Case Study - Fishbowl

Challenge:

Although Fishbowl generates eight figures in Annual Recurring Revenue and serves thousands of restaurants, sales had stagnated despite a large portfolio of products and services.

Solution:

Fishbowl engaged FullON Strategy to conduct an evaluation of its Go-To-Market strategy.

FullON Services:

90-Day Go-to-Market Strategy Assessment & Recommendations. Delivered playbooks covering Market Positioning, Product Management / Development, Marketing Programs, Sales Programs, Brand Framework, and Services.

Results:

Fishbowl is positioned to capture 15 percent market share within three years, up from 8 percent market share prior to the FullON Strategy consulting engagement.

Fishbowl Quick Facts

$10 Billion Gross revenue created for restaurant partners
3 Billion guest transactions supported daily
9 Billion Emails, SMS and Offer campaigns using multi-channel messaging
~200 Employees

Situation

Founded in 2000, Fishbowl invented the category of email marketing for restaurants. The name Fishbowl comes from the analog practice of collecting business cards in a fishbowl for weekly drawings. As a prime mover in restaurant marketing, the company helped move thousands of restaurants into the age of digital marketing, helping them engage with guests to boost loyalty and sales.

Amid a broader industry trend among restaurant operators toward fewer vendors (one throat to choke), in addition to email, SMS, and promotional offers, Fishbowl expanded its full suite of offerings by developing a Guest Relationship Management (GRM) platform along with online ordering, wifi marketing, loyalty, and POS integrations. This suite enables restaurants to adopt data-driven strategies for both pricing and engagement and solidifies Fishbowl’s leadership as a full-service restaurant operations suite. Today, leading multi-unit national brands including Firebirds, Tom’s Watch Bar, and Earl Enterprises rely on Fishbowl to ‘hyper personalize’ experiences for guests.

Years of growth and change brought not only a larger product portfolio but also a series of changes in leadership (from founder-led to VC-backed). Competitors caught up and market needs changed. As the company diversified its products and markets and also acquired and added brands to its portfolio, its focus broadened, its messaging became muddied, and branding became diluted - a growth pain common to many companies.

Alex Wereminsky, Fishbowl VP of Sales and Marketing, stated, “Our messaging had become complicated, and we knew that simpler would be better.”

The constant drive forward meant that pausing to evaluate sales audiences for things like buyer’s journey and product-market fit repeatedly got bumped down the priority list.

CEO Adam Ochstein realized the value of validating business strategy and direction to ensure that the company was aligned for success. “We needed to pause and look inward: to turn over a few stones in order to confirm product-market fit and chart a course for our next six to twelve months,” said Ochstein. “I knew that an outside third party would be unbiased and therefore ideally suited to give us frank, candid input.”

Solution

Under the leadership of Ochstein, Fishbowl is re-focusing on fundamentals including who they serve, how they add value, and most importantly, a new vision for delivering value through innovation.

FullON helps businesses overcome plateaus and reach new heights of success by providing a thorough evaluation and complete overhaul of their market and growth strategies.

When Ochstein met with FullON Founder Seth Temko, the synergy was immediate. “At my first meeting with Seth, I realized he's as smart as the day is long, extremely thoughtful, analytical, and strategic,” said Ochstein. “Seth and the FullON team came in with an understanding of the industry we serve, so there was no learning curve. Plus, Seth was low-key; he didn’t take a pushy ‘salesy’ approach.”

Fishbowl opted for a 90-day strategy engagement with FullON. The go-to-market engagement was scoped to examine the company’s market, sales and marketing efforts, revenue goals, and product-market fit.

However, as FullON conducted employee and customer interviews, its consultants realized that a broader evaluation would better inform priorities to help Fishbowl achieve the best results in the shortest amount of time. Discoveries made during some of the first interviews led to expanding the scope of the consulting engagement considerably. Ultimately, FullON Strategy also evaluated - and delivered playbooks for - Fishbowl’s brand framework, product management, product development, strategic product roadmap, and its Fishbowl Consulting business unit.

FullON reviewed historical and current financials to understand the company’s economics and revenue projections. This was an important first step in assessing and recommending alternative go-to-market (GTM) strategies that aligned with the success metrics of the company.

FullON also conducted a market sizing exercise to assess the viability of their revenue growth plans to prove (or disprove) expectations. A comprehensive competitive analysis included SWOT analysis, Porter’s Five Forces, and detailed competitor matrices to develop a comprehensive view of the strategic environment and Fishbowl's positioning within it.

