VIDEOCAST: Ways to Determine Where to Focus for Your SaaS Startup – with Ben Dowling
Ben talks with Matt Wolach, host of SaaS-Story in the Making Podcast, about the features and the workings of IPinfo, a reliable, accurate, and in-depth source of IP address data. Ben also talks about the sales and marketing tactics he deployed in launching and scaling IPinfo.
Ben discusses the importance of data gathering and analysis to businesses while elaborating on the need for businesses to focus on their scope and their core values. Ben capped it all off with insights for startups and early-stage businesses.
Podcast: SaaS-Story in the Making
Episode: Ways to Determine Where to Focus for Your SaaS Startup
Host: Matt Wolach, a B2B SaaS sales coach, Entrepreneur, and Investor.
Guest: Ben Dowling, CEO of IPinfo.
TOP TIPS FROM THIS EPISODE
Data is your best friend
Ben says businesses should hinge their operations on data. To Ben, a data-driven approach guarantees success and should substitute trial and error. Fetching and analyzing customers or consumers opens businesses to a myriad of opportunities. With data, businesses can improve customers’ product experience.
Ben thinks that data makes the marketing efforts of businesses more effective. Businesses can personalize and target their marketing efforts to meet both broad and specific consumer traits. Businesses can analyze aggregated data for better market segmentation, for niching down on a market, and for finding the perfect product-market fit.
Necessity is the first step on the ladder
Great products are not just made. Great products are borne out of the need to solve a problem; out of the need to fill a loop in the market. Ben believes that the perceived ills in the market offer the best inspiration for product creation.
The next step is getting paid and getting feedback, Ben says. To Ben, getting feedback from customers helps a business grow and build expertise while improving for different contexts. Ben says that product improvement should work in line with feedback prompted by product demand.
Do not leave home
Home is where the heart is. Home is where the core of your business lies. Every business sets out to solve a problem with a unique selling proposition. Ben says that as a business grows, it is possible it losses touch with its core. While trying to improve, a business could lose its sense of purpose.
Ben advises that businesses evaluate and reevaluate their framework so that it revolves around their scope. Businesses should shun deviations from their purpose. Also, feedbacks and improvement ideas that do not resonate or overlap with a business’ core values should be treated as distractions.
Get word out
People might not know what you do if you do not tell them. Businesses need to launch and network aggressively, especially at the early stage. As opposed to launching and networking blindly, Ben thinks that businesses should figure out where their market is and thrive there. Businesses should go to where members of their niche are congregating and build there.
Know where and what to focus on
“Businesses make a lot of bad bets. It is hard to always be right about the feedback to pay attention to. Sometimes, you can make educated guesses and still be wrong.”
Businesses should “put a framework around their scope.” “Focus primarily on your scope and do not move away from it. It helps to focus on your area of expertise instead of big opportunities that do not overlap with what you have done and what you are doing.”
“The big turning point in growing a business is getting the word out.” “Ask questions so you could know those who need your service.” “Answer questions and use them to incorporate changes in your product. Soon you will see an influx of users.”
“Figure out where your market is, where your market is congregating, and start interacting with them. “Always start with the intention to help, intending to show value.”
Not everything matters
“One of the most challenging things in business is figuring out what you need to focus on and what you can worry about later. As a startup, worrying about the right corporate structure, the perfect terms, and conditions, the perfect deal closure is not the way to go.”
“Focus on delivering value first. If people love your product, they will be willing to make concessions. Do not focus on things that can be fixed later.”
[12:20] “You can make educated guesses and still be wrong.”
[19:32] “One of the most challenging things in business is figuring out what you need to focus on and what you can worry about later.”
[22:17] “If people love your product, they will be willing to make concessions.”
To learn more about Ben Dowling and IPinfo, visit: https://ipinfo.io/
You can also find Ben Dowling on LinkedIn at https://www.linkedin.com/in/bendowling/
For more about how host Matt Wolach helps software companies achieve maximum growth, visit https://mattwolach.com/.
As part of the founding team in his first SaaS product, Matt owned the sales & marketing processes. But he struggled to sell and gain traction for the company. It took years of learning and tweaking before Matt created The Perfect DEAL Process, an innovative yet easy to implement method for closing more software deals. To find out more, visit https://mattwolach.com/about-matt.