LightHousePE Hits $10k MRR Helping Brick and Mortar Keep Customers
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What is LighthousePE and how does it help businesses?
So our initial raise, our bogey is a million. And, you know, the goal with that is to get from, you know, where we are today, which is about 10-ish KMRR to 80, to a million, you know, basically that to get to that hurdle for the Series A.
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How did COVID impact customer engagement strategies?
We've got to grow faster. Minimum is 100% over the past several years. Or bootstrap founders like Vivek of QuestionPro. When I started the company, it was not cool to raise. Or Lookers CEO Frank Behan before Google acquired his company for $2.6 billion.
We want to see a real pervasive data culture and then the rest flows behind that.
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What pricing model does LighthousePE use for its services?
I grant 100% of those requests, no questions asked. Hello, everyone. My guest today is Andrew Steele. He's the CEO of Lighthouse PE, a location-based mobile behavioral engagement platform. He previously co-founded and led three startups in healthcare and enterprise SaaS, and earlier led marketing, sales, and business development for high-growth businesses acquired by Comcast, Motorola, and Microsoft. Andrew, you ready to take us to the top?
All ready.
All right. So talk to us about Lighthouse. What does it mean when you say location-based mobile behavioral marketing, and what does COVID mean for that when no one's moving around?
How did LighthousePE evolve from an agency to a standalone company?
Yeah, so two great questions. So Lighthouse PE is what we call a proximity engagement platform. And essentially what we do is we help businesses better engage their customers to increase their customer lifetime value and increase their customer retention. We do that. The proximity comes in in our use of things like location, real-time location data. That could be from geofencing. It could be from beacons. combined with other things we may know about users from our customers' platforms like CRM, which we then analyze with our platform to engage based on the kinds of behavioral profiles that we can create from that data. So relative to COVID, it's actually made what we do even more valuable to businesses because one of the biggest things, maybe the biggest thing that they're struggling with now is how do I get my customers to come back and how do I get my customers to come back more often?
And so by by communicating with them, by engaging with them using Lighthouse, you know, we're able to, you know, give them the ability to reach out on a very personalized level on almost one one to one level at scale, you know, to to create that comfort level to remind their customers that they're still.
What challenges does LighthousePE face in its growth journey?
And Andrew, we we talk in McDonald's here or like mom and pop coffee shop in Scottsdale, Arizona.
It could really either be both. Our focus right now is on local and regional businesses. A lot of what we do, big global brands like McDonald's, like Burger King, Target, Best Buy, they're doing this kind of engagement today, but they're doing it with A lot of technology spend and a lot of marketing spend. And so what we've built with Lighthouse PE is a platform that's very accessible and, you know, cost effective for cost effective.
What are these businesses paying on average per month to use you?
Yeah, so entry point's about 200 bucks a month and it scales up from there. We price based on a recurring tiered fee based on the size of their installed base of mobile apps. So everything we do from an engagement perspective is through their mobile apps.
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Chapters
8 chapters
1
What is LighthousePE and how does it help businesses?
0:00–0:55
2
How did COVID impact customer engagement strategies?
0:55–1:36
3
What pricing model does LighthousePE use for its services?
1:36–2:10
4
How did LighthousePE evolve from an agency to a standalone company?
2:10–3:39
5
What challenges does LighthousePE face in its growth journey?
3:39–4:36
6
What are the current metrics of LighthousePE's performance?
4:36–5:18
7
How does LighthousePE plan to scale and attract new customers?
5:18–6:19
8
What insights did Andrew Steele share about his entrepreneurial journey?
6:19–14:34