Rebuilding a software business

Why am I writing this?

Because we (mainly me) have made a lot of mistakes in our journey so far and I hope by sharing this it might help other startups and existing businesses avoid making them. Plus it’s good for me to write it down and be honest about where we’ve gone wrong and how we are putting it right.

The journey begins here

It was February 2014 that we stopped talking and started doing.

We had the idea of creating an events platform for business events a few months before that and had been chewing the fat on how we’d do it and more importantly why we were doing it. Research and experience told us that this was a crowded marketplace, but we knew we could fill a gap that we’d spotted.

Our minimum viable product was launched in January 2015 and we started with some fantastic new business wins. We’d always bootstrapped so we didn’t have the vast sales, marketing and development budgets some of our competitors enjoyed.

Although we’d started off well, by mid 2015 we had to make a difficult decision. We all had young families to feed so we had to go and earn some money elsewhere and work on Mitingu in our spare time.

Then in December 2015 we had an enquiry from a global business that wanted a white label events platform to run their events across all locations. In a nutshell, it would be a game changer.

The first week of 2016 we got the fantastic news that we had won the business!!

We were on our way to riches! This was much easier than we thought!

A few months later we won another large account. Wow! We were truly on our way as we’d been regularly picking up and retaining new clients along the way.

WRONG!

We spent all of our time devoted to looking after a small number of large customers. Sure, they spent well but we ended up developing a platform specifically for them and lost sight of the bigger picture. We effectively became a software development business for a few large businesses.

That wasn’t their fault, it was ours.

2018

Fast forward to 2018 and with growth stagnating over the previous 12 months, we got the unsurprising news that our two largest clients were regrettably going elsewhere. We’d lost our way after such a great start and my motivation was at an all time low.

In autumn 2018 we had a decision to make. Do we carry on or do we call it a day?

We and I had recognised the mistakes we’d made, we knew we had the makings of a great business and decided we’d carry on, effectively from a clean slate and build the business.

2019

We started 2019 knowing it would be a year of planning and getting back on track. Personally, I was under no illusions how tough it would be, but as a team we were up for the challenge.

It started well with some quick wins and some longer term contracts signed. Cashflow was always going to be tight and because of it, I (not we) took on a one off project that I shouldn’t have. It took up 4 months of my time and at least 2 months of development time. It ended up being a very costly project both in terms of time, resource and money.

By late autumn (that time of year again) we had a decision to make again. We had an offer in to buy the business. I liked the company and people who had made the offer and it would have meant Mitingu becoming part of their business. The answer was yes all the way until the last minute when we (Mitingu is a team) decided we could build a great business and we wanted to do it alone.

We spoke together as a team and went through everything we wanted to achieve and whether we could achieve all of that as part of another business. We used the Christmas break to think long and hard about what we wanted to do.

2020

Happy New Year! Let’s do this

To cut a long story short, we decided that with a renewed focus, plan and help from friends and family that Mitingu would control its own destiny and we were going to make it happen.

We had a plan, a new structure that we were sticking to and a huge focus on the business’s key metrics to keep up on track and highly motivated.

January - we were over target, both revenue and new business wins

February - we were over target, again both revenue and new business wins

March - was all going great, new business won and then the reality of a virus called COVID 19 hit home.

I’m writing this is the middle of the worst global pandemic for 100 years. No one had prepared for it and the destruction, misery and loss it would cause to people’s lives. Business has been affected across many sectors including the live events industry which has been decimated. It will bounce back but right now the most important thing is staying healthy with your loved ones. Thank you NHS and all our key workers, you are amazing.

We have some amazing things planned for 2020 and when we come out of the current crisis, the business will be ready. Mitingu 2.0 is due for release in the summer. We can’t wait for that as it will be a game changer for us and our clients. I’ll share more details on that in the coming weeks.

What we did wrong

We made lots of mistakes, but I think that these were the biggest and main contributors to our struggles.

1. We lost sight of our goals and plan - we chased the money.

2. I got distracted - other opportunities and things going on outside work took my attention away from Mitingu.

3. We introduced far too many features to the platform without adequate planning and testing after agreeing unrealistic deadlines to keep the client happy (this was a huge mistake).

4. We overpromised and underdelivered. Despite our mantra of amazing customer service, we’d bitten off more than we could chew and we’d let if affect the one thing we were very good at.

5. Most of our revenue was coming from a small number of clients which left us incredibly vulnerable.

What we’re doing about it

I recognised that I am not superman or anything remotely close. It doesn’t matter how many hours I work if there is no clear plan and goals.

I decided to get help… to bring people in from the outside who could see the wood for the trees and help the team and I create good plans with clear goals that we could measure against. They keep me focused and more importantly, they bring accountability.

1. We have an updated business plan that the team has all had input into and agreed

2. We have organised our tasks in a clearer and structured way

3. We’ve building documented processes for the whole business

4. We’re adding to the team to strengthen

5. We view and review our key performance indicators daily to make sure we are on track

6. We don’t take on any custom development that will veer us off course - we have a plan and roadmap and we’re sticking to it

7. We’ve got a great team, that are all on the same page and all share the same goals for the business - this is key to success

A positive outlook

Despite what’s currently going on in the world, we remain positive that once the live events industry resumes we will have an even stronger proposition. Staying positive is absolutely key to building a successful business and life.