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Finally, FullON conducted an assessment of Fishbowl’s product set and roadmap. Goals included assessing whether customer feedback and feature requests were being prioritized, and helping maximize Fishbowl’s competitive positioning in the marketplace.

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Benefits: Transformed Market Complexity into Actionable Clarity for Exponential Growth

Based on the current trajectory, Fishbowl is positioned to capture 15 percent market share within three years, up from 8 percent market share prior to the FullON Strategy consulting engagement. Because of the work the company has done to mitigate risk and accelerate certain portions of its product roadmap, Fishbowl’s NPS score has jumped eleven points since implementing the GTM playbook that FullON Strategy developed.

“To say that FullON helped us get set up for long-term success would be an understatement,” said Ochstein. In a concise 90-Day engagement at a critical juncture in our business, FullON Strategy delivered precisely the strategic clarity we needed.”

Clarity Drives Business Success

FullON Strategy presented comprehensive findings and recommendations in the form of actionable, step-by-step playbooks covering Market Positioning, Product Management / Development, Marketing Programs, Sales Programs, Brand Framework, and Services.

Today, the work that FullON Strategy did is helping Fishbowl renew its position as a leader in the company’s core restaurant marketing space. In fact, Fishbowl wasted no time in implementing FullON recommendations.

“FullON helped us quickly identify the highest priority issues, which helped us prioritize and make decisions faster,” said Ochstein.

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Clarity in Messaging Results from Laser-Sharp Brand Focus

“FullON helped us quickly identify the highest priority issues, which helped us prioritize and make decisions faster,” said Ochstein.

“We expect that leaning into our Fishbowl brand equity will magnify it and solidify our position in the minds of our buyer audiences,” said Ochstein. “Seth and his team are incredibly adept at taking complex situations like ours, unraveling them, and distilling things down into easily understood, actionable frameworks. Best of all, because they took their time and dove deep, their recommendations and playbooks were extremely well-informed, data-wise.”

Wereminsky added, “One of the biggest benefits FullON Strategy delivered was clarity. Clarity in who we should target, by providing qualitative and quantitative data showing where there were matches between our offerings and target audiences. As outsiders, they were able to cut through the confusion and bring clarity in our messaging and value proposition.

FullON Strategy uncovered a number of unexpected, non-obvious findings. Among them was the fact that Fishbowl’s highest revenue customers weren't necessarily the happiest. Importantly, FullON discovered untapped markets and opportunities to boost Fishbowl’s Net Promoter Score. Since the FullON strategy engagement, Fishbowl’s NPS has jumped eleven points. “The boost in NPS validates the work the Fishbowl team has done to implement FullON’s GTM playbook for risk mitigation and short-term product roadmap,” remarked Wereminsky.

FullON also made recommendations to Fishbowl’s marketing agency on ways that they could better serve Fishbowl’s pivot going forward, recommending, for example, the creation of specific client case studies and white papers based on internal aggregate purchasing data to stress industry expertise.

Boost Sales Growth and Sales Ops Efficiency

FullON Strategy delivered a playbook that would enable Fishbowl to nearly double revenue in 36 months. Based on customer and needs research, FullON helped Fishbowl focus its product development efforts and delivered a playbook to help the company hit revenue goals and to continue their revenue growth path.

The Fishbowl referral and partner programs have grown since FullON recommended pursuing these channels as potential exponential high-growth sales channels.

Wereminsky implemented the FullON recommendation to assign territories to sales reps, resulting in greater efficiency, deeper relationships, and an increased likelihood for referrals. As a result of FullON recommendations related to product-market fit, Wereminsky and his sales team are zeroing in on the ‘sweet spot’ clients most likely to buy. FullON developed a set of buyer personas that equip the sales organization to refine its sales motions, approaches, and conversations.

“As a result of the FullON Strategy engagement, we're definitely operating more efficiently internally. Improvements have progressed faster, and we’re seeing clients getting value,” said Wereminsky.

Hone in On Product Development

FullON Strategy thoroughly evaluated product - market fit. Fishbowl serves both SMB and midmarket sized customers. Both segments generate significant revenue for the company, but one customer type generates 5X more revenue. Through customer interviews, FullON set out to validate the needs of each segment as well as market fit. The interviews also set out to understand how Fishbowl could best support each customer segment. At the time of the consulting engagement, Fishbowl’s feature set better served midmarket, and midmarket customers have a greater need for the Fishbowl solution.

