We spoke to Promobucket back in April and decided it was time to see how things were going for them. For the ones that have never heard about Promobucket, it is a digital brand portal that makes it easy for small-, medium- and large-sized organizations to organize, store and share marketing files.
For me, it is a really interesting concept because it solves a problem that many companies have. Organizations I’ve worked in usually solves it by keeping a Dropbox folder with this kind of stuff and it gets messy quite fast.
I notice you may have pivoted. Firstly, why the pivot?
The road ahead and the vision is the same as we’ve had in our heads from day one, but the product that will take us there looks quite different from before. So from the outside it probably looks more of a pivot than it actually is.
What is the new product vision?
Promobucket’s core focus is managing visual files better than anyone else. If I asked ten people today “Where is the best place to store marketing, photos and other visual files that you know other people need access to?” I’d get ten different answers. And the answers will be home made work-arounds to the core problem: There is no service focused on managing visual files- up until now.
Two years down the line I predict all of them answering Promobucket
What else is of interest since we last spoke?
Well, we recently switched to a plan with 2GB storage for free which is boosting signups big time. But the most interesting thing is we are really starting to see the built in network effect Promobucket and visual file have.
People are getting seriously engaged and we can see that it’s starting to affect the way they perform their work.
Tell us about your funding situation and their input during the pivot. What did you learn from this?
The decision in pivoting the product was in our own hands. But, as it meant making our offer clearer and easier to understand it wasn’t a hard decision to take. Our funding partners and board have all been around the block more than once and are well aware that nailing a first MVP pretty much doesn’t happen.
What do the next 6 months hold for Promobucket
Company-wise we are ready to take the next big leap. Our focus will be on acquisition and finding the bottle necks of our metrics, and within six months we should be a good way down the line to product / market fit. But, if we keep the same momentum as we have right now the next six month, who knows what’s ahead?
What do you need now in terms of team, funding and marketing?
At the moment we pretty set as we are. The team is small but produces wonders with the given means. But we will need to scale up everything pretty soon to be able to follow our marked out route. Initially we are looking to close the next round within a couple of months. After that we’ll need to double-up our team over the upcoming 12 months, increase marketing spendings and start ticking the boxes in the roadmap that lies ahead.