SaaStr - Building Demand: Insights from Wiz's Founders
The founders of the company adopted a practitioner-focused approach to product development. They engaged with like-minded professionals facing similar challenges to gather feedback and iteratively improve their solution. This approach led to the creation of an enterprise-class, ready-to-use product. Over six to twelve months, they collected and applied feedback, which significantly shaped the company's direction and product evolution. The initial demand was organic, driven by the founders' network and their strategy of listening and asking questions more than speaking. This method allowed them to understand the evolving needs of their audience and adapt accordingly. The founders' philosophy emphasized the importance of leveraging networks for demand generation and customer acquisition. They initiated calls to understand potential customers' problems, which informed the iterative design of their solution.
Key Points:
- Founders engaged with practitioners to gather feedback and improve the product.
- The product evolved significantly over 6-12 months based on user input.
- Listening and asking questions were prioritized over speaking to understand customer needs.
- The network was leveraged for demand generation and customer acquisition.
- The approach led to an enterprise-class solution ready for market.
Details:
1. 🌱 Organic Growth Through Practitioner Feedback
- The product's demand grew organically due to the founder's practitioner-based approach, involving engagement with practitioners to showcase solutions and gather feedback.
- The founders collaborated with like-minded practitioners, using their feedback to iterate and refine the product.
- This feedback-driven development process resulted in an enterprise-class, ready-to-use solution tailored to market needs.
2. 🔄 Adapting Product and Corporate Philosophy
- Feedback collection over periods of 6, 9, and 12 months significantly influenced the company's direction, demonstrating a commitment to responsiveness and flexibility.
- Initially, the company pursued a specific direction both in terms of product and corporate philosophy. However, through structured feedback mechanisms, they adapted their strategies substantially, moving towards a more customer-oriented approach.
- The shift in strategy based on feedback is a testament to the company's ability to remain agile and responsive to market demands, ensuring long-term relevance and growth.
3. 🤔 Emphasizing Listening Over Speaking
- Adopt a corporate philosophy focused on listening first and asking more questions rather than speaking.
- Initial demand may be misunderstood or outdated if conversations are not revisited regularly.
- Awareness of current activities is crucial to avoid acting on outdated information.
- Implement regular check-ins to ensure alignment and up-to-date understanding of client needs.
- Utilize active listening techniques to foster a culture of open communication and continuous improvement.
- Encourage feedback loops to validate understanding and adjust strategies as necessary.
4. 📞 Network-Driven Demand Creation
- Successfully created a pool of demand by leveraging existing networks through direct interaction and thoughtful questioning.
- Engaged with known contacts by presenting current projects and soliciting feedback to improve offerings.
- Emphasized personal communication and relationship-building as a core strategy for generating interest and demand.
- Utilized specific techniques such as personalized emails, one-on-one meetings, and leveraging social media platforms to maintain and strengthen network connections.
- Provided case studies where direct network engagement led to a 30% increase in client inquiries.
- Highlighted the importance of follow-up communications to sustain interest and convert potential leads into actual clients.