The FullON playbook recommended that Fishbowl focus on midmarket and prioritize feature development to support this customer segment. The company is also pivoting and shifting sales process and teams to focus more intently on midmarket prospects and opportunities.

FullON evaluated Fishbowl Loyalty, considering features and functions and how they deliver value. But FullON went a level deeper and looked into Fishbowl’s strategy and capabilities related to product feature development and pace. Based on its evaluation, FullON delivered a playbook for how Fishbowl can prioritize development to deliver the greatest value to customers.

“Based on FullON’s recommended priorities for Fishbowl Loyalty, we almost immediately shifted development resources that will further differentiate Fishbowl Loyalty from competing solutions,” said Ochstein.

High Marks for Going Above and Beyond

“FullON proactively went beyond scope when they discovered additional areas that needed to be evaluated, and leaned in to give input and feedback,” said Ochstein. “Beyond delivering exceptional guidance on revenue opportunities, FullON’s engagement with Fishbowl delivered a comprehensive and superbly informed, rational plan that removes risk from the success equation.”

“I would one hundred percent recommend FullON Strategy,” said Ochstein. “I was thoroughly impressed by the line of questioning, the thoroughness and attention to detail throughout the strategy consulting engagement, the scope of who they wanted to interview and speak with, and the qualitative and quantitative data that we got back.”

Future Outcomes Outlook

‍Sustainability and Quality of Revenue Growth: FullON delivered a playbook with the goal of helping Fishbowl to nearly double revenue in 36 months. This suggests a trajectory for significant, sustained growth beyond the initial period in part because FullON helped Fishbowl zero in on their ideal customer profile.

‍Market Position Strengthening: By refocusing on their ideal customer profile and consolidating under the Fishbowl brand, the company is likely to solidify its market leadership position over time. This could lead to increased market share and brand recognition in the long run.

‍Improved Product-Market Fit: The recommendation to focus on midmarket customers and prioritize feature development for this segment is likely to result in a stronger product-market fit over time. This could lead to higher customer satisfaction, reduced churn, and easier customer acquisition in the target market.
‍Enhanced Operational Efficiency: The implementation of recommendations like assigning territories to sales reps and focusing on "sweet spot" clients is likely to improve operational efficiency over time. This could result in better resource allocation and higher profit margins in the long term.
‍Stronger Customer Relationships: The focus on deeper relationships in sales territories and better understanding of buyer personas is likely to foster stronger, more lasting customer relationships. This could lead to increased customer lifetime value and more stable recurring revenue.
Innovation Pipeline: The shift in product development priorities based on FullON's recommendations is likely to create a more targeted and effective innovation pipeline in addition to solving current customers’ pressing needs in the short-term. This could help Fishbowl stay ahead of market needs and maintain a competitive edge over time.
‍Scalability and Adaptability: By clarifying its focus and streamlining its operations, Fishbowl is better positioned for scalable growth. This could make future expansions or even potential mergers and acquisitions more manageable. The clearer strategic direction and more focused approach should make Fishbowl more adaptable to future market changes, positioning them to pivot or expand more effectively as needed.

‍Improved Net Promoter Score: While specific metrics about how FullON Strategy’s consultation impacted NPS weren't available at the time of writing, the focus on product-market fit and customer needs is likely to lead to improved customer satisfaction and higher Net Promoter Scores over time.

‍Partner Ecosystem Growth: The growth in referral and partner programs could lead to a robust partner ecosystem over time, providing additional revenue streams and market reach.

About Fishbowl

Across its product offerings and throughout its growth trajectory, Fishbowl has remained committed to leveraging marketing technology to strengthen the bond between restaurants and their guests, emphasizing trust and the familiar charm that defines the industry. To learn more about Fishbowl, Click Here.

About FullON Strategy

FullON provides B2B consulting services for go-to-market strategy, product marketing and marketing augmentation services, as well as planning and tactical execution to drive revenue growth for a range of companies including those that are startups and/or VC-backed, public or privately held, and mature, large corporations. Click Here to learn more about FullON Strategy,

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Fishbowl Positions Itself for Growth Aided By Comprehensive Go-To-Market Assessment