Elevator pitch for Whatfix

Did you know that enterprises today spend 550 Billion dollars annually on enterprise software applications, with a typical enterprise using over 900 applications on average?

The catch is that 70% of these organizations face major challenges in the actual adoption of these applications.

Whatfix is a Digital Adoption Platform(DAP) that solves enterprise challenges with software adoption by enabling users through real-time guidance, support, and feedback on top of software applications. 700+ customers, including 150+ Fortune 1000 companies are already using Whatfix to drive business outcomes with increased productivity, faster time to proficiency, and reduced training, and support costs.

​Whatfix is a leader in the digital adoption platform category with its biggest competitor being Walkme. The category is maturing and evolving, with big changes like Walkme being acquired by the giant SAP.

Whatfix has expanded into a multi-product offering with new products like Product Analytics, and Mirror, along with innovations in AI to offer a comprehensive solution to enterprises undergoing digital transformation.

The product market fit for Whatfix is very strong and it is now in mature scaling stage.

Understanding Product

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What is the fundamental need or want that the product is solving for?

Enterprise software applications like Salesforce, Oracle, SAP, Oracle etc are complex and traditional training methods are ineffective to get users onboarded on these apps quickly and effectively. With Whatfix in-app guidance, users have real-time help and support in their flow of work to get proficient on these apps.

​What are the basic features and functionalities that the product provides?

Whatfix is a multi-product offering with 3 products-

1. Whatfix DAP- Whatfix Digital Adoption Platform enables users with in-app guidance. It has features like a content creation tool for the content editor, self-help, tasklist, flows, beacons, and analytics.
2. Product Analytics- Whatfix Product analytics allows application and product owners to analyze user behavior on the apps with features like user journeys, trend insights, funnels, and cohorts.
3. Whatfix Mirror- Whatfix Mirror allows users to train on interactive sandbox replicas of web applications with features like tours, flows, and task lists, and IT training analytics.

What other ways are users using to solve the same problem? If it is a new category, how else were people solving the problem?

Companies were using traditional training methods like classroom training, manuals, guides, or advanced but non-real-time methods like LMS to train users on complex apps.

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Product demo screens

User research

Macro objective

Acquisition strategy

Micro objective

1. Understand what sites they read to educate themselves to solve their problems.
2. Understand what led them to a DAP 
3. Understand why they chose Whatfix

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User interview questions

Mail sent to CSM for getting customers to agree to a user research call

Hi, 

I need a few moments of your precious time because I want to better understand you and your pain points at work. I am doing an acquisition channel project for Whatfix that will help me get insights on what were the barriers at work for customers, how they search for solutions to the barriers,  and what led them to a DAP.

If you want, I can keep your identity masked. This call is only for research purposes. 

Thank you and grateful for your time.

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ICP

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​ICP Prioritization Framework:

Based on the above framework, ICP1customizability and ICP2 will be prioritized.

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UNDERSTANDING MARKET

Micro Market Research

Competitors - Walkme(acquired by Salesforce), Pendo, Userlane

Whatfix Strengths:

1. Best customer onboarding and support experience among all available DAP offerings in the market, as discovered from G2 reviews.
2. Multi-product solution with new products like Product analytics, mirror, and enterprise insights for providing an end-to-end solution on the web, desktop, and mobile.
3. High customizability to complex business needs.

Whatfix weakness:

1. Hard to test content before pushing it to production
2. Desktop app experience can be improved.
3. Analytics can be improved.
4. Bugs in the flows.

Features Missing in Whatfix:

• WalkMe: Highly detailed user behavior analytics, predictive analytics, and advanced workflow automation capabilities.
• Pendo: Advanced product analytics, feedback collection tools, and a freemium model for initial access.
• Userlane: Extremely simple setup, real-time interactive guidance, and in-app training.

Future threats:

1. Copilots: Copilots are AI-powered tools or assistants designed to help users navigate, interact with, and complete tasks within various software applications and digital environments. Examples: Tools like GitHub Copilot for coding, Microsoft Copilot integrated into Microsoft Office applications, or Salesforce Einstein for CRM. 
2. Enterprise Software Vendors: With Salesforce acquiring Walkme, Whatfix’s biggest competitor, market dynamics may shift. If Salesforce creates a copilot with Walkme, then Whatfix may lose a chunk of business from companies who bought Whatfix for Salesforce apps.

​In-Depth Competitor Analysis​

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​Whatfix stands out with its comprehensive in-app guidance, no-code authoring, and robust support. Key learnings include the importance of integrating advanced analytics, providing a user-friendly interface, and offering flexible pricing models to meet diverse customer needs.

