August 11, 2019

August 2019 Startup Update

Help Wanted/Asks:

  • N/A

Hiring: 

  • Suhas Ghante now full-time co-founder.
  • Armin now an advisor.

KPIs/Core Metrics:

  • Quotes completed Goal: 110 / week
  • Quotes completed actual: 16 / week
  • Revenue: $335
  • Marketing Spend: $153

Product:

  • Possible other integrations
  • Working on getting licensed as insurance broker in California or partnering with one.
  • Trying to work out which channels scalable: Blog, Flyers, Facebook, Google marketing
  • Thinking about re-imbursing customers for miles driven on Autopilot.
  • Tesla’s insurance launched. Waiting to see what their market feedback is.

Experiments/Hypothesis run:

  • Growth channel ideas researched this month:
    • Free digital marketing
      • Content Marketing
        • Write 3 new content pieces per week and post to
          • /r/electricvehicles
          • /r/teslamotors
            • got banned! Argh! Now unbanned. Some positive feedback, some negative.
          • Quora
          • forums.tesla.com
          • teslamotorclub.org
        • Results: 10 quotes completed, 2 purchase intents, $40 commission
    • Paid digital marketing
      • Facebook Ads
        • Suhas owning
        • Based off 75 submissions have had so far
        • Results: 40 quotes completed, 6 purchase intents, $240 commission
        • Spent: $120.
        • ROI: 2x in
        • CAC around $8 for a $40 payout on some ads.
      • Google Ads
        • No results yet, started today. But already visible!
      • Reddit Ads
        • None ran yet
    • Physical marketing
      • Flyers
        • Flyer every Model 3 in SF
        • We were going to flyer VC’s cars outside of YC demo days, but our unit economics stopped working so postponed.
        • Results: 1 quotes completed, $0 commission
  • Product pivot to increase LTV per user.
    • Now the product pitch is “Find affordable Tesla insurance” vs. “Better, Cheaper EV insurance”.
    • Expand by adding other providers
      • Root insurance (3 quotes completed, $45 commission)
      • Clearcover (1 quotes completed, $10 commission)
    • Now also trying to be a marketplace for new energy services
      • Solar
      • Insurance
      • Storage
      • Ohmconnect

Contact / Inquire