#PNMeetup on Selling your product Gangnam Style was the topic at the recently concluded Meetup(Podcast link). We had over 45-50 people across products and the services who came out to gain an insight into the Enigma of Gangnam Style Sales, with their eyes wide open and all ears the speakers Mr. Sanjay Agarwala MD of Eastern Software, Ketan Kapoor Co-Founder and CEO of Mettl and Vishal Jain Chief Product Officer of RateGain gave an eagles eye clarity of how one could reach the summit of the Gangnam Style Sales.
Sanjay set the tone of the session by sharing his experiences of Eastern Software system which he started in 1991 and where he saw an opportunity in the product space in 1997 and ventured therein. The company dived headlong into ERP where there was a huge demand in the small and midcap segment. The larger players were serviced by prominent players. They clearer pegged themselves below these big players. The positioning was very clear to all parties concerned form the beginning. Because of their positing they got Pvt Equity Investments which enabled them to concentrate on Product development and Market Development which helped them scale to 100 customers in 2 years and 800 customers by 2001-2002.
They looked for newer markets outside and concentrated on newer markets. Africa was a huge virgin market, every body was skeptical but it was an immense market waiting to be tapped. They tweaked their sales model from a direct Sales(applicable in India) to partnering with the local companies(In Africa), they believe when you partner with anyone the relationship has to be a win-win. The partners should benefit first and then you. That builds trust which is further solidified when you match your own money with the amount the partner spent, sending clear signals to all. Since the partner operates in the market and is now highly motivated he is able to better understand the changing environment and this helps in better customer deliver.
Sanjay’s Gangnam style for Eastern Software
1) Positing of product to be very clear – To Market, To Employees and To Self
2) Concentrate on Product Development
3) Build the Market.
3) Focus on New regions and localize regularly
4) Most importantly Build Trust and Partner well.
5) Customer Deliver the Key
6) Understand Markets well.
The baton now passed from to Sanjay to Ketan CEO Mettl. Ketan gives a very good insight into Mettl and sets the stage.
Ketan from @mettl sharing his journey of building early customers and how they have been able to scale #PNMeetup twitter.com/Product_Nation…
— pn.ispirt.in (@Product_Nation) January 19, 2013
Ketan believes that business is like a marathon but one must run it like a sprint. Therefore must Start selling Early- even before the product comes out enabling you to get the information to all. Prioritize – Initially launch the product on what you feel–then tweak it to evolve the actual needs. Use Analytics to identify differentiators and then set benchmarks. Focus on Closures but budget for long sales cycles – have enough gas in the fuel tank. Always treat your feedback seriously this helps you to better customer delivery.
Attentive Audience #PNMeetup twitter.com/Product_Nation…
— pn.ispirt.in (@Product_Nation) January 19, 2013
Build your brand well – Build Trust – Hire the Best – Hire slow. Clearly specify the product mix therefore maintain the Brand.
Interestingly Ketan remarked that Introverts can be better sellers than extroverts- Why? Well the key is to establish strong personal connects, be clear and not over-commit. Qualities where Introverts can be better sellers.
Ketan’s Gangnam style for Mettl.
1) Start Selling Early
2) Prioritize and Launch Fast
3) Build Differentiators
4) Course correction based on Feedback
5) Have the Bear Fat to sustain theWinter.
6) Most importantly Build Trust.
Listen to the audio podcast here of Ketan’s talk.
Ketan gave a wonderful insight of his company and then Vishal of Rategain share his story.
Vishal says that before they launched their products they started writing articles on the subject/space of their product and this helped them to get the first order by engaging their customers and peaking their interest. This helped them to partner with their biggest competitor and thus tap their(competitor’s) home market – Spain first. Vishal believes the speed to market is very essential to launch your products fast. When you sometimes target the weakness of your competition new opportunities open up. They were able to get 300 hotels to sign up in a just a matter of 3 month. This helped them to partner the competition to market their products. This also had a problem, the local hotels did not know RateGain but knew their competitor. Team Rate Gain then made a real effort to delink themselves and market the product directly this ensured that their Brand was known. They invested in it to Build the Brand.
Since they have operated in various developed markets some things which work for them are Webinar sales – where they invite their prospective clients to join in and make their own mind. From Customers becoming advocates for them on Linkedin to localizing their business to peer marketing, all have worked to create huge amount of word of mouth and Brand Awareness which have all helped in Sales.
Vishal Jain from @rategain takes the floor next #PNMeetup twitter.com/Product_Nation…
— pn.ispirt.in (@Product_Nation) January 19, 2013
Vishal’s Gangnam style for RateGain
1) Write articles on the Space of the product
2) Partner with Locals or Competition
3) Prioritize and Launch Fast
4) Build the Brand
5) Focus on New regions and localize regularly
6) Use Linkedin, Twitter and Webinars to reach out
7) Partner Well
8) All Chain Stakeholders need to be targeted.
The Various inputs helped in gaining a wonderful insight into how a company could go Gangnam. Hope I have been able to capture every bit of information hear, an hope if you have attended the sessions you will be able to add your takeaways too.
The Wonderful insight shared will certainly help all the entrepreneurs out there and for this Avinash deserves huge credit in ensuring that latest trends are captured. Also Rajat for very aptly naming the theme Gangnam style.
Look forward to seeing you all at the next edition in Feb….
Guest post by Nakul Saxena, NITEE
