10 is much more than just a number…

Reflections on what 10 years represent after leaving corporate and committing to the entrepreneur’s life…

Ten years ago I left the safety and good money of corporate c-level income and co-founded Digivizer with Clinton Larson. Clinton and I had worked earlier together at Macquarie Bank and when you know someone is super-smart and a good person, it makes it easy to decide to start a business with them. Clinton had also studied data analytics, lead a number of Customer Insights & Analytics team and had been COO of Memetrics, focusing on driving website performance and brought significant experience in managing and harnessing large customer databases to drive significant wins for businesses taking a data-driven marketing approach. 

I had spent the previous five years as President and COO, at ASX-listed electronics design software company Altium and saw the start of the global growth in intelligent devices first hand. Altium’s customers were designing and manufacturing them on our software, and many of the world’s products were beginning to be designed, not just manufactured in Asia, China in particular as the movement from “ imitation to innovation” was well underway. 

Watching first hand the speed of change and the phenomenal growth of China, now recognised as global economic power, together with a number of technology advancements driving innovation within smart devices, it was a powerful motivator for me to unlock the opportunities this created.

Specifically, as smart devices became more prolific, and social media had platforms to accelerate their growth, consumers became increasingly empowered. Consumers now engaged and interacted from wherever they were, whenever it suited them, on their mobile phones. And there was a lot of new insights able to be gained from the billions of digital footprints that were being left across social, digital and device usage. 

I was also an early adopter of Twitter, Facebook and LinkedIn (and subsequently of all social platforms), and travelling often gave me new perspectives on how fast they were growing and the relative population infiltration and scale to what previously could only be reached through traditional media. The 100’s of millions of users in various platforms and forums (now billions), were far greater than the just over 20 million Australian population. That in itself was astonishing, but with digital and social being able to create active conversations and engaging relationships, it opened up a new world of customer engagement, marketing and business opportunities, including easier global reach.

Given all businesses everywhere are looking for more efficient and effective ways to acquire, cross-sell, retain and drive greater loyalty and referrals, it seemed clear that with digital opening up opportunities everywhere, there would come the need to measure effectiveness, in real-time, across these multiple channels, at what we now call the speed of social, managing and analysing millions of pieces of data.   

Thus, we opened our doors to Digivizer on 15th October 2010, with the promise of helping businesses grow through a better understanding of their customers and to help them gain a greater ROI through digital channels. 

Defining a future

While our core vision for the company hasn’t changed – to help businesses grow with a better understanding of their customers and a greater ROI on their digital marketing investment, we have pivoted and expanded the platform coverage and offerings as they themselves changed.

This has become increasingly important and relevant over the past 10 years: customers are now researching, buying, selling, influencing companies, markets and governments. We are moving more and more of our transactions online – both B2C and B2B – with increased acceleration due to COVID-19 in the past 10 months.

As organizations have understood the need to find better ways to acquire, grow and keep their customers, it has become increasingly more expensive to do so in digital without an effective digital strategy that uses the customer engagement data found throughout the digital marketing experience.  

Key growth milestones in past 10 years:

  • Initially it was Facebook, Twitter & Linkedin Social that we analyzed and worked with. Our platform now includes Instagram, Youtube, Google, Influencer tracking, hashtag tracking, organic search and web performance, across owned, earned and paid media 
  • Identification and permission-first tracking of influencers (across all their social) working with brands in platform, after recognising that people were following, engaging and sharing posts at a faster growth and higher engagement rate than they were of brands. We were early in identifying influencers, and now the ability to track them with permission is fully supported in our platform.
  • Incorporating and then spinning off a new company goto.game in 2017, after seeing the growth of gaming and esports as an interest area and driving significant engagement and a different type of content creator emerge.
  • Think Global from day one. We started in Manly, have grown out of 2 other offices and expanded across Asia and global, with over 60% of our revenues now earned outside of Australia. This focus on global has helped us serve some of the world’s largest multi-national companies, attract talent due to our footprint and customers, and has also helped with foreign exchange rate wins. It is meant we measure our success on global terms not the smaller Australian market.  
  • Starting with enterprise technology and then realizing that we were limiting our growth to a smaller number of businesses who could afford us, we pivoted to deliver our platform via SaaS, opening it up to thousands of users that could not have been served previously.

