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In my earlier post, I focused on key success factors for driving “virtual care” uptake in India. This article would focus on framework that entrepreneurs / startups / strategists can leverage to build an “at scale” and “comprehensive” virtual care company.
Given that we are looking at “SaaS” based business models, it may be prudent to explore success factors for scaling up such an enterprise. Following are select pearls of wisdom captured from an excellent talk, titled “Scaling from $1MM to $500MM ARR”, delivered by Karen Peacock (COO, Intercom) at annual 2019 Saastr conference:
In my earlier post, I focused on key success factors for driving “virtual care” uptake in India. This article would focus on framework that entrepreneurs / startups / strategists can leverage to build an “at scale” and “comprehensive” virtual care company.
Given that we are looking at “SaaS” based business models, it may be prudent to explore success factors for scaling up such an enterprise. Following are select pearls of wisdom captured from an excellent talk, titled “Scaling from $1MM to $500MM ARR”, delivered by Karen Peacock (COO, Intercom) at annual 2019 Saastr conference:
- Expand your customer base by focusing on NOT what they want but what they need e.g. they may ask for budgeting tool, but cash management software better serves their needs
- Watch what your customers do NOT what they say e.g. they may say quality is my top selection criteria but in actual practice, always goes for cheapest option
- Your strategy is as much about what you DON’T do e.g. few short-term gains are worth a miss
- Add-on purchases happen upfront - nail your purchase experience and “show” rather than “tell”
- Keep reinventing – find the market fit again and again
- Fall in love with the problem NOT the solution
- Focus on active use and DO NOT fall for vanity metrics like visits, downloads etc.
- Decide your platform play – focus on delivering value to customers, partners and then yourself (yes, in that order)