Acquisition project | Agoda
📄

Acquisition project | Agoda

Elevator Pitch

- Elevator's Pitch

​

"Want to travel more while spending less? Agoda is a seamless platform for booking hotels, vacation rentals, and other travel services, offering unmatched affordability, convenience, and reliability.

With 98.9 million monthly website visits and over 100 million times app downloads so far, Agoda is one of the most loved platforms among travelers. Unlike other platforms, Agoda simplifies travel by providing end-to-end solutions and the most competitive pricing.

Planning your next trip? Download the Agoda app today!"










Understand the product

Core Value Proposition:

For Travel Enthusiasts, who needs seamless and end-to-end travel booking experience, Agoda is an online travel agency that provides convenience, affordability and a range of travel services such as Stay, flights, on-ground transportation and experiences for a hassle-free experience.








Understand the user

TOP 4 ICPs:



ICP 1

ICP 2

ICP 3

ICP 4




Name

Shefali

Abhishek

Priyanka

Pallav




Age

34

22

29

28




Gender

Female

Male

Female

Male




City

Pune

Nagpur

Pune

Rajkot




Occupation

Supply Director @ Swiggy

Student

Working Professional

Working Professional




Monthly Income

2L+

0 - 50K

50K - 1 lakh

50K - 1 lakh




Marital Status

Unmarried

NA

Married

Unmarried




Kids

NA

NA

1

NA




Frequency of travel/year

20-25

2

10 - 12

7-8




Number of work trips

20

0

4

0




Number of personal trips

5

2

5-7

7-8




Go-to place in India

Goa

Does not like to repeat

Nagpur, Nearby Pune

Himachal

(been there 3 times)




Go-to place abroad

Thailand

Never been to abroad

Just did one international trip

Never been to abroad




3 places on your bucket list in India


Manali, Jammu, Ayodhya, Coimbatore

Sikkim, Kerala, Rajasthan

Bangalore, Gokarna, Jibi




3 places on your bucket list abroad

Amsterdam, Europe, China

Japan, Spain, Anime

Dubai, New York, Rome

USA, Japan, Bali




Are you a city person or a nature person?

Both

Nature

Nature Mostly

Nature




Travel partner/people

Friends & Partner

Friends and Family

Husband now, Earlier Friends

Friends, Solo




How far in advance do you plan your trips?

For India - Impromptu

International - 1-2 months before

1-2 months before

Short trips a week ago,

Long trips 1/2 months ago

1-2 months before




Early planner or last minute?

Last minute mostly

Early Planner

Early Planner

Early Planner




What’s your overall mood or outlook when it comes to planning trips?

Want to relax, More leisure time, want to try different cuisines, want to understand culture and people of that place

Want to do as many acitivities as possible,

should be budget friendly,

everyone should be able to afford,

Loves to go to religious places

Want to relax, Need me time

Wanna go for a mix of leisure and exploring

Want to interact with similar mindset people

Be among nature

Explore new places




Travel challenges

Coordination problems with friends, Had to make

WhatsApp groups then people take time to choose

We plan travel dates long back but book accomodation just few days

before trip because of which it gets difficult sometimes

to get a hygienic place

Not as such

Not as such




Do you prefer staying in hotels or going for experiences?

Experiences but not a lot

experiences and acitivities as much as possible

I prefer exploring but it should not be hectic

going for experiences




Prefer Hotel/Homestay/Hostels?

Hotels

Hotel mostly - homestays are expensive

Hotels

Hostels




Why do you prefer Hotel/Homestay/Hostels?

In room dining is a lot easier

In hotels you get cheap options yet hygienic - other options we feel

are either expensive or if we think about dorms - 8 people

1 washroom it gets difficult

I don't want to get that homely feeling,

I get that enough

During trip I want to relax hence I prefer hotels

I get to interact with different culture people




What do you look for in a stay while traveling?

Convenience, 5 star amentities, Hygiene

Hygienic place - Standard amenities works

Hygienic + Good Amenities + Good view is a plus

Hygience, Common areas are very imp for me, A nice view, all basic amenities




Who takes the final call on travel plans?

Depends - But I am okay with anything mostly

We all do it together, In case of family - Parents take it

I do

I do mostly




How do you book your flights?

