The term "value inflection points" is taken from Bruce Cleveland's book "Transversing the traction gap" and refers to milestones which change the valuation of tech companies. Over the last year, we have focused on two such milestones: To complete post chasm MVP (Minimum Viable Product) and build repeatable processes in sales and marketing to achieve Minimum Viable Repeatability (MVR). We expect both of them to be value inflection points as the first one gives us access to the majority market, and the latter sets up our organization for scaling.
TERP is a very different company today than just a year ago. We have more than 20 employees compared to just a handful at the beginning of 2020. We are building the TERP organization to reach our targets. We have quadrupled our software development capacity and cut the cost per development hour by 2/3. Last summer, we committed to completing post-chasm MVP by June 2021 and building repeatable sales and marketing processes. We are on track.
To launch post-chasm MVP in June, we have to deliver key features in our four interactive apps. Each of these apps provides to our customers’ key user groups.
The Abooks app is the interface students and other learners use to access abooks and get feedback on progress. You can download the app from Google Play and App Store.
The TERP Content app is an editor where content developers can develop abooks.
The TERP Classroom app provides a learning arena that connects teachers and their students. The app reveals knowledge gaps, thus empowering teachers to adapt to the needs of their students.
TERP Analytics gives access to relevant dashboards used to support training and education management.
Minimum Reliable Repeatability (MVR)
TERP has defined eight functional units. Five of these are related to sales and marketing; Business development, inbound marketing, sales development, sales, and customer success.
The last year’s primary focus has been to build repeatable processes in inbound marketing and customer success. We have implemented a new branding strategy and launched
a new website. Furthermore, we have launched Facebook communities, which serve as tools for the Customer Success Team. Inbound marketing was a priority as it supports the other functional units. Customer success addresses one of our main challenges. Our products are easy to sell. Most challenges are related to implementation. Until we have completed post-chasm MVP, implementation is particularly challenging as it involves manual work. However, we have improved the customer success playbook systematically for several months and have established the processes we need to scale the team. As a result, we have removed the largest obstacle to scaling.