Lightspeed Commerce operates in the Retail space. They offer cloud-based POS & Management solutions for Retail, Restaurant & Hospitality. They operate in dozens of categories and verticals, and over the years they have acquired all kinds of bit players in these categories.
I believe, like their new CEO JP Chauvet (who was the CRO while I was still working there back in 2014) that they are still in their infancy.
In other words, they are sitting on a goldmine.
ARR is (very roughly) $150M per year. A customer who is processing payments with them is 11X the value of their average customer. Currently, their existing customer base isn’t activating as quickly as it could be.
In order to generate trust, and catalyze that process, I would recommend becoming an Authority in the commerce space.
Launch Paid Masterminds.
- Tier them: $99 / $999 / $19,999 /$50,000 etc.
- Reskin/redeploy to the 20-30 verticals that exist.
- The masterminds will feel super-targeted and customized.
- Elect leaders and promote voices from inside these communities.
- Deliver MINDBLOWING content that impacts their bottom line.
- Upsell MORE PRODUCTS into this highly engaged audience.
- ex. Payment processing, Consulting, eBooks, Courses, Exclusive Conferences, Exclusive Masterminds, Paid Advertising Spots etc.
Let’s run the numbers:
- If you sold the $100K package to just 20 of your top stores, you’d make an extra $2M, you’d also deepen your bond with those stores considerably and help them grow. Which is a win-win.
- If you sold the $20K package (which could be positioned as half the price of an on-site employee ) to 100 stores, you’d add another $2M to your top-line.
- This is just a taste of what's possible with this new revenue stream.
- This gives Account Managers additional upsell opportunities
- It paints Lightspeed as an authority/leader in the category.
- It protects against commoditization by offering something unique.
- It adds to the top-line of Lightspeed’s customers, which is a win-win.
- It creates a trust vehicle (ie. a platform) for more sales.
- LS can sell exclusive promotions and products through this channel.
- LS can use the trust it generates from these exclusive groups to help other stores transition onto their payment platform.