MMT, Because of Army discount , Compares on Skycanner

NA

MMT, Even if its slightly

expensive because its trusted

MMT - Convenient




How do you book your stay?

Domestic - MMT, International - Bookings.com because it gives pay
later option and you can cancel before 24 hours

Locally because they give discounts if we book directly


Zostel or some other hostel Apps




How do you book experiences?

Local websites

We never book it online, do it locally

We do it locally once we reach there

Usually do it locally




Source to find new cities/places

Social Media, Friends recommendations

Social Media - Instagram, Youtube, Word of Mouth

Instagram mostly - through travel reels

Follow and watch travel vlogs on Youtube




Travel apps you use?

MMT, Skycanner, Agoda, Trip Advisor, Airbnb

I don't use Apps

MMT, Skyscanner, Agoda

MMT, Zostel, Booking.com




Reason to use these apps?

MMT - For domestic travel - Army discount
Booking.com - For Internation Travel - Pay later option - you can
cancel before 24 hours
Agoda - Only when tripadvisor suggest that prices are low
Airbnb - When we want to book the homestay
Trivago - When want to compare stay prices
Skycanner - for flights

NA

MMT - Because its trusted

Skyscanner - To compare flights

Agoda - For Affordable stays

MMT - Convenient
Zostel - Most popular and trusted hostel App
Booking.com - If I am getting better deal




Which UI do you like the most?

All are horrible - MMT is fine

Can't comment

I don't like most of them, MMT is okay

MMT




Notifications are on for these apps?

MMT - Yes,

Others - No

No

No

No (Have not installed the App), Use website




Do you delete these apps once back from travel?

No

No

No

NA




Overall screen time

8 hours

4-5 hours

30 - 1 hours

5-6 hours




Social media apps you use?

Instagram, Youtube (barely)

Instagram, Youtube

Instagram, Snapchat

Youtube, Instagram, LinkedIn




Time spent on Instagram

30 - 1 hour

1-2 hours

0-30 mins

30 mins




Time spent on YouTube

Negligible

1-2 hours

Negligible

2 - 3 hours




Influencers you follow

Akriti Rana (IG), Shaurya (IG), Bruised Passport (IG)

Ankita C (YT channel) , Fa2 (YT channel )

Don't remember, Follows some

Lifestyle Influencers

Rohni and Batoo (YT Channel)




2025 Travel Goals

Thailand, Goa, Europe

No Plans, Will go impromptu

3-4 hometown trips to Nagpur

Goa, Darjeeling, Dubai

Himachal in Feb (Already booked)




Hobbies

Travel, Trying different cuisine & cocktails, to know about

people and culture

PS Games, Listening to Music,

Spend time with friends, Badminton

Gym, Watching Series on Netflix

Prime, Hotstar

Gym, Travel, Read about Startup culture

Watch YT Channels - such as Starter Stories




Average Spend Per Trip Per Head - Domestic

40-60K

10-20K

20-30K

20-30K




Average Spend Per Trip Per Trip - International

1.5-2.5Lakhs

NA

50-60K

NA





ICP Priortization:


Criteria

Adoption Rate

Appetite to Pay

Frequency of Use Case

Distribution Potential

TAM (User/Currency)

ICP 1

Moderate

High

Moderate

High

$1.13 billion

ICP 2

Low

Low

Low

High

$3.25 billion

ICP 3

Moderate

Moderate

Moderate

High

$3.33 billion

ICP 4

Low

Moderate

Low

High

$1.24 billion


Basis above given ICPs, we will prioritize ICP 1 and 3 for our study.

