Config Migration Tool : B2B Tool for Faster Cloud Deployments

This project is intended to define acquisition strategies for driving growth of this tool given the ICPs defined.

Background about the tool :

At present, Internal Functional Consultants as well as External Third Party Consultants are not aware of the configuration migration process. Improper configuration migration steps lead to delayed production deployments with inaccurate configurations. As a result, Clients lose trust and confidence in HighRadius products. The impact of improper production config migration ultimately gets reflected in our NPS score.

An automated and accurate process to move the configuration data from the UAT to the Production environment is important to:

1. Prevent delays
2. Avoid inaccurate configs
3. Ensure Clients’ trust

Chapter 1 : Defining ICPs

ICP 1 : Highradius Functional Consultant

ICP 2 : Highradius Consulting Leaders

ICP 3 : External Consultant from Third Party Firms e.g. GenPact, Deloitte, EY, PWC

ICP 4 :VP Partnership for External Consulting Firms e.g. GenPact, PwC, Deloitte, EY

ICP Prioritization

Prioritization Reasoning: 

Prioritizing ICP3 & ICP4 given the below rationale :

1. Growth Targets for Highradius are 3x new sales year over year.
2. To meet the above targets, Highradius is looking for partnership with external consulting firms to completely outsource at least 50% of implementations happening in 2024.
3. Also, given the fact that product is currently used by 50% of consultants internally hence there is an increased adoption for the product at the closure of 2023
4. Also above adoption has seen faster go lives with 30-40% less time than before. It has build confidence for internal stakeholders primarily consulting leaders already
5. Hence it is the right time to take the product to external consulting firms since it will significantly bring speed to value to organizational goals of external consulting firms.

How can Config Migration Tool solve for ICP-3 and ICP-4

1. ICP3, External Consultant from Third Party Firms :Given the organizational goal to close 25% more projects in Q1 2024 taking benchmark of #projects closed in Q4 2023, this tool can aid with accelerating below input KPIs
2. 1. Enable cloud deployment per project to complete in 30-40% less time than before.
   2. Provide ready made diagnostics with actionable to mitigate bottlenecks earlier than identifying them at later point in time
   3. Guided application flow for each use case e.g. Net New product Deployment, Cross-sell, Up-sell leads to building trust and confidence in users about the config deployment process.
3. ICP4, VP Partnership for External Consulting Firms : Given the organizational goal of driving business Growth by acquiring 20% more projects in Q1 2024 than Q4 2023,Close 20% more project implementations by end of Q1 2024 than Q4 2023 for faster revenue realization from Highradius, this tool can aid with accelerating below input KPIs
4. 1. Save time on each implementation by 5% (let's say 30% saving during deployment phase) extrapolated into # projects undertaken leads to faster closer of ongoing projects
   2. Time saved can be utilized to kickstart new projects with same set of resources (Do more with less)
   3. Given the guided flow tool offers there is almost zero cost leaders need to incur in ramping up and learning phase.

Chapter 2 : Defining TAM/SAM/SOM

1. #Projects projected to be implemented in 2024 based on new sales deal signed or existing deals upgraded in 2023 by year end : X
2. Goal of the organization to outsource (as mentioned above in ICP prioritization framework) : 50%X
3. Assume below is the breakup of sales deals in 3 different buckets
4. 1. Net New : 15% deals
   2. Cross-sell : 30% deals
   3. Up-sell : 5% deals
5. Assuming equal distribution of deals to third party partners
6. Also lets say below is the breakup of time taken/deal currently based on type of deal 
7. 1. Net New : 3 months
   2. Cross-sell : 5 months
   3. Up-sell : 1 month
8. Taking into consideration 5% time savings per project due to B2B tool, below is the overall time savings
9. 1. Net New : 5% of 3 months = 5 days
   2. Cross-sell : 5% of 5 months = 8 days
   3. Up-sel : 5% of 1 month = 2 days
10. Assuming Cost of Each Consultant = 25$/day
11. Total Time savings
12. 1. (#Net New deals*Time Savings Net New) + (#Cross-sell deals*Time savings Cross-sell) +  (#Up-sell deals*Time savings Up-sell) = 15%*5 + 30%*8 + 5%*2 = 325 days (assuming 100 projects and 50 of them to be outsourced)
13. Total $ saved = 25$/day * 325 days = 8K $/year 
14. Revising it to 10K $ across 50 projects since using the product will also save time in mitigating future issues during hypercare
15. Given the growth Targets of 3X and historically at the end of 2022, we had 200 projects running in implementation hence total projects can be targeted for completion is 600 by end of 2024. Taking 50% of it, it boil down to implementing 300 projects in 2024 by external consulting firms
16. Hence total addressable market : 10K * 12 = 120K $/Year

