🌟 Had a blast at the Startup Social in Bangalore organised by eChai Ventures & moderated by Chaitanya last Saturday, where the conversations were as energetic as a double-shot espresso! During one of the discussions, I casually mentioned "ICP," and someone in the audience asked, "What's that?" 🤔
Well, ICP could stand for Ice Cream Party" 🍦🍕 but that’s not quite right. 😄
ICP actually stands for 𝗜𝗱𝗲𝗮𝗹 𝗖𝘂𝘀𝘁𝗼𝗺𝗲𝗿 𝗣𝗿𝗼𝗳𝗶𝗹𝗲—not as fun as an Ice Cream Party but arguably just as essential. 🏆
Let me break it down for you: (some gyanbaji ) 😬
Imagine you're in the business of selling custom superhero capes. You could try selling to everyone, but wouldn’t it be better to focus on those die-hard superhero fans who can’t wait to put on a cape and feel invincible? These are your ideal customers—the ones who not only need your product but are also excited about it, ready to buy, and might even show up to work wearing one!
Your ICP is that dream crew for your product or service—the people who need what you offer, will benefit from it, and will love you for it. When you know who they are, you can focus on speaking directly to them. No more guessing games, no more "shouting into the void."
Why is this crucial for product managers and founders? t’s like having a superhero’s map 🗺️ that guides you toward the right customers, knowing your ICP helps you avoid the classic startup trap of trying to be everything to everyone. 🎯
Instead, you can zero in on those who truly need what you’re offering. This means better product-market fit, more effective marketing, and ultimately, a happier customer base.
In short: Know your ICP, and you’ll spend less time chasing the wrong customers—and more time delivering value to the right ones. 💡
P.S. Still craving that Ice Cream Party though... 🍨
Considering every startup confronts this question at some point, I was surprised by how little has been written about it. Particularly anything actionable. So I decided to do my own digging. I spent the past month personally reaching out to founders, scouring interviews, and tapping the Twitterverse. Below, you’ll find first-hand accounts of how essentially every major consumer app acquired their earliest users, including Tinder, Uber, Superhuman, TikTok, Product Hunt, Yelp, and over a dozen more. Enjoy!
Last week at the eChai event, I had the pleasure of leading a Sales Masterclass, which sparked an engaging conversation during one-on-one networking. One attendee asked a thought-provoking question: “How critical is personalization in sales now?” This led us to explore a significant shift in customer expectations and how personalization is becoming essential.
I shared a striking statistic from a Salesforce report: 80% of customers now expect personalized experiences from companies. This reflects a move from generic interactions to those tailored to individual needs and preferences.
We then discussed how modern AI tools are revolutionising personalization. For example, a SaaS company might use AI to analyze user behavior on their platform—tracking usage patterns, feature interactions, and support requests—to deliver highly personalized in-app recommendations and targeted training. This approach not only enhances user engagement but also addresses specific customer needs proactively.
An attendee shared their success story using AI-driven analytics to personalize email marketing campaigns, resulting in a 25% increase in open rates and a 15% rise in conversions. This example highlighted how AI transforms data into actionable insights, creating tailored interactions that drive measurable results.
Our post-session conversations underscored that personalization is no longer a luxury—it’s a vital element of successful sales strategies. With AI, we’re not just meeting customer expectations; we’re setting new standards for exceptional, tailored experiences. Embracing AI and personalisation means leading the way in customer engagement, forging stronger connections, and driving sustained business growth.
Every time I share my journey, I am reminded of all that I had to let go in order to be where I am. . But, when I look back, I feel everything was worth it and I'd do it all over again 😀 my mistakes were mine and it's proof that I did it, I tried, I learnt and I grew! . Every meet up they ask me, have you failed? Oh yes! I have failed a million times, and I still fail daily in a lot of places, but after failing, I cry, get disappointed, take a break but then once again, ask for help, try another way, do more research and keep trying till I succeed. . Have I given up? Yes, I have. There are times when you know giving up on that particular idea is making more sense, then you give up and work on something else. . So yes I am where I am because of my mistakes, failures and flaws but I've moved forward with my persistence and determination 🩷 . A warm hug to myself, for we often forget to appreciate ourselves 💕
Every #sharktank featured event I go to, they put us on a pedestal.
Last meeting organised by eChai Ventures for young and aspiring entrepreneurs, the first thing I did was change those high seats to seats the same as the others.
It relaxed the whole group and they felt inclusive immediately, of course, Ravi Mathur and Agnim Gupta were also game and three of us immediately became one with the group.
Three of us shared our journeys, visions, wins and most importantly our failures. It is absolutely crucial to understand that our success is only after a series of failures.And, we still have a long way to go.
So walk, fall, get up, relearn and this time RUN. It was such a successful moment when the listeners at the end came up to us and said that they felt we were as normal as them and if we could, so could they.
But, here’s a little secret. I too look up to some legendary entrepreneurs and it feels like they are different, but this was a sweet reminder that we can be whoever we want to be if we put in all our efforts.
So who do you want to be like? Do share your hero with me.
