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    How Eric Frankel of AdGreets Navigated Challenges to hit 400,000 MRR and Beyond

    enMarch 09, 2022
    Big Break Software Podcast
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    About this Episode

    Eric Frankel, CEO, and founder of AdGreets, talks about coming up with his MVP, funding it, and gaining his first customers to find product-market fit. Listen in for the insights.

    AdGreetz is a leading video personalization technology platform that helps brands build robust customer relationships. It also increases engagement between five and seven times by generating and deploying thousands of smart ads by machine learning and Artificial intelligence in real-time. He talks to Geordie about his journey. 

    What You’ll Learn

    • Why did Eric choose to work with younger people
    • What strategy do Eric and his team use to retain clients?
    • Lessons Eric learned during his search for clients

    In this Episode

    Traditional advertising involves creating a generic message or ad for everybody even though people are different. Eric and his team are committed to changing that narrative by making hundreds, thousands, and even millions of advertisement versions customized to speak to and meet individual customers’ needs. He says they leverage data to create multiple versions of messages and ads on different advertising platforms across the globe. 

    Eric’s passion for advertising started when he was President of Warner Brothers. While there, he spent years trying to make the world understand that television did not have to be about appointments. He believed that the on-demand approach was the idea of the future. Listen to the podcast for more details about Eric’s idea. Unfortunately, some people dismissed it as the worst in the industry, but still, he did not give up.

    With time, people started embracing his idea. Eric decided to transform the 100 billion dollar worth of advertising business and left Warner at some point. He collaborated with a group of colleagues to focus on AdGreets, a company he has been running for the last decade. Today, the world is fast catching up with the streaming concept. 

    Eric did not leave Warner without a plan. He took his time to strategize and consider various things he wanted to do before settling for one. He would later develop a business plan before approaching investors. He says convincing the investors was easier because he already had money to kickstart his project. He explains how he hired a team of professionals to work with and the number of errors he made along the way. 

    Building a platform that works and meets customer demands is an ongoing process. Eric says they spent more than a year in the development process, and they bore fruits. Still, they learned from each client and kept improving the platform. One of the core problems that Eric faced was how to make the platform user-friendly. Listen to the podcast to find out the strategy they used. Eric also gives comprehensive details of how their system works and got his first customers. You don’t want to miss this informational part of the podcast.

    As the business grew and the cost of running it became unbearable, Eric had to make a tough decision to let people go. He says that was one of the hardest times he has ever had to go through during his entrepreneurship journey. Find out why from the podcast.

    For Eric, becoming cash positive happened by chance. He says while the investors he spoke to loved his idea, he stopped asking them for money. The business continued running smoothly even during a bad week or month when clients had delayed payment. Today, Eric has not written a check in months and doesn’t see the need to do so, which is a sign that he is breaking even. 

    The company has evolved tremendously, and investors are reaching out to Eric and his team seeking collaborations. In Eric’s sentiments, what you own is not as crucial as winning in the end. He says he is becoming smarter and believes that having more people on board will make the company better. He looks forward to getting more people to help him push his dream to actualization. 

    In every business, there are numerous competitors to deal with. How does AdGreets set itself apart from competitors? Eric says they do so by being an effective omnichannel solution. He mentions that they devised unique selling propositions, which they highlight when conducting presentations or comparing themselves with their competitors. 

    If Eric were to turn the hands of time, he would raise more money initially. He explains his reasons in the podcast. He also mentions that having your own money helps you attract investors. 

    Resources

     

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    You Shield is a safety application that users install on their phones. Tammy Haldeman, the developer, tells Geordie about it. 

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    Tammy Haldeman believes the You Shield app can protect users from sexual harassment, sex trafficking, kidnapping, bullying, and domestic violence. After activating it, users need to program a secret word they can remember easily, which comes in handy in an emergency.

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    Tammy describes, coming up with the idea as a gift. She narrates how a bullying incident where the victim, a 10-year-old girl, committed suicide affected her. Suddenly the thought of a security application hit her brain. She says aspects of designing and improving her idea kept flooding her mind, and that’s when she decided to actualize it.

    Investing in application development can be a costly practice. However, Tammy mentions that her heart was ready to go over and above to catch attackers or prevent them from violating other people’s rights.

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    Tammy narrates how she met Geordie, with whom they had an easy conversation. She says Geordie made her comfortable even though she was not conversant with software-related terms. Find out how Tammy and Geordie’s development team collaborated to build the app. 

    Geordie highlights how they struggled with finding the ideal sequence because they needed to configure the iOS operating system. At some point, they encountered particular regulations that barred changes on iOS. How did Tammy navigate that phase?

    She remembers one specific week when accessing her account on App Store was impossible for two weeks. However, despite the challenges, Tammy says everything worked satisfactorily because it allowed their developers to focus on the complexities of the application. That phase gave them sufficient time to prepare the app for launch. 

    Every entrepreneur struggles with the fear of the unknown, and Tammy was not an exception. Sometimes she feared that the app would never go live. However, she was certain she could keep pushing until her dreams actualized.

    Tammy quickly mentions that developing an application is a long, tedious, and time-consuming process. When it comes to app development, a celebration of the last day never comes because you are always thinking about what to improve to enhance the user experience. What’s more, customers keep demanding new features. Still, Tammy describes two moments when her persistence seemed to be bearing fruits. Listen to the podcast to learn about it.

    When Tammy started developing the You Shield idea, she had not emphasized sexual harassment. However, her niece was recently harassed sexually at school, which made her regret for not activating her niece’s Shield activated.

    In today’s world, where insecurity is rising exponentially, every teenager can benefit from using the You Shield app. Do you have privacy concerns regarding this app? Tammy says only app users can playback recordings from their devices.

    Further, they don’t collect the user’s information. Such data is only necessary for activating the app. She also discussed their payment plans in the podcast. If you are interested in the app, do not miss this podcast section. 

    This app is meant for both teenagers and adults as well. Tammy says you can never predict when something happens to you and insists that having the app can rescue you from risky situations. One of the most interesting features of this application is that victims can call out for help without their attackers knowing. 

    If you are an aspiring app developer, Tammy says documenting your dreams about the project is crucial. She says potential app developers should create recordings, draw their plans, and write down their expectations. Collaborating with trustworthy people with whom you can easily communicate is also crucial during the development process. 

    Your Shield app is only available on iOS, but Tammy says they are working on availing it for Android users soon. 

    Resources

     

    Big Break Software Podcast
    enMarch 16, 2022
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