In the last couple of months, we got a great lift-off from hundreds of blog owners and companies signing up with us. Many of them appreciated our design, response to customer request time and it started to get a lot of word of mouth both online and offline because Truepush is free forever with all the features of a push notifications service. We had a few people asking us why we are free and what our business model is. So here we are – sharing our thought process for our product.
- An Introduction to free platforms
- Why Truepush is free?
- How are we making money?
- Monetization: Where do we stand?
- Long Term Plans
1. An Introduction of free platforms
In information and communication space – Google, Facebook, Twitter, LinkedIn, etc. are all free and rank in the top 25 most visited websites in the world.
-Google democratized the availability of information
-Facebook made it easy to connect to anyone easily
-Twitter made people share their thoughts on a small tweet
-LinkedIn enabled people to grow their professional network
All of them do it for free for the end-user.
Miriam Rivera who was one of Google’s initial employees said:
“Google took Carnegie’s vision of putting information in the hands of the general public and put it on steroids, creating a virtual library akin to those found only in sci-fi movies in 1998.”
Think about how much value they are adding to general users and companies. Users specifically are present in those platforms because they find value in it and companies make use of users to reach to them through ads because they are authentically present in those platforms by choice. Imagine if Google started asking for money for every search you make? That will limit our imagination and our knowledge. It will be chaos for every one of us.
2. Why Truepush is free?
It is important for companies and makers to feel liberated and deliver their best product to the world rather than thinking about making huge profits. It is incredibly hard to get your customers attention but once you retain them, it is easier to generate more ROI with the same customers. As studies say, it is 17 times cheaper to generate ROI from existing customers than to find and earn the same from new customers.
We found out that we can be that company who can help the makers of the world to give out a re-engagement tool for free. We want makers to re-engage their users and generate higher ROI. There are hardly any tools in this space that you can use free-of-cost without putting in lots of effort. So we built TruePush.
With the revolution of building SaaS products in $0 and with many of the other tools that are freely available for the makers, there will be a world with more breakthroughs, better products and higher value generated from makers to everyone else. The more people get access to build things for free, the more they will be liberated to produce new things and we are working hard to be a part of it.
3. How do we make money?
Like every other company, we want to deliver value to the customers and grow along with them. Currently, we are planning to bank on the cookies we drop in the consumer’s browsers and the ad id’s from the mobile devices.
We do not touch the user’s personal identifiable data. In fact, when users ask us if we touch any of the personal data, we ask them to use our API’s and input into the tool by hashing/encrypting them if they want to. Even if you put in a billion records of personal data, we would just not touch any of it for any purpose other than showing them to you.
With cookie data and ad IDs, we can track the user behavior in terms of how many times he visited that website/app, etc. at an aggregate level. Cookie data is volatile in terms of being lost. People change their phones, laptops and clear cookies all the time. So even the lifespan of running ads in their browser is very short. It’s the same with apps, people delete apps often.
We are planning to use our anonymous data like cookies and ad IDs to enable brands with better targeting options. We plan to monetize on this cookie data and not sell it.
4. Monetization: Where do we stand?
In our case, we monetize aggregated anonymous data. This means when data is aggregated across devices, browsers from millions of users (which we hope will happen), we tend to capture their behavior which in turn helps brands & agencies to target their ads in a better way.
If you ever saw an ad in your browser/mobile, it does mean that you are being targeted by a brand or an agency. Pretty much a similar way, Google and the whole online advertising work.
To simply put, we don’t sell data.
5. Long Terms plans
In the long term, what we decided to-
- Make more tools that are free and that give us more consistent cookie data
- Make these re-engagement tools free(Push Notifications and emails(in future) etc.) and add few paid tools that are relevant and complementary to these services.
We are confident that once we have a good market share, we will be able to monetize on one of the above and become profitable which would allow us to deliver back more value to our customers.
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Image source: Freepik
Image source and credit: https://www.freepik.com/free-vector/alert-concept-illustration_5202795.htm#query=web%20notifications&position=3