TAM Calculation Logic:

(I have taken a pessimist approach that is lower number for calculating the TAM, For example - the average commission to calculate Average Revenue per trip I have taken as 15% whereas this number can lie anywhere between 12 - 20%)

Example for ICP 1:

Total Population in India (Between 30-35 age) = Approx. 100 million

%tage of people earning above 2lakhs/month = Approx 2%

So, Potential Customers = 100,000,000×0.02=2,000,000


Domestic Trips per year = 2.5/year (Average)

Spent on Domestic Trips (Per Trip Per Head) = 50K (Average)

International Trips per year = 1.5/year (Average)

Spend on International Trips (Per Trip Per Head) = 125K (Average)

Average Commission by Agoda (Estimated) - 15%


So Average Revenue per trip:

Domestic = 50K x 15% = 7.5K

International = 125K x 15% = 18.75K


TAM = 2000000 x [(2.5 x 7500) + (1.5 x 18750)]
= $ 1.13 Billion











Understand the market

Competitor's Analysis:

Factors

MMT

Goibibo

Cleartrip

Easemy trip

Ixigo

What is the core problem being solved by them?

one-stop platform for flights, hotels, trains,

buses, and experiences

Solves the issue of finding competitive

pricing across flights, buses, and hotels,

especially for domestic travel.

Providing seamless and simple travel booking

Focus on Flights & Train bookings

Simpler UI

Solves the challenge of costly travel services

by providing cost-effective alternatives for

flights, hotels, and holiday packages.

solves the problem of managing multiple sources

for booking travel by consolidating data for

comparison and booking in one place.

USP

Trustable, Strong Customer Experience

& Support, UI loved by Indian Consumers

Budget Friendly Travel Option

GoCash - Discounts & Loyalty Points

Simple Platform with focus

on flights and train booking

Zero convenience fees and discounted fares,

making travel more affordable.

aggregating travel options from different sources

to provide consumers with the best choices

What are the products/features/services

being offered by them?

Flights

Hotels

Trains

Buses

Holiday Packages

Experiences

Corporate Travel

Visa & Forex Services

Travel Insurance

Flights

Hotels

Trains

Buses

Holiday Packages

Cab & Rentals

Experiences

GoCash (Loyalty Points)

Flights

Hotels

Trains

Buses

Experiences

Holiday Packages

Travel Rewards

Flights

Hotels

Trains

Buses

Holiday Packages

Visa & Forex Services

Travel Insurance

Special Deals

Flights

Trains

Buses

Hotels

Holiday Packages

Experiences

Travel Search Engine

Trip Planner

Who are the users? - Demographics

Age Bracket - 25 - 45

Income Group - Middle to high- income

Occupation: Professional, Corporate Employees,

Business Owners

Location: TIer 1 and 2 cities

Age Bracket: 20-40

Income Group - Middle Income mostly

Occupation: Student, Young Professionals,

Small business owners

Location: Urban and Semi Urban areas

Age Bracket: 25-45

Income Group - Middle to Upper Middle Class

Occupation: Working professionals, business

travellers

Location: Urban cities - mostly tier 1

Age Bracket - 25-40

Income Group: Middle class group

Occupation: Young professionals, families,

small business owners

Location: Urban and semi-urban areas,

especially Tier 2 cities

Age: 20-40 years
Income: mostly from middle-income groups
Occupation: Students, working professionals, frequent commuters
Location: Tier 2 and Tier 3 cities, metro areas

Who are the users? - Travel Behaviour

Frequent Flyers - Both business & leisure

Type of trips - Family holidays, Corporate

bookings, Partner & group trips

Preference: International Trips -

Premium Services

Frequent Domestic Travellers

Type of trips: Regular short trips with

family/friends/partners

Preference: Budget conscious folks, seeks

discounts and loyalty points

Frequent travellers preferring simple UI

Tech Savvy folks

Domestic and International travellers

Price-sensitive travelers

Looks for affordability, budget holiday packages

Budget travelers focused on finding the best deals through comparison
Frequent train travelers looking for seat availability, schedules, and bookings
Travelers interested in exploring local or regional destinations
Users seeking to plan short weekend trips or budget travel
Preference for aggregating options and comparing deals across multiple platforms

GTM Strategy?

Extensive Advertising Campaign

Celebrity endorsement

Brand Partnerships

Loyalty Program

Digital Marketing

Segment segregation

Price Competitiveness

High Focus on Mobile Donwloads

Partnership

Gamification

Youth Targeting

Promotes Easy to use UI

Partnerships with Airlines or Brands

Premium Users focus

Leverages Credit Card promotions

Relies a lot on Word of Mouth

No convenience fees

Target to Tier 2/3 cities with localized campaigns

Partnerships

Referral Marketing

Performance Marketing

Focuses on being a discovery platform too

Train Centric Focus for travel

Target tier 2/3 to download the App

Personalised recommendation

Content Marketing

What Channels do they use?