Extending heartfelt thanks to Malav Warke and eChai Ventures for the gracious invitation to join the panel alongside Deepa Bhowmick from Daisy Life at the recent D2C startups meetup in Pune.
It was an incredibly insightful experience, filled with enriching discussions and valuable networking opportunities. Your dedication to cultivating collaboration within the D2C ecosystem is truly inspiring!
Recently in a eChai Ventures Meetup one of our speakers Dr. Vidhi Bhanushali mentioned a term called Cockroach Startup🪳. Unlike a beautiful and elegant unicorn, a cockroach can survive in the worst of situations, even without a leg or arm! Cockroaches are creatures that have also survived the mass destruction of dinosaurs.
In the mass destruction of funding drought, VC Crisis in USA and bankruptcy news coming out everyday,, startups are increasingly focusing on becoming a cockroach startup than a unicorn 🦄!
How are you preparing your startup to be a cockroach?
Saturday evening spent at this networking hub of startups at eChai Ventures in Pune. Thanks Malav Warke for having me.
I had more to learn than to share, thanks to the wondeful co-panelists Nidhi ThakkarShikha PakhideRicha Singh. Breaking away from jargons of marketing strategy to dicussing web 3.0 and Gen AI... it covered whole spectrum of marketing.
Interesting was that the participants opened up about thier apprehensions towards marketing. Marketing is not always big bang budgets. Its understanding your product, your market and your customer deeply. Choosing channels, means, metrics of mesurement, ROI and attribution are topics which will then follow.
Had an enriching experience at the eChai Startup Demo Day in Pune last Saturday!
Attended a captivating showcase of startups, and two in particular stood out for their innovative offerings:
#ElektrikExpress : Their focus on the EV space, specifically building electric scooters for gig workers, is truly commendable. What caught my attention was their ability to identify a niche market and offer affordable solutions despite stiff competition. It was inspiring to learn that the founders are still in college, showcasing incredible entrepreneurship at such a young age.
#Phynart : Revolutionizing our homes with smart technology, Phynart impressed with their seamless integration of various smart products through a single app. Their strong revenue generation reflects the effectiveness of their solutions.
Kudos to #eChai Ventures for curating yet another impactful demo day! Looking forward to witnessing more innovation and entrepreneurship in the future.
Spot me!! I am the guy with ✌️ in there It is not easy to get 225 people in one single pic! Demo Day where budding startup’s pitch, feel proud to say I am the part of such a vibrant start up community @eChaiVentures which lead by @malavwarke and myself and fellow founders in Pune.
Lovely start to Friday morning with eChai Ventures Breakfast Social in #pune. Meeting fellow founders and investors is always a good break from the hustle of tireless execution! 😊
Here are some key takeaways that resonated with me:
Considering Co-founders:
Jimish Kapadia sir shed light on the importance of considering co-founders from a VC perspective. While going solo isn't necessarily a problem, having a co-founder can significantly enhance credibility, especially if the product or idea is promising.
Fundraising Essentials:
Pankhil Baunthiyal emphasized the need to address three fundamental questions before diving into fundraising: When to raise funds, how to raise them, & how much to raise. These questions are crucial for strategic planning and negotiation, particularly in early-stage startups.
In addition to the invaluable insights gained, networking with fellow founders like Aryan Hinge from @Denner was truly enlightening. These interactions underscored the importance of building meaningful connections within the startup ecosystem.
Looking forward to sharing more insights from these enriching experiences and continuing to learn and grow alongside this incredible community!
🚀Key Takeaways from eChai Ventures Sales Strategy Meet Up (I Moderated) at Ideas to Impacts Hub! But That's Just the Tip of the Iceberg!
What an energy-charged 2.5 hours we had yesterday (Saturday, Feb 10th’24)! As your moderator, I was blown away by the depth of knowledge and practical tips shared by our Panelist.
⭐️ Mastering Lost Deals: Suvikas Bhandari ji urged us to analyze even with high conversation rates, as the "why" behind lost cases holds the key to future wins.
📚Salesperson's Bookshelf: Get inspired and boost your negotiation skills with "Never Split the Difference: Negotiating As If Your Life Depended On It. Book by Christopher Voss and Tahl Raz”, and "The Art of War - Book by Sun Tzu”, recommended by Suvikas ji.
⭐️Scaling Your Sales Dream Team: Shyam HN shared a framework for building a high-performing sales development team, including adapting outreach channels to target personas and optimizing for results.
⭐️Building Trust, Closing Deals: Supriya’s insights on handling objections with intelligence and honesty resonated deeply, emphasizing the importance of trust in the sales journey. She also stressed prompt communication, responding within 24-48 hours and keeping prospects informed.
But that's just the tip of the iceberg! This post only scratches the surface of the valuable knowledge shared during the session.
It's an event of miracle when you find Friends who are Visionaries and Founders who are Friends. But the rarest event is when you find all of it together.✨
eChai Ventures partners with select brands as their growth partner, helping them expand market reach, drive revenue growth, amplify brand visibility, and strengthen hiring efforts.
Jatin Chaudhary
Malav Warke
