After returning home from work one day, Andrew Walker’s wife Suzie told her husband that she was spending a frustrating amount of time logging in and out of various business tools to retrieve business statistics.
Not long later, Walker had sketched out the first version of Statzy, a mobile app that tracks stats from a range of business tools – everything from social media marketing and accounting to sales and CRM.
He wanted it to be the antithesis of bloated, complex and technical desktop-focused dashboard solutions designed for larger teams with in-house expertise. Costing £9.99 per month, it’s priced with small business budgets in mind.
“If we’re brutally honest about what people want, it’s not data. They want to be told what the data means and what they should do.”
“The aim was to provide Suzie and other small business owners with a quick way of getting their stats across the whole business,” Walker explains. “As a business owner, having that knowledge can drive understanding of what’s happening and hopefully help decision-making, making it easier to grow.
“Small business owners I’ve spoken to aren’t really motivated by dashboards, nor do they spend a huge amount of time working on their laptops – whereas a mobile phone is always in front of them.”
Walker, who has previously formed and exited software companies, has worked in coding, product management and sales and marketing roles. As such, he had plenty of experience to draw upon when approaching a web agency to build Statzy’s MVP.
Once launched, he hired an in-house app developer to join him and his co-founder Lucy Whittington, who has a background in software, including launching Xero in the UK, who oversees marketing and sales.
The founders selected the 16 tools tracked in Statzy by asking two questions: first, what sources, apps and software would a small business owner need to track; and second, how would they contribute to providing a picture of company performance and impact on its bottom line.
“Product/market fit is whether I can get to 3.5 million users, not 1,000. Numbers are inherently in there, but it’s more about feeling – we’ll know when we’re there.”
“We’re trying to make sure that people can see enough stats across their business, from marketing through to sales and then actually money,” says Whittington. “Having loads of Instagram followers may be exciting, but if they haven’t sold anything then it’s vanity metrics rather than making a difference to their business.”
Another key consideration for Walker was to not intimidate users by overloading the app with metrics. Instead, a favourites function allows them to highlight and track a few that would allow them to “drive positive change”.
“If we’re brutally honest about what people want, it’s not data,” he says. “They want to be told what the data means and what they should do, that’s ultimately the problem we’re trying to solve.”
When it comes to investment, the Bournemouth-based startup is bootstrapped to date. Remaining open-minded and willing to speak to investors, Walker is keen not to rush conversations as the startup prioritises increasing its user base.
“I hate talking about things like this, but we have to find product/market fit, and having been on that journey before we know it’s not a straightforward thing to do,” he says. “For me, achieving that is when you know you can scale to a bigger number than you can see – going from 10 to 1 million for example – doing something different to get to each milestone in-between.
“At the end of the day, our target market is 34 million small businesses, so product/market fit is whether I can get to 3.5 million of them, not 1000. Numbers are inherently in there, but it’s more about feeling – we’ll know when we’re there.”
According to Bloomberg, eight of out of 10 startups fail. With a healthy amount of realism to accompany its ambition, Statzy has the right attitude to avoid becoming just another statistic.
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