Learn what metrics to track for building a product strategy

From Tanmay Khandelwal, Co-founder DoctorPlan linkedin profile link
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Why should you consider a session with Tanmay Khandelwal?

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App strategy
Tanmay has a knack of building apps for Travel, Ecommerce, Social and Real Estate industries
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Product management
Learn the organisational functions to deal with new product development, planning, pricing, product launch, and marketing of a product successfully
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He has been involved in people management, setting vision & curiosity, and catalysing growth through Leadership.

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Previously Answered Questions

How do you know when you’ve reached Product-Market Fit?
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How do you know when you’ve reached Product-Market Fit?

PMF is all about providing value and proving your hypothesis and seeing if your users are getting value out of it. In Lean Startup fundamentals, we often talk about MVP (Minimum Viable Product), but it should rather be Minimum Valuable Product to create a minimal product which provides value to your users. The definition of "minimal" could differ from product to product, and it may seem a fully-functional product to some eyes, but only focus on providing value. In the context of SaaS, if someone is ready to pay for your product, then you've reached PMF. If you are able to get someone to "preorder" your product before even building it, then you are already doing great. You just have to deliver on your promise and you are golden.

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What are the ingredients of a sustainable SaaS business?
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What are the ingredients of a sustainable SaaS business?

A slow start is what makes it more sustainable.Premature advertising and marketing usually bleeds a startup. So go to market and your customers, sell them one by one, and slowly increase your sales people.Try with one first and replicate your sales pitch. If successful, hire another two and follow the same. Then hire more and follow up the pace to get good returns.

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What are the benefits of a SaaS business model?
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What are the benefits of a SaaS business model?

SaaS business model gives us enough time to reiterate and revise our plans according to the users interests as they are paying for it and expecting high quality in return which means this all adjustment happens during the usage of the product. Scaling go hand in hand with the sales and during this period fixed costs remain constant but revenue starts to raise.SaaS is not like a hit or miss model it is a slow but productive business model.

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What are the most important SaaS metrics to monitor?
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What are the most important SaaS metrics to monitor?

Before even going towards the metrics, I would think about if my product is providing value to my customers. It's difficult to explain what value is, but usually it's easy to understand in the context of your own product. In DoctorPlan, our goal is to save doctors time, and if we know doctors are able to do that, then it's only a matter of optimizing the product. If you've reached that stage and have a healthy list of customers, I would only look at a few key / focus metrics - 1. Cost to Payment - how much you have to spend before your first payment from the customer comes in. 2. Time to Payment - starting from first reaching out to a customer to the time their first payment comes in. Often time-sunk cost is neglected because it's not natural to think about time as a cost. But you will be better off if you can close a client in 10 days rather than 8 weeks. 3. Time to Break Even - if you are not focused on making the company profitable as soon as possible, then it becomes difficult to sustain. So I would constantly focus on point of inflection and your time-to-break-even should always decrease.

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What is your experience with your that helped to retrospect yourself?
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What is your experience with your that helped to retrospect yourself?

There are a lot of people who have helped me throughout my journey including my friends and people in my network to execute some ideas, brainstorm on problems and some new percpective workwise or personally by retrospecting and analysing. There is an anecdote that helped me when I was struggling in figuring out my performance during startup,if I'm doing the things I'm supposed to do or exceeding expectations,as there's no one else to compare yourself against being the co-founder. My mentor helped me understand this better and suggested I do a self-evaluation against Amazon's 14 Leadership Principles.I did mine and I got some valuble suggestions from my mentor that helped me realize that we are often our worst critics.But if you look from somebody else's point of view, you are often performing at a high gear. So instead of underestimating oneself, we should appreciate the work more.

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Trending on Twitter

Above and beyond @barnwalSanjeev @viditaatrey

Thanks for setting an example of how important equity is. Hope more people get behind ESOPs.

Curefit's co-founder Ankit Nagori is parting ways with the company https://entrackr.com/2020/10/curefit-co-founder-ankit-nagori-may-exit-the-company-soon/

7 Indian startups turned Unicorns in 2020 [so far]

▪️Razorpay [Oct]
▪️Unacademy [Sept]
▪️Zerodha [June]
▪️Postman [June]
▪️Nykaa [April]
▪️FirstCry [Feb]
▪️Pine Labs [Jan]

➡️In 2019, Bigbasket, Delhivery, Druva, Icertis, Ola Electric, Dream11 and Rivigo got the Unicorn status

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