Digital Advertising

Email Marketing

Affiliate Marketing

Traditional Media (TV, radio, print)

Performance Marketing

Partnerships

App-Based Marketing

Social Media

Influencer Marketing

Referral Programs

Performance Marketing

Search Engine Marketing (SEM)

Email Campaigns

Partnership Marketing

Social Media Ads

Content Marketing

Performance Ads

Social Media

Email and SMS Marketing

Referral Campaigns

Regional Marketing

SEO and SEM

Social Media

Content Marketing

Mobile-First Approach

Partnerships

What pricing model do they operate on?

Commission-Based

Convenience Fees

Subscription Pricing

Commission-Based

Convenience Fees

Cashback Model

Commission-Based

Convenience Fees

Bundled Discounts

No Convenience Fees

Commission-Based

Add-On Services

Affiliate Model

Commission-Based

Freemium Model

How have they raised funding?

Publicly listed on NASDAQ, raised $780M

in its IPO (2010); later funding from Ctrip

(Trip.com Group) and other investors.

Owned by MakeMyTrip after a $1.8B

merger with ibibo Group (backed by

Naspers and Tencent) in 2016.

Acquired by Flipkart (Walmart-backed) in 2021;

previously raised undisclosed amounts from

investors like Concur Technologies.

Bootstrapped and profitable; listed on

NSE/BSE in 2021,

raising ₹510 crores through IPO.

Raised $53M in Series C (2021) from investors

like GIC, Sequoia Capital, and Elevation

Capital; preparing for IPO.

Brand Positioning

A premium one-stop travel solution for

seamless bookings.

Budget-friendly travel deals for a

young audience.

A simple and reliable platform for premium

travelers.

Cost-effective travel bookings with no

convenience fees

A smart travel companion for budget and

train travelers

UX Evaluation

Comprehensive navigation

Personalized recommendations

Feature-rich interface

Engaging visuals

Occasional clutter

Gamified experience

Easy-to-use interface

Youthful design

Fast loading

Discount visibility

Minimalistic design

Intuitive navigation

Clean visuals

Consistent performance

Focused on simplicity

Straightforward interface

Minimal distractions

Fast booking flow

Value-centric design

Basic visuals

Data-rich interface

Smart features (e.g., PNR tracking)

Search-focused design

Budget-centric UX

Cluttered at times

What is your product’s right to win?

Price Transparency - No hidden fees,

best prices guaranteed

Can leverage Global Expertise

Superior Accomodation - Luxury & Unique

Tech- driven Personalisation

Global Inventory

Superior Deals and Offers

Price Advantage

Personalised trip suggestions

Exclusive hotel bookings

Global Network

What can you learn from them?

Comprehensive Bundling

Aggresive Marketing

Segment centric approach - Eg Youth

Loyalty program

Simple UI

Loyalty Program

Zero convenience fee

Affordability Focus

localised content


TAM, SAM & SOM Calculation:


TAM: (Data available online)

1. TAM (Total Addressable Market): (Basis Data available online)

  • The total size of the Indian online travel market in 2025 is estimated to be around $45 billion.
  • This includes hotels, flights, trains, buses, and experiences.
    TAM (India OTA Market) = $45 billion

2. SAM (Serviceable Available Market):


For now, Agoda's primary business comes from accommodation (hotels, homestays, resorts) and related services, not flight and train bookings.

  • (Estimation) hotel bookings contribute to around 50% of the overall Indian OTA market.
    SAM = 50% of TAM = ₹1,87,500 crore

3. SOM (Serviceable Obtainable Market):

  • As of now, Agoda's market share in India is around 5-7%
  • Assuming Agoda’s share in the Indian market will stay at 5% (a conservative estimate), we can calculate the SOM.
    SOM = 5% of SAM = ₹9,375 crore

Final Calculation:

  • TAM (Total Addressable Market): ₹3,75,000 crore
  • SAM (Serviceable Available Market): ₹1,87,500 crore
  • SOM (Serviceable Obtainable Market): ₹9,375 crore

















