Objective: Look through our OKR's, determine if they make sense, and if they do, what's the best way to reach there
- do we know the symptoms of product-market fit
- it's dangerous to look at just a survey (because users lie), as well as simply growth rates, without looking at churn rates
- we should look at professional societies that are very siloed (project management, actuarial, engineering, petrochemical), because they're thinking 10 years out about their leadership, but have trouble reaching out to college grads
- there are many moving parts.
- how are we recommending
- do we have historical data about which recommendations work? -> convert this to algorithmic recommendation
Looking at our Revenue Streams
- Which part would give us the most revenue
- Which part would give us the most profits
- If it's white-labelling, is there a full-time manpower dedicated to it?
- In the long run, we want the white-label platform to give us the access to students, which will power our recruitment portions and skills education
- What are the biggest challenges we face right now?
- Finding a repeatable business prospective
- Part of it is that we're not iterating fast enough, and we can't test our assumptions enough
- We're not shipping the product fast enough
- Manpower crunch
- Lack of certainty about the product we're building
Are we looking at an exit already?
- Startups don't get sold, they get bought
- We have to threaten the dominant player in a way that's not in their direct domain, so that it makes more sense for them to buy us out
Do we need a C-level executive?
- It's not about the experience, it's the functions that he's concerned about
- We need a streetfighter, not a karate master
- They spend their time climbing corporate ladder, not building teams/ startups
- Ask them what's their plan on the first 30 days of their job
- These pedigreed guys usually ask for plenty of resources to build the team
- In Indonesia, he's sensing that the market is so rich and desperate for jobs, that we can just hire monkeys to grow the platform there
- We need to beef up our outreach, work with the traditional media for PR
- Social media should be a basic discipline
- If we do a decent social media campaign, use that as a hook and social proof for traditional media
- At the current model, we need 8 mil candidates
What to Focus On
- Biggest potential is fulfillment of recruitment placements
- We need to patch the gap between candidates to being offered interviews
- If we can get our recommendation to work such that every candidate that we recommend, the companies are willing to offer
- We can charge a premium for less attractive companies for the same absolute number of candidates
How to Improve Bottleneck
- one way is to build commitment early on:
- "Would you go for an interview if we secure one for you next week?"
- "Can we do a short chat such that I can find out more and place you more effectively?"
- If they say yes, send them a short list of some questions that the companies can ask -> lower pre-interview anxiety
- Gotta build psychological touches onto every step -> have to think through where we can bury these triggers
- Another way to call salesperson is a "Solutions Specialists", we help clients determine the best solutions for them, and then they collect money at the end
- Most first-time jobbers have a poor experience with salespeople
- Purpose, Autonomy and Mastery
- For MIA, do they even open their emails? Either we apply more psychological pressures, or don't even bother
- Chat-based interface might be the way in the future
- To communicate clearly, don't use adjectives, just use nouns and verbs
- Adjectives are emotionally comfortable, but operationally imprecise
- Words need to mean something
- Accountability is very simple: to give an accounting of the resources you're given to achieve an outcome
- We can chunk things, text them to ask when's a good time to arrange a call
Review of our OKRs
- Can we achieve monthly repeatable sales in spite of seasonality?
- We should work with the seasonality of our business, it's ok say that we're profitable for 8 months, but losing for 4 months
- 1 box for 1 OKR
- How do we avoid building things for free, or on discretionary spending?
- Decision-maker who can pull the trigger on the big project needs to be on the 4th meeting
- 2,1,3 model -> help the 2nd guy gets closer to the 1st guy, then tell the 1st guy that the 2nd one is closing in, and then tell the 3rd and 4th guys that to survive, they need to follow 1st and 2nd guy
- Go for the school who's trying to overtake Ngee Ann
- Go to linkedin, and search for the "Chief Talent Officers"
- They actually care enough about talent to put it in their title, they are the thought leaders
- Keep doubling on every sale, until price becomes the only rejection reason
How do we know that we're in the right category
- When we don't need to compete on price
- When we have a clear way to describe what we do, and the clients can make a decision based on that 1 thing
- Uber and airbnb are not in the right category -> they're not profitable, and still competing on price
- Hotels were designed for business travellers
- If we can help companies issue interviews offer, and the companies are happy with it, then we've killed off headhunters
- They'll chat with Glints, give us the JD, and then the calendar gets filled up automagically with the right candidates, and at the end, give them a report
- Students give Glints the permission to their CV, LinkedIn, and we find them the right interviews
- When all the money they have they give it away, then you know you are in the right category