Thankbox

Online group card & gift collection for teams.

No Employees
Founders Code
Solo Founder
B2C
Community
SaaS

Thankbox addresses a key frustration I've faced in the many different teams I've worked with - how to celebrate a member's occasion. Be it a birthday, farewell or just expressing gratitude for a job well done.

January 16, 2021 Got interviewed by IH about how I grew Thankbox

I was super happy to be invited to do an interview with IH about my journey building Thankbox.

I spent a lot of time on it and aimed to capture as much of the important details of my journey as I could. I hope it serves as inspiration for others here.

You can find the full interview at https://www.indiehackers.com/interview/how-i-launched-and-grew-my-startup-by-500-during-the-covid-crisis-d526999b35

The IH Editorial team also did a great summary of it their Deep Dive series at https://www.indiehackers.com/post/deep-dive-valentin-hinov-of-thankbox-723727219e

Thanks @HaldenIng and team for the opportunity and the awesome piece ❤️

December 16, 2020 $2k monthly revenue and got 1000 messages in a day

I have been riding the Christmas wave with Thankbox and it's brought mindblowing growth.

I had a day with almost 40 sales in one day (~$250 in a day).
img

Today I finally hit the 1000 messages being posted in a day goal I wanted!
img

At the end of November I noticed that a huge use case for Thankbox would be for parents organizing Christmas cards for their kids' teachers. Therefore I decided to increase my search ad spend for December a bit (just by about £5-10/day) and target a few new keywords.

The effect was immediate - about 20-30% of all Thankboxes sold this month are bought by parents. Some buy one for each teacher their kid has - it's great 😍

Obviously, this particular use case will dry up post-Christmas so I am expecting a slowdown in January 2021. Though despite that, I am still getting more and more companies (my bread and butter) using Thankbox and most seem to love it.

My latest scores on the "would you use it again" survey question I send buyers were all 9/10 or 10/10. All in all, a great end to the year!

December 2, 2020 Beat $1k monthly revenue and relaunched on PH

November was absolutely bonkers for Thankbox, as you'd see in my recent milestones. At the end it just managed to get to $1k in revenue for the month which is nuts!

I went from 3-4 daily sales at the start of the month to having one a day with 24 sales towards the end 🎉

I love the IH revenue charts - I think it's those sweet bezier curves.

img

I've decided that this is enough proof that our landing page and messaging is clear enough to try re-launching on product hunt which I've just done today. Fingers crossed this could result in a nice springboard for continued growth in December 🤞

https://www.producthunt.com/posts/thankbox-2

November 24, 2020 Sold Thankbox #200. Have made $600 in November!

Christmas arrived in November for me and Thankbox. The month has been absolutely crazy in terms of milestone after milestone being smashed.

I know things will start settling down a bit in December and the growth won't be as crazy, but I wanted to take the opportunity to ride my high and share how long it took me to get to 200 sold Thankboxes.

img

I never knew how exponential growth felt like until I started modeling Thankbox sales in increments of 50.

1st thankbox sold: 05/05/2020
50th thankbox sold: 28/08/2020
100th thankbox sold: 23/10/2020
150th thankbox sold: 12/11/2020
200th thankbox sold: 24/11/2020

From 1->50: 116 days
From 50->100: 57 days
From 100->150: 20 days
From 150->200: 12 days 🔥

I've mentioned in earlier milestones that Thankbox is suited heavily on networking effects. Since I've had search ads running for about a month now I've already started seeing the networking effects compound. People who received a Thankbox or left a message on one end up making one of their own just weeks after. It's awesome!

I'm now working on better KPI modelling so that I can more precisely track these networking effects.

November 12, 2020 In just 11 days November has become my best month

In my last update I mentioned that leaning into search ads was starting to have a massive impact for Thankbox.

There's no bigger proof of that than the fact that in just the first 11 days of this month I've beaten my previous best milestone (which was October). I also had the best day in terms of messages created on Thankboxes, which was 198!

img

I'm already sitting at ~$220 of sales for November. I've been selling, on average, about 4 or 5 Thankboxes a day.

I'm advertising in the UK right now and have already had some really big companies and organisations use Thankbox for their employee occasions.

