Acquisition project | NurtureBox

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Acquisition project | NurtureBox

An AI Powered Outbound Recruitement Platform

About the Product

NurtureBox is an AI-powered outbound Recruitment Platform that helps to source and engage with the talent pool. The core transaction in the app is to create an email campaign to engage with the talent pool. These campaigns are backed by AI.

About the User

Our target customers are IT staffing/recruitment agencies with a company size of 20-30 employees and the geography we are targeting India and US Markets. Right now users spend an enormous amount of time trying to reach out to candidates and the response rate is low. With an average conversion rate of 8%, the recruiters need to contact 100 candidates to hire 8 people.

Problem Statement

Recruiters, Human Resource Professionals and Staffing agencies spend an enormous amount of time trying to engage with the candidates. This engagement stops them from reaching more candidates to better their conversion rate

Solution and Unique Value Proposition

NurtureBox helps recruiters and staffing agencies to automate sourcing and candidate outreach by enabling them to create a custom sequence builder.

ICP

	ICP1	ICP 2	ICP3	ICP 4	ICP 5
ICP Name	Recruiters of Staffing Agency	Managers/Directors of Staffing Agency	Agency Owners of Staffing Agency	Recruiters of IT Service Companies	CXO of Service Companies
Job Title	Talent Acquisition Specialist	Recruitment Managers	Founder/CEO	Talent Acquisition Specialist	Directors, CXOs
Industry	IT/ITES	IT/ITES	IT/ITES	IT Services	IT Service
Organizational Goals	Sourcing candidates, Engaging with candidates, Scheduling interviews	Managing the recruitment pipeline and maintaining the converssion rate	Closing positions, Revenue	Recruit quality talents throughout the year	Increase the number of billables candidates
Age	22-35	30-35	30-45	22-26	30-55
Gender	70% of the users are women, 30% being men	-	60% Women, 40% Men	80% women	-
Role In Buying Process	Moderate	High	High	Moderate	High
Reporting Structure	Reports to Recruitment Manager/CEO	CXO	Reports to the customers	Recruitment Manager/CXO	-
Products Used in Workspace	Wati, Xobin, LinkedIn, Naukri, Chrome, Recruitee, Darwinbox, Youtube, Gmeet, Zoom, PDF Viewer/Docs, Online Communities in Linkedin and Reddit to get reference	Email, Excel Sheet, Whatsapp/Wati, Job Portals, Calendars, Linkedin	Slack, Wati/whatsapp, LinkedIn, Phone calls, Job Portals, Linkedin, GMeet/Zoom	Recruitee, Xobin, Linkedin, GreenHouse, GMeet, MS Teams, Forms	Email, Gmeet, Whatsapp, Linkedin
How do they reach candidates now?	Calls, Emails and sometimes Linkedin Messages	Calls/Emails.	Rarely. But calls.	Calls, Emails	-
Preferred Channels	Email/Phone	Email	Face-to-Face, Email	Face to Face, Email	Face to Face
Where do they spend time	Commuting, Talking to potential candidates, Gathering the requirements and tracking them, Shortlisting Profiles	Meetings, First level interviews for leadership roles, Looking for candidates and tracking the engagement status	Meetings, Taking Screening interviews, Sales calls	Meeting with candidates, allocating the panel members, Conducting interviews, Pre interview communications, post interview onