Cornell Tsiang’s Post

Mimicking is the easiest way to gain acceptance. This is why competitive pricing is so alluring. There are drawbacks but it's useful if you keep in mind the following: You need to carefully distinguish exactly who are your competitors. A lot of the time I've seen clients benchmark themselves against major enterprises such as Salesforce. And they are a startup. This indicates to me the startup hasn't figured out its niche or value proposition. Understand exactly how your product stands out. What is its uniqueness? Also, what is the cost of your product vis-a-vis the value you are delivering to customers? Once you've figured this out, you're able to whittle down your list of competitors. Then examine your intent. In other words, how you intend to position your new product or your existing product within a new market. These are the main reasons why competitive pricing would be a mainstay of your strategy. Start analysing! Work out your competitor's pricing behaviour and adjust accordingly. While such a pricing strategy is important, you will need to have a more holistic strategy in the long run. For example, adopting value-based pricing. In summary: - Mimicking helps gain acceptance through competitive pricing. - Identify true competitors; startups shouldn't benchmark against giants. - Determine product uniqueness and value proposition. - Assess product cost versus delivered value to narrow competitors. - Plan product positioning in new markets or with new products. - Competitive pricing is useful, but adopt holistic, value-based strategies long-term. Competitive pricing analysis is a worthwhile benchmarking exercise. It ensures your pricing reflects the true value of your product. But it's neither the main nor sole strategy for your product. +++++ P.S. I'm creating a Road to Profitability package for Founders! Book a chat with me to find out more! P.P.S. Follow me for daily insights on finance, entrepreneurship, SaaS, leadership, and random thoughts #finance #financematters #SaaS #entrepreneurship #startups #CFO #pricing

Simple VC PMF Test: Set sales & marketing spend to 0. If your revenues keep growing, you have PMF. Growing = anything above 100%, so slow is fine. Good SaaS companies should pass this test automatically if NRR > 100%. I've seen too many companies try to raise VC capital with fancy LTV/CAC projections and pages upon pages of detailed Excel spreadsheets justifying their ad spend. And many of them do successfully raise funding. But for entrepreneurs who want to build a really *great* business, there's no hiding from this test. If your product's retained customers + organic new customers isn't enough to grow your revenue base, it means you're churning them too fast and the value proposition doesn't have market pull. For truly great products, S&M spend should accelerate growth but shouldn't be a prerequisite for growth. And of course, great GTM means fast growth, so definitely don't skimp on this! There are lots of businesses out there that would fail my test. They just likely won't be transformative, and if you're raising VC, you're in the game to be transformative. If you disagree, please give examples of companies you think fail my test but are massively transformative! Comments welcome! #VC #Startups #Entrepreneurship

Are you growing rapidly, but is your gross margin worrying you? This daily reflection will give you an idea that could be your breakthrough to flip it. Be Remarkable #saas #entrepreneurship #startupstrategies

🚀 Are you a startup struggling to nail down the perfect pricing strategy? You're not alone! 💼💡 🔍 Most startups get their pricing wrong initially, but fear not! Here's a step-by-step guide to help you navigate through the maze of pricing strategies and find the perfect fit for your product or service. 1️⃣ Understand your costs: Before setting your price, make sure you have a clear understanding of your costs. This includes not only production costs but also overhead, marketing, and any other expenses associated with running your business. 2️⃣ Know your market: Conduct thorough market research to understand what your competitors are charging and what your target customers are willing to pay. This will help you position your offering effectively in the market. 3️⃣ Value-based pricing: Instead of simply covering your costs and adding a markup, consider pricing your product or service based on the value it provides to your customers. This allows you to capture more value and justify a higher price. 4️⃣ Test and iterate: Pricing is not set in stone. Test different price points and strategies to see what works best for your business. Don't be afraid to iterate and adjust your pricing as you gather feedback and learn more about your customers. Remember, finding the right pricing strategy takes time and experimentation. By following these steps and staying agile, you can develop a pricing strategy that maximizes value for both your customers and your business. #DecisionRules #Startup #PricingStrategy #BusinessTips #ValueBasedPricing