Now that the top of the funnel is mostly working my next goal is to address what follows after a user creates a Thankbox - helping them use the product and guiding them to a sale. I'm working on a whole new and improved dashboard as well as a pricing plan for smaller teams.

Really excited for what's ahead 🎉

October 29, 2020 Finally found a good acquisition channel

And it's plain old search ads 😂

I cannot believe it took me that long to lean into them.

I actually did try some adwords right when I started, but at that point my landing page wasn't really great and I picked keywords which were super competative so once I saw spend going through the roof I just paused them.

I then spent months trying out different ad channels - Facebook (as much as I hate them), LinkedIn, Twitter, but none of them really had any effect.

Thankbox is a product that people either need now (e.g. someone in their company is leaving and they need to organize a card) or they forget about it. So, in retrospect, paid search was always going to work.

A couple of weeks ago I finally decided to try search ads again, but instead of going straight with google I decided to try Bing ads.

Incredibly, the very same day I saw a couple of Thankboxes being created by people coming from those ads. Over the next several days I had over 10 new users creating and buying Thankboxes that I could only attribute to the Bing ads.

I am super thrilled as I think that this can finally be a stable channel that can bring enough traffic to more than pay for itself. I think I'll start experimenting with Adwords again in order to get exposure to the biggest search traffic via Google.

October 23, 2020 Sold 100 Thankboxes (on anniversary of the idea)

To say I am excited would be an understatement. I am absolutely buzzing!

100 Thankboxes

I discovered that on this day last year I had written down the idea of what would become Thankbox.

I even did a twitter thread about it, going into how the idea evolved into execution: https://twitter.com/ValCanBuild/status/1319548815515537408?s=20

First thankbox sold: 05/05/2020
50th thankbox sold: 28/08/2020
100th thankbox sold: 23/10/2020

From 1->50: 116 days
From 50->100: 57 days

Getting from 50 to 100 took half the time as from 1 to 50.

Keep at it, peeps! 💪

September 29, 2020 I was interviewed for a podcast for the first time

Last week I was invited to be interviewed for Scottish Business Podcast - a relatively new podcast that covers Scotland-based businesses.

The host was interested in the fact I was bootstrapping Thankbox and that's what our chat revolved around.

I was really happy to get this exposure, even if it's fairly local. Since this was my first ever interview of this form, I knew it wasn't going to be perfect. It actually turned out better than I expected, though there is clearly much I need to improve in my speaking & delivery.

It's a step towards getting more exposure and future interviews and I'm happy for that.

August 29, 2020 Passed £100 ($130) in monthly revenue!

I had a goal for August to pass £100 in sales and with just a few days to go I'm happy to say I've made it!

Thankbox is an interesting SaaS product - different, I feel, compared to most other ones on IH, in that it doesn't have a subscription part.

All of the money I make is from individual sales, so I can't really use the term MRR.

I do have an idea for a subscription product for it in the future but for now I am happy with this result.

Having only launched in mid May, the sales from August represent almost 40% of all sales so far - which is massive for me. Even at these small numbers I feel incredible pride at having my product be used and make money.

August 25, 2020 Sold 50 Thankboxes so far + networking effects

With the sale of Thankbox #50 I am really feeling the rhythm of Thankbox pick up.

Every month since our launch (May) our revenue has grown. I keep telling myself that it's hard to measure it as reliable growth because it's not a monthly subscription product, but it definitely feels nice.

I've also started really seeing the networking effects of Thankbox kick in, which is great since I am relying on that to be the main growth driver.

One awesome example is that my first ever customer was someone who worked at Ubisoft. This month 2 of his colleagues made Thankboxes for people in their team.

Another one from last week is I saw a Thankbox being made by a user of a big UK company and 10 minutes later another one was made by a different person in the same organisation.

It's super thrilling to see and I can't wait to have these compound even more as more and more people are exposed to Thankbox - either as receivers, or message contributors.

Thankbox addresses a key frustration I've faced in the many different teams I've worked with - how to celebrate a member's occasion. Be it a birthday, farewell or just expressing gratitude for a job well done.