The KPI Toolkit for High-Growth Startups: An Innovative Approach to Measuring Success, with Priyanka Lilaramani, Founder of Truealpha [Podcast #82]
We welcomed many founders who have created solutions for their own pain points in the past. This week we are joined by Priyanka Lilaramani, CEO & Founder of Truealpha to discuss how a modern KPI platform can ultimately guarantee the success of a high-growth startup.
Truealpha is an out-of-the-box modern KPI platform that enables high-growth startups to organise their data in an automated and easily accessible way whilts their metric engines handle to work. Truealpha enables you to go from unstructured spreadsheets that need a lot of manual work to organise and analyse to sleek and automatised KPI dashboards.
KPI and How It Can Be Your Company’s Downfall
As a startup, Truealpha can be an essential tool in order to bring order to your fast-growing company. But, what exactly is it? We asked Priyanka to introduce Truealpha to us. Priyanka explained that the need for something like Truealpha came from her experiences in her previous roles, which is often the greatest motivator for a founder. Even if there were a toolkit for organising data, founders often do not get a playbook and can’t decipher what kind of KPIs to produce. She states that in itself is a problem. Because not knowing what numbers to produce and how to interpret the metrics can bring about the downfall of many promising businesses, as Priyanka puts it.
Next, we talked about the market-product fit. How one can establish that there is a need for a product like this in the market. Better yet, even if there is a demand, how can you be certain that the need equals to a desire to purchase the said product? What percentage of startups are consciously aware of their KPIs or that they need a platform to enhance their understanding of them? According to Priyanka, “building the tool is just as important as building it in a way that educates and upscales” so that it can grow with the businesses.
However, she regrets to inform that more often than not companies only realise the need for a tool like this when it is too late. She also lists the most common periods that trigger companies into realising the need. Generally, the most frequent scenario is when they are preparing to go for investment. Does that sound familiar for your startup? Then, you might want to hear what Priyanka has to say about why you need it and how to navigate it.
What Do You Need to Educate Your Target Market?
This brought us to discussing the education of the market. It usually requires immense resources to achieve this. How does Truealpha planning to manage it in the lond term? Priyanka explains that even though the education is a crucial part of their process with their clients, who are mostly other founders, their business strategy is not entirely dependent on it. She emphasises that Truealpha is a solid solution to a problem which otherwise would and does require a lot of manpower to solve.
After that, we chatted about Truealpha’s finances. How do they make revenue, if they do? Are they funded? Does Priyanka support the company herself? Where are they as a business. Priyanka explains their paid pilot programme and that they plan to develop their product in partnership with these pilot companies. If you would like to know what kind of businesses they work with, Priyanka lists the factors they take into consideration whilst filtering. We also talked about that ways they acquire customers currently.
Last but not least, we touched upon the ever-changing dynamics of the startup world and how different building startups become as time passes. If you like to learn more about the topics mentioned above and what Priyanka thinks about how the changing structure of building startups affects businesses, we invite you to listen to the episode above.