Chapter 3 : Product Stage Determination & relevant acquisition channel

Config migration tool is fairly towards the end Product Market Fit stage given the fact that 50% of internal highradius consultants have started using it repeatedly across all implementations. Also, consulting leaders have started appreciating the value realized. Given this, word of mouth is spreading faster within Highradius consulting org leading to more and more leaders starting making it mandatory for their teams to adopt it for every single implementation and provide feedback in case something goes wrong.

Given above and the organization goal to get 50% projects implemented by third party consulting firms in 2024, the next practical milestone for this product in 2024 is to get adoption and retention across all major external consulting firms e.g. Genpact, EY, Deloitte, PwC.

Given above scenario, Referral Program channel seems to be most relevant for this acquisition problem

Chapter 4 : Referral Programs

Experiment 1 (Primarily for ICP3, External Consultant from Third Party Firms) :

Step 1 → Brag worthy things about the Config Migration Tool ?

1. Quicker production deployment in under a couple of hours.
2. Zero guidance/training required to start using the tool.
3. Value realization within one week of adoption across all kinds of project implementations.

Step 2 → Platform currency for referring the config Migration tool to consultants within the external consulting firm e.g. Genpact

1. Free lifetime access to Highradius implementation Experts community to get your all your queries answered during the lifecycle of project implementations
2. Exclusive access to 1:1 mentorship sessions led by Highradius implementation experts to help you build muscle memory for implementing Highradius Products.

Step 3 → Who and When do you ask for a referral?

Happy Flow : Below are the steps consultant will follow while going through the product 

1. Consultant logs into the tool
2. Consultant select the Client Id registered with Highradius, select products to deploy from UAT to Production
3. Tool displays the changes done in the UAT environment for users to select and confirm the start of the migration process.
4. Consultant selects the changes to be migrated
5. Confirm the migration process
6. Tool provides an estimated time of completion of migration process
7. Consultant gets the email on their email id once the migration process gets completed successfully and his/her email id gets registered successfully in the production environment.
8. Consultant then logs into the production environment and opens up the application. Does high level sanity check if all configurations are deployed accurately in production
9. Post validation, the consultant starts smog testing in the production environment and finally hands over the system to the customer for their validation.

Aha Moment : Once a consultant successfully logs into the application and validates the accuracy of configurations deployed from UAT to production.

Validation of Happy Flow : 

1. Any issues raised by the external consultant in the CRM tool for the client id for which email has been sent by the config migration tool post the email has been sent.

Hence given above, we should ask for a referral to a consultant who has at least once done production deployment successfully using the tool without any reported issues and logged into the tool again for the next project.

Step 4 → How will the user discover the referral programme ?

As mentioned above, once the consultant will do the first project deployment successfully in production without any issues, that's when we can start showing referral program link to the consultant in one of the below ways :

1. Within the homepage of the tool once consultant logs in for the second project implementation
2. Occasional emails to the consultant sent during the typical business hours, specifically during the start of the day since most of the professionals review the emails at the beginning of the day.

Step 5 → How will referees share the referral code/link?

Once the referee clicks the referral link, the tool will ask the email address of the fellow consultant(s) to be referred. Once the email address is provided, 

1. An automated email with CTA is sent to fellow consultant(s) on their email Ids
2. Other option is to send an automated notification with CTA on their preferred internal communication channel e.g. Slack

Step 6 → What will the invite look like to a non-user?

Get ready to experience the Faster Go-live for your project. Try me and redeem your lifetime access to Highradius Implementations expert community, 1:1 mentorship sessions and more..

Step 7 → How do you increase the average referrals per customer?

Based on the number of successful referrals, incentives exponentially grow. Structure of referral will look like below :

1. 1 referrals per month : Lifetime Access to Highradius Implementation Expert Community
2. 5 Referrals per month : 1:1 mentorship session with Highradius Implementation Expert
3. 15 Referrals per month : 3 1:1 mentorship sessions with Highradius Implementation Expert
4. 30 Referrals per month : Certified badge of Highradius Product Implementation Expert and invite to annual Client Highradius conference
5. 50 Referrals per month : Speaker session at annual conference with assisted guidance to get you ready for it.

