The FusionCharts story

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Information about The FusionCharts story
Business & Mgmt

Published on April 30, 2009

Author: FusionCharts

Source: slideshare.net

Description

This is the story of how FusionCharts evolved from a single man startup into a professional product company with over 12,500 customers and 250,000 users across 110 countries. The presentation talks about market research, identification, segmentation, differentiation, product pricing, customer support etc.

From product creation to marketplace creation The FusionCharts Story Pallav Nadhani Founder, InfoSoft Global (P) Ltd

What the heck is FusionCharts? A Flash Charting Component Provides data visualization for web and desktop application developers Has over 12,500 customers and 250,000 users across 110 countries. 4 out of 5 Fortune 500 companies use it Run by 30 crazy people who believe data visualization will be their claim to fame Was bootstrapped; VCs aren’t comfortable with 17 year old guys pitching to them with plans for world domination

A Flash Charting Component

Provides data visualization for web and desktop application developers

Has over 12,500 customers and 250,000 users across 110 countries. 4 out of 5 Fortune 500 companies use it

Run by 30 crazy people who believe data visualization will be their claim to fame

Was bootstrapped; VCs aren’t comfortable with 17 year old guys pitching to them with plans for world domination

Before we started ( aka Market Research ) Researched ? Our first version was plain gut feeling Talked to fellow developers and communities Scoured the web for prevalent pain-points. Forums, blogs, newsgroups provide a lot of vital information Analyzed competitors and their offerings Recognized the need for Flash Charts; Image based charts lacked the “experience”

Researched ? Our first version was plain gut feeling

Talked to fellow developers and communities

Scoured the web for prevalent pain-points. Forums, blogs, newsgroups provide a lot of vital information

Analyzed competitors and their offerings

Recognized the need for Flash Charts; Image based charts lacked the “experience”

And so the product was developed… Single handedly during v1…

Ok. We’ve a charting product now. But who do we sell it to? ( aka Target market ) Whoever wants a pretty face for his data Product was web-based, so web developers Challenge: Flash. What Flash? But, the web was evolving, and so was our target market

Whoever wants a pretty face for his data

Product was web-based, so web developers

Challenge: Flash. What Flash?

But, the web was evolving, and so was our target market

Whoa! That’s a big market! Can we divide them into smaller groups? ( aka Market segmentation ) Charting is a horizontal product – industry agnostic. [ Mass Market ] Horizontal Segmentation based on price. Rich people (enterprises), not-so-rich people (individuals/freelancers) and stingy people (you know the kind). [ Segmented market ] Further, vertically segmenting by technology to efficiently address those markets. [ Niche Market ] Each of the segments were Measurable, Accessible, Substantial, Differentiable & Actionable

Charting is a horizontal product – industry agnostic. [ Mass Market ]

Horizontal Segmentation based on price. Rich people (enterprises), not-so-rich people (individuals/freelancers) and stingy people (you know the kind). [ Segmented market ]

Further, vertically segmenting by technology to efficiently address those markets. [ Niche Market ]

Each of the segments were Measurable, Accessible, Substantial, Differentiable & Actionable

People don’t know about Flash Charts. How do we tell it’s good for them? Tell things that matter ( aka market differentiation ) Tell people about what’s in it for them by offering a clear value proposition Animated charts & stunning looks add the “ wow ” factor The original Flash Charting Component Cost savings because of lucrative pricing Low Cost of Ownership in way of free upgrades Total peace of mind with effective support (on weekends too)

Tell people about what’s in it for them by offering a clear value proposition

Animated charts & stunning looks add the “ wow ” factor

The original Flash Charting Component

Cost savings because of lucrative pricing

Low Cost of Ownership in way of free upgrades

Total peace of mind with effective support (on weekends too)

Point proved. Great news. Some of them are now willing to purchase. How much should we charge? ( aka product pricing ) No single pricing formula that fits all. It’s about perception and satisfaction Your product drives the decision; price only influences it Do NOT price too low . People tend to believe that you get what you pay for Experiment with various pricing models and see what works best for you Focus on “Crossing the Chasm”. Move up the value chain gradually

No single pricing formula that fits all. It’s about perception and satisfaction

Your product drives the decision; price only influences it

Do NOT price too low . People tend to believe that you get what you pay for

Experiment with various pricing models and see what works best for you

Focus on “Crossing the Chasm”. Move up the value chain gradually

Crossing the Chasm ( Geoffrey A. Moore ) Focus on one group of customers at a time Use each group as a base for marketing to the next group

Focus on one group of customers at a time

Use each group as a base for marketing to the next group

Everybody wants more. So do we. Let’s change some prices. ( Our experimentation with pricing models ) Started from grassroots; pitching to developers Moved up the chain by targeting Enterprise market and OEMs Created sweet price bands for many segments that eliminated need for purchasing approvals Innovated pricing models for the customer that led to Low Total Cost of Ownership over a long term Focused on leading the customer into our eco-system and then cross-selling and up-selling

Started from grassroots; pitching to developers

Moved up the chain by targeting Enterprise market and OEMs

Created sweet price bands for many segments that eliminated need for purchasing approvals

Innovated pricing models for the customer that led to Low Total Cost of Ownership over a long term

Focused on leading the customer into our eco-system and then cross-selling and up-selling

We do not plan to go from door to door preaching about our products. How do we build our image & influence customers? Convey benefits, not features Build credibility. On the Internet no one knows you're small Offer good product literature Use traditional channels like online banners, articles, affiliate programs, press releases and print ads Leverage new age channels like blogs, social networks Build an ecosystem around your products. Generate the buzz

Convey benefits, not features

Build credibility. On the Internet no one knows you're small

Offer good product literature

Use traditional channels like online banners, articles, affiliate programs, press releases and print ads

Leverage new age channels like blogs, social networks

Build an ecosystem around your products. Generate the buzz

And, after all this effort, the moment of truth We started selling our product…in good numbers Without a sales force!

We sold the product, got the money. Is the game won? Not quite! It’s time to repeat it, again! ( aka Iterative cycle ) Listen to customers Give them not only what they want, but the way they want it People should love your product. Then they will rave about it Release early, release often Gradual shift of paradigm from bottom-up to top-down

Listen to customers

Give them not only what they want, but the way they want it

People should love your product. Then they will rave about it

Release early, release often

Gradual shift of paradigm from bottom-up to top-down

Marketing that was productive yesterday could be counter productive today Change is constant ( aka Persistence in marketing ) Marketing never ends We have new ways to reach out to customers. Customers have new ways to block us So what to do? Get in the user’s head in organic ways Share customer successes and stories. Whitepapers and case studies are effective Build relationships; Initiate partnerships

Marketing never ends

We have new ways to reach out to customers. Customers have new ways to block us

So what to do? Get in the user’s head in organic ways

Share customer successes and stories. Whitepapers and case studies are effective

Build relationships; Initiate partnerships

And so, here we are because of… A little bit of hard work A little bit of creative thinking And LOTS of luck If you’re taking the leap, or have already taken, we’ll pray the same works for you. If not, what are you waiting for? Thank you!

A little bit of hard work

A little bit of creative thinking

And LOTS of luck

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