Transforming Financial Planning: The Runway Revolution by Its Founders
Company profile
Company business details
Problem that their product solves
Runway solves the problem of complexity and inaccessibility in financial planning and analysis tools. The end users are businesses and their employees, who need to understand their financial health without being finance experts. Solving this problem is important as it enables better decision-making and fosters a culture of transparency and collaboration within organizations.Their unfair advantage
Runway combines the ease of use of spreadsheets with advanced workflow management and data integration capabilities, creating a single source of truth for finance teams.Strategies
Pre-Launch (Product Development & MVP)
Building for the Underdog
In the early stages of Runway, Seiki recognized the need to unlearn consumer product development principles to effectively build an enterprise product. He focused on understanding the pain points of potential enterprise customers, which were often different from his own experiences as a consumer. This involved extensive research and conversations with potential users to identify their needs and the value they would place on a new financial tool. By doing so, he aimed to create a product that not only addressed these pain points but also positioned Runway as a viable alternative to existing solutions.
Creative Branding and Marketing
For the launch of Runway, the team spent six months developing a unique brand identity and marketing strategy. They created a website with a boarding pass motif and designed a timed lock swag bag that generated excitement and curiosity about the product. This approach not only captured attention but also aligned with the company's values of creativity and raising the bar, making the launch memorable and engaging.
Market Research through Networking
Siqi Chen, the founder of Runway, engaged in extensive market research by networking with various finance professionals, including CFOs. He asked them about their experiences with existing FP&A software and discovered a significant gap in the market. This research was crucial in validating his idea for a new FP&A tool, as he learned that many users were dissatisfied with current solutions like Anaplan, which they found cumbersome and ineffective.
User-Centric Product Design
Siqi adopted a user-centric approach to product design by focusing on the pain points experienced by finance teams using traditional tools like Excel and Google Sheets. He aimed to create a product that not only addressed workflow and data integration issues but also provided the flexibility and ease of use that users desired. This approach was inspired by successful tools like Notion and Figma, which prioritize user experience.
Launch Stage
Viral Website Launch
Runway's co-founder, Seiki Chen, redesigned the company's website with a focus on storytelling and user engagement rather than traditional B2B best practices. The new site was launched on a Saturday after six months of development, and the team simply pointed the DNS to the new site. They announced new job openings alongside the launch, which led to the website going viral, generating immense attention and interest. The site was designed to surprise and entertain, moving away from the typical stock photo-laden B2B websites, and instead aimed to create a relatable and human experience. This approach resulted in a significant increase in impressions and leads, with the team receiving leads every few seconds after the launch, demonstrating the effectiveness of prioritizing engagement over immediate conversion optimization.
Learn more about Runway
Siqi Chen on Going Viral, Secrets to Storytelling, and Forgetting Best Practices
Hard-Won Secrets for Scaling Innovations in Finance, Gaming, and AI with Siqi Chen (Runway, Zynga)
