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The FusionCharts story

Date post:17-Oct-2014
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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.

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The FusionCharts Story

From product creation to marketplace creationThe FusionCharts StoryPallav NadhaniFounder, InfoSoft Global (P) Ltd

The FusionCharts StoryThe FusionCharts Story

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 arent comfortable with 17 year old guys pitching to them with plans for world domination

The FusionCharts StoryThe FusionCharts Story

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

The FusionCharts StoryThe FusionCharts Story

And so the product was developedSingle handedly during v1

The FusionCharts StoryThe FusionCharts Story

Ok. Weve 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

The FusionCharts StoryThe FusionCharts Story

Whoa! Thats 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

The FusionCharts StoryThe FusionCharts Story

People dont know about Flash Charts. How do we tell its good for them?Tell things that matter (aka market differentiation)Tell people about whats 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)

The FusionCharts StoryThe FusionCharts Story

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. Its 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

The FusionCharts StoryThe FusionCharts Story

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

The FusionCharts StoryThe FusionCharts Story

Everybody wants more. So do we. Lets 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

The FusionCharts StoryThe FusionCharts Story

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

The FusionCharts StoryThe FusionCharts Story

And, after all this effort, the moment of truthWe started selling our productin good numbers

Without a sales force!

The FusionCharts StoryThe FusionCharts Story

We sold the product, got the money. Is the game won? Not quite!Its 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

The FusionCharts StoryThe FusionCharts Story

Marketing that was productive yesterday could be counter productive todayChange 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 users head in organic ways

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

Build relationships; Initiate partnerships

The FusionCharts StoryThe FusionCharts Story

And so, here we are because ofA little bit of hard work

A little bit of creative thinking

And LOTS of luckIf youre taking the leap, or have already taken, well pray the same works for you. If not, what are you waiting for?

Thank you!


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