Acquisition project | Techshlok
About TechShlok
Techshlok is a Research and Development Electronics Design House and electronics product development company, specializing in prototype development, testing, and generating feasibility reports.
Techshlok services are helping innovators and companies in launching their electronics hardware product by providing them global standard development services with engineering excellence.
TechShlok is winner of "Top Product Design House" globally by Clutch since last 3 years.
Company's Portfolio
ICPs
ICP | Adoption Curve | Frequency | Appetite to pay | TAM |
|---|---|---|---|---|
Foreign company (20Cr+) Sales/Funding | Low | High | High | High |
Foreign Mid level company (5Cr+) Sales/Funding | High | Medium | High | High |
Foreign Individual Innovator/ Pre Sales | High | Low | Medium | Medium |
Indian company (20Cr+) Sales/Funding | High | Medium | High | High |
Jaipur company (2Cr+) Sales/Funding | Medium | Low | Low | Low |
Indian Innovators | High | Low | Low | Medium |
Final ICP
Foreign Mid level company (5Cr+)
Sales/Funding
Indian company (20Cr+)
Sales/Funding
ICPs
Company Type:
Startups/ Mid Scale Companies
Company Size:
1 to 50 employees
GMV/Funding Raised:
Series B+, Less then $10-12 Million
Industry Domain:
Consumer, Medical, Industrial, Logistics, Automotive
Stage of Operations:
Early to Growth (Rapid Scaling)
Organization Structure:
Flat hierarchy, small lean team, faster decision making
Location:
India, Europe
What social media channels do they frequent
- LinkedIn, Twitter,
What websites/blogs do they read
- Y Combinator, TechCrunch, Hacker News, Your Story, Inc 42 Media, Entracker, Live Mint, VC Circle, Economic Times
What is their pain point
- Limited in-house engineering and R&D resources, crunched for budget and time, need for cost-effective solutions while ensuring quality and accuracy
Who are their influencers
- Other founders, Startup accelerators, angel investors, VC’s, Reviews online
Who are their blockers
- Limited budget, lack of expertise and knowledge, lack of time
What they are looking for
- A collaborative partner with expertise and excellent engineering who can use cutting edge technology to bring the startup’s idea to life
Product Category
Top 3 competitors based on searches in Google, Linkedin and Youtube are as follows:
Promwad (European)
Acevin (Indian)
Bytesnap Design (European)
TAM - Total Hardware Startups X Avg Per product Cost
1,00,000(In both India and Europe) X USD 10,000 = $1 Bn
** This also includes the harware manufacturers which does not have in house RnD departments like smart meter manufacturing companies.
SAM 27% = $ 0.27 billion
Based on companies who are ready in outsourcing the electronics development, IP constraints, Budget constraints etc.
SOM - Total 40% conversion
$0.108 billion or $108 million
Conversion rate depends on marketing efforts, company capacity, knowledge in certain tech development etc.
Core Value Proposition
For Startups/ Mid Level companies who are looking to launch a new hardware product,
TechShlok is Electronics Product Design House that helps them in building globally standard product with engineering excellence.
Stage : Early Scaling Stage
Techshlok has crossed Product Market Fit Stage. It has great feedbacks from the customers, they are ready to write 1000 words feedback on the services provided to them.
Attached are some Clutch reviews
Acquisition Channel
| Channel | Cost | Flexibility | Effort | Lead Time | Scale |
Organic - SEO | Low | Low | Medium | Medium | High |
Paid Marketing | High | Medium | Low | Quick | High |
Referral | Low | Low | Medium | Slow | Low |
Personal Branding (Founder) | Low | Low | High | Quick | Medium |
Social Media Content | Low | Low | Low | Medium | Medium |
Partnership | Low | Medium | High | Medium | High |
3 Best Channels :
Organic Search , SEO
Partnership
Paid Marketing
3 Experiment to perform one on each channel
Ex.1 - Optimising for certain keywords, coming on top in Google
Ex.2 - Partnership with Hardware Incubators
Ex.3. - Paid Marketing on Linkedin, Linkedin Ads (Linkedin is the place where our ICPs can be found easily)
Experiment 1 :: Organic
Type of Search | Query | Volume | Effort | Time to get Outcome | Search to Click Rate | Potential Monthly Signup |
|---|---|---|---|---|---|---|
Use Case | Electronics Design Companies | Low | Low | Medium | | 1 |
Product Development Services | Low | Low | Medium | 1 | ||
Brand | TechShlok | Low | Low | 1 | ||
TechShlok Prototype | Low | Low | 1 | |||
Competitor | Promwad electronics design | Medium | Low | 0 | ||
Riosh | Low | Low | 0 | |||
Use Case Topic | PCB Design services | Medium | Medium | High | 3 | |
Firmware Development | Medium | Medium | High | 3 |
**Above table is calculated after analysing data from Moz, Google Keyword Planner
- Following efforts can be done to list on the keywords "Electronics Design Companies" and "Product Development Services".
