Acquisition project | Thriday

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Acquisition project | Thriday

Elevator Pitch

Elevator Pitch:

“Ever wanted to automate your business admin and save hours to do more of what you love?’

Thriday provides a highly intuitive user experience. It leverages AI to allow you to reconcile and categorise your business transactions automatically and offers an easy tax submission experience without involving a Tax agent.

As of today, we have served 1200 Customers, saving them ~8 hours a week, and they earned 3% interest banking with us.

Unlike older accounting platforms, which are way too challenging to use and navigate, often requiring an accountant to handle their admin, Thriday allows users to be on top of their financial admin easily by automating complex and time-consuming tasks.

Download the Thriday App to explore the simplicity of accounting while earning 3% Interest today. Visit Thriday.com to read our customer reviews.

Understand the user

Understanding your ICP

B2C/B2B Table

Criteria	User 1	User 2
Name	Sole Traders	Sole trader
Age	21-30	28-40
Demographics	Australia - Sydney, Melbourne, Brisbane	Australia - Sydney, Melbourne, Brisbane
Product	Fitness App	Contractor
Need	Ease of understanding Fin Admin Mobile App Intuitive UI/UX Accessible Customer support Tax return assistance Low pricing	Save Time Low Tech complexity Avoid dependency on Tax agents Hassle-free tax and BAS submissions Easy integration between all financial tools. One place for all. Quick and efficient customer support
Pain Point	Poor Education in Accounting and Tax	Less time for mundane tasks Reduce cognitive load for admin
Solution	Educative blogs, videos and guides for Business Financial Admin. Mobile app with intuitive UX Quality support for usage and info Tiered pricing	Intuitive Web and Mobile app with good UX Automating reconciliation categorisation for easy tax submission In house Tax agent low price Premium Customer support for higher price
Behaviour	LinkedIn Youtube Instagram	LinkedIn Google
Perceived Value of Brand	Not heard much about it	Not mature enough
Marketing Pitch	Peaked interest to look at the webpage to get more info.	Asked for differentiating features.
Goals	Basic accounting ease.	Better Tax Management UX.
Frequency of use case	3-4 times a week	Once week
Average Spend on the Product	monthly subscription	monthly subscription
Value Accessibility to product	High	High
Value Experience of the product	Intrigued to use	Intrigued to use. Friction to convert data.

B2B Table: N/A

Criteria	ICP1
Name
Company Size
Location
Funding Raised
Industry Domain
Stage of the company
Organization Structure
Decision Maker
Decision Blocker
Frequency of use case
Products used
in workplace
Organisational
Goals
Preferred Outreach Channels
Conversion Time
GMV
Growth of company
Motivation
Organization Influence
Tools Utilized in Workspace
Decision Time

ICP prioritization table

Criteria	ICP 1	ICP 2
Adoption Curve	Low	High
Appetite to Pay	Low	High
Frequency of Use Case	High	Medium
Distribution Potential	High	Medium
TAM	*TAM: ARPU No of potential users = $360 * 185000 = ~66M**	*TAM: ARPU No of potential users = $360 * 330,000 = ~110M**
Key Industries: Construction, Professional, Scientific, Tech and Rental Highering and real estate. (30%)	*$360 79500 = ~28M**	*$360 99,000 = ~36 M**

Understand the product

Product: Thriday

A financial admin management tool for businesses. Primarily saving time for business owners by automating their accounting.

Understanding Core Value Proposition

AI-powered automated financial admin tasks, such as auto-reconciliation, categorisation, and auto-allocating income.

Problem	Value Proposition
Time-consuming Financial Admin	AI-powered automated financial admin tasks, such as auto-reconciliation and categorisation, auto-allocating income. Leaving no room for errors.
Complexity and clunky UX	It is a user-friendly platform, with no prior accounting knowledge and no setup or training required.
Lack of integration and different applications for payroll, banking, tax, and inventory.	All-in-one financial management tool. Eliminating the need for multiple apps and integrations. This includes in-house Payroll, bookkeeping and tax management tools. We operate as a registered banking entity that provides an interest-generating business transaction account to help automate your financial administration.
Lack of Financial Knowledge	Provide resources, community and networking events, and exclusive customer support to guide you.
Tax management is complicated and needs an Accountant	We also provide easy bookkeeping and ATO lodgment services.

