ” quote=”Going global is easier than ever before due to the existence of the Internet. “]
WB21 has revealed a product that can successfully cross borders and address customer pain points across the globe.
Last Word on the Secrets of Growth for WB21
WB21’s success may demonstrate what can be accomplished in the financial sector, but what they have done is tried and tested. They have provided a solution that’s faster, cheaper, and better than other options already in their niche. If you can do this with a product, while combining it with an effective marketing plan, there’s no reason why you can’t replicate the same type of success.
Latest posts by Dana Davis (see all)
- SentiOne vs. Conversocial: Why One Is Better for Social Listening - October 11, 2017
- 4 Ways To Improve Your Email Marketing Campaigns - October 6, 2017
- How to Get Your Customers to Pay Faster - September 6, 2017