Revenue Model Of Product Hunt
Product Hunt is a website/platform which lets users share their own products and discover other products. Users can comment and vote (upvote and downvote) various products which they think are useful or not. A product with the most upvotes in a day reaches the top of the list for that day. Simply put, the more attractive and useful a product is, means the better the chance for it to be discovered by other users.
While Product Hunt began its journey in 2013, it might surprise a lot of people if they learnt that Product Hunt started earning revenue only in 2018. Product Hunt solely focused on building and managing a quality community on their platform by constantly curating and moderating their user base. Once the community is in place, Product Hunt focused on a revenue model and considering the number of users they have on their platform, the revenue models which will be listed out below makes perfect sense.
Ship is one the major offerings Product Hunt has on their website. Ship is basically a product for makers to build an audience for their product. Ship operates on a freemium model while also providing paid services which offer the buyer more flexibility and services. Some of the important features provided by Ship include
- Landing pages: fully customizable landing pages which look beautiful and lets a user build their audience immediately.
- Embeddable widgets: embeddable widgets are used to create a buzz and collect leads using the email form, get answers using surveys widget, or chat with the visitors (individually and/or in group.)
- Surveys and targeting: The pro version offers tools to conduct surveys, direct messaging and group messaging options.
Today we're unveiling Ship, a toolkit to help makers ship awesome products. ⛵
Sign up 👉🏼 https://t.co/6VQCyMDoMX
Also, new kitty! pic.twitter.com/umpMrSVhl8
— Ryan Hoover (@rrhoover) September 14, 2017
Ship comes in three different offerings plus two different plans (yearly and monthly.) The three offerings are Basic, Pro and Super Pro. Each service tier has its own offerings with the Super Pro offering the most services. Users can also choose to pay for these plans on a monthly or yearly basis and paying for the annual plan also comes with a $ 7,500 in Amazon Web Services (AWS) credits.
ALSO READ: Journey And Growth Of Product Hunt
With a huge user base which is highly active already in place, promoting products make perfect sense. Product Hunt offers to promote products and lets the maker/user get their product in front of the tech community and reach out to millions of founders, investors and reporters every month.
However only one product is promoted per day on Product Hunt. Dates have to be reserved in advance. Prices are not fixed and vary according to the market demand and can go upto $ 4,000. Only products that have launched on Product Hunt in the past can be promoted. Promoted Products is designed to resurface popular products from the past, giving makers another opportunity to be rediscovered.
Product Hunt has a wide rage of talented individuals and creators who are listing their products on the platform. This means head hunters could use the platform to hire some really great resources. Product Hunt lets companies post jobs on their platform for a fee of $ 299 per month or $ 199 per month if a company chooses the three month plan. Jobs are displayed for thirty days on the jobs page.
Product Hunt Deals:
Product makers can make use of this feature to introduce exclusive discounts for the Product Hunt community in the comments of their product launch. These discounts often garner a lot of interest in the product as well as the adoption of the product by users. These deals can be viewed on a separate page on their main website. Makers could make use of this feature by signing up for the Founder’s Club and paying a fee. Joining the Founder Club will give makers access to all current and future deals for a whole year.
The fee is charged at $ 60 per month or can be taken annually for a fee of $ 720 per year.
Apart from these features there are a host of several other interesting features like the one which lets makers advertise their product on various platforms like email newsletters and podcasts.
One interesting feature is the ‘time travel’ page which lets a user select a date and year to see what products made it to the top list for that particular day in the past. The upcoming feature lets users see popular upcoming products on Product Hunt.
Let us know in the comments section if you have ever browsed Product Hunt or will do it because you read our article!