10 Vital Burning Problems My Blueprint Solves for Startups and Businesses Scaling - 🚀 Scaling a business is no small feat. Many startups and businesses face significant challenges that can hinder growth. My 4P Scaling Blueprint Playbook and Flipbook are designed to address and solve these critical problems effectively. Here are the 10 vital burning issues it tackles: 1. Lack of Strategic Direction: Without a clear plan, scaling can become chaotic. Our blueprint provides a structured roadmap to ensure every step aligns with your core mission. 2. Resource Allocation: Efficiently utilizing resources is crucial. Our strategies help you maximize your budget, time, and manpower for optimal growth. 3. Market Penetration: Entering new markets can be daunting. Our blueprint outlines effective market entry strategies to ensure successful expansion. 4. Revenue Stagnation: Hitting a revenue plateau? We offer profit-centric strategies that help you scale without sacrificing your bottom line. 5. Operational Efficiency: Scaling often leads to operational bottlenecks. Our progress-focused implementation ensures smooth operations even as you grow. 6. Technology Integration: Leveraging AI and other technologies can be challenging. Our prompt AI integration techniques make technology work for you, driving unprecedented growth. 7. Customer Acquisition: Attracting new customers is vital. Our blueprint includes innovative strategies to boost customer acquisition and retention. 8. Brand Differentiation: Standing out in a crowded market is tough. We help you define and communicate your unique value proposition effectively. 9. Scalability Issues: Not all systems are built to scale. Our blueprint identifies and addresses scalability issues in your current setup. 10. Risk Management: Scaling comes with risks. We provide robust risk management strategies to mitigate potential pitfalls and ensure sustainable growth. Realize the importance of the 4P Scaling Blueprint and how it can transform your business. 🌟 The value of the content in the Playbook and Flipbook is worth $800... but we won't be charging $800. We will be charging just $2 or INR 99 and delivering 400X value! 🌟 Not only will you get the Playbook but also a Flipbook along with it, packed with actionable insights and strategies. Make the most of our early bird offer to implement the blueprint and overcome your scaling challenges effectively. DM me for more details and to secure your copy today! #ScalingBlueprint #BusinessGrowth #StartupSuccess #AIIntegration #ContentChefs #BusinessStrategy #ScaleUp #Entrepreneurship #StartupFounders #BusinessOwners #DigitalTransformation #ExponentialGrowth #ScalingChallenges

10 Vital Burning Problems My Blueprint Solves for Startups and Businesses Scaling - 🚀 Scaling a business is no small feat. Many startups and businesses face significant challenges that can hinder growth. My 4P Scaling Blueprint Playbook and Flipbook are designed to address and solve these critical problems effectively. Here are the 10 vital burning issues it tackles: 1. Lack of Strategic Direction: Without a clear plan, scaling can become chaotic. Our blueprint provides a structured roadmap to ensure every step aligns with your core mission. 2. Resource Allocation: Efficiently utilizing resources is crucial. Our strategies help you maximize your budget, time, and manpower for optimal growth. 3. Market Penetration: Entering new markets can be daunting. Our blueprint outlines effective market entry strategies to ensure successful expansion. 4. Revenue Stagnation: Hitting a revenue plateau? We offer profit-centric strategies that help you scale without sacrificing your bottom line. 5. Operational Efficiency: Scaling often leads to operational bottlenecks. Our progress-focused implementation ensures smooth operations even as you grow. 6. Technology Integration: Leveraging AI and other technologies can be challenging. Our prompt AI integration techniques make technology work for you, driving unprecedented growth. 7. Customer Acquisition: Attracting new customers is vital. Our blueprint includes innovative strategies to boost customer acquisition and retention. 8. Brand Differentiation: Standing out in a crowded market is tough. We help you define and communicate your unique value proposition effectively. 9. Scalability Issues: Not all systems are built to scale. Our blueprint identifies and addresses scalability issues in your current setup. 10. Risk Management: Scaling comes with risks. We provide robust risk management strategies to mitigate potential pitfalls and ensure sustainable growth. Realize the importance of the 4P Scaling Blueprint and how it can transform your business. 🌟 The value of the content in the Playbook and Flipbook is worth $800... but we won't be charging $800. We will be charging just $2 or INR 99 and delivering 400X value! 🌟 Not only will you get the Playbook but also a Flipbook along with it, packed with actionable insights and strategies. Make the most of our early bird offer to implement the blueprint and overcome your scaling challenges effectively. DM me for more details and to secure your copy today! #ScalingBlueprint #BusinessGrowth #StartupSuccess #AIIntegration #ContentChefs #BusinessStrategy #ScaleUp #Entrepreneurship #StartupFounders #BusinessOwners #DigitalTransformation #ExponentialGrowth #ScalingChallenges

🚀 Are you a startup struggling to nail down the perfect pricing strategy? You're not alone! 💼💡 🔍 Most startups get their pricing wrong initially, but fear not! Here's a step-by-step guide to help you navigate through the maze of pricing strategies and find the perfect fit for your product or service. 1️⃣ Understand your costs: Before setting your price, make sure you have a clear understanding of your costs. This includes not only production costs but also overhead, marketing, and any other expenses associated with running your business. 2️⃣ Know your market: Conduct thorough market research to understand what your competitors are charging and what your target customers are willing to pay. This will help you position your offering effectively in the market. 3️⃣ Value-based pricing: Instead of simply covering your costs and adding a markup, consider pricing your product or service based on the value it provides to your customers. This allows you to capture more value and justify a higher price. 4️⃣ Test and iterate: Pricing is not set in stone. Test different price points and strategies to see what works best for your business. Don't be afraid to iterate and adjust your pricing as you gather feedback and learn more about your customers. Remember, finding the right pricing strategy takes time and experimentation. By following these steps and staying agile, you can develop a pricing strategy that maximizes value for both your customers and your business. #DecisionRules #Startup #PricingStrategy #BusinessTips #ValueBasedPricing