My biggest learnings (some painful!):

  • Corporate is safe, starting and growing a business is hard work. Much harder than I realized. I still don’t earn (by a factor of 4) what I did in corporate and yet the excitement of the challenge and genuine rewards that come from starting something that didn’t exist, building an engaged team that believes in your vision and helping thousands of customers is incredibly motivating and what I feel I will reflect upon as my most fulfilling period. If I am honest, I don’t feel the sense of achievement I did earlier in my career where success was more predefined and incrementally achieved, but I love that it is me who is defining the line of ambitious success and the strategy to get there. And the challenge to realise the value in invested by a future cash-investment or acquisition event, or in the value we create ourselves. 
  • Building a platform based on using formally negotiated API agreements in a fast changing world, can put you at risk from their whims and directional changes. Initially our model was built around ubiquitous free data, but as those models have changed, privacy laws have changed, paid advertising on platforms have grown, we have had to be in a continuous state of fast innovation and deployment. This ability to identify and fast move is now deeply embedded into our culture and I believe is why we are still here today, and the hundreds of companies that started in social and digital media analytics around the same time as us, are not. 
  • It’s never too early to charge for value. We started doing so in our second month, using our embryonic technology to deliver unique audits to larger companies about the state of their data and the insights they were missing. Bootstrapping sharpens your focus and gives you purpose. 
  • Be prepared to burn your boats – we couldn’t do enterprise analytics platform development and SMB software at the same time, at the size we were. We significantly grew once we put ourselves behind one platform strategy – a SaaS one for everyone – and although late into our journey (we launched our SaaS platform late 2018), it was the best decision yet
  • Be good to people everywhere and help them grow their careers. The world is small and after 10 years, so much of our business continues to be referred from previous and existing customers and employees. And now our business is larger, we have been able to help and invest in other startups and accelerators to fuel their own innovation. Feeding and supporting the ecosystem grows everyone and everything, including economies.
  • Running agency services (as requested by our customers) to take advantage of real-time insights and the software business, can be both rewarding and challenging. Like all cobblers, our own shoes are often the last to be soled – we know exactly what clients and agencies need, and we scope, test and use our platform ahead of releasing. There are huge advantages in “eating your own dog food“, but when you grow, you keep putting your best people on the biggest, most- immediate client revenue opportunities. When you double this with mostly boot-strapping, short-term opportunities can easily take precedence over longer-term opportunities. This tension is recognised and we happily support the two business models as we learn so much in helping our customers of all sizes grow and we accelerate that with our agency services taking advantage of our platform. But it remains a constant challenge to ensure we put our best people to marketing our platform.
  • Raising money is hard and distracting. I wish I had raised more money when I first raised (which was incredibly fast and easy and I should have put more time into!). We have mostly bootstrapped since which has plenty of upsides around our autonomy, but now I see that having given away more at the start, to have greater cash now to help us scale a SaaS platform, would have helped us grow faster.
  • Don’t give away too much sweat equity. It is a balance to know how to engage talent at the start when you can’t pay them, to allow for enough equity to reflect longer working paths and manage dilution further in your journey of growth (and fundraising).
  • Resilience is a learned skill. I’m so grateful for so many good people who made significant contributions during our first 10 years. It can sometimes be painful to recognize that some people are better suited to specific stages of growth, that is, the people who helped you get to here might not be the people who help you get to there. Being in a startup, or being part of a migration from startup to early-growth, is not for everyone. Growth is not for everyone – some of our earlier leadership team did not like the larger company and changing pressures 
  • Insights are interesting and valuable, but you need to build in capability and actionability of them to be of value to organizations.
  • While I am grateful for my MBA (good discipline, great people you meet, and it was my final strategy paper that I raised money for Digivizer around), nothing provides greater learning then launching a start-up and growing. We joke at Digivizer that every 6 months equals a mini-MBA. We are in continuous learning mode and one of the huge upsides of understanding digital and analytics is that everything can be measured. Keep doing more of what works, stop doing what does not (or does not fast enough). 
  • Culture is everything. You cannot do it all yourself. When you are scaling fast, burning boats or pivoting, you have to have a culture that supports this level of disruption, changing roles and flexibility. Hiring smart, talented people who get things done, are infinite learners and not arseholes, are key to protecting the vision but not being afraid to keep getting better at the ways we can achieve it. 

Back to the future

To predict precisely how the next 10 years will unfold would be foolish, but I am confident that with growth and variety in the number of platforms, smart devices, knowing what is automated and human engagement together with the growth in digital advertising spend – organizations will need to increasingly understand their customers and what matters to them. They will need to invest in platforms that help them know how to drive the greatest measure of delight and ROI. Digivizer will continue to spot these trends and insights and will answer this increasingly valued need of businesses.

Whilst the way we engage and work with our talented employees is changing, one thing I am confident of is that it will be our amazing employees who drive our growth and I look forward to rewarding and celebrating success with them. 