Emerging Startup Stories
Suki: This Startup Wants To Transform Healthcare With Its Artificial Intelligence Tool
We live in a rapidly transforming era where humanity is making exponential leaps in technology. Thirty years ago, no one would have believed you could talk to an online voice assistant to create tasks and get things done. Ten years ago, no one would have believed humanity would land robots on Mars. Technology truly has improved the quality of living of every human who owns a smartphone and has access to an internet connection. Voice assistants are slowly replacing manual tasks and making lives easier and efficient. Siri, Alexa, Google Voice Assistant are just some of the widely used artificial intelligence based tools which are employed on a daily basis. Artificial intelligence, which is hailed as the technology of the future is now slowly making its way into much more complex domains like self driving vehicles, quantum computing and also health care.
Suki, a United States of America based startup founded by Punit Soni, developed their own voice assistant which runs on artificial intelligence to simplify healthcare for doctors and other healthcare professionals. In simple terms, Suki is akin to Siri for doctors. While you could order a pizza or schedule an appointment on Siri, doctors could modify, edit and add health records of their patients. Suki is a powerful tool to help doctors with documentation of health records which often take hours of their (doctors) time.
Suki currently focuses on documentation but has the potential to expand its usage to data queries, ordering, prescribing and billing. According to a white paper published by Suki, using its technology increases the time a doctor spends with a patient by 12% by cutting note taking time by 76%. The time which is saved also brings in a financial benefit of $30,000 more in revenue a year on average for doctors.
Suki raised a $ 20 million Series B round from Flare Capital Partners, First Round Capital, and Venrock, doubling its total funding to $ 40 million since its 2017 launch. Suki is also looking to expand its reach in India and has decided to establish Bangalore as their base of operations. India holds a lot of potential for Suki considering the amount of manual work which goes into almost any sector.
It would be interesting to watch how Suki and other similar AI based startups would transform healthcare across the world.
5 Successful Indian Startups Founded By Women
The workplace has undergone massive changes in the last century. At the turn of the Industrial Revolution, any workplace was dominated by men while the women were delegated to run the homes. However, with the advent of the internet and new and exciting technologies, workplaces have undergone a tectonic shift. Women are no longer comfortable staying at home and are instead opting to lead teams and organisations. As every year passes, we get closer to true gender equality, women have proven time and again that they are equally capable to get the job done if not better in some instances. Names like Wolfe Herd (Bumble founder,) Kylie Jenner (Kylie Cosmetics founder,) Masaba Gupta (Masaba clothing label founder) are just some of the names who are known for leading world famous brands with their unique style of leadership.
As the world celebrates International Women’s Day, we bring to you five women founders who run world famous and successful startups.
1) Upasana Taku-MobiKwik
If you are an Indian and are used to doing online shopping, more often than not at the time of payment, you would be directed to a payment gateway. One of these gateways would normally be MobiKwik. The startup is a well known name in the digital payments and digital wallet space. MobiKwik was founded by Upasana Taku in 2009, who prior to founding MobiKwik used to work with PayPal. Today Upasana Taku is also in charge of bank partnerships, business operations, and talent acquisition at MobiKwik.
2) Richa Kar-Zivame
An enthusiastic MBA student, Richa Kar, developed an online lingerie shopping platform in the year 2011. Currently, Zivame is India’s leading online lingerie store with a valuation of more than $ 100 million. The brilliant idea for her own lingerie business came to light when Richa tracked Victoria’s Secret’s sales, who was one of her clients when she was working at SAP. She observed the lingerie sales figures reached peaks overseas but, Indian women were not provided with the similar innerwear. While Richa was studying the Indian lingerie market, she realized the social embarrassment in India surrounding lingerie shopping. Today Richa Kar could be credited with destigmatising the uneasiness surrounding lingerie shopping in India.
3) Falguna Nayar-Nykaa
After a long stint as an investment banker, Falguni Nayar founded Nykaa.com in the year 2013. An online one stop shop for beauty products from Indian and international brands, Nykaa changed the world of online shopping. Who would have ever thought buying makeup online would be so easy? Falguni Nayar proved many critics wrong and created a brand new place for people who love experimenting with styles, designs and colors.