Experiment 2 : (Primarily for ICP4,VP Partnership for External Consulting Firms e.g. GenPact, PwC, Deloitte, EY) :

Step 1 → Brag worthy things about the Config Migration Tool ?

1. 5% Time savings per project through quicker production deployment in under a couple of hours.
2. Zero operating expenses on training/ramping up teams to start using the tool.
3. Value realization within one week of adoption across all kinds of project implementations.

Step 2 → Platform currency for referring the config Migration tool to VP Partnerships within the external consulting firm e.g. Genpact

1. Access to implement next 5 complex Highradius projects in the next quarter over and beyond the current targets
2. Access to exclusive panel discussions with Highradius and its clients C-level executives at Highradius Annual conference.

Step 3 → Who and When do you ask for a referral?

Happy Flow : Below is the user journey of a VP Partnership for acquisition : 

1. Identify within Highradius who has a previous connection (or are in the professional network) with the VP partnership at external consulting firms like GenPact.
2. Enable the Highradius POC to send the email notification clearly articulating the value with adoption of this tool in terms of time or $ savings per project.
3. Setup the call to provide more information about the tool and set up a small demo of the tool to provide real time experience of how the tool functions and save time.
4. Also arrange additional calls  between VP Partnership and other folks with similar profiles in other firms to provide evidence through past case studies. 

Aha Moment : Once the VP partnership successfully onboarded and realized the potential of $ savings through this tool 

Validation of Happy Flow : 

Buy decision to purchase & implement the same with their organization.

Hence given above, we should ask for a referral to a VP Partnership once the VP partnership has at least successfully completed 5 projects using this tool and realized $ savings.

Step 4 → How will the user discover the referral programme?

As mentioned above, once we identify through product that 5 projects have been successfully implemented by the team under the VP, Partnership then product can initiate the referral program in below ways : 

1. Send an email explaining the incremental value gain through referral program to the user.
2. Provide a CTA - invite to learn more about the program. This can be used as a platform explaining the details to VP, Partnership and clarify any queries if they have

Step 5 → How will referees share the referral code/link?

In case, VP partnership shows interest to sign up for the referral program, post the discussion, send a welcome email to him/her to register for the program. Post registration, VP Partnership can refer to other people in their network through Highradius Referral Interface. Within this interface, He/she can provide the business/personal email address along with linkedin Profile link of the person being referred to. Once the email address is provided,

1. An automated email with CTA is sent to the person being referred on their email Ids
2. Other option is to send an automated notification with CTA on their preferred internal communication channel e.g. Slack

Step 6 → What will the invite look like to a non-user?

Want to realize your revenue quicker through faster go-live. Click me to book your slot to experience this in real time and redeem your access to book a seat at the Highradius Annual conference to network with C-level executives.

Step 7 → How do you increase the average referrals per customer?

Based on the number of successful referrals, incentives exponentially grow. Structure of referral will look like below :

1. 5 referrals per month : Book 5 additional projects for implementation with Highradius beyond your current target.
2. 10 Referrals per month : Book your panel discussion at Annual Highradius Conference with C-level executives.
3. 25 Referrals per month : Speaker session at annual conference with assisted guidance from Highradius

Chapter 5 : Product Integrations

Experiment 3 : (For both ICP3 External Consultant & ICP4 VP Partnership):

First define, where does organic intent for the picked product begin?

Highradius Website : 

1. Discovering best practices to implement Highradius Products
2. Discovering ways to implement Highradius products faster
3. Discovering ways to deliver faster go-live for Highradius products

Step 1 → Which products do they interact with?

1. Slack 
2. Microsoft Outlook
3. Zoom

Step 2 → How frequent are these interactions ?

Step 3 → How important are those interactions?

Step 4 → Can your product add value to those interactions?

Step 5 → How many new use cases/customers can you get?

Step 6 → Summarize

Final Step → prioritize

Prioritizing slack over Microsoft Outlook and Zoom since there is a high potential that the majority of consultants/leaders talk a lot 1:1 or within groups about the below intents. 

1. Discovering best practices to implement Highradius Products
2. Discovering ways to implement Highradius products faster
3. Discovering ways to deliver faster go-live for Highradius products

It becomes a hook for us to drive the potential users to sign up for the tool and subsequently bring more users through referrals or word of mouth.