Understand the market

Competitor Analysis:

Factors	Thriday	Xero	MYOB	HNRY	Quick Books
What is the core problem being solved by them?	Simplifies financial admin	Accounting solutions for complex businesses.	Payroll and accounting for tax compliance.	Tax obligations, Automates income tax, GST and compliance for Sole-traders	Bookkeeping and financial management for small businesses with global scalability.
What are the products/features/services being offered?	Automated bookkeeping, BAS lodgement, AI-powered categorization, built-in business banking.	Payroll, financial reporting, multi-currency support, integrations with 1,000+ apps.	Payroll, invoicing, GST/BAS compliance, inventory management, Single Touch Payroll (STP).	Tax calculations and lodgements (income tax & GST), automatic deductions for self-employed individuals.	Invoicing, expense tracking, payroll integration, project tracking, mobile app support.
Who are the users?	Australian sole traders and small businesses seeking automation for financial admin tasks.	SMBs globally; accountants and bookkeepers needing advanced features and integrations.	Australian SMEs requiring payroll and compliance tools; accountants managing multiple clients.	Sole traders and freelancers in Australia/New Zealand who want hands-off tax management.	Global small businesses looking for scalable bookkeeping solutions with mobile access.
GTM Strategy	All-in-one solution.	Partners with accountants. Global Scalability through integrations and usability.	Focuses on Australian Tax compliance. Partners with Accountants. Localised marketing campaigns	Promotes simplicity via digital marketing for sole traders. Emphasizingemphasizing 'No accountants needed'.	Global reach through digital ads; focuses on ease of use for SMBs across industries worldwide.
What channels do they use?	SEO, Partnerships	Partnerships, paid ads, events, webinars	Digital marketing campaigns, direct sales, partnerships	Social Media ads, content marketing, affiliate partnerships.	Google Ads, Social media, partnerships worldwide.
How have they raised funding?	Raised funding	Raised capital through IPO and stock offerings.	Acquired for 2 Bill	Raised $35 mill from Investors	Owned by Intuit. funding from Intuits operations.
What pricing model do they operate on?	Tiered Subscription + Add ons	Tiered Subscription	Premium and essential subscription models. Feature specific plans	Percentage of income.	Tiered Subscription.
Brand Positioning	"All-in-one financial admin solution for Australian sole traders."	"The most trusted accounting software for SMBs globally."	"Australia’s go-to accounting software for SMEs needing compliance tools."	"The easiest way to manage taxes for self-employed professionals."	"Global leader in bookkeeping software that scales as your business grows."
UX Evaluation	Optimised Interface. Tied to its own banking.	Feature rich, steep learning curve, complex.	User friendly. Outdated designs.	SImple interface. Lack of broader accounting features.	Clean UI. Cluttered due to feature overload.
What is your product’s Right to Win?	All in one platform Automation and Efficiency Affordable Pricing Ease of use Localized platform
What can you learn from them?	Completes on Pricing and simplicity with MYOB and Reckon, but automates better. Completes with HNRY on Tax specific focus Globally Xero and Quickboooks strong, but Thriday stands out locally.

Understand the market at a macro level and evaluate the trends and tailwinds/headwinds.

Now it’s time for some math: calculate the size of your market.

TAM = Total no. of potential customers x Average Revenue Per Customer (ARPU)
SAM = TAM x Target Market Segment (percentage of the total market)
SOM = SAM x Market Penetration/Share

Market - 680,000 Sole traders in Australia
ARPU = $360

TAM = 680k * 360 = 245 Million

Target ICP = 12.5+22 = 33% * 680000 = 200,000 users

SAM: 200k * 360 = $72 Million

With five key competitors, it leaves ~2/5 of the market since HNRY, Reckon and MYOB are targeting a similar ICP.

SOM: 72M * (2/5) = 28 Million

If your product is in early scaling stage

Designing Acquisition Channel

Early-stage scaling requires experimentation and quick feedback to understand where to invest and where to cut down on costs.

(*) = Potential Channels to consider and experiment

Channel Name	Cost	Flexibility	Effort	Speed	Scale
Organic*	Low	High	High	Slow	High
Paid Ads*	High	High	Medium	Fast	Medium
Referral Program*	Medium	High	Medium	Fast	High
Product Integration	Medium	Low	High	Medium	High
Content Loops	Low	Medium	Medium	Medium	High
partner	Medium	Low	High	Slow	High
Social Media *	Low	High	Medium	Fast	Medium
App Store Optimisation *	Low	High	Medium	Fast	Medium

Detailing Paid Advertising

(Understand what is already being done, what is working out well and what needs to be stopped)

Step 1 → Define the CAC: LTV ratio. If your product has a healthy CAC: LTV ratio, proceed with paid ads.

LTV = ARPU * Gross Margin / Churn rate = 360 * 60% / 10% = $2160

CAC should be 30% of 2160 = $ 648

Step 2 → Choose an ICP
ICP = Sole traders, with Annual Revenue <200k.

