- Information technology services major Infosys has announced the launch of Springboard, a digital skilling program for India.
- A part of Infosys’ environment, social, and governance goal, Springboard brings a curriculum-rich virtual platform that delivers corporate-grade learning experiences to students from Class 6 to working professionals.
- While the Springboard platform is powered by Infosys’ Wingspan ed-tech solution, the courses on it have been developed in collaboration with digital education industry leaders such as Coursera and Learnship.
- ESDS Software Solution files draft papers to raise funds via IPO Premium.
- MUMBAI: ESDS Software Solution Ltd, a Nashik-based cloud services and data centre, has filed draft papers with the Securities Exchange Board of India to raise funds through an initial public offering.
- ESDS Software Solution is among India’s leading managed cloud service and end-to-end multi-cloud requirements provider.
- Indian Software-as-a-Service unicorn, Freshworks Inc. has filed for an initial public offering worth $100 million with the U.S. Securities and Exchange Commission.
- Freshworks joins the growing list of Indian unicorns which are making a beeline towards public markets.
- Freshworks has raised more than $327 million in funding till date from the likes of Accel, CapitalG, Sequoia India, and Tiger Global Management.
- Digital mapping product company Mapmyindia is looking to raise Rs 1,200-1,300 crore through an initial public offering.
- According to news reports, the company posted a net profit of Rs 24 crore on revenue from operations of Rs 149 crore in the year ended March 31, 2020.
- Data provided by Tracxn show the company’s revenue for fiscal 2019 at Rs 162 crore against Rs 161 crore the previous year.
- US-based Infosys subsidiary Infosys Public Services on Thursday said it will digitally transform Manitoba Public Insurance, a Crown corporation that provides auto insurance and driver services.
- Infosys Public Services CEO Eric Paternoster said that the company, along-with Celtic, had previously helped 19 jurisdictions across North America modernize and digitise various vehicle and driver licensing processes.
- Founded in 2009, Infosys Public Services helps public sector organisations navigate their digital transformation, helping them renew existing systems into modern, agile, intelligent platforms.
- Google may soon have more competition in India’s smart TV market, with brands, including Intex, planning to launch televisions running on LG’s webOS platform.
- Currently, India’s smart TV market is dominated by televisions running on AndroidTV, but LG started licensing its webOS platform earlier this year.
- The Competition Commission of India had ordered a probe into allegations that Google is abusing its market dominance in India.
- BANGALORE/SAO PAULO, Aug 25 – Brazil’s Nubank is seeking a valuation in its planned U.S. initial public offering that would push the eight-year-old fintech past the $55.4 billion value of the country’s top traditional lender, two sources familiar with the matter said.
- One source said that in recent weeks Nubank’s bankers have pitched a valuation of as much as $100 billion.
- Nubank declined to comment on the expected valuation.
- Online automobile marketplace Droom, which recently announced its $200 million pre-IPO round, has converted itself from a private limited company to a public limited company.
- According to the company’s regulatory filings, it has converted the name of its Indian entity from Droom Technology Private Limited to Droom Technology Limited.
- Significantly, Droom Technology has received all of the funds from its Singapore based parent Droom Pte, which controls 100% stake in the aforementioned Indian entity.
What takes a business to grow? Online presence? More sales? Or more profit? Anyway, it all comes down to one factor ― more customers!
By definition, customer acquisition is the process of acquiring new customers or converting potential leads into new customers ― in a way that is measurable, achievable and repeatable. Every business needs customers ― your idea could be utterly awesome, but if it doesn’t serve anyone, it’s practically vague!
Thus, comes customer acquisition. For an organization, be it a small-scale or a vast one, customer acquisition is essential and a significant time-consuming task. A multinational organization might have a dedicated team to handle this process; however, a company with a small team might not be at leverage to spend time. Most of the time, a gap is seen between acquisition and meeting the customers’ needs.
Let’s talk about how one can fill that gap ― with different methods and correct strategies.
Channels for acquiring new customers
Traditionally, customers were brought in using personal selling and marketing. However, a study shows that more than 50% of people agree that a close relationship is necessary to trust a brand. It brings revenue. Yet, the advancement of digital marketing and e-commerce has a massive impact on this model. Starting from an individual to an MNC, reputation and customer feedback is a must. In fact, authors Gabriel and Justin have suggested that any company must divide their time equally between customer acquisition and product development.