Calculating the Market Size

1. Total Addressable Market (TAM):

If Whatfix could achieve 100% market penetration among large enterprises globally, TAM is the total revenue opportunity.

• Approach:
  We consider the total number of large enterprises worldwide that could benefit from digital adoption solutions like Whatfix. Large enterprises are typically defined as companies with over 1,000 employees.
• Assumptions:
• • There are approximately 50,000 large enterprises globally (this includes major markets like North America, Europe, and Asia-Pacific).
  • Whatfix's average contract value (ACV) per large enterprise could range between $100,000 and $500,000 annually, depending on the size and scope of deployment.
• Calculation:
  Assuming an average contract value (ACV) of $200,000 per large enterprise:
• • TAM = 50,000 large enterprises × $200,000 = $10 billion.

So, the TAM for Whatfix, focusing solely on large enterprises globally, is estimated to be $10 billion.

2. Serviceable Available Market (SAM):

SAM is the portion of the TAM that Whatfix can realistically service based on its current focus areas, including specific industries and geographical regions.

• Approach:
  Whatfix may not target every large enterprise globally, so we narrow the focus to regions and industries where the company actively pursues clients (e.g., North America, Europe, APAC, and industries like tech, finance, healthcare, etc.).
• Assumptions:
• • Let's assume Whatfix currently targets 30% of large enterprises globally, focusing on key industries and regions.
  • This brings the number of targetable large enterprises down to 15,000.
• Calculation:
  Using the same average contract value of $200,000 per large enterprise:
• • SAM = 15,000 large enterprises × $200,000 = $3 billion.

So, the SAM for Whatfix, focusing on target regions and industries, is estimated to be $3 billion.

3. Serviceable Obtainable Market (SOM):

SOM represents the portion of the SAM that Whatfix can realistically capture, considering competition, market penetration, and its own capabilities.

• Approach:
  SOM depends on Whatfix’s market share in the serviceable market. Given the competition and the company's current market penetration rate, we estimate how much of the SAM Whatfix could capture in the short-to-medium term.
• Assumptions:
• • Let’s assume Whatfix is targeting to capture 10% of the SAM within the next few years (based on its growth trajectory, competitive positioning, and product differentiation).
  • This gives a target of 1,500 large enterprises.
• Calculation:
  SOM = 1,500 large enterprises × $200,000 = $300 million.

So, the SOM for Whatfix, in the short-to-medium term, is estimated to be $300 million.

Summary:

• TAM (Total Addressable Market): $10 billion
  (All large enterprises globally)
• SAM (Serviceable Available Market): $3 billion
  (Large enterprises in target regions and industries)
• SOM (Serviceable Obtainable Market): $300 million
  (Realistic capture within the next few years)

These estimates are based on industry averages and general assumptions about the size of the enterprise market, the demand for digital adoption solutions, and Whatfix’s market positioning.

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Core Value Proposition for Whatfix

"Empower Your Workforce with Seamless Digital Adoption"

Whatfix helps enterprises accelerate digital transformation by enabling employees to effortlessly learn and adopt new software applications. Our Digital Adoption Platform (DAP) simplifies and enhances the user experience on complex enterprise apps like ERP, CRM, and HCM through in-app guidance, real-time assistance, and personalized learning paths, ensuring that every employee, regardless of their technical proficiency, can maximize the value of your technology investments.

Key Benefits:

• Enhanced Productivity: Empower employees to complete tasks faster and with fewer errors through contextual, in-app guidance that reduces reliance on traditional training and support.
• No-code authoring platform: Training managers can create content with our in-built no-code editor and push flows and learning widgets like pop-ups, self-help, beacons.
• Accelerated Software Adoption: Drive higher software utilization and faster onboarding with step-by-step tutorials, tooltips, and automated workflows directly embedded into the software applications your teams use daily.
• Personalized Learning: Offer personalized, just-in-time training and learning paths based on the user's role, department, and behavior, ensuring employees are upskilled in a way that suits them best.
• Reduced Support Costs: Minimize helpdesk tickets and employee downtime by offering self-service guidance and instant access to the answers they need within the applications themselves.
• Scalable & Global: Whether you’re deploying to a global enterprise or specific departments, Whatfix scales seamlessly across platforms and geographies, ensuring consistent adoption and performance across your organization.

Why Whatfix?

