Emerging startup: growing first revenues 30% MoM
Companies around the world are facing a massive shortage of talent, leaving them scrambling to find qualified candidates. According to McKinsey, Around 40% of employees are thinking about leaving their jobs in the next three to six months. With this in mind, it's no surprise businesses need to focus on creating a better work environment and keeping their staff satisfied if they want to retain them. Stethoscope — a digital tool to track and analyze employee satisfaction and engagement wants to become Google Analytics for employee satisfaction. With Stethoscope, clients can conduct monthly and annual surveys to gain a better understanding of employee satisfaction, act in real-time and help increase employee retention.
- Website development
Although there was a clear need for such tool on the market from the very beginning, Stethoscope was launched as MVP with no clients, brand recognition, or budget. With limited resources, the mission was to make an impact — gain traction and generate feedback while also tracking first SaaS metrics such as LTV & CAC.
We were running on a tight budget so we started with one carefully placed PR. Our objectives included sparking the first demand, raising brand awareness, and gathering initial feedback. The result was 40+ inquiries from all target groups (small companies, big enterprises, most advanced IT companies).
In order to make the most of our limited budget, we aimed at creating something innovative to attract media and get social media coverage. We created My Stethoscope — an extension of Stethoscope for individual use. It is simple, anonymous, and free. It uses the same questionnaire as Stethoscope and allows everyone who fills it out to receive their personal satisfaction and engagement results regarding their current job, as well as comparison with their industry and market. This way, we generated thousands of data points about employee satisfaction and got benchmark data for market, gender, industry, age, tenure, etc. We used the collected data for additional brand building through media coverage.
The result was 20+ free PR articles, free influencer coverage, as well as 100k+ data points.
With limited resources, our initial outreach campaigns targeted two distinct buyer personas – management and HR professionals. Our goal was to learn quickly while generating traction through the acquisition of new clients.
Comparison between Stethoscope and benchmark results
- 30% MoM Revenue growth
- 17,733.49€ LTV
- 4,222.22€ CAC
- 4.96 LTV/CAC
- <5,000 € Total budget invested