If your product is in mature scaling stage

Designing Acquisition Channel


Channel Name

Effort

CAC

Flexibility

Lead Time

Scale

Organic

​High

Low

Medium

High

Medium

Meta Ads

Low

Low

High

Low

High

Youtube Ads

Low

Low

High

Low

High

Product Integration

High

Low

Low

High

High

Content Loops

Moderate

Low

Moderate

Low

High

Influencers

Low

High

Low

Low

Medium


In Indian market, when it comes to travel - brands needs to be aggressive on marketing. The brand which does highest marketing in India which is MMT has the highest market share (this is not the only reason though 🙃 But in India, jo dikhta hai vo bikta hai)


Basis above table, we must prioritize Meta Ads, YouTube Ads and Content Loop. This is also because the ICP 1 and ICP 3 which are our focus ICPs spends a lot of time on these channels and gets inspired by the travel content.






Detailing Content loops

Content Loop

Why should we even think of content loop for Agoda when other platforms are focusing on providing simpler UI or Cashbacks etc. This is because no travel platform in India today is leveraging this channel actively. Travel is something people want to check out via Reels, Youtube Vlogs or family/friends stories in such a case why not leverage content loops? Remember when Indian Influencers started posting about Azerbaijan on reels? Apparently the searches for Baku and Azerbaijan skyrocketed and jumped 450%!


The Idea?!: Agoda can create a page on multiple social media channels such as Instagram, Youtube and Facebook and Re-share or collaborate the content created by Influencers, Travel Enthusiasts or even common people. Strategically the team can define the Re-sharing criteria such as Hidden Places, Not so popular countries, Travel Tips/Hacks on airlines, local etc, Unique properties with views, food and culture of the country etc. Agoda will get a readymade content mostly and people will resonate with it if they re-share common people's content too (if they tag Agoda that means they are giving consent to do so) and Travel enthusiast will get visibility. Win-win for both!

(Agoda can mention a subtle captions/descriptions in the post mentioning for best deals for the country/place - Visit Agoda App today!)

Step 1 → Nail down your content creator, content distributor and your channel of distribution.

Content Creator: Travel Enthusiast (60%) + Agoda Creative Team (40%)

Content Distributor: Agoda's Social Media Pages especially Instagram

Choice of channel for distribution: Instagram, Youtube and Facebook.


Step 2 → Decide which type of loop you want to build out.


Hook :

There can be various hooks

Messaging: Messaging can be around tips/hacks to get best deals, new country for Indians to explore, hotels with serene view, Best beach in the country to visit, Best food to have in Bali, Experiences to try in Baku

Generator : Travel Enthusiast (60%) + Agoda Creative Team (40%)

Distributor : Agoda


First, Content details of a user (me) that can be shown in content loop:


Step 3 → Create a simple flow diagram to represent the content loop.


image.png

Detailing Paid Advertising

(Understand what is already being done, what is working out well and what needs to be stopped)

Step 1 → Define the CAC: LTV ratio. If your product has a healthy CAC:LTV ratio, proceed with paid ads.


Assumptions:

  • Customer Acquisition Cost (CAC) = ₹1,200
  • Number of Transactions per Customer (Lifetime) = 10 (8 domestic + 2 international)
  • Domestic Commission per Trip = ₹4,000
  • International Commission per Trip = ₹10,000
  • Gross Margin = 25%

Calculations:

1. Revenue per Customer (Total Revenue):

  • Revenue from Domestic Travel = 8 trips × ₹4,000 = ₹32,000
  • Revenue from International Travel = 2 trips × ₹10,000 = ₹20,000

Total Revenue per Customer = ₹32,000 (domestic) + ₹20,000 (international) = ₹52,000

2. Gross Profit per Customer:

  • Gross Profit = Total Revenue × Gross Margin
  • Gross Profit per Customer = ₹52,000 × 25% = ₹13,000

3. Lifetime Value (LTV):

LTV = Gross Profit per Customer - Customer Acquisition Cost
LTV = ₹13,000 - ₹1,200
LTV = ₹11,800

Final LTV Calculation:

  • The Lifetime Value (LTV) for a customer, considering 10 transactions (8 domestic + 2 international), would be ₹11,800.
  • The CAC to LTV ratio is approx 1:9


Step 2 → Choose an ICP

We will focus on ICP 3 for Paid Ads


Step 3 → Select advertising channels

Instagram

Step 4 → Write a Marketing Pitch

Agoda Marketing Pitch for Female Travelers (25-30)

Discover the Perfect Getaway with Agoda: Your Dream Vacation, Tailored to You

Are you a modern woman who balances work, fitness, and the thrill of travel? Whether you're seeking a relaxing beach resort to unwind or an exciting city escape with your loved ones, Agoda makes it effortless to plan and book your next getaway.