As Peter Thiel famously said, "You probably won’t have a bunch of equally good distribution strategies." And he's right. Most successful businesses find their sweet spot with just one optimal channel. That's where the Bullseye Framework comes in. Burhanuddin Pithawala recommended the book,  “Traction: How Any Startup Can Achieve Explosive Customer Growth”, to me back in 2018 where I came across the bullseye framework. Here's how it works: Step 1: Brainstorm Think creatively about each traction channel. Don't dismiss any ideas—instead, brainstorm ways to utilize each one effectively. Consider factors like expected cost, customer acquisition, and testing timeframe. Step 2: Rank Organize your brainstormed ideas into three categories: Inner Circle (most promising), Potential (could work), and Long-shot (less likely). Let your research and intuition guide your rankings. Step 3: Prioritize Identify the top three most promising channels from your Inner Circle. These are where you'll focus your initial efforts. Remember, quality over quantity is key here. Step 4: Test Put your ideas into action with low-cost tests. Evaluate the cost of customer acquisition, customer availability, and whether these are the right customers for your business. Step 5: Focusing Once you've identified a promising channel, direct your efforts towards maximizing its potential. Experiment, optimize, and scale until you've squeezed every bit of traction out of it. It's a straightforward way to maximize your results while still exploring a wide range of options. By forcing you to take all traction channels seriously and casting a wide net, you'll uncover strategies for growth that you wouldn't have found otherwise. #growthmarketing #traction #startups #bullseyeframework

Confused about Go-To-Market strategy vs. Product-Market Fit? Here’s a quick breakdown: Understanding the difference between Go-To-Market (GTM) strategy and Product-Market Fit (PMF) is crucial for any startup. 𝗚𝗼-𝗧𝗼-𝗠𝗮𝗿𝗸𝗲𝘁 (𝗚𝗧𝗠) 𝗦𝘁𝗿𝗮𝘁𝗲𝗴𝘆 What it is: A plan to launch your product to the market. 𝗞𝗲𝘆 𝗖𝗼𝗺𝗽𝗼𝗻𝗲𝗻𝘁𝘀: → Target Market: Who you’re aiming to reach. → Value Proposition: The unique value your product offers. → Marketing & Sales Plan: How you'll attract and convert customers. → Pricing Strategy: Setting your prices. → Distribution Channels: How you’ll deliver your product. → Customer Acquisition: Strategies to gain customers. Goal: Effectively introduce your product, drive initial sales, and gain traction. 𝗣𝗿𝗼𝗱𝘂𝗰𝘁-𝗠𝗮𝗿𝗸𝗲𝘁 𝗙𝗶𝘁 (𝗣𝗠𝗙) What it is: When your product meets significant market demand. 𝗞𝗲𝘆 𝗜𝗻𝗱𝗶𝗰𝗮𝘁𝗼𝗿𝘀: → Customer Feedback: Positive reviews and satisfaction. → Retention Rates: High customer retention, low churn. → Sales Growth: Consistent and increasing sales. → Word of Mouth: Organic growth via referrals. → Market Demand: Significant interest and willingness to buy. Goal: Ensure your product solves a real problem and has sustainable demand. 𝗞𝗲𝘆 𝗗𝗶𝗳𝗳𝗲𝗿𝗲𝗻𝗰𝗲𝘀 → GTM: How to introduce and sell your product. → PMF: Ensuring the product meets market needs and demand. → GTM: After product development, ready for launch. → PMF: Before scaling, validated through testing and feedback. → GTM: Effective market entry and initial sales. → PMF: Foundation for scaling and long-term success. 𝗠𝗲𝗮𝘀𝘂𝗿𝗲𝗺𝗲𝗻𝘁: → GTM: Customer acquisition cost, conversion rates, initial sales. → PMF: Customer satisfaction, retention rates, sustained demand. In summary, GTM is about launching your product, while PMF is about ensuring there's a real market need for it. Both are key for startup success 𝗯𝘂𝘁 𝗳𝗼𝗰𝘂𝘀 𝗼𝗻 𝗱𝗶𝗳𝗳𝗲𝗿𝗲𝗻𝘁 𝘀𝘁𝗮𝗴𝗲𝘀. Need help, reach out. Like this? Follow Gerald Duran for daily Startup and VC advice, and sometimes — a kick in the nuts. → 𝗣𝗦 ... CanaGlobal's Startup Incubator is currently interviewing founders for our August cohort. Visit our site for the details. #startups #founders #venturecapital #entrepreneurship

Early-stage SaaS startups often invest in marketing and sales but overlook customer success. By focusing on customer success from the start, startups can retain early customers, build a strong brand, and attract investors. Why invest in customer success early? 📌 Growth Indicator: Startups prioritizing customer success grow 2.5x faster (Bain & Company). 📌 Brand Building: Happy customers recommend your product, attracting more customers. 📌 Investor Appeal: Strong customer success signals a sustainable business model. How to start: 1. Create a customer-centric culture. 2. Hire customer-focused resources, even if part-time or contract. 3. Collect and act on customer feedback. 4. Define a customer-driven roadmap. 5. Provide excellent support. 6. Track key metrics like NRR and churn rate. Invest in customer success early to ensure your startup's long-term growth and profitability. The article via Inc. Magazine 👉 https://lnkd.in/efwFS4e7 #Startups #CustomerSuccess #GrowthStrategy #Entrepreneurship #CS