The FusionCharts story


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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.

Published in: Business, Technology
  • Thats a sweet straight story Pallav.
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  • That's a simple and good way of telling story and encourage others. Great job!
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  • Thanks for sharing it Pallav

    -Vijay Rayapati
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The FusionCharts story

  1. 1. From product creation to marketplace creation The FusionCharts Story Pallav Nadhani Founder, InfoSoft Global (P) Ltd
  2. 2. What the heck is FusionCharts? <ul><li>A Flash Charting Component </li></ul><ul><li>Provides data visualization for web and desktop application developers </li></ul><ul><li>Has over 12,500 customers and 250,000 users across 110 countries. 4 out of 5 Fortune 500 companies use it </li></ul><ul><li>Run by 30 crazy people who believe data visualization will be their claim to fame </li></ul><ul><li>Was bootstrapped; VCs aren’t comfortable with 17 year old guys pitching to them with plans for world domination </li></ul>
  3. 3. Before we started ( aka Market Research ) <ul><li>Researched ? Our first version was plain gut feeling </li></ul><ul><li>Talked to fellow developers and communities </li></ul><ul><li>Scoured the web for prevalent pain-points. Forums, blogs, newsgroups provide a lot of vital information </li></ul><ul><li>Analyzed competitors and their offerings </li></ul><ul><li>Recognized the need for Flash Charts; Image based charts lacked the “experience” </li></ul>
  4. 4. And so the product was developed… Single handedly during v1…
  5. 5. Ok. We’ve a charting product now. But who do we sell it to? ( aka Target market ) <ul><li>Whoever wants a pretty face for his data </li></ul><ul><li>Product was web-based, so web developers </li></ul><ul><li>Challenge: Flash. What Flash? </li></ul><ul><li>But, the web was evolving, and so was our target market </li></ul>
  6. 6. Whoa! That’s a big market! Can we divide them into smaller groups? ( aka Market segmentation ) <ul><li>Charting is a horizontal product – industry agnostic. [ Mass Market ] </li></ul><ul><li>Horizontal Segmentation based on price. Rich people (enterprises), not-so-rich people (individuals/freelancers) and stingy people (you know the kind). [ Segmented market ] </li></ul><ul><li>Further, vertically segmenting by technology to efficiently address those markets. [ Niche Market ] </li></ul><ul><li>Each of the segments were Measurable, Accessible, Substantial, Differentiable & Actionable </li></ul>
  7. 7. People don’t know about Flash Charts. How do we tell it’s good for them? Tell things that matter ( aka market differentiation ) <ul><li>Tell people about what’s in it for them by offering a clear value proposition </li></ul><ul><li>Animated charts & stunning looks add the “ wow ” factor </li></ul><ul><li>The original Flash Charting Component </li></ul><ul><li>Cost savings because of lucrative pricing </li></ul><ul><li>Low Cost of Ownership in way of free upgrades </li></ul><ul><li>Total peace of mind with effective support (on weekends too) </li></ul>
  8. 8. Point proved. Great news. Some of them are now willing to purchase. How much should we charge? ( aka product pricing ) <ul><li>No single pricing formula that fits all. It’s about perception and satisfaction </li></ul><ul><li>Your product drives the decision; price only influences it </li></ul><ul><li>Do NOT price too low . People tend to believe that you get what you pay for </li></ul><ul><li>Experiment with various pricing models and see what works best for you </li></ul><ul><li>Focus on “Crossing the Chasm”. Move up the value chain gradually </li></ul>
  9. 9. Crossing the Chasm ( Geoffrey A. Moore ) <ul><li>Focus on one group of customers at a time </li></ul><ul><li>Use each group as a base for marketing to the next group </li></ul>
  10. 10. Everybody wants more. So do we. Let’s change some prices. ( Our experimentation with pricing models ) <ul><li>Started from grassroots; pitching to developers </li></ul><ul><li>Moved up the chain by targeting Enterprise market and OEMs </li></ul><ul><li>Created sweet price bands for many segments that eliminated need for purchasing approvals </li></ul><ul><li>Innovated pricing models for the customer that led to Low Total Cost of Ownership over a long term </li></ul><ul><li>Focused on leading the customer into our eco-system and then cross-selling and up-selling </li></ul>
  11. 11. We do not plan to go from door to door preaching about our products. How do we build our image & influence customers? <ul><li>Convey benefits, not features </li></ul><ul><li>Build credibility. On the Internet no one knows you're small </li></ul><ul><li>Offer good product literature </li></ul><ul><li>Use traditional channels like online banners, articles, affiliate programs, press releases and print ads </li></ul><ul><li>Leverage new age channels like blogs, social networks </li></ul><ul><li>Build an ecosystem around your products. Generate the buzz </li></ul>
  12. 12. And, after all this effort, the moment of truth We started selling our product…in good numbers Without a sales force!
  13. 13. We sold the product, got the money. Is the game won? Not quite! It’s time to repeat it, again! ( aka Iterative cycle ) <ul><li>Listen to customers </li></ul><ul><li>Give them not only what they want, but the way they want it </li></ul><ul><li>People should love your product. Then they will rave about it </li></ul><ul><li>Release early, release often </li></ul><ul><li>Gradual shift of paradigm from bottom-up to top-down </li></ul>
  14. 14. Marketing that was productive yesterday could be counter productive today Change is constant ( aka Persistence in marketing ) <ul><li>Marketing never ends </li></ul><ul><li>We have new ways to reach out to customers. Customers have new ways to block us </li></ul><ul><li>So what to do? Get in the user’s head in organic ways </li></ul><ul><li>Share customer successes and stories. Whitepapers and case studies are effective </li></ul><ul><li>Build relationships; Initiate partnerships </li></ul>
  15. 15. And so, here we are because of… <ul><li>A little bit of hard work </li></ul><ul><li>A little bit of creative thinking </li></ul><ul><li>And LOTS of luck </li></ul>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!