These are some of the popular methods and ‘easy to adapt’ channels that can help you in acquiring new customers.
A widely popular technique is viral marketing, where your existing customers and users bring more people. This strategy requires the least amount of time with a minimal investment.
- Word of Mouth – when a customer uses a product, they tell their friends about it. However, the company has no control over this, and sometimes it might have an adverse reaction.
- Virality due to usage – when you use a product, your friends start using it too. A classic example is when Facebook was inducted in 2004, only a few people joined. Gradually, people got addicted, and another social media platform, Orkut, gradually became obsolete.
- Communication and features – some applications like Skype, Slack, Microsoft Teams are preferred in organizations. Looking at their benefits, a user may start using them personally.
- Rewards and incentive programs – applications like CRED, Google Pay, American Express, have expanded their business hugely by providing referral rewards. After all, who doesn’t like freebies!
This process of marketing has seen much positive feedback; however, it has no control over customers. People might switch to another product, and you may not be in leverage as to know why. Also, many times comments and social media impacts can hugely overturn the business. For example, when WhatsApp introduced its new policies, a lot many people rethought and switched to Signal, making it one of the highest-grossing apps in the play store overnight.
That’s where ORM, aka Oral Reputation Management, and PR, aka Public Relations, comes in!
It is basically reaching out to your customer via newspapers, media, and blogs. When you reach a newspaper or a magazine, you use the monetary resource to let the mass know. Blogs are also a choice, but it needs time. Most of the time, positive feedback is circulated; however, you might have to use significant time and money to meet your customer expectations – since reaching out to the masses does not automatically guarantee that all the people will start using your product.
Also brilliant customer acquisition strategy https://t.co/JJzd6SSeCv
— nathan brown (@n8brown) May 11, 2021
Social media platforms, like YouTube, are heavily used today for unconventional methods. Brands take support from celebrities and popular individuals to get their business/ product reviewed. That’s where the term Influencer Marketing comes into play!
For example, YouTube channels like The Linus Tech Tips, Technical Guruji, etc., are viral channels where they review gadgets like smartphones. Based on the channels’ fan-following, you get customers without spending much time.
Search Engine and Social Media Advertisements
Search engines like Google, Bing, and Yahoo are well known and widely used. All of them provide an advertisement option where you pay to show your product at the top of the search page. Similarly, social media like YouTube, Facebook also have premium services where your products are displayed in-between videos or in the banner to the masses. Social media advertisement has seen a market growth of more than 40% in the last few years (Hoelzel 2004); obviously, the business has gained!
This has also given a boost to the Performance Marketing career. Brands pay huge amounts to experts just to maintain their ROAS!
Content Marketing and Search Engine Optimization
There was a time when Search Engine Optimization had outcasted everything ― and it still does, however, content rules!
And as I’m writing this, there will be another viral content ― in the form of photos, video or blog ― making users gaga.
55% of current marketing spend is on new customer acquisition.
— TidySurveys.com (@TidySurveys) May 14, 2021
Hoardings, banners are not dead! They are pretty much used widely and are an efficient way of bringing customers if appropriately used. Again it’s all about what kind of content you are putting on it ― great content attracts customers and grabs attention!
Business Development and Sales
For serial entrepreneurs, nothing beats if you have a proven record! If your previous product were widely accepted, likely your new product will be too. Similarly, if your product has a good reputation in sales, it will generate qualified and close leads.
For businesses who are new in this space, if you try this channel, bear in mind that you should still be on the lookout for areas of your pipeline that are slowing down the sales process. Are there any inefficiencies or items that prospective buyers might get hung up on that you can smooth out and make the purchase decision as simple as possible? The fact that you are contacting people explicitly does not preclude you from maximizing your pipeline as well.
The bottom line
Given all the above points and channels of customer acquisition – now is the crucial time to decide which is the best one and choose your medium. The below points should clarify some doubts.
