How to define your product and core features? (7/12)

Mihail Stoychev, Founder and CEO at SMSBump explains how the company grown sustainably from investing first in customer and product development. Once day had a product-market-fit validation, they developed a marketing and fundraising strategy.

SMSBump, Shopify’s first texting marketing platform, managed to bootstrap from a small service company to a successful product with 35K customers in 2 years... In 2019 they had 850% user base growth to 28 000 active stores and $100,000,000 in additional revenue for merchants. SMSBump was started in 2017 in Sofia. As they were researching the next big thing the co-founders stumbled across an incredible piece of data – 95% open rate of SMSs.

Launching the product, they received many comments referring to their idea as old-fashioned and slow. Yet, they didn’t give up on it and eventually built an appealing product for small online resellers and even solopreneurs, although their main revenues come from enterprise clients.

They had the unprecedented chance to go through the major milestones at a much-accelerated pace than usual. From a small product spinoff through winning 8K customers and a €350K seed funding to a $35M exit and a potential IPO with Yotpo in the US.

*Questups empowers service companies to spin-off successful products for the UK market. Getting in-depth benchmarking, recommendations and access to the right experts, partnerships and investors from the UK. We help the service companies to execute their product strategy the optimal way in terms of timing, positioning and resources for soft landing.

Get in contact with us on: