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Conversation
Highlights
Welcome to another episode of Unicorn Builders — Centaur edition. In this episode, I chat with Henry Kim, Co-founder and CEO of Swiftly, a retail technology platform that has raised over $200 million in funding.
Key Topics Discussed:
- Swiftly’s mission to empower brick-and-mortar retailers with digital tools, positioning themselves as the “Shopify for brick and mortar retail”
- The evolution of Swiftly’s market approach from traditional BI to a developer-first, embedded analytics solution for retailers
- Henry’s transition from finance and private equity to entrepreneurship, and the lessons learned along the way
- The company’s strategic go-to-market approach in a conservative industry, focusing on larger retailers despite initial pressures
- Swiftly’s rapid growth strategy, leveraging key partnerships and expanding into new verticals like convenience stores
- The vision for Swiftly to become a global platform, with plans for international expansion, particularly in Asia
Actionable
Takeaways
Strategically Target Larger Customers for Efficient Scaling:
Henry made the counterintuitive decision to pursue larger retailers despite having interest from smaller chains. This approach allowed Swiftly to achieve scale more efficiently, as onboarding numerous small clients would have quickly depleted resources. Consider how focusing on larger, more complex customers might actually accelerate your growth trajectory.
Use Early Adopters as Product Development Partners:
Swiftly moved into their first grocer's office, allowing for rapid iterations based on real-world usage. This close collaboration enabled them to refine their product quickly and effectively. Consider how you can embed your team within your early customers' operations to accelerate product-market fit.
Leverage Distribution Partnerships to Overcome Industry Inertia:
In conservative industries like retail, Henry found that having strong distribution partners was key to accelerating adoption. Explore potential partnerships that can lend credibility and provide access to a broader customer base, especially in slow-moving sectors.
Evolve Your GTM Strategy as You Scale:
Swiftly's marketing evolved from guerrilla tactics at trade shows to a more sophisticated approach involving digital marketing and high-profile partnerships. Be prepared to adapt your GTM strategy as you grow, balancing direct outreach with broader market positioning.
Use Product Usage Data to Drive Expansion:
Swiftly leveraged user data from their platform to inform both product development and their sales strategy for larger deals. Design your product to capture meaningful usage data that can guide your expansion into new features, verticals, or geographical markets.
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