The FusionCharts Story
From product creation to marketplace creation
The FusionCharts Story
Pallav 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 aren’t 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 developed…Single handedly during v1…
The FusionCharts StoryThe FusionCharts Story
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
The FusionCharts StoryThe FusionCharts Story
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
The FusionCharts StoryThe FusionCharts Story
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)
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. 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
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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. 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
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 truth
We started selling our product…in good numbers
Without a sales force!
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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
The FusionCharts StoryThe FusionCharts Story
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
The FusionCharts StoryThe FusionCharts Story
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!