Last week we officially did a very quiet launch of HotelSaver.io. The concept is fairly simple: You submit your existing hotel reservation, we constantly monitor for price drops, if we find one we notify you immediately and you save money. I had the idea for this site a few months ago when I had made reservations in New Orleans for a bachelor party, then noticed the next day the prices dropped and I managed to save over 40% of the reservation by getting it price matched and discounted. At this point I thought “wow, that was incredibly easy, took little time and saved a ton of money”. Shortly thereafter and shooting it around with everyone here, it was decide we’re going to launch a MVP product and see what the reception is.
With this concept it is really easy to quickly blow it up into a massive product with complex algorithms, payment types, etc. however trying to follow our own advice to our clients we launched with the minimal features to make it useful to the end user: simple reservation monitoring and payment processing to get us paid. We knew the first version of the product would be far from finished in terms of design and feature complete, but we wanted to see if others thought the idea had legs. Here are a few things we did to cut down on the time to launch even more:
We also wanted to get feedback from a small group of users. We posted it on HackerNews and immediately started getting great feedback. We knew posting this on the day we were traveling for the Holidays wasn’t optimal as we couldn’t respond to feedback immediately, we wanted to get this launched. We managed to make it to the front page of HackerNews for a while and instantly had 2,500 unique visitors that day, up from zero the day before! The feedback was great the main points were:
Today we revamped our pricing strategy after the feedback. We knew the upfront cost was most likely a turn away for many users but didn’t know what percentage would hate it. After reading the feedback on the post and numerous emails, we’ve switched to a 20% of the amount saved. This makes it 100% risk free to the user. We won’t make money unless you save money. If we save you $100 dollars, you get $80 of it. We’ll be next week working on promoting the revised pricing strategy to see what additional feedback we can get as well as addressing the other parts of the feedback.
We’ll be trying to keep everyone updated on our adventures of launching our own product in house. We’re excited to try some techniques we’ve seen over the years and testing them out ourselves as well as trying some new ideas. If you have any feedback let us know!
With the year coming to a close we decided to take a look back at how the Boston startup community did. It was another awesome year for the community and the numbers definitely echo that sentiment. We’d like to extend a big congratulations to the companies that went public or were acquired in 2014 and here’s to a great 2015!
We’d like to extend congratulations to one of our clients, SoonSpoon, on being acquired by Reserve, a New York-based restaurant reservations application. Led by one of the co-founders of Uber, Reserve aims to simplify the restaurant reservation process much like Uber did for the taxi industry. You can read more about them in this recent Boston Globe article.
With Priceline recently purchasing OpenTable for a cool $2.5 billion, the online reservation space seems to be gaining momentum and piling up more success stories. Although we’re sad to see them go, we are excited for the SoonSpoon guys and are glad to have helped them build out their beta product (you may have remembered our blog post from their launch).
SoonSpoon had a great idea and relentlessly executed on it, building a strong community of partner restaurants and users. In the day in age where many try but few succeed it’s always inspiring to see a start-up success story – as Michael Dell once put it, “Ideas are commodity. Execution of them is not.”