Growth Hacks – Moving the Metric
Mission statements, company values, guiding principles — every company has them. Yet even at the most mission-driven companies, it can be easy to focus more attention on activities such as unlocking growth and winning market share, than it is to make sure the company values are being consistently conveyed.
On this episode of Growth Hacks, Kunal and Katja speak with Ken Serdons, chief commercial officer at online payments processor Mollie, about how being loved by customers is more than just words on a mission statement. Ken takes us deep into the strategy of how Mollie restructured its hiring process, reengineered its partnerships with external service providers, and strategically chose the number of markets it entered, all in pursuit of creating a Mollie experience that its customers loved. In the process, the company gained tremendous market share in each of its local markets.
- Why Mollie adopted a customer-first mentality. After seventeen years of growth, the Mollie team realized they’d outgrown their initial mission statement that cited values such as passion, courage, and impact. When they coined “Be Loved” as the first of three new company values, they found that applying it to every part of the customer experience helped them offer a vastly different consumer experience from their competitors. Whether it was figuring out how to “Be Loved” by customers based on how they price their product, or on the breadth and functionality of partnerships with other apps and services, that hyper-focus on the soup to nuts customer experience has helped Mollie gain market share year over year.
- How to drive partnerships that unlock their full potential. Because of Mollie’s global footprint, the team has inked countless partnerships with companies of all sizes that also provide services to online merchants. But signing a partnership and building an integration is just the start of a successful partnership. Ken’s team also innovates on ways to create value for partners outside of monetary incentives, whether that’s joint marketing activities, or providing trend analysis for partners using Mollie’s transaction data. To successfully maintain such robust partnerships, Mollie split the traditional partner manager role into two jobs — the first for “hunters” who love finding and structuring creative new partnerships, and the second for partner success managers, who continually think about ways to create joint growth with Mollie’s partners.
- How a localization strategy that prioritizes fewer markets can unlock hypergrowth. When Ken first joined the Mollie team in 2019, like most companies, Mollie had ambitions to scale to as many markets as possible. Yet they made a conscious decision to focus on markets where they knew they could see demonstrable success. One example was when Mollie pulled back on expanding into Italy, in order to focus its efforts and resources on growing in Germany, France, and the UK. Though the number of countries Mollie was available in was lower, the company’s market share has soared in each market, seeing successes in Belgium in 2020, and growing more than 1000% in Germany year over year.
- Why they don’t do any bespoke development at Mollie. A hyper-focused localization strategy doesn’t mean the company doesn’t want to be able to hit the ground running when expanding into additional markets. That’s one reason why Mollie decided early on never to create bespoke development. “Bespoke development creates legacy technology, and that’s expensive to maintain and it’s also not scalable,” says Ken.
- How to hire candidates for their future roles. Because of the pace that Mollie is growing, effectively doubling its headcount year over year, Ken has learned that hiring the right candidate for right now is short-sighted. Instead, they aim to hire people slightly overqualified for the initial role, knowing that Mollie is going to continue expanding, and the job with it. “That only works if you hire low ego people. People who put the customer first and the company first,” cautions Ken.
To learn more, tune in to Growth Hacks: How Mollie’s Mission to Be Loved by Its Customers Has Fueled Hypergrowth.