qEngage :: Business :: How will we measure success and get customers?
This post deals more or less with the Key Metrics that we will be using in order to measure the success of our platform going forward. It also discusses our strategies in getting initial traction in terms of signing up businesses for our platform. Feedback appreciated as always!
Measuring Success
We intend to measure success on the basis of the customer segments
(a) No of redemptions per month (Smaller groups)
Our revenue model allows for quite a straight forward metric — the revenue. For smaller groups, Since our revenue is primarily dependent on the number of redemptions made by users earning tokens using our solution, we’ve decided to keep ‘No of Token Redemptions per month’ as the growth metric for the product. It is reflective of the product usage as well as revenue, especially in the beginning when we target small organisations.
(b) Monthly Recurring Revenue (MRR)
For larger organisations, the ‘No of tokens redeemed per month’ metric will be more of a representative of engagement rather than revenue, as we will use a subscription based model. Here, we will add another key metric — Monthly Recurring Revenue or MRR as our revenue focussed growth metric for larger groups.Getting Early Customers
Go to Market Strategy
(a) The beginning — Targeting smaller groups
Our marketing strategy is firs going after smaller groups. This will allow us to get really great feedback on our product and improve its functionality. As this program will primarily help us in improving our product, we’ll keep integration of our SaaS solution free in the beginning.
In this phase, we’ll primarily target smaller groups, such as hobbyist poets, story tellers, developer groups, and other interest groups, where engagement is important, and see how well our product succeeds there. We’ll be reaching out for these groups primarily via scouring reddit, facebook groups, popular telegram groups and medium, and pitch them to try our solution.
We’re also planning a token airdrop for solution integration as an added incentive for groups to integrate our product. This would take the form of us giving the group admin free tokens to distribute to the members of the group on a daily basis, of course the distribution being governed by our smart contracts.
(b) Scaling up — Targeting businesses and larger groups
Later on as we scale, we intend to reach out to smaller groups via Facebook and Youtube ads. For larger groups, we plan to leverage our contacts in the beginning as well as take advantage of platforms such as LinkedIn. We also plan to create marketing campaigns to target these larger brands in addition to reaching out to them on a personal level.
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Medium: https://medium.com/qengage
