Celebrating Together: How Thankbox Revolutionized Group Gifting for Remote Teams
Company profile
Company business details
Problem that their product solves
Thankbox solves the problem of coordinating group gifts and messages for special occasions, particularly in remote or distributed teams. The end users are individuals looking to celebrate events like birthdays, farewells, or other milestones, and solving this problem is important as it fosters connection and appreciation among team members and friends, even when they are not physically together.Their unfair advantage
Thankbox's unfair advantage lies in its user-friendly interface and the ability to seamlessly integrate group messaging with cash collection, making it easier for users to organize celebrations without the logistical challenges of traditional methods.Strategies
Pre-Launch (Product Development & MVP)
Profit Sharing Agreement
To build the initial version of Thankbox, Valentin entered into a profit-sharing agreement with his friend Joe, a skilled web developer. Instead of paying upfront for development, they agreed that Joe would receive a share of the monthly profits once Thankbox hit certain revenue milestones. This arrangement significantly reduced the financial risk for Valentin while ensuring that the product was developed by someone he trusted. This strategy allowed them to focus on getting the product off the ground without the burden of immediate financial pressure.
Launch Stage
Leveraging Personal Network for Initial Traction
Upon launching Thankbox, Valentin utilized his personal network to gain initial traction. He began tweeting about the product and posting updates on LinkedIn, which led to early interest from his connections. On launch day, an old university friend from Ubisoft used Thankbox for a team farewell, generating immediate sales and positive feedback. This early success not only validated the product but also motivated Valentin to continue improving it based on user feedback.
Growth Stage
Redesigning the Landing Page and Creating an Explainer Video
In October, after assessing the performance of the landing page, Valentin and his team decided to redesign it to better communicate the product's value. They spent $300 on Fiverr to create an explainer video that succinctly showcased how Thankbox worked. The redesign and video led to immediate improvements in user understanding and engagement, resulting in a significant increase in sales as new visitors could grasp the product's purpose quickly.
Search Ads for Targeted User Acquisition
After experimenting with various traction channels without much success, Valentin shifted his focus to search ads. He recognized that potential users searching for an online group card service were more likely to convert than those seeing ads on social media. Starting with a modest budget of around $15 per day, he began to see immediate results, leading to a dramatic increase in sales from 29 in October to nearly 500 in December. This strategy effectively capitalized on the urgency of users needing the service at that moment.
Utilizing Network Effects for Organic Growth
Valentin observed that early users of Thankbox often introduced the service to their new workplaces after using it for a farewell card. This organic growth through word-of-mouth and network effects became a significant driver of sales. For instance, the initial user from Ubisoft led to over 20 sales from his company alone. This strategy highlighted the importance of creating a product that encourages sharing and referrals among users.
Learn more about Thankbox