Hypothesis: In the early stages, they might not have accounting knowledge. They will find the ease of use attractive and may easily be acquired due to less infrastructure to transfer

Step 3 → Select advertising channels
They would spend most time on either Google, youtube or LinkedIn.
Let's focus on YouTube + Reels.

Step 4 → Write a Marketing Pitch for each ICP segment &
Step 5 → Customize your message for different customer segments to ensure relevance

PMF segment: ICP - 28-40-year-olds, ~120k Income, Construction/Rental/Hiring/Tech/Real estate industries.

Marketing pitch:

ICP 1: 21-28 “Ever wanted to automate your business admin and save hours to do more of what you love?’

Thriday will do all the accounting for you. All you need to do is use the transaction account to perform business transactions, and our innovative AI platform will reconcile, categorise your invoices, do the bookkeeping and keep your tax details ready to submit.

Experience the simplicity with a Free 30-day trial. (No payment details needed). Download the App Today! <QR code>

ICP 2: 28-40

Financial admin slowing down your business. Let’s automate it for you so you can do more of what you love!

No more clunky platforms and manual accounting. Thriday automates is all. Thriday provides an easy user experience that allows you to reconcile and categorise your business transactions automatically. Automated income allocation sets you up for easy bookkeeping and tax submission. There is no need for an accountant, because Thriday does everything for you.

Read our customers experience, saving them upto 8 hours a week, and earn 3% interest banking with us.

Start a Free Trial now! and Download The Thriday App Today <QR code>

Step 6 → Design at least two ad creatives (e.g., images, sketches, videos, text ads) that reflect your marketing pitch.

Reel 1:

Video 1:

Read our customer's experience, saving them up to 8 hours a week, and also earn 3% interest banking with us.

Detailing Product integrations

Already achieved:

Thriday integrated with Easy companies early to acquire any sole trader while creating an ABN.

Opportunities:
They have recently developed an entire API suit, which opens up many exploration opportunities. This includes financial institutions being able to use their core features.

Step 1 → Identify complementary products used by your ICP
Step 2 → Use the selection framework

Channel Name	Time to go live	Tech Effort	New users we can get (monthly)	New Users we can get in Month 1	New Users we can get in Month 2	New Users we can get in Month 3
Integration Partner 1
Integration Partner 2
Integration Partner 3

Step 3 → Collaborate with necessary stakeholders.
Step 4 → Map the customer journey
Step 3 → Design the wireframe with the new integration
Step 3 → Run pilot tests before launching
Step 3 → Measure post-integration metrics

Detailing Referral / Partner program

Step 1 → Flesh out the referral/partner program
Step 2 → Draw raw frames on a piece of paper to get the gist.

(Don't spend a lot of time on design. This is for you to communicate how the referral hook will look)

Thriday already has a partner program: https://www.thriday.com.au/partner-program

Here, we will explore a referral program:

Define the Aha moment. Once achieved, trigger the referral.
Gamify onboarding with money for completing tasks. On signing up, offer the users $50, but it unlocks incrementally by completing five tasks.
1. Create and send a Quote.
2. Upload a receipt
3. Setup Allocations and
4. Setup profit first accounts
5. Set up 2FA
Now they experience the simplicity of use, the aha moment is felt, and we now design the referral UI flow.
In-App - On the home page, show a referral gold coin icon at the top. On click of the popup, it says,
1. “Earn 1 month free when you refer someone, and they sign up for Thriday.”
2. <Share button> opens up share via the panel to easily share (Low effort to share)
Sharing referrals on Social media -
1. Please provide them with a summary card at the end of the month. e.g. Thriday automatically reconciled <X> invoices, Allocated <$x> in <X> accounts, Saved <X> reciepts. Saved me <23 hours> this month.
2. Then, show a ‘Share’ button to share the post on LinkedIn. Sharing the summary post will automatically generate a link for people to click and sign up.
3. This is will help spread the word and our customers can drive traffic.
Trigger Referral Requests at Key Moments:
1. After using any feature completely, prompt them to refer.
2. After any of the first five tasks, they complete. Show the referral popup
3. At the end of the month. Show them the summary so they can share their aha report.
4. On submitting BAS or Tax. Generate an ultimate image or post to share.
Display a progress tracker showing how many successful referrals the user has made.
1. Tiered rewards (e.g., one referral = $10 credit, five referrals = 2 free months of subscription).
Promotion:

After signing up, Include messaging like “Love Thriday? Share it with your friends and earn rewards!”
Use ‘ReferralHero’ referral tracking software to automatically monitor referrals and reward both parties.
Provide users with real-time updates on their referral status in the app.

Existing home page of the app: