This is a follow up story for Predis. If you're interested in reading how they got started, published over 1 year ago, check it out here.
Hello again! Remind us who you are and what business you started.
I am Tanmay - Co-Founder of Predis.ai. We have been building Predis.ai full-time for more than a year now. We are a team of 3 co-founders.
Since we launched the new version of our product 6 months back, we have done more than $200K In Revenue and also reached $1K Monthly Recurring Revenue.
When we started Predis.ai we were trying to build a Grammarly for Social Media. The idea was to train an AI to give objective suggestions on how to improve a social media post before its posted. We launched in April 2021 and speaking to users made us realize that though we were solving was good, however, they had a larger problem. This was the blank slate problem due to which users were spending a lot of time thinking about what content to write. This looked like a larger opportunity for us and we pivoted our product to become an AI Social Media Content Generator.
This Pivot was loved by all of our users and this is how our Monthly Active Users look now
Tell us about what you’ve been up to! Has the business been growing?
The last 6 months have been very good for us! Our Monthly Active Users have increased 10 times in the last 6 months. We have clocked sales of $200K in the last 6 months. Monthly Revenue has reached $1k in the last 3 months.
Our primary form of getting Sales and new users has been our AppSumo Launch. We had taken a risk with going live on Appsumo within 5 days of launching the new product version. However, the launch went very well and we got some great feedback from users.
We have also just launched on the Shopify App Store and already see paying users come in the first 8 days of launch.
We are still a team of 3 co-founders working full time. We are now looking to get 2 Growth Marketers and 2 Engineers onboard.
Our Performance marketing campaigns have started to perform better. Our Cost per signup was ridiculous in the 1st month, however, has come down to a decent number now.
Another Growth Tactic that has worked well for us is providing free Social Media Posts ideas to our users. The open Rates for these emails have been >30% which tells us how valuable these are for users.
This has made sure we have a high retention rate of our users.
Our SEO blogging has started to show some results and we have hit more than 194K impressions in the last 6 months. This is when we have had 1 intern helping us with writing blogs. We intend to have a lot more focus on this and grow it further.
Our Public Roadmap has seen a lot of interest and we keep getting a lot of feature requests.
What have been your biggest lessons learned in the last year?
We spent a lot of time in AI research in fine-tuning our product.
I think we should have gone out and spoken to users faster.
Once we started reaching out to users and taking their feedback, things started falling in place faster and we had better visibility.
Launching on Appsumo was a good decision. Without it, we would not have gotten so much visibility. We got very lucky to be launching just a month before black Friday. We tried to generate a lot of buzz in that one month and it paid off massively as we had sales worth $30k in 3 days of Black Friday and Cyber Monday.
We also started sharing our progress actively on our Facebook group, LinkedIn, and Twitter. This has also helped a lot.
We Intend to work with a lot of social media coaches/consultants as our product can help them work faster with their clients.
What’s in the plans for the upcoming year, and the next 5 years?
Given our growth in the last 6 months, we have set up a lot of stiff targets for ourselves. We target to increase our Monthly Active users by 10X in the next 6 months. We are very excited about the kind of feedback we have received.
We have closed a small Angel round and plan to hire 2 Growth Marketers to help us spread the word.
We intend to be a category leader in Social Media Content Creation in 5 years.
Short-term goals are to grow new users. Long-term goals are to build a solid business that does not rely on cash burn to grow.
Have you read any good books in the last year?
I have been reading a lot of books on Growth and strategy.
Once we started reaching out to users, and taking their feedback, things started falling in place faster and we had better visibility.
My objective is to learn about how companies have used different tactics to grow their business.
Advice for other entrepreneurs who might be struggling to grow their business?
I think the best way is to launch an MVP and iterate with the users.
A lot of times we see people keep adding features to their products and not look at how they are being used.
We try to add a tracking metric to each feature we launch. This helps us understand the impact it is having and fine-tune the feature strategy.
I think it makes more sense to spend 50% of the time talking about what you are building and 50% time building it. We have not been able to do this always however are starting to do this very diligently now.
Where can we go to learn more?
If you have any questions or comments, drop a comment below!
Hey! 👋 I'm Pat Walls, the founder of Starter Story.
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