- Connecting with blogs and articles who list down Electronics Design house companies or maintain directories. Ex/ Digikey, Mouser, TechDesign, Clutch
- Writing valuable blog for the ICPs with such keywords to maintain high on blog.
- Publish white papers on Electronics Design and Product Development process.
Experiment 2 :: Partnership
TechShlok's ICP deals with various other platforms, companies in the whole development process for which techshlok is the part. Below is the analysis for finding the best partner
Question | Component Vendor | PCB Manufacturer | 3D Design Companies | Hardware Incubator |
Is our goal aligning? | No (0) | No (0) | Yes (1) | Yes (1) |
Does our ICP match? | Maybe (0.5) | Yes (1) | Maybe (0.5) | Yes (1) |
Will our brand image improve? | No (1) | Maybe (0.5) | Maybe (0.5) | Yes (1) |
Do our brand values match? | No (1) | No (1) | Yes (1) | Yes (1) |
Can I increase the price of my product after the partnership? | No (0) | No (0) | Yes (1) | Yes (1) |
Will the partnership let me enter new industries? | Maybe (0.5) | Maybe (0.5) | Yes (1) | Yes (1) |
Score | 3 | 3 | 5 | 7 |
Partnership program :
The best partner for TechShlok can be Hardware Accelerators and 3D design companies.
Why Hardware Accelerators?
Our ICP is highly influenced by their hardware accelerators and incubators. Also, for high ticket orders like us, ICP would choose some trusted and reliable sources to select vendor.
Why 3D design companies ?
Our ICPs match exactly, we provide different service in development stage so we are complimentory to each other. Anyone designing 3D is highly likely looking for someone to help in electronics where our services can come in picture.
For this submission we will choose Hardware Accelerators.
- We can create a partnership to provide discounted and quick development services to startups incubated at their place.
- Our Easy to Buy service of "Product Research and Strategy report" can be given on discounted price, this will strengthen the accelerator motive of helping startups and for TechShlok, startups will start engaging with it and are more inclined for high value services.
- For startups in development stages, we can give just "Certification Consulting services" so that startups are more confident in launching product in market.
Experiment 3 :: Paid Marketing
Avg LTV : USD 5,000 (Figured out from previous projects)
Linkedin Video ad cost : $0.04 per view
Assuming 1 leads get converted from 20 signups
Assuming 1 people singup per 150 views.
Total views required : 3000
CAC : USD 120 ($0.04 per view)
CAC : LTV =. 1 : 41.6
Where does our ICP spends time ?
Channels ->
- Youtube
- Electronics Magazine
- Trade Expo
For this submission we are going ahead with Linkedin considering low Ads spent and high ICP interaction.
Decide the core objective of the Ad ?
TechShlok core objective with Ad is Brand Awareness, Build Trust (Capabilities and Integrity) and expected action item is to get a sign up for free 60 min consultation.
Decide Audience Targeting and Budget ?
Audience
Industry - Hardware
Position - CEO, CTO, Product Managers
Company scale - 11-50 people
Location - India
Decide the Ad
1 min Video ad on Linkedin with a previous successful customer(Mr Matthew) showcasing his product in market and explaining the ROI he received from TechShlok.
Break the pattern : Video starts with How Mr Matthew gets a quicker and low cost development for his hardware product
Adopt the form factor : Video will be in the format ICP can watch in mobile
Problem : It will showcase the problem Mr Matthew was facing when he thought of starting his hardware product including Zero knowledge of product development, no idea if the product is a feasible product or not and no idea of total cost required to develop the product.
Solution : Partnership with TechShlok for it's engineering services.
Trust : Trust is showcased by showing previous client with the product developed by him.
Urgency : The video ad will end by saying that first 100 signups will get free 1 hr consultancy.
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