• Flexible Integration:
  Whatfix integrates with all major enterprise software, from CRMs and ERPs to HR systems, ensuring consistent adoption across your digital ecosystem.
• Data-Driven Insights:
  Leverage powerful analytics to track usage, adoption, and engagement metrics, allowing you to measure ROI and optimize the user experience.
• Proven Enterprise Results:
  Trusted by Fortune 500 companies across industries, Whatfix consistently delivers measurable business outcomes, such as improved employee efficiency, reduced training costs, and higher software ROI.
• Best in industry customer support: We are the only vendor awarded the Gartner 'Voice of customer' award based on G2 reviews by customers. Timely, responsive customer support throughout the lifecycle of the customer, and specially during implementation is a Whatfix forte that makes customers recommend Whatfix highly in their network.

Maximize your technology investment and enable your workforce with Whatfix’s digital adoption solutions—where learning meets doing.

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Channel Selection Framework:

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Existing channels for Whatfix

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As Whatfix is in mature scaling and has had great outcomes from Paid ads, we will double down on that channel. Whatfix has not implemented an affiliate program yet.

I am adding new channels in the mix that are very relevant for Whatfix's ICP - Industry events like Dreamforce, and Gartner where the ICP of Whatfix gathers in high concentration with high intent and receptivity, and Partnerships with System Integrators like Bullhorn, Wipro, TCS.

Whatfix can experiment with a new channel to drive new user acquisition - Affiliate marketing with trainers like Mike(interviewed customer) who companies regularly contract for roll-outs. These people can do affiliate marketing for Whatfix, and bring in customers.

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Paid ads

As AOV of a Whatfix customer is high, CAC:CLTV is healthy for Whatfix and paid ads have proven to be an effective channel for acquiring new customers.

Channel selection- Where does my ICP spend time?

As we are focusing on ICP 1 and ICP 2, who are department heads or leaders in enterprises who spend a lot of professional time on Linkedin and are easy to target by persona, we will focus on Linkedin as a channel.

Audience segment- What doestestimonials my ICP look like on Linkedin?

Persona 1: Senior IT Manager in Large Enterprises

• Industry Focus: Information Technology, Financial Services, Higher Education, Insurance, Pharma, Manufacturing
• Job Titles: Senior IT Manager, IT Director, Chief Technology Officer (CTO)
• Company Size: 1,000+ employees
• Geography: North America, Europe
• Skills: IT Management, Technology Integration, Digital Transformation
• Interests: Technology Trends, IT Solutions, Digital Transformation Strategies

Persona 2: Digital Transformation Lead in Mid-Sized Companies

• Industry Focus: Insurance, Banking, Pharma, Automotive
• Job Titles: Digital Transformation Lead, Head of Digital Strategy, Innovation Manager, Head of change management
• Company Size: 250-1,000 employees
• Geography: North America, Europe
• Skills: Digital Strategy, Innovation, Process Improvement
• Interests: Innovation Strategies, Digital Adoption, Process Automation

Campaign structure- How do I structure my ad account for scale?

Core objective-

Objective 1: Generate Leads

• Goal: Drive high-quality leads for Whatfix’s digital adoption platform by targeting decision-makers and influencers within specific industries.
• Metrics: Form fill rate, Demo signups, Number of leads generated, cost per lead (CPL), lead-to-customer conversion rate.

Objective 2: Increase Brand Awareness

• Goal: Raise awareness of Whatfix’s multi-product, AI-driven platform among key industry stakeholders and potential customers.
• Metrics: Impressions, click-through rate (CTR), website traffic, brand lift

Ad groups- Decide audience targeting and budget

Ad creative- How do I solve for impression to conversion?

Static ads, video ads, product demos, customer testimonials, brand ads

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Whimsical link to Whatfix paid ads
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Affiliate marketing program for Whatfix

My user interview with Mark Zeeden who is a SAP go-live trainer and has been part of change management and training programs for 20 years gave me the insight that there is a strong network effect of Word-of-mouth for high-budget products like DAPs. Mark heard about Whatfix from his ex-colleagues at Shell where he had been working previously and that got him swayed in Whatfix’s favor over the competitor Walkme. 

Motivation for affiliate persona- Personas like Mark who have a reputation and are contracted by enterprises for training programs during go-lives and change programs can be incentivized to become a part of Whatfix’s affiliate program where they will be rewarded with monetary benefits and other perks for referring qualified and high-intent customers to Whatfix.

Motivation for prospects- Prospects often ask the CSM team at Whatfix to connect with current customers for references in order to understand the entire process, the highs and lows. This not only gives them confidence before making the purchase but also provides best practices and frameworks they can borrow in their own digital transformation project. This affiliate program is a win-win as it will provide affiliates to refer and give advice to prospects in a structured and incentivized manner.

