Welcome to the second Friend of Arrows update! As a refresher, Arrows is the company Benedict Fritz (CC'd) and I have been building through 2019.
At the end of our last update, we were starting customer research calls for a product idea. Our “bet”: there is a market for a client onboarding tool for agencies (e.g. sign the contract, connect google analytics, schedule a kickoff call, etc), so we needed to validate that.
Our bet turned out to be mostly wrong, but we discovered an adjacent opportunity.
What we did…
We began by reaching out to software and marketing agencies. It turns out agencies don’t need an onboarding tool for two reasons:
Most agencies don't have high enough sales velocity to codify an onboarding process.
Agency owners generally don’t feel like onboarding is a issue. It’s important, but definitely not in their top 3 concerns.
We cold-emailed 125 COO's at marketing agencies (with a single follow-up message), with the assumption that if it was a big enough problem we could get a 10% response rate of people at least Instead, we netted just 2 responses (one a straight "no"), and one meeting.
We had calls with multiple customer success teams at software companies to learn how they do onboarding. This was a backup plan in case agencies weren’t the correct market.
So, what is Arrows now?
Arrows is now making “mutual action plans” for customer success teams at subscription-based companies.