July 29, 2019

July 2019 Startup Update

Help Wanted/Asks:

  • N/A

Hiring: 

  • Working with Armin now. Calls every other day, text continuously.
  • Collaborating w/ Suhas Ghante on other projects, but then increasingly electrade.

KPIs/Core Metrics:

  • Revenue: $360 (plus additional $120)

Product:

  • After initial demand from users last month for better, cheaper EV insurance (but not being able to satisfy that demand with traditional auto agents), we found an insurance API partner at the end of last month and started the integration process with them.
  • Clearcover integration finally completed 3 weeks into month: Spent a month getting the clearcover integration live (3 weeks from call to live but the 4th of July week slowed everything down).
  • Re-launched with new content once Clearcover API partnership live.
  • 1 week of content marketing -> First revenue
  • Added some design to landing page (to increase trustworthiness) and re-launched as electrade 2.0.

Experiments/Hypothesis run:

  • Content Marketing can drive significant traffic, sustainably.

    • All 3 team members wrote a blog piece & I posted to Reddit’s /r/electricvehicles and /r/teslamotors.

      • Results:
        • 1500 total reads
        • 25 quotes completed
        • 9 purchase intents ($360 revenue @ $40 per purchase intent)
        • ? purchases (can’t track yet as handing off to partner)
      • Learnings:
        • Validated that people will click through the new, multi-page quote flow too. This was our main worry – that the form was now too long. Optimized as much as could but still not comparable to 8 total data points we were collecting last month. See step 1 of new flow below 👇
        • New problem: When followed up over email – without exception, feedback is that it’s more expensive than Geico.
          • Next step: Pre-set the coverages to minimum coverages -> insurance will seem more affordable by default?
        • Nevertheless, the user still clicked “purchase intent” -> so at least the revenue working. Not sure how sustainable this is.
    • One piece went viral on Google Search through Android search for 1,500 targeted hits. SEO building up.

  • Paid: N/A this month.

  • “Other bet” with Suhas.

    • Grammative.com
      • Free copy editing in-layout. Skip the line for $49.
      • Daily Product #6 on Product Hunt, upvoted by Ryan Hoover.
      • 190 upvotes.
      • 716 visits.
      • $120 revenue.
      • Not really scalable as Suhas is marking up all of the content by hand himself.


Contact / Inquire