- If your product is similar to some other service in the market – use the same channel to let people know. Your competitor should have done their study, and you should minimize research and work. Precisely, understand where your competitor lacks and use it to your advantage.
- Budget is crucial; some channels cost you more! Goals are the third most priority. Do you gain by reaching out to mass? Can you handle your product if your customer increases exponentially?
- A strategy is to choose three channels and study their reach, effect, and customer growth.
What did work for your business? Share your learning with us, and we’ll be happy to share it with the masses!!
Simon Sinek, author and well known motivational speaker, talks about the importance of empathy and how to understand and practice it as leaders. He goes over the traditional meaning of empathy and how it is presented versus how true leadership demands it to be practiced.
Empathy and perspective are two of the most important things a leader should have.
Leadership is a skill that can be learnt. It is learnable and practiceable.
The daily practice of putting the well-being of others first has a compounding and reciprocal effect in relationships.
Empathy is being concerned about the human being and not just his/her output.
Netflix is designed to keep you glued to it for as long as possible – and, as you will learn in this video, the process behind the design is scientific to a great degree. Netflix Product Designer Navin Iyengar provides a fascinating peek into the ‘scientific’ methods implemented behind the scenes by designers like himself to ensure that design choices make actual sense, and are not simply arbitrary.
Start with a hypothesis, work it into A/B testing, collect data and evaluate results.
Behind a hypothesis is ethnography, surveys, focus groups & usability and trends in data.
Observe what people do, not what they say.
Larry Kim, founder of WordStream, which grew from a small startup into the world’s largest PPC marketing software company managing over a billion dollars of ad spend with millions of users.
It wasn’t always smooth sailing though. The company had its fair share of challenges, and in this talk at WebSummit, Larry covers those and distills the 4 greatest growth marketing principles that can help turn any startup into a baby unicorn.
Stanford Professor of Psychology Carol Dweck explains how to go about developing a growth mindset as opposed to a ‘fixed mindset’.
Her work on developing mindsets is groundbreaking and she places an emphasis on the power of ‘yet’ in helping students break shackles.
As a leading expert in the field of motivation, her book ‘Mindset’ is a bestseller. Watch her break down the process and mindset required for true inner growth.
Indus Khaitan, Chief of Growth at Chargebee joined us for a lively AMA on the ProductGeeks Community (Slack Channel) on growth, product and much more. Here is a quick summary of what went down:
Q1. Would be great if you could introduce yourself – and your life experience so far.
A: 30 second bio: Born in Dhanbad, not far away from where the whole Gangs of Wasseypur screenplay happened. Computer Scientist by profession. Did a few startups, and a seed fund.
Q2. You have mostly been doing B2B startups – what has changed since your first one?
A: Yeah, mostly B2B. First startup was packaging and selling social media data to very large media companies. The most recent one packaged fear of one’s corporate data getting compromised and sold a mobile security stack to super large Fortune 500 companies.
Q2.1 Do you see a notable difference in sales cycle? Distribution options?
I would say B2B startups are easy (well, I don’t know any better of B2C 🙂 ) — I think B2C startups are a coin toss. B2B starts at a tangible problem.
Q2.2 However, B2B is mostly sales driven. How do you think geeky/engineering driven founders handle this (esp in the early stages)?
A: I don’t think it is “purely” sales driven. Just like B2C is not just acquisition driven, Sales is a fulfillment function, you need a solid product & marketing engine to drive awareness.
Q3. How should founders instill a growth culture at their companies?
Growth is nobody’s problem so difficult to get a “mindset” going. eg. Sales is focused on this quarter’s $ quota, marketing is focused on enabling sales to meet the quarter’s quota. Product is thinking 1-2 years. Hence, no one’s thinking things beyond the quarter and <12 months.
Easy way to kick start – say a single person growth “Team” – is to find a problem that would fix or give a boost to something. For example, you could think about a retention problem in your company and say add 1-2% retention (or less churn).
Q4. Whom should growth team report to? Product? Marketing? CEO?
A: It depends. If the CEO is numbers oriented, then never to the CEO as you would not be able to prove a thing in a quarter. At the same time if the CEO is not convinced then the growth team would be never become mainstream. Look at the startups as an example. You can tell by looking at the CEO whether he would hire a Growth person. 🙂
It is tricky when the growth function shows up at board meetings. For a board, growth is $ growth, everything else is snake oil. So be careful if you show up to your board meeting as a Growth gentleman.