As for me and the next 10 years – I have a lot still to drive and deliver for Digivizer. I know why investors will often back a serial entrepreneur, the lessons you learn are invaluable. And while some lessons were painful, and some I would have done differently (and will do differently if I start another business), I remain a committed learner and am passionate about returning value to our early investors and employees, and importantly (and with great excitement) to help thousands of businesses grow and to help them gain more from their investment in digital marketing.   

Thank you to my family who have backed me, and to all of you who have supported and encouraged me over the years and who continue to believe in our continued growth and success.

This article is also published in LinkedIn.

Talking digital, talking data, talking growth

Why should only large enterprises with big budgets have access to the best tools? In this podcast I talk with Vinay Koshy of B2B Success Podcast who interviews me about the journey and the unique role Digivizer plays in making the best Digital Marketing analytics available to help businesses of all sizes grow.

I love podcasts. I listen to lots of them (Reid Hoffman’s Masters of Scale podcast is a favourite) and I love being interviewed on podcasts: although I can’t see the audaudience to gauge their reactions, it’s a real conversation with the interviewer, and you can engage in nuances and diversions that are difficult in articles. I love the ebb and flow that takes place!

I recently spoke with Vinay Koshy on his Predictable B2B Success podcast, about how to use digital marketing analytics to grow B2B businesses.

Our work with a number of larger B2B clients (companies that include Lenovo, LinkedIn, Microsoft, Google, Optus) and smaller B2B companies, including some startups (companies that include Rockend, BluGlass) demonstrates that when you have data to underpin your growth strategies, you can accelerate that growth. While budgets and resources change with company size, data doesn’t. Knowing what works, and what decisions to take as a result, are crucial to fast growth – and make a real difference.

In the conversation with Vinay we talk about the need to associate numbers with individuals to better tell their stories, how privacy laws such as the EU’s GDPR have impacts on the collection of data, how building relationships with clients helps build success, and how having a people strategy is essential for global business growth.

Here are some other recent conversations I’ve had with other podcasters:

Recently published in the Australian Institute of Company Directors magazine

I was interviewed recently by Company Director, the magazine of the Australian Institute of Company Directors.

The interview was about innovation, and how that has driven the development and growth of Digivizer.

Here are some of the lessons I’ve learned in the journey so far, as discussed with journalist Stuart Ridley:

  • build for scale
  • ensure your differentiation, and do everything you can to maintain that
  • back yourself and know it’s OK to face challenges – as long as you learn from them
  • be prepared to disrupt what you’ve done previously – to go after the bigger prize and opportunity (we’ve pivoted a number of times)
  • be prepared to accept new challenges – especially if you move from a corporate position to starting your own business
  • innovation comes from experimentation – build that into your company’s culture, and allow your teams to test, fail and learn
  • be prepared to take risks

You can read the interview here. I’d love to hear your thoughts – contact me via LinkedIn.


Build capability in your organization so you can pivot fast and build a competitive advantage without breaking your vision

 

 

As we proudly progress with another product update released today (refer digivizer.com) I am reflecting on what it takes to continue to grow and do more than just survive. With key outcomes that include launching our new product, now made affordable for every business, expansion into Asia, 30% of revenues earned overseas, and the launch of our gaming and esports specialisation in goto.game, it has taken a number of pivots for Digivizer to grow to where it is today.

Knowing how to survive by building a culture of learning and pivoting fast is essential because in the world of startups and early growth, nothing is for ever. As serial entrepreneur Steve Blank says in his book The Four Steps To The Epiphany, a startup is “a temporary organization used to search for a repeatable and scalable business model.” I think that’s true of most startups. It’s certainly been true of Digivizer.

We’ve learned, though, that to build out our ability to grow-fast in our organization, we have needed to build the capability to pivot quickly. If you do, you can thrive and change direction to take advantage of new opportunities, and move quickly away from slower growth, and from initiatives that don’t provide returns or suck up resources.

Let’s take a look at the journey so far.

Changing direction to move faster

We started Digivizer with a vision to build a technology company, initially to track all Australians on the social web. Early customers were larger enterprises that included a number of Australia’s banks, tech and telco companies. All loved the data, insights and input into strategy that Digivizer was able to provide. Understanding the digital footprint and behavior of their customers with context was used for the first time by many of these organizations.

The promise of overseas expansion beckoned early on. Australia represents just 0.33% percent of the world’s population. Our horizon was always global, even as a startup. Early engagements included for a global company, as one example, incorporating and analysing Chinese language within our analytics engine.

Our pivot history

However, the learning in the smaller (and younger) Digivizer led to the first in a number of pivots: the investment to support such a multi-language contract ultimately proved too high for a fast return that would also depend on local representation. To help scale Digivizer technology we decided to stop other language support (despite the lucrative contract) and focus only on English.