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Program Overview

Name- Whatfix DAPtivator Program

1. Objective:

Drive high-quality leads and conversions by leveraging partnerships with affiliates who can promote Whatfix’s digital adoption platform effectively.

Target Affiliates:

Training managers, Change management leaders, ERP Training contractors, Industry influencers, digital transformation consultants with ERPs like SAP, IT solution providers, and industry-specific thought leaders.

2. Best Personas to Target for Onboarding

a. Industry Influencers

• Profile: Tech bloggers, analysts, or digital transformation experts with a significant following in the industry.
• Motivation: High potential for increased visibility and reputation enhancement.

b. Tech Consultants

• Profile: Consultants specializing in digital transformation and IT solutions who often recommend tools and platforms to their clients.
• Motivation: Opportunity to earn commissions on successful recommendations and enhance their consulting services.

c. IT Solution Providers

• Profile: Companies or individuals offering complementary IT solutions that can integrate with or enhance Whatfix’s platform.
• Motivation: Potential to add value to their clients by recommending Whatfix and earn commissions.

d. Industry-Specific Thought Leaders

• Profile: Experts in sectors like banking, insurance, pharma, and education who have credibility and networks in these fields.
• Motivation: Ability to provide valuable solutions to their audience and earn through affiliate commissions.

3. How to Search for Affiliates

a. Research and Outreach

• Platforms: Affiliate marketing networks like ShareASale, CJ Affiliate, or Impact to find potential affiliates.
• Social Media: Identify and connect with influencers and bloggers in the industry on LinkedIn, Twitter, and industry-specific forums.
• Industry Events: Dreamforce, Gartner Reimagine, Whatfix SCALED.
• Competitor Analysis: Look at Walkme’s Propel partner program and their affiliates to identify potential partners.

b. Direct Outreach

• Cold Emails: Sales team can do this.
• LinkedIn Messages: Use LinkedIn to connect with potential affiliates and discuss collaboration opportunities.
• Partnership Proposals: Leveraging existing system integrators like TCS, Wipro, Bullhorn

4. Tracking and Managing Affiliates

a. Affiliate Software

• Tools: Affiliate management software like Impact, Refersion, or PartnerStack to track affiliate performance, manage payments, and monitor conversions.

b. Tracking Methods

• Unique Links: Provide each affiliate with unique tracking links to monitor traffic and conversions.
• Coupons and Promo Codes: Assign unique coupons or promo codes to affiliates to track sales and leads directly attributable to their efforts.
• Cookies: Implement tracking cookies to attribute leads and sales to the appropriate affiliate.

c. Performance Monitoring

• Analytics Dashboard: Regularly review the analytics dashboard to monitor affiliate performance, including clicks, conversions, and revenue generated.
• Monthly Reports: Generate monthly performance reports to evaluate affiliate contributions and optimize the program.
• Feedback Loop: Provide regular feedback to affiliates on their performance and offer support for improving their strategies.

5. Incentives and Rewards

a. Commission Structure

• Flat Rate: Offer a flat commission rate per lead or sale- 2% of total sales done
• Tiered Commissions: Implement a tiered commission structure where affiliates earn higher commissions based on performance thresholds. Example: 1% for the first 10 sales, 2% for 11-50 sales, and 5% for over 50 sales.

b. Performance Bonuses

• Top Performer Bonus: Provide additional bonuses for top-performing affiliates. Example: A $1000 bonus for the affiliate with the highest number of conversions in a quarter.
• Incentive Contests: Run periodic contests with prizes for affiliates who generate the most leads or sales within a specific timeframe.

c. Exclusive Offers

• Early Access: Give affiliates early access to new features or products to enhance their promotional efforts.
• Co-Branded Materials: Provide co-branded marketing materials, including banners, landing pages, and email templates to help affiliates promote Whatfix effectively.

d. Recognition and Support

• Affiliate of the Month: Recognize top-performing affiliates monthly with featured spots in newsletters or on your website.
• Dedicated Support: Offer dedicated account managers or support teams to assist affiliates with any questions or issues.

Whimsical link for Affiliate marketing program flow

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Conclusion

We looked at a user interview with a training manager for SAP who narrated how DAPs have made life significantly easier for trainers who earlier used to do classroom training and disjointed documentation. The end-user is also relieved from cumbersome training and doesn't need to memorize complex and changing processes. As long as Whatfix keeps up the good work of maintaining excellent customer relationships, it will keep growing.

We looked at paid channels as a strong acquisition channel with target personas. We also looked at affiliate marketing as a channel that shows strong potential for scaling with the strong customer word of mouth that Whatfix already enjoys.

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