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Guest-at-a-Glance
💡 Name: Pulkit Agrawal
💡 What he does: CEO/Co-Founder
💡 Company: Chameleon
💡 Noteworthy: Chameleon helps product teams drive adoption and onboarding.
💡Where to find Pulkit: LinkedIn | Website
Overview of the call
Pulkit Agrawal is the CEO/Co-Founder of Chameleon. Chameleon helps drive adoption of digital products. They have hundreds of customers including Mixpanel, Copy.ai and Segment.
In this episode, Pulkit dove into some of the hot topics driving trends in 2023 including the increasing importance of upsell and retention for their customers. We dove into how they’ve integrated with Chili Piper to allow for meetings to be booked within modals when users perform certain behaviors in product. Very cool stuff!
Pulkit also discussed some of the functionality in Chameleon including microsurveys to fill in details about customers. Since 3rd party data can be unreliable at times, asking for additional information post-sign up can allow for a better top of funnel activation rate while also enabling you to collect key information from your users.
We touched on competition and venture capital. Last year Pulkit raised a $10m Series A after bootstrapping for several years. Pulkit mentioned that Chameleon wasn’t first to market and they have had a “late mover” advantage as a result. This is primarily based on focusing on a really deep product experience that allows them to offer a differentiated product as a point solution. For example, they don’t offer product analytics unlike some bigger competitors.
Full Episode
Key Insights
⚡ Driving retention and usage
Main trend that Pulkit sees is that retention and driving usage from existing customers is critical. Chameleon helps with finding ways to educate users about additional gated functionality which can drive upsell/expansion. This is especially important in 2023 with the current macro environment.
⚡ Identifying high intent self-serve users
Pulkit thinks there are varied engagement modes for users: docs, videos, in-product tool tips etc. Inferring intent based on the different engagement modes (higher intent coming from product usage vs. video views for example) can be one example.
Another tactic is leveraging data like firmographic and technographic from providers like Clearbit can help because if they see overlap with a tool like Segment or Mixpanel that can indicate a clear fit.
Finally, asking people using things like microsurveys can provide a soft intent signal. Questions like “are you exploring or are you evaluating?” can help here.
⚡ VC funding vs. bootstrapping
For the entrepreneurs out there, we also spoke a bit about Pulkit’s startup journey with Chameleon. Pulkit said they started with “if you build it, they will come.” Eventually they moved upmarket and combined that sales-led approach with a self-serve top of funnel. They bootstrapped successfully for three years after raising a small seed round. It was after that long process of bootstrapping that they finally found product market fit through profitable growth. They also realized that they were in a very desirable category attacking a large end market so they opted to raise a $10m Series A in 2022.
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