With Agoda, you can:

  • Relax in Comfort: Choose from a wide range of luxurious hotels with top-notch amenities, perfect for unwinding after a day of exploration.
  • Explore the World: From city-specific destinations to nature retreats, discover the best locations that suit your adventurous side and your need for relaxation.
  • Seamless Booking: With a simple, user-friendly app and exclusive deals, planning your next trip has never been easier.

Whether you’re craving a beach retreat, a nature resort, or a vibrant city to explore, Agoda gives you the best of both worlds. With us, you don't just book a hotel—you unlock unforgettable experiences, from delicious local food to thrilling adventures.

Agoda is here to transform your travels into cherished memories.


Step 5 → Customize your message for different customer segments to ensure relevance

Let's divide this ICP basis the travel behavior and hobbies of this ICP:

  1. The Luxury Seeker
  2. Nature Enthusiasts
  3. Urban Explorers
  4. Family Vacationers
  5. Food and Culture Explorers
  6. Influencers


Pitches Basis the different customer segment for the same ICP:


The Luxury Seeker
"Looking to travel in style? With Agoda, experience five-star luxury wherever you go. From world-class hotels to premium amenities, enjoy comfort, relaxation, and service at its finest. Your dream vacation is just a booking away. Discover luxury with Agoda—where your getaway feels like a five-star experience every time."

Nature Enthusiasts
"Craving some fresh air and wide-open spaces? With Agoda, explore nature's best-kept secrets. Whether it's serene beaches or breathtaking mountain resorts, we've got the perfect getaway to help you disconnect and unwind. Nature is calling—book your peaceful retreat with Agoda today."

Urban Explorers
"Ready to dive into city life? Agoda brings you closer to the heart of the world’s most exciting cities. From the best shopping districts to vibrant nightlife, find your perfect city escape. Explore urban jungles, local culture, and all the adventure you can handle. Stay smart, stay close, with Agoda."

Family Vacationers
"Planning your next family getaway? Agoda has you covered! Find the best family-friendly hotels and activities that everyone will enjoy. From safe, comfortable stays to fun-filled adventures, make memories that last a lifetime. Your perfect family vacation starts with Agoda."

Food and Culture Explorers
"Travel for the taste, the culture, and the experience. With Agoda, you can discover the world through food and authentic local experiences. From street food to fine dining, explore new flavors, sights, and sounds. Your next culinary adventure awaits—book with Agoda and make your tastebuds travel."

Influencers
"Are you ready for your next Instagram-worthy getaway? Agoda helps you find the most stunning, photogenic stays for your next travel content. From sleek city hotels to beautiful nature resorts, turn every trip into a picture-perfect moment. Share your journey with Agoda, and let the world see where you’ve been."


Step 6 → Design at least two ad creatives (e.g., images, sketches, videos, text ads) that reflect your marketing pitch.


vaca tion.png








Detailing Referral / Partner program


Detailing Product integrations

(Understand, where does organic intent for your product begins?)

​

Step 1 → Identify complementary products used by your ICP
Step 2 → Use the selection framework

Channel Name

Time to go live

Tech Effort

New users we can get (monthly)

New Users we can get in Month 1

New Users we can get in Month 2

New Users we can get in Month 3

IRCTC for Train

Bookings

​6 months

High

70K-1L

90K- 1lakh

1lakh - 1.5Lakh

2lakhs above

Google Pay

​4 weeks

Moderate





Integration Partner 3



​



​


Step 3 → Collaborate with necessary stakeholders
Step 4 → Map the customer journey
Step 3 → Design the wireframe with the new integration
Step 3 → Run pilot tests before launching
Step 3 → Measure post-integration metrics

​


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