If someone has told me back in 1996 when I started my online career, that one day I’ll create a price monitoring SaaS that will make $2M/year, I probably wouldn’t believe it. Truth be told, the circumstances in Serbia at that time weren’t favorable either. I’ll try to explain how I got to the idea of creating Price2Spy, from a very unlikely sequence of events, and make it into one of the most successful price monitoring tools in the market.
Price2Spy, an online price monitoring service (SaaS) was created 10 years ago, mostly out of our own necessity. Our online store TakoLako was facing a sales drop, so we started checking our competitor prices manually. Needless to say, we saw no way out of it until we figured out that we can create software that will do the hard work for us. Back then there were only 2 similar tools on the market, so you can say that we were one of the pioneers.
Today, Price2Spy is a leading online price monitoring service and analytics service that provides comprehensive and suitable solutions for more than 720 eCommerce professionals. Our clients are some of the worlds’ biggest retailers, brands/manufacturers, and distributors who we help to stay profitable in the current competitive market conditions. However, since I know from my experience how difficult every new beginning is, we made sure that Price2Spy can be used by small and medium businesses as well.
The key is in the combined effort of IT development and product promotion. The clients are looking for a product that can fulfill their needs, so you always need to test the waters and work on the features’ updates. Just to tell you one secret - almost 80% of all our features actually came as our clients’ ideas! Never underestimate what clients have to say!
A great product also needs to be promoted. Due to my eCommerce background, I knew that online marketing was essential for the project’s success. Our strategy goes in 3 directions: Google Ads, Content creation, and Going public with the list of websites monitored. But, to attract enterprise clients, you should also consider attending trade shows and professional conferences. Using these strategies for the last 3 years, we’ve been growing 25-30% year on year.
A Software Engineer who keeps seizing business opportunities since 1996. :) One of the ideas that turned out to be the most successful is Price2Spy. In essence, I’m the company’s CEO, but I often also act as a product owner, business analyst (all due to my technical background), and coordinator of our major sales efforts.
AMA about growing a SaaS product, finding more about price monitoring and eCommerce in general, and staying profitable even during the pandemic. Machine learning is another interest of mine, so I’m looking forward to your questions! :)