Hey fellow entrepreneurs and marketers! Startup Radius interviewed Lyra – an analytics tool that is created to help users to not just view statistics and numbers, but actually make right decisions. Lyra is the new kid on the block, which is available for free at the moment, but it is worth checking out because once you see how nice and clean Lyra is you will definitely fall in love with it.
Learn why it is important to make your product better than what’s on the market already, why passion is the best driver for young startups, why it’s important to keep your product simple yet valuable, and when it’s the right time to monetize your product. Enjoy!
Can you tell us about what you are working on? What is Lyra?
Lyra is an analytics tool that breaks the barrier between information and decisions that can be made on the basis of this information. The traditional model at this moment looks like this: an analytics collects information, make some an easy aggregation and displays it. Then you try to use this information to find solutions, to detect problems, etc.
We focused on something else: we show only the most important indicators, and our system of recommendations will do the rest. I don’t know how unusual this approach looks, but this is certainly the right development of analytics.
Why are you building this? Was there a particular source of inspiration or money-making idea?
Because it is a new approach. I am interested in it as much as it is unusual. This is definitely not to make as much money as possible. And I don’t like other analytics services: they are complex and inconvenient. You spend a lot of time to figure out what to do in them and how. How to set goals, how to track, etc. People use analytics to make decisions. Why not try to make the transition from collecting information to the making decisions as short as possible.
Time for bragging! How big you are – traffic, users, anything else?
Honestly, at the moment we are very small. We have only a few hundred users. The traffic is small. And it’s too early to talk about monetary indicators – we still don’t have clear numbers on switching from free/trial plans to paid plans.
Who are your main competitors, and how good/bad they are?
There are several small companies that have tried/trying to make recommendations based on the data that they can collect. They all use machine learning.
This is actually a broader question. At this moment we definitely can’t be competitors to large and free analytics – like Google Analytics, or Matomo if we consider the open source.
But the whole point is how good our recommendations will be – because if they will be really useful – they will help you make the right decisions. Then the current model of analytics will simply seem to be incomplete.
Who uses Lyra? What is your perfect buyer persona?
Our main users are small companies and personal sites. Potentially – a big part of medium and small business. But we are definitely not suitable at the current level for stores and multi-page sites like news/media sites.
Were there any early ‘growth hacks’ or tactics that have contributed to your current success?
We just make our product as good as possible. If it will like this, this is the best tactic from all possibles.
What were some of the biggest challenges while building Lyra early on and how did you solve them?
It amused me:) We are still in the early stage. And we will be there at least for a year if we don’t die. Our main challenge is not to make things too complex. Because if you look at the components of a good recommendation system – it is a lot of high-quality information, a good structure, and some right learning algorithms. Each of these parts is possible which means that the whole system too.
If you could give a marketing advice to other companies, what could it be based on your experience?
The more time you spend on marketing, the more time you should think about what you are doing. I’m not saying that you can survive without attracting users, but if it becomes the most important task – then you should think twice.
Which marketing channels you prefer and why?
I think if we make the product worth sharing it will be the best possible channel.
Is Lyra monetized? Why did you choose the current monetization method?
No, it’s too early. While we are collecting data, and most likely we will still change our monetization system.
Our expenses are tied to time – therefore, one way or another, we prefer the model where we receive money every month.
What are the top 5-10 products/services you use in your compan and why do you like them?
- Digital Ocean is very useful and convenient on early stage. And they have some offers for start-up companies.
- Trello. Sometimes useful, sometimes just confusing. Or I just don’t know how to use it.
- The calculator on iPhone. Yes, it’s truth. A good calculator is what we use all the time.
- Good ol’ Photoshop.
- Google Docs.
- Google Analytics. Incredible tool – if you want to spend a lot of time trying to make it work to the fullest. Okay, this is just a joke.
- Horoscope for small businesses – to find the right strategy and calculate the date of entry into the market 🙂