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Refer to the project brief and the additional resources before you begin this project!
(Go through them at least 3 times or till the time you don’t have a mind map in your brain)

Let’s begin

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Elevator Pitch

(Think of this as an introduction to your product- make it remarkable!)

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Say goodbye to the endless scroll through derivative and margin contract agreements. We are Bitroot and our product transforms lengthy documents into a smart, searchable, and clickable experience, making it easier, secure and seamless than ever to find exactly what you need whether it is financial details or specific clauses. Save time 3x, reduce hassle, and make your documents work for you, not the other way around.

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Understand your Product

(Before you begin, you need to know what your product is, what are its features, what is the problem being solved by your product?)​

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BitSuite streamlines the management of your derivative and margin agreements by converting them into structured, searchable data. With access to top digitization and contract analysis tools, BitSuite ensures you can quickly locate and amend specific clauses without sifting through endless pages. All data is securely stored in Bitroot’s Agreement Manager, making it immediately accessible to your internal systems. Say goodbye to the hassle of manual searches and inefficiencies. BitSuite keeps your agreements organized and at your fingertips.

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Understanding Core Value Proposition

(Build your core value proposition by exact what your product does and what problem are you solving)

BitSuite offers a complete audit trail, ensuring every change in your data is tracked and your golden copy remains intact. By digitizing both legacy and future agreements, we enhance data accuracy and enable bilateral confirmation, reducing disputes and improving trust. Hosted in a shared, fully digitized environment, BitSuite streamlines your risk management operations, saving time, cutting costs, and boosting overall efficiency.

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Understanding the Users

(Go and speak to different users of the product and the people in the chain: households buying the product, shopkeeper selling the product, churned users, users using competitors products. In case of B2B products identify the decision makers, the influencer, blocker and the end user)

I) Decision Makers:

Chief Risk Officer (CRO): Focused on minimizing risk, the CRO is interested in how BitSuite enhances the accuracy and efficiency of managing legal documents.

Chief Financial Officer (CFO): The CFO will consider the financial benefits, cost savings, and compliance aspects of adopting BitSuite.

Head of Compliance: Ensures that all agreements and operations are in line with regulatory requirements, making them a key decision-maker.

II) Influencers:

Risk Management Team: Provides insights into how BitSuite can enhance risk management and mitigation efforts.

Chief Information Officer (CIO): Evaluates the product’s integration with existing IT infrastructure, data security, and overall technological alignment.

III) Blockers:

IT Security Team: May raise concerns about the security of sensitive data, compliance with internal protocols, and the challenges of integrating new systems.

IV) End Users:

Legal Analysts/Contract Managers: Will use BitSuite daily for managing, reviewing, and amending agreements.

Risk Management Professionals: Rely on the system to assess and mitigate risks associated with legal agreements.

Compliance Officers: Utilize the platform to ensure that all agreements adhere to regulatory standards and organizational policies.

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Understanding your ICP

(There are separate tables for both B2C and B2B products, put down your your ICP’s in a Table Format, use this as a reference.
This table makes it super clear for anyone to understand who your users are and what differentiates them)

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B2B Table:

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we have multiple users of a product and not all of them can be our ICP for whom we make our strategies, we need to prioritize.
(use this ICP prioritization table)

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Understand Market

(begin by doing a basic competitor analysis)

(then try to understand the market at a macro level and evaluate the trends and tailwinds/headwinds.)

Now it’s time for some math, calculate the size of your market.

TAM = Total no. of potential customers x Average Revenue Per Customer (ARPU)
SAM = TAM x Target Market Segment (percentage of the total market)
SOM = SAM x Market Penetration/Share

As per my research, I am taking 50,000 (lower side) as the total no. of potential customers.

1. TAM = Total no. of potential customers x Average Revenue Per Customer (ARPU)
   TAM=50,000×₹2,00,000
   TAM=₹10 billion
   
2. ​SAM = TAM x Target Market Segment (percentage of the total market)
   SAM=₹10 billion ×15%
   SAM= ₹1.5 billion
   
3. ​SOM = SAM x Market Penetration/Share
   SOM=₹1.5 billion ×10%
   SOM = ₹150 million

Designing Acquisition Channel

(keep in mind the stage of your company before choosing your channels for acquisition.)

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Detailing your Acquisition Channel

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Organic Channel

(Understand the existing organic channel strategy for your product and highlight the success and failure thereon.
Provide your suggestions and devise new strategies.)