I’m going to add regular posts to this blog, giving updates on our particular rebuilding journey. It’s definitely good for me and I hope it can help others to avoid some of the mistakes we’ve made along the way.

12 Tips to Build Brand Loyalty at Your Event

Online and print marketing can both build up your fan base, but live events offer your audience a unique chance to experience your brand for themselves. By meeting you in person, they are more likely to forge a meaningful connection with your company, which in turn will translate to sales. Almost three-quarters (74%) of customers say that their impression of a business improves following an event.

Events that connect with an audience are referred to as “experiential marketing.” They can take the form of festivals, concerts, pop-up shops, conferences, lectures, and exhibitions – in fact, almost any kind of event can be used to engage with your market.

The most effective events cultivate a sense of loyalty in attendees. Here are a few practical ways you can grab your visitors’ attention and leave a positive impression:

1. Generate excitement before the event  

Announce your event at least a few weeks in advance. Tell followers across each of your platforms where and when it will take place, and when they will be able to purchase tickets. Giving people the opportunity to sign up for notifications is a good way to encourage them to join your mailing list.

 Tell your visitors why they should attend; what’s in it for them? For example, if you have invited any notable speakers or plan to run any exciting contests, highlight it in your marketing materials.

2. Give your visitors a sneak preview of upcoming products or services 

Reward visitors for turning up by staging some kind of “big reveal.” For example, if you are a clothing brand, showcase a few of your new designs for the upcoming season. When you make them feel special, attendees will come away with positive memories of your event, which in turn will foster brand loyalty.

3. Engage your visitors’ senses

Let your guests see, touch, hear, or taste your products. The more senses you can engage, the better. Set up as many interactive displays as possible.

4. Stage a competition

Giving away prizes serves two purposes. First, it provides a good excuse to collect visitors’ contact details, which will aid your marketing efforts in the future. Second, offering a desirable prize encourages visitors to think of your brand as generous and fun, two attributes which will increase their loyalty.

5. Be generous with your freebies

Even if they have paid to get in, attendees still tend to think of gifts and merchandise as a bonus or “added extra.” Branded items that they will want to keep, such as fun toys or useful items such as pens and notepads, will remind them of the event long after they get home.

6. Localize the experience

“Always ask yourself whether your event is catering to your local market,” advises the CEO of PickWriters. Do not assume that just because an event was well-received in one city that it will be met with a warm reception in another. This requires a thoughtful approach. For example, you may need to translate written content, including signs, be sensitive to cultural norms regarding dress codes and greetings, and avoid casual references to controversial issues during talks and demonstrations.   

7. Offer a touch of luxury

Make your visitors feel special, and they will look back on your event with fondness. For instance, you could offer a limited number of passes to a VIP area, or sell tickets to a Q&A session. They will tell their friends about the great time they had, which will further improve your brand’s reputation.

8. Showcase your brand alongside others that target your market

Inviting your competitors to an event would be counter-productive, but what about teaming up with a brand that appeals to a similar demographic? In doing so, you’ll attract a broader crowd who will get the opportunity to experience your brand along with well-established favourites.

9. Invite speakers from outside your company to share their knowledge

If you are running a B2B event for professionals, recruit speakers to run workshops or give demonstrations. These should give attendees actionable strategies they can use in their business. Your guests will feel as though their time at your event was well-spent, and will respect your brand for caring about issues that affect them.

Hiring external speakers also equates to free publicity, because they will probably let all their clients and social media contacts know that they are taking part in an event.

10. Recruit enthusiastic, knowledgeable staff  

If even staff are indifferent to your brand and bored by the event, your visitors will notice, and this won’t inspire their trust or loyalty. If possible, send company employees to oversee the event, rather than workers from a PR agency.

11. Make it easy for visitors to share their experiences

Set up a hashtag for your event, and encourage your visitors to use it. Hashtags let your guests share their photos and questions they may have for you. Make sure someone is responsible for responding to social media posts throughout the event; a quick, friendly reply or acknowledgement will generate goodwill. You can also use hashtags to organize contests. For instance, you may run a competition whereby the 100th person to upload a tagged photo of themselves at the event wins a prize.

12. Livestream your event

Reach out to those who can’t get to your event by livestreaming it. Set up a video feed that gives viewers a sense of the event atmosphere. Be sure to broadcast talks, demonstrations, and Q&A sessions. Your viewers will appreciate your efforts, feel engaged with the event, and may direct other people to your stream via social media. Encourage viewers to submit live feedback and questions.

Obtain, and analyze, visitor feedback

Always conduct a post-mortem after the event, using both qualitative and quantitive data. Ask yourself these questions: Did staff receive positive formal feedback during the event? Did visitors share their experience on social media? How many people attended? How many sign-ups or purchases did you get? Overall, did the event live up to your visitors’ expectations?

If you held a conference or B2B event, you could use brief follow-up surveys to encourage attendees to give formal feedback afterwards. Whatever your industry, remember that consumers want to be heard, so give them the chance to tell you what they really thought of your event.

Elisa Abbott is a freelancer whose passion lies in creative writing. She completed a degree in Computer Science and writes about ways to apply machine learning to deal with complex issues. Insights on education, helpful tools and valuable university experiences – she has got you covered ;)