By this time, more organizations recognized the value of real-time insights. They wanted turn-key solutions, support in real-time decision-making, content and managed digital and social marketing programs, and measurement of performance in real-time.

Our second pivot was to build a creative services team centered on social community managers and creatives that could rapidly build, input and track performance within the Digivizer platform. This allowed us to bootstrap growth and product development off client creative services revenue, whilst providing a point of differentiation. We were not an agency because everything we did was based on our own data analytics engine, and we were not solely a technology company because we could action insights in real-ime with creative services. This saw sales doubling each year for the three years.

With our technology now able to identify social segmentation around what mattered and who people were following, pivot number three beckoned – in audience-first thinking. Identification of influencers within market segments, and adding the ability to engage, track and report on the impact of any influencer programs, offered the next opportunity for growth.

The underlying platform that had worked in our early history began to slow scalable growth, and to stretch precious resources. We had originally built our own data platform to take advantage of low comparative cost, only to see the costs of maintaining that platform becoming excessive. A migration to the cloud, not a decision we took lightly or one that was simple to execute, allowed us to focus on building our IP, changing the focus for our valuable engineering resources.

Our most-recent pivot takes us back to our original vision: to provide a way to help grow every business by helping them understand and make better decisions around their digital investment.

Whilst continuing to deliver creative solutions, we’ve now our brought our technology to companies of any and every size, including and especially SMBs and startups, with our SaaS product.

Tough decisions reap rewards

At the time, some of these decisions were hard to take, but the results speak for themselves: we have gone to market faster than we otherwise would have.

Pivoting need not be drastic, nor mean discarding years of strategy and work. Our pivots were not fundamental changes in our strategy, but they were in prioritization of resources and implementation plan. And while some were momentous at the time, they were made with care and were completely congruent to our vision. What became obvious is that hiring, developing and building capability around pivoting, and seizing new opportunities, fast becomes the true business competitive advantage. When we started there were about 20-30 players in the same space. Now there are just two of us left in Australia of those early players, and we do and offer very different products and solutions.

Lessons learned

In planning to pivot, as part of developing a strategy that will meet your image, you must also incorporate a people strategy flexible enough to accommodate change.

You need to understand what your customers actually need and ensure that’s what you deliver in a way that they see as being valuable.

Always seek to build on the learnings from the steps you’ve taken before, without being hidebound by the actual steps or sunk costs.

To pivot is more than not breaking your business: it is about seizing the moment as each opportunity presents.

This article also published on LinkedIn

Your digital brand is the foundation to today’s success

We’ve just changed our brand. The change is part of our evolution from a disruptive startup founded nearly six years ago to disruptive early growth company now looking to make our social technology available to all organizations globally.

It is much more than a new logo and set of design guidelines. It represents a shift in the way we can more easily engage our market and reflects the core of what we believe, that our customers and employees are digital and mobile first, and thus so must we.

How do we feel about letting go of our foundation brand?

We do so with a sigh of relief! We acknowledge that the original brand helped establish ourselves as a newcomer to the social analytics technology space 6 years ago. Like most start ups, it was a bare-bones approach to branding, which supported the generation of our revenue to date, acted as an anchor when approaching our first private investors, and supported our growth from three people to 38 today.

But as the saying goes, what gets you here won’t necessarily get you where you need to go next.

We are making our technology more accessible to more organizations. We are focused on our customer’s success and experience. Making it easy for them to analyse and action the conversations taking place about their products, brands and contexts that matter to them on the social web, serve content to those individuals who matter, compare individuals’ social profiles and activity across different social media channels, and target them with relevant messaging and call to action from a single view. A key aspect of this next stage of delivery is to make it easy for our customers to be the drivers of what they create, view, action and measure in their social programs and ROI within Digivizer products.

For larger companies, many that are customers today, the new brand makes it easier to synthesize our information and marks a new step forward in the way we present data and analytics in the programs we execute on their behalf.

For our employees, we want them to feel proud to work for us. The competition for great talent never lets up: we have to stand out at every opportunity.

What makes our new branding so exciting is that it comes from our team itself. They are the designers, architects, engineers, champions and protectors of our new brand and ways we engage and deliver value to our customers.  This perhaps is an even bigger reflection of our shift in size, capability and likelihood of building a recognizable and world-leading Australian Technology company.

Brands are no longer islands: they cannot remain disconnected from the digital world.

You can not just “socialize” or “digitize” something that already exists. It must be about embedding your digital brand and values at the centre of all you do.

For more on how the Digivizer team developed and published our new brand, check out our new blog Trendlines

Welcome to the new Digivizer.

This article is also published on LinkedIn.