If your revenue growth is stagnating, your venture requires a transformation.
It will entail looking at your business strategy, business processes, marketing strategy, business model, and organization. The transformation process will follow the following steps:
- Problem identification
- Solution options
- Testing and implementation
A brief overview of the problem identification stage will probably be something like this:
Compare your value chain and activities with that of your competitors to determine the areas of change that will help you secure a competitive advantage.
Undertake a strategic planning exercise to identify change areas in your product and your go-to-market strategy.
Business model innovation
Look at customer persona to determine changes required to the product offering to make people graduate to the premium version.
It could be that the pricing requires to be tweaked or the business process requires modification.
The problem could lie inside the organization. A human resources and organization analysis will help identify the bottleneck.