In 2015, Regus was the dominant player in office space and had been for many years. However, for the first time since their inception, they were starting to face some stiff competition, mainly from a new inclusion to the office space market known as ‘WeWork’. WeWork was quickly and aggressively moving into major cities and raising an impressive amount of funding.
Growth hacking a global business
With intense competition looming, Regus called upon TrueUp to identify the quick wins across the entire enterprise. Despite our enthusiasm for working with a FTSE 250 company, it was here where the challenges presented themselves. Applying a Growth Hacking approach to a global business such as Regus would be testing. Problems we identified included:
- How do we cut through a company with a confusingly high number of different products, channels and routes to sale?
- How do we work with teams that traditionally operate in individual business silos such as marketing, media, data product, brand and development?
- How can any solution we find scale to 120 different countries?
In 2015, TrueUp were beginning to make a name for themselves among startups, but Regus was their first high profile piece of business, and given the fact next to no one within the company had heard the term ‘Growth Hacking’ before, we knew we had to succeed to impress positively.
The ‘What If’ scenario
We started out by lifting the lid on Regus’ business. Quite early on it was apparent that Regus was unaware what was driving conversion or contributing to their revenue. To bring this to light, we pulled data from all areas of the business including SEO, display, paid search, CRM & their call centre. We then put this into easy-to-read visuals which Regus continued to use to measure success across their digital marketing. But we didn’t stop there.
Soon after creating this funnel, we developed a ‘What If?’ scenario tool. This tool demonstrated the potential revenue uplift from different marketing activities which made it incredibly simple for stakeholders to understand opportunities, who immediately championed the new process.
Our ‘What If’ tool revealed that the most prominent opportunity was within Conversion Rate Optimisation and not Acquisition, as initially thought. A small 5% increase in website conversion unlocked £5m in incremental revenue.
In the time working with Regus, TrueUp identified over 150 different test hypotheses. We began with those tests that would generate the most significant impact on the business. We constantly optimised based on results, and other hypotheses were rapidly evolving as our learning expanded. This approach resulted in 34 tests over six months across both UK & USA.
Within six months, we’d helped Regus achieve over £14.5m in incremental revenue and a return on investment of 64:1. Regarding website conversions, Regus saw a 70% increase in the UK and 109% in the US, while our paid media experiments saw an uplift of 27% and 35%.