When to Prioritise different Growth Opportunities?

Context:
'HealthFirst,' a Series C-funded health and wellness e-commerce platform in India, is seeking to accelerate growth after a period of steady performance. Known for its range of fitness supplements and equipment, the company is considering various growth strategies. As a Growth Lead consultant, you are tasked with evaluating the effectiveness of these strategies and proposing the most impactful course of action.

Your Task:
Assess the potential growth strategies for HealthFirst, considering their market position, competition, and current performance. Determine the types of data and analysis required to make informed strategic decisions.

1. Funnel Optimization:

HealthFirst's conversion rate from website visits to purchases has been below the industry average. What data would you analyze to identify bottlenecks in their sales funnel, and what optimization strategies would you propose?

2. Channel Expansion Analysis:

The company primarily relies on online sales through its website but is considering expanding to third-party e-commerce platforms. Discuss the data points you would gather to assess the potential of this channel expansion and its alignment with HealthFirst's growth objectives.

3. New Product Line Exploration:

Considering entering the organic health foods market, what market research and internal data would you suggest analyzing to evaluate the potential success of this new product line?

4. Geographic Market Diversification:

HealthFirst has a strong presence in urban areas but is contemplating expanding to tier-2 and tier-3 cities. Identify the key metrics and market data necessary to analyze the viability and potential challenges of this geographic expansion.