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Your positioning is already decided. You're just not reading it.

Your acquisition channel is a map. Most studios refuse to read it.

Written by: Shabbir ManpurwalaCreated on: Jul 22, 20266 min read
Summarize:

Every studio hits this fork around year five.

You look at your client list and you ask a question that feels strategic but is mostly existential: is this who we are, or is this who we settled for?

We hit it while building our new site. You can't write a homepage until you know who's reading it, so the whole build stalled on one line. Who is this for?

And the honest answer, for about a week, was: I don't know, but probably someone bigger than who we have now.

The pull toward enterprise is real

I want to be fair to the enterprise argument, because it isn't stupid.

Bigger budgets. Longer engagements. Contracts that don't evaporate when a founder's runway math changes. Logos you can put on a homepage that make people take you seriously before you've said a word. After six years of good work for companies most people haven't heard of, there's a real gravity to it. It feels like graduation.

The problem isn't that enterprise is bad. Enterprise is great, for studios built to sell to enterprise.

The problem is that it's a different company.

Different sales motion: RFPs, procurement, vendor lists, security questionnaires, a nine month cycle that starts with someone you'll never meet and ends with legal. Different cash flow shape. Different team, because someone has to run that motion and it isn't the designers. Different work, because the work gets slower and safer as the number of approvers goes up.

You don't graduate into enterprise. You rebuild into it.

Which is a fine thing to choose. It's just not a thing you drift into because the logos look nice. And most studios chasing enterprise aren't chasing the work. They're chasing the wall.

Stop taking advice. Read your own history.

Here's what unstuck it for me, and it wasn't advice.

We've done 100+ projects over six years. Every single one came from word of mouth. Zero cold outbound. Zero RFPs. Zero enterprise procurement.

I'd been treating that as a nice fact about our marketing. It isn't. It's a map.

Referrals don't travel randomly. They travel through networks. A happy client tells someone they actually talk to, which means your acquisition channel is a direct readout of whose network you're inside. Ours are founders. Founders talk to founders. They swap vendor names in group chats and over coffee and in the ninety seconds after someone asks who built your site.

Enterprise doesn't run on that. Nobody at a 4,000 person company tells a peer at another 4,000 person company to call the studio their friend used at seed stage. That's not how those decisions get made. They get made on vendor lists, in a process designed specifically to remove the personal recommendation from the equation.

So when I said we were "deciding" between startups and enterprise, I wasn't deciding anything. I was ignoring six years of data because it wasn't flattering enough.

If you run a studio, do this on your own numbers. Where did your last twenty clients come from? Not "referrals," specifically who referred to them and what network they were in. That's your positioning. It's already written. You're just not reading it.

The advice that finally landed

I did get one piece of advice through all this, and it was good, but it landed because it agreed with what the data already said.

Don't switch customers to get bigger. Keep your customers and let them get bigger.

You don't chase enterprise. You grow into it, holding the hand of the seed stage founder who becomes the Series C operator with a real budget and real headcount and a procurement process of their own. Same relationship, later. You skip the vendor list because you're already the incumbent, and the incumbent doesn't get RFP'd.

This is not a hack. I want to be clear about the cost, because the version of this on LinkedIn always leaves it out.

It's slow. You're pricing at seed stage rates for work that will pay off in three years, if it pays off.

Most of them die. That's not pessimism, it's the base rate. You're not betting on a client, you're underwriting a portfolio of founders and hoping enough of them make it.

And you have to actually be good enough to keep. Growing with a client means surviving every stage where they could plausibly upgrade away from you. They will get pitched by bigger studios the week after they raise. If your only argument is loyalty, you lose.

So it's a bet. It's just a bet that matches how we already win, instead of one that requires becoming a different company first.

What it looks like when it works

One example, and I can't name them.

We started with them when they raised their seed. Small team, moving fast, the kind of client where you're talking directly to the founder and decisions happen in an afternoon.

It started as a website. One project. The thing you do when you've just raised and suddenly need to look like a company.

We worked with them through Series B.

Somewhere in there the scope stopped being a scope. The website became the design system. The design system became the product. Then the decks they were raising on. Then the ads. By the end we weren't a vendor they hired for a project, we were their design function, running multiple requirements in parallel because their team had gotten big enough to need three things at once and none of them could wait.

Nobody planned that. There was no expansion strategy. We just kept being the people who already knew the answer, and the fastest path for them was always to ask us instead of explaining the company to someone new.

That's the part I'd underline. What compounds isn't the relationship, it's the context. Three years in, we knew why a decision got made in year one. A new studio would need two months to learn what we already had, and by Series B nobody has two months.

Two rounds. Multiple versions of the same company. The seed stage version of them didn't have the budget of the Series B version. Obviously. But we didn't need the Series B budget in year one. We needed to still be there in year three.

That's the entire thesis, and it's not a theory. It already happened.

The landing

We're not repositioning.

Startups and midmarket, and we grow into enterprise by growing with the ones who make it. That's the whole strategy, and writing it out felt less like a decision and more like an admission.

Six years of clients told us who we were for. It took a website that wouldn't get built to make me listen.

About Hexcode

An embedded design and development studio. Since 2020 we've shipped brands, websites, and products for 100+ startups backed by YC, a16z, and Sequoia.

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