Bluelight

Revenue Intelligence for every stage of the customer lifecycle

3 followers

Revenue Intelligence for every stage of the customer lifecycle

3 followers

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Data analysis tools

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Business intelligence software

Bluelight's data platform helps RevOps teams make decisions that grow the business. Gain visibility and keep your sales, finance, and product teams connected as you grow revenue.

Launch tags:API•Analytics•Growth Hacking

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Great idea! Why do you think it’s so important for even early stage startups to benchmark their financial metrics when they’re still building their product and business?

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5yr ago

@clifford_son I agree, at what stage would this actually be helpful? And how would I use these metrics to find PMF?

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5yr ago

Bluelight

Maker

Thanks @clifford_son! We've talked with a lot of early stage startups and have found that many of them want to set goals as they approach milestones. We want to provide transparency on what a successful startup looks like so early stage startups can aspire towards that. We know with early stage startups building product is priority number one which is why we want to do the heavy lifting for you via source system integration - e.g. Stripe, etc. We want the process to be frictionless so you can get the answers you need and get back to work!

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5yr ago

Bluelight

Maker

Hi @richard_wei! Any company that is revenue generating can benefit from benchmarking to set goals or assess performance. Our current focus is on Seed to Series B in terms of startups in our dataset. PMF can be a deep topic :). You could use our platform to measure and compare your startup's growth & retention as a proxy for PMF. This alone won't help you _find_ PMF since that requires an understanding of your product and strategy, but it helps close the feedback loop on your startup's performance.

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5yr ago

This is exciting – I could very much have used some of this just half a year ago. Do you plan to provide industry-specific KPI benchmarks as well? E.g., insurers care about cycle times, real estate cares about revenue per sq ft, etc

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5yr ago

@matthewnlu I also would be interested in getting specific benchmarks in my industry, health tech. But I'm also wondering about how you may identify the appropriate comparable companies for companies that market themselves as the "uber of ___" or the "airbnb of ____"?

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5yr ago

Bluelight

Maker

Thanks @matthewnlu! Curious if you could elaborate on your use case half a year ago? We plan to provide industry-specific KPI benchmarks as well. We are meticulously compiling the feedback from our users to make sure we provide solid industry categorization for our users and their metrics.

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5yr ago

@alex_dixon1 Actually, this is a great discussion in that no only will different industries have different KPIs, different segments of that industry will have different KPIs. As an example, as an insurtech specifically in the field of claim management, things like cycle time (how long it takes to process a claim end to end) are critical; but if you look at other segments of insurance – think carriers like Root, Clearcover, Kin etc – they are going to be looking at ratios like premiums paid out, etc. That said, last year I was looking to benchmark SG&A line items, so just a general financial KPIs would have been helpful

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5yr ago

This is a fantastic idea! What kind of processes does the team have in place to collect/maintain up-to-date startup benchmark data?

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5yr ago

Bluelight

Maker

Thanks @justin_svegliato! We started off by manually combing through all sorts of data sources to build our initial product. We have recently launched a Stripe integration to collect/maintain up-to-date startup benchmark data with more automation on the way. Our data platform currently calculates metrics like MRR, ARPA, Churn %, and LTV down to a cohort and/or customer level from Stripe data alone. We are actively diving into other metrics based on user feedback!

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5yr ago

I really like the idea! With the ability to benchmark, comes the ability to recommend resources or offer expertise in an area where as a founder, my startup might be lacking.. What value can I expect to receive from the Bluelight platform after the initial benchmark is complete?

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5yr ago

Bluelight

Maker

Thanks @seanobrien556! This is a really cool idea. From an analytics standpoint we think that offering a recommendation service will be achievable with the platform. We currently only look at historicals to produce startup metrics but can see it evolving over time to provide a feature much like you're describing. The Bluelight platform will give you access to your detailed performance metrics that we calculate from your Stripe data. The aggregated benchmarks will be published at a later date once we have enough companies for statistical anonymity.

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5yr ago

This looks awesome! As a founder with less financial knowledge will this be easy to understand and use?

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5yr ago

Bluelight

Maker

Thanks @mitchahan! As a technical co-founder myself I get where you are coming from :). Our main design goal is to make a product that (any) founders can use. Bringing transparency to startup metrics means making something that is intuitive to understand and use so we will keep aiming for this.

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5yr ago

Cool idea! There’s definitely a need for more data transparency in startup land. There are founders who would be uncomfortable/reluctant in sharing their data given your current give-and-get model of data collection. What’s the best way to have this group contribute to your platform?

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5yr ago

Smart idea. Interested to see how different types of businesses get analyzed. Any thoughts on democratizing data for companies at other stages?

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5yr ago

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