Q5. Chargebee’s SAAS dispatch is great. Tell us a little about how that came about and what kind of dividends has content marketing initiatives paid Chargebee?
It started with a goal of demystifying the nuances of Payment Gateways. How should one choose? What’s the matrix of volume, payment method, country, currency, payout time lag, compliance, etc. This is NxN matrix where you could give plenty of content love to your audience.
Without giving real numbers I’d say a BIG, I mean bigly BIG portion of our opportunity funnel is inbound from our content engine. There’s a team of around six people who just do this and of course supported by extended product and marketing teams.
Q6. How do you define growth? Given that none of your stints are/were market leaders, what is the key element missing in your piece?
A: Growth is your impact on particular metric: Acquisition, Activation, Retention etc.
Q6.1 You mention on your LinkedIn profile “Growth is not a hack, but an orchestrated effort across Marketing, Product, and Partnerships”. What does ‘orchestrated’ mean here?
Orchestrated means: you gotta work with product, marketing, sales, customer success. You don’t have these individuals reporting to you. For example, if you are announcing an integration (part of growth strategy), you gotta work with product to build the pieces and marketing to do webinars, blogs, social media, events, etc.
Q6.2 A lot of companies and we as well get stuck at multiple points in growth or probably growing multi-fold primarily in customer acquisition. How do you accelerate customer acquisition?
A: Depends on your business. No straight answer. For example, if you are B2B, and your segment is large enterprise (Fortune 5000), then you gotta do analyst relations, finding partners, spending money on events. Versus, if you are B2B selling to SMB then you’d launch on Product Hunt.
What you call “acceleration”, I may call fundamental. The above examples are given.
Q7. We have heard and thought a lot about “product driven growth”. Still grasping with understanding what is it exactly? I am not talking about just retention, but also gaining new users. A referral program? User delights that increases word of mouth? Strategically inserting social share at different points in the journey? How to strategically trigger this?
A: Product driven growth if the product has virality built in. For example, Chargebee is sold to VP Finance. There’s little virality in that segment. So you gotta choose whether the product you have built has that. If we force virality into Chargebee — we may miserably fail.
I personally do not like a referral program which has economic incentives — it is gamed ultimately.
Q8. How should growth teams be measured on? Say over a quarterly OKR.
A: Would depend on the objective. To give you a specific example at Chargebee, we do integrations as part of growth. My Top level KPIs are number of integrations per quarter. The second order KPIs are engagement with the partners (webinar, events, blogpost, etc.)
Q9. For a B2B product with a certain set of features and a pricing model that a customer is paying, how do you approach adding new awesome “features” from pricing perspective. When would adding base slab make sense? How would a ‘take all features a-la-carte and here’s the price for each feature’ approach, get percieved?
I would start at the segment — who is your buyer and then add features to that segment. example, a cheap hosting plan has a single user as a buyer. He is looking to quickly build a few pages and GTFO. Would you add plugins? Would you add security? Would you add ecommerce?
I would throw features in the laundry, dry it, iron it and hang the clothes in the room. Then build three wardrobes as three segments. Decide where would you put what. Once you have stuffed the wardrobe then put a price tag.
You can’t give a luxury vest to someone who like running bare chested. 🙂
Q10. What do current accelerators/incubators lack? How would you do The Morpheus differently?
A: Oh man. AFAIK and tell sitting 6,000 miles away in the Bay area, there is still a whitespace in the incu/acc area.
Very few accelerators/incubators are run by people who have been entrepreneurs themselves — many run by friends so I’m gonna stop at that comment.
Q11. What’s the career path of growth team members? (FYI: Except 1 or 2 companies, no company in India has growth team)
A: Product -> Growth -> Back to Product.
Marketing -> Growth -> Chief of Growth at Coca Cola
Marketing -> Growth -> More Marketing
Eventually Marketing is going to split between Corp Marketing, Demand Gen, Product Marketing and Growth.
Marketing would be busy keeping sales happy, everything else is noise for them that would be picked up by growth.
