Last Saturday we had an awesome teardown roundtable in Chennai moderated by Suresh (KiSSFLOW) and Bharath (FreshDesk) 🙇🏻.. This was my first direct experience with the teardown. Six companies participated (PickYourTrail, FoodEngine, SysCloud, CustomerLabs, Tagalys, and ManageArtworks). While the entire session of 4+ hours was extremely intense, I want to quickly share with you in 10 minutes (almost) of what happens in a Product Teardown.
Teardowns are coming to your city. Please apply here (Limited Seats).
Product Teardown Framework
The iSPIRT product teardown (esp. for SaaS websites) is primarily structured around 5 key principles outlined below.
Idea 💡
What is the problem you are trying to solve? Who is your target user? It is critical to have a clear picture of your target user persona, their problem and how your solution solves their pain point. Essentially establish your problem-solution fit and articulate it for the customer journey from Discovery → Conversion.
Discovery 🔍
How do customers find your product? Is it through google search? Is there a channel they frequent? Have you identified your TAM (total addressable market), SAM (serviceable addressable market) and SOM (serviceable obtainable market)? Use this model to help identify strategies to have your SOM discover your product.
Website 🕸
Your website is the first & most important way to establish trust & relationship with your customer. This is true even if you don’t use inside sales. What is your first message or hook for your target user persona? Are they able to connect your product with their problem and the path through which they discovered your product? Are they able to understand how your product solves their problem, and why they should use it? Once they identify with your message and establish trust & credibility the rest becomes easier.
Sign up 💰
If the customer has understood your solution and found it fit for their needs, the last purchase decision is the cost. As Suresh said
If the cost connects, signup happens!.
WoW! reaction 🌅
Post signup, is there a WoW first experience? Whether it is a try & buy experience or a first purchase onboarding, it is important for customers to experience some instant gratification for the grueling journey they just went through. Believe me, making a purchase decision can be taxing. If you can make this journey pleasant and the final destination fantastic, you have a winning product 🏆.
Do go through the video above and hear Suresh’s simple explanation. And if you like what you hear remember you can apply here for a teardown in your city.
Coming soon – 2017 SaaS Survey
While I still have your attention, we are excited to announce that we would be launching the third edition (2017) of the India SaaS Survey in a week from now. This survey is an annual exercise conducted jointly by SignalHill and iSPIRT to gather valuable data for drawing insights which help various stakeholders in the ecosystem understand this space better.
Please click on the following link to access last year’s survey results
Please stay tuned to this space. We will be providing a link to this year’s survey very soon in an upcoming blog post.
PS
The amount of time & effort Bharath & Suresh provided to review and analyze each product before the actual teardown is simply inspiring. 🙇🏻. to their commitment to the community.