ALSO READ: Zivame: Founding Story
4) Sabina Chopra-Yatra.com
Yatra.com is a popular Indian website for making flight and hotel bookings. Sabina Chopra was instrumental in identifying the potential for travel commerce in India and people moving towards cheaper or easier travel. By the time, people started looking to make bookings, Sabina made sure Yatra.com was already in place. Sabina was the former Head of India Operations of eBookers, which is also an online travel company based in Europe. Along with this, she was also working with Japan Airlines which further adds to her experience in the travel industry.
5) Rashmi Sinha-SlideShare
SlideShare allows people to upload and access their presentations online. While this feature is presently available everywhere, SlideShare was one of the first players in making this happen. Rashmi Sinha was one of the founders of the presentation sharing platform SlideShare. The company became so successful that in 2012, LinkedIn acquired the company for an amount of $100 million.
Let us know in the comments if you know any other wonderful women who have become leaders of their right or have started up and are doing extraordinary things. We at Startup Stories wish a wonderful Women’s Day to all the women in the world who are changemakers.
Why Are Ads On Digital Media Failing To Reach The Right Audience?
If you are a regular user of social media platforms and also a fan of consuming content on the digital medium, then there is a very high likelihood that you have seen ads on pages you are reading or watching something. There would be times when you have been targeted by an ad which feels like it was wrongly targeted at you. Imagine if you are a vegetarian by choice and while browsing online, if you are targeted by a food delivery app which shows ads about chicken dishes. The ad would only serve to spoil the mood of the online user instead of serving its actual purpose which is to push the user to buy a chicken dish.
These wrongly targeted ads might be the side effects of performance marketing or a weak brand marketing. Performance marketing means advertising programs where advertisers pay only when a specific action occurs. These actions can include a generated lead, a sale, a click, and more. Inshort, performance marketing is used to create highly targeted ads for a very specific target audience at a low cost. Performance marketing usually means high volume for a very specific cost.
Brand marketers on the other hand believe in narrowly defining target audiences but end up spending a lot of money on ad placements. Gautam Mehra, CEO, Dentsu Programmatic India & CDO, Dentsu International Asia Pacific said, “You’ve defined a persona, you know the emotions you want to elicit, but then you buy a YouTube masthead and CricInfo sponsorships because IPL is up. If brand advertisers look at audience-based buys more deeply than just placements, you will see more relevant ads (sic.)”
ALSO READ: How Digital Marketing Is Impacted Due To The COVID-19 Pandemic
Performance marketing is more of a sales function rather than a marketing function and is about meeting the cost of acquisition. This is a reason why budgets are usually high for performance marketing. Mehra goes on to add, “the fact is that an engineer can out-beat FMCGs on performance marketing. Advertisers who have cracked this are spending 10x and are on an ‘always on’ mode (unlike time-bound brand campaigns.)”
There is always the case of supply and demand, with the supply usually exceeding the demand on digital platforms. Ultimately, it boils down to the choice between no ad versus low relevance ad and it is quite easy to guess that having a low relevance ad is better.
Arvind R. P., Director – Marketing and Communications at McDonald’s India (West and South,) said “McDonalds’ for instance, has seen its share of spends on digital grow from 20% levels a couple of years back to over 40% at present. Outcomes of this journey have been encouraging, proven by our media-mix-modelling and other key metrics. We have seen best results from an optimal mix of Television plus digital (sic.)” Moreover, Arvind also believes performance marketing only approach could turn out to be more suited to short term, versus a more consistent full funnel effort. The latter ensures adequate emphasis on building consideration, as well as growing transactions. Arvind feels digital is a complex medium which needs investment in the right talent who could use the right tools. Brands which underestimate the need for the investment are often disappointed from the return on investment from the digital medium.
With the constantly changing consumer dynamics marketers are now shifting to unscripted marketing which frankly needs more insights into the consumer mindset. The lack of marketers to do the proper research is why digital medium is plagued with irrelevant ads.
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