Q12. Broadly, what kind of tool stack would you recommend to SAAS growth marketers?
#1 Recommendation. Choose the best analytics tool for your specific needs. In B2C chasing and measuring consumers across channels could be the main goal. So a combo of demand gen analytics + mobile + social media.
May require some data management — using segment to funnel everything in a warehouse on redshift and building dashboards on top.
Q12.1 What tools do you guys use at chargebee? Possible to share?
A: We use broad range — PowerBI for all my freemium and payment gateway analytics. Hubspot for all marketing automation. outreach for drip. Cloud elements for integration. Aha for product board. Mixpanel for product analytics. There are 30 more!
Q13. What does your typical planning time looks like? How much is strategy? How much action?
A: Plan could be immediate getting parties agree on an action is 2-3 weeks. Strategy is essential our POA (Plan of Action) — what are we doing? why? who are the owners? timeline? outcomes?
Q14. Books and podcasts (if you listen to) you’d recommend (in the context of growth / product marketing).
A: Listen to very few growth podcasts as they all talk hacks. Books around psychology are the best. How people decide? What they decide? What motivates them?
Thinking Fast and Slow by Danny Khanneman is 101 on our psyche.
Psychology of Influence is a must read for growth marketers. I’d also recommend reading Messy Middle by Scott Belsky — gives a Product Management perspective.
Do not recommend any marketing books — because growth is beyond marketing so would not be helpful — you gotta already know that.
A big thank you to Indus for taking the time out (and staying up late at -7 GMT) and doing this AMA. I’m sure everyone will be able to takeaway something out of this that they can apply to their product or business. We’ll be doing a lot more of these AMAs going forward, so keep an eye out for those! Apply for membership to the ProductGeeks Community by clicking here.
Slack’s growth has skyrocketed ever since its launch and many years later it still doesn’t look like it’s stopping any time soon. Kenneth Berger, the first Product Manager at Slack, spoke at an event called ‘Manifesto’ on the growth strategies utilized by Slack and what lessons others can draw from it.
- “Pick three key attributes or features, get those things very, very right, and then forget about everything else.” – Paul Buchheit
- One metric is not enough. Have enough meaningful data points which can give you actionable insights.
- Every strategic and product decision is a trade-off. Make sure you analyze the upsides and downsides of each carefully.
Kickstart your Product Management career with NextBigWhat Academy’s Product Management Course. Featuring 10+ product leaders from across the industry.
Rajnish Kumar, the CTO & Cofounder of Ixigo, spoke at the ProductGeeks Conference 2018 on Ixigo’s key learnings in its journey and much more.
In this part of his talk, Rajnish talks about ‘core actions’ and ‘virtuous loops’ – a simple framework of sorts to understand user journey and gauge both the product and business sense in it.
- Every great product has a ‘core action’.
There needs to be a ‘core action’ for every product – an action that defines the product at its centre. Once you have it figured out, it is a matter of creating a roadmap on how to build it and optimizing the action.
- Making something super easy is super hard.
As Rajnish says, the core action of Ixigo is to book a flight. But clearly, it isn’t so simple. And making the action simpler is hard. Relentless optimization of all the processes underlying the core action is a major differentiator between successful and failed products.
- Incentivize your core action for stickiness.
By incentivizing your core action via loyalty points or rewards etc. user retention can be greatly improved, as the user incurs a ‘loss’ by leaving the platform with his rewards unused. In Ixigo’s case, reward points for booking flights boosted their usage and retention up to 250%.
- Build ‘virtuous loops’ or loops that are beneficial both ways.
Ultimately the core action must be part of a loop that begins with the user action followed by auxiliary actions that are embedded via UX, social etc. and then finally result in a direct incentive for the users. Rajnish shares the virtuous loops that Ixigo identified for itself in the video.
We will be sharing more of Rajnish’s talk going forward. Please subscribe to the NextBigWhat channel for more such product insights. And make sure to check out NextBigWhat.com often for updates.
- Building for Bharat? Here is what Ixigo learned from building for the traveling Bharat market.
- How & when to monetize your app.
- How to identify core actions & virtuous loops in your product.