Step 1 → Conduct keyword research on Google, Amazon, Youtube, Quora etc.
Step 2 → Collate all your insights from all your searches.

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Content Loop

(Keep it simple and get the basics right)

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Step 1 → Nail down your content creator, content distributor and your channel of distribution
Step 2 → Decide which type of loop you want to build out.
Step 3 → Create a simple flow diagram to represent the content loop.

Step 1:
Content Creator:

• Internal Team: Product managers, content writers, and marketing team members at Bitroot.
• External Contributors: Industry experts, guest bloggers, and influencers in the contract management and digitization space.

Content Distributor:

• Internal Channels: Bitroot’s blog, email newsletters, social media accounts (LinkedIn, Twitter, Facebook).
• External Channels: Industry forums, guest posts on relevant websites, partnerships with industry publications.

Channel of Distribution:

• Owned Media: Bitroot’s website, blog, and email lists.
• Paid Media: Sponsored posts, Ads on Google and LinkedIn.
• Earned Media: Media mentions, guest posts, Financial Times podcasts.

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Step 2: Type of Loop

Educational and Promotional

Step 3: Flow Diagram

Content Creation → Distribution → Engagement → Analysis → Optimization → Content Creation

Paid Ads

(Understand what is already being done, what is working out well and what needs to be stopped)

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Step 1 →Define the CAC: LTV ratio. If your product has a healthy CAC:LTV ratio, proceed with paid ads.
Step 2 → What digital channels will you work with?
Step 3 → What will be your audience selection & creative strategy? (What you build in ideal customer profile should reflect here)
Step 4→ Design the Ad Campaign
Step 5 → Frame the Ad Budget

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​1. CAC Ratio

• CAC: ₹8,000 per customer
• LTV: ₹40,000 per customer
• Ratio: 20% (Healthy for paid ads)

2. Digital Channels

• Google Ads: For search and display targeting relevant keywords.
• LinkedIn Ads: Targeting professionals in legal and finance sectors.
• Facebook Ads: For broader reach and retargeting.
• Industry Forums: Ads on platforms used by contract management professionals.

3. Audience & Creative Strategy

• Audience: Legal and finance professionals, contract managers, CFOs in mid-sized to large enterprises.
• Creative:
• • Google Ads: Text ads emphasizing time-saving and risk reduction.
  • LinkedIn Ads: Sponsored content with case studies.
  • Facebook Ads: Engaging visuals and videos highlighting product features.

4. Ad Campaign Design

• Goals: Drive traffic, generate leads, increase sign-ups.
• KPIs: CTR, conversion rate, CPL, ROAS.
• Content: Test different headlines and descriptions. Use carousel ads on LinkedIn and A/B test on Facebook.

5. Ad Budget

• Total Monthly Budget: ₹500,000
• • Google Ads: ₹200,000
  • LinkedIn Ads: ₹150,000
  • Facebook Ads: ₹100,000
  • Industry Forums: ₹50,000
• Strategy: Start with a test phase, monitor performance, adjust spending accordingly.

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Product Integration

(Understand, where does organic intent for your product begin?)

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Step 1 → Understand does your product fit in?
Step 2 →Draw a possible flow of how the product will look like inside the integration.
Step 3 → Create a plan of multiple integrations that you could do.

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​Step 1: Understand does your product fit in?

Does BitSuite Fit In?

• Function: BitSuite automates the digitization and organization of contract data, making it searchable and manageable.
• Ideal Fit: Integrates seamlessly with document management systems (DMS), enterprise resource planning (ERP) systems, and legal practice management software, enhancing contract handling efficiency.

Integration Benefits:

• Efficiency: Streamlines contract management processes.
• Data Centralization: Centralizes contract information for better accessibility and usability.

Step 2: Integration Flow

1. Source System Integration:
2. • Action: Import contracts from systems like DMS or ERP.
   • Outcome: Digitize and classify contract data.
3. BitSuite Processing:
4. • Steps:
   • • Data Ingestion: Process and analyze contracts with AI.
     • Organization: Index and organize contracts for easy retrieval.
5. Output Integration:
6. • Sync: Return processed data to source systems for seamless access.
   • Connect: Link with CRM or compliance tools for expanded use.
7. User Interface:
8. • Access: Users interact with contracts through BitSuite’s integrated dashboard.

