B2B Maps Startup Overcomes Challenges, Raises $300K
Problem
Starting a B2B maps company is no easy feat. Our team faced several challenges, including the high cost of mapping buildings and low mapper retention rates. Additionally, we struggled to keep our customer acquisition costs (CAC) low while still reaching our target audience.
We knew that in order to succeed, we needed to find a way to map buildings at a stable cost while retaining our mappers and keeping our CAC low. We also needed to prove the scalability of our operational model in order to attract investors.
Solution
To address these challenges, we implemented several solutions. First, we developed a comprehensive training program for our mappers that helped improve retention rates. We also optimized our mapping process to reduce costs without sacrificing quality.
In addition, we focused on targeted marketing efforts that helped us reach potential customers more efficiently and effectively. By leveraging social media and other digital channels, we were able to lower our blended CAC to just $5 per customer.
Impact
Successfully sold 4 licenses and secured 3 letters of intent from customers
Raised $300K in venture capital funding
Achieved mapper retention plateau of 60%
Lowered blended CAC to $5 per customer
Demonstrated scalability of operational model
"This project had an incredible impact on our team and the industry as a whole."
Team
Team Member #1 - CEO
Developed overall strategy and vision for the company
Led fundraising efforts and secured $300K in venture capital funding
Team Member #2 - Head of Operations
Optimized mapping process to reduce costs while maintaining quality standards
Created comprehensive training program for mappers that improved retention rates