Elevator Pitch is a regular feature on Lifehacker where we profile startups and new companies and pick their brains for entrepreneurial advice. This week, we're talking with David Stewart, founder at InSite Logic.
In 128 words or less, explain your business idea
InSite Logic is a lead nurturing platform taking data analytics the next level - a personal profile. Businesses often only focus on new business leads and opportunities without knowing that it is likely that the prospect already has a history with their company. A history that can be monitored and evaluated and reported on.
InSite measures the interaction on the businesses website, analysing the prospect, what products and services they are viewing, and using our patented algorithm calculate the likelihood of a prospect buying.
The platform is adaptable and can be used in multiple industry verticals, it works with any interactive website. It’s designed with a simple interface, easy to understand and requires minimal sales training.
What strategies are you using to grow and finance your idea?
To this point InSite has been privately funded. The current product (for the real estate industry) created to be used as a proof of concept to test, learn and developed proved successful and quickly became very profitable, so now we are ready to scale up and offer the InSite platform to several additional industries and launch to the larger marketplace.
An IM is currently being developed ready to launch in February 2018, I will be using equity to fund growth.
What’s the biggest challenge facing your business?
Scaling up the business while keeping focused on the daily demands of the current business is our biggest challenge. We are only a small company (9 staff) and do not have some of the specialist skills required for rapid growth, therefore it is very important when we expand we strategically align ourselves with partners that have the required skill sets and contacts.
How do you differentiate your business from your competitors?
We do not have many competitors. The two main competitors are both large multinational companies with offering that’s generic in design and function; they also make you use their other products (CRM) in conjunction to their lead nurturing system. This reduces their opportunity in the marketplace as most businesses do not want to spend hundreds of thousands setting up a new workflow system. Our offering is more flexible and tailored to the individual business and is also more user friendly. The InSite platform integrates with most CRMs, allowing each business to keep their current workflow systems while gaining the benefits of the lead nurturing.
What one phone, tablet or PC application could you not live without?
I don’t have too many apps that I rely on but I can confidently say I could not live without my Apple 12.9-inch iPad Pro as it’s my main workhorse. This combined with the default iOS calendar app helps keep me to my appointments, especially when working and traveling in different time zones. I also spend most of my time on InSite’s mobile-friendly platform which I open on my iPad Pro for work demonstrations as most of my meetings are in clients’ offices across Australia.
What’s the best piece of business advice you’ve ever received?
Believe in the product you are selling, if you don’t, you cannot expect your clients to.
This advice was given to me many years ago when I was a very young real estate agent, I was ‘strongly’ encouraged to buy a home (instead of a flash car) to understand the pride, pressures and challengers of home ownership. I then could relate to my prospects having had experienced the process.