Step 3: Integration Plan

1. Document Management Systems (DMS):
2. • Targets: SharePoint, DocuSign.
   • Benefit: Automates contract digitization within existing DMS platforms.
3. Enterprise Resource Planning (ERP) Systems:
4. • Targets: SAP, Microsoft Dynamics.
   • Benefit: Integrates contract data with business processes, improving efficiency.
5. Legal Practice Management Software:
6. • Targets: Clio
   • Benefit: Enhances contract management features for legal workflows.
7. Customer Relationship Management (CRM) Systems:
8. • Targets: Salesforce, HubSpot.
   • Benefit: Links contract data with customer interactions and sales processes.
9. Compliance and Risk Management Tools:
10. • Targets: LogicGate, MetricStream.
    • Benefit: Ensures effective contract compliance and risk management.

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Referral Program/Partner Program

(For B2B companies, if referral does not make sense you'll take a crack at a partner program for your product)

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Step 1 → Flesh out the referral/partner program
Step 2 → Draw raw frames on a piece of paper to get the gist.​

(Don't spend a lot of time on design. This is for you to communicate how the referral hook will look)​

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​Step 1: Program Details

Referral Program Outline:

1. Purpose:
2. • Objective: Encourage existing users to refer BitSuite to other businesses by leveraging their positive experience and network.
   • Value: Utilizes word-of-mouth to reach new potential clients through trusted recommendations.
3. Referral Rewards:
4. • Existing Customers:
   • • Reward: ₹10,000 in BitSuite Credits for each successful referral.
     • Type: Platform currency, which can be used for agreement digitization, annual subscriptions, or additional analytics services.
   • New Customers:
   • • Reward: 10% discount on their first year’s subscription or ₹5,000 in BitSuite Credits.
     • Type: Discount or platform currency, making the service more attractive and affordable.
5. Why Referrals Work:
6. • Happy Moments: Users who find BitSuite contract digitization and analysis feature effective and efficient are likely to share their positive experience.
   • Aha Moments: Features like AI-driven digitization and easy access to specific elements in contracts like Independent amount, Eligible Collateral, Threshold Values at a tip of a button are compelling reasons for users to refer others.
7. Program Insights:
8. • User Feedback: Initial user feedback indicates strong word-of-mouth and recommendations.
   • Documentation: Users often discover BitSuite through professional connections, indicating a natural fit for a referral program.

Step 2: Referral Flow Diagram

1. Referral Initiation:
2. • Action: User clicks on “Refer a Friend” in their BitSuite dashboard.
3. Referral Process:
4. • Step 1: User enters the referee’s contact details.
   • Step 2: Referee receives an email with a personalized invite and a link to sign up.
5. Onboarding:
6. • Action: Referee signs up for BitSuite and completes the onboarding process.
7. Referral Confirmation:
8. • Step 1: Referee’s subscription is confirmed.
   • Step 2: Referrer is notified and the reward is processed.
9. Tracking Rewards:
10. • Action: Referrers can view their referral status and rewards in their dashboard.

Step 3: Referral Message

Referral Message:

• Subject: “Share the Power of BitSuite and Earn Platform Credits!”
• Body:
• • “Hi [Name], We’ve loved helping you streamline your contract management with BitSuite. If you know someone who could benefit from our AI-driven platform, refer them to us! As a thank you, you’ll earn ₹10,000 in BitSuite Credits for every successful referral, and your friend gets a 10% discount on their first subscription. Simply click here to refer: [Referral Link]. Thanks, The BitSuite Team”

Step 4: Tracking Rewards

Tracking:

• Feature: A dedicated “Referral Dashboard” where users can track their referred leads, status, and earned platform credits and credits usage after it is earned.
• Notifications: Automatic email updates when a referral is successfully processed and credits are available.

Step 5: Increasing Referrals

Strategies:

1. Enhanced Rewards: Introduce tiered rewards for multiple referrals (e.g., earn ₹10,000 for the first, ₹15,000 for the second, and additional perks for three or more).
2. Group Referrals: Offer bonuses for group referrals (e.g., refer five companies and receive an additional ₹50,000 in BitSuite Credits).
3. Referral Contests: Run periodic contests where the top referrer gets exclusive benefits or prizes.
4. Referral Program Promotion: Regularly promote the referral program through email newsletters, in-app notifications, and social media.

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​we hope this helped you break the cold start problem!

Reminder: This is not the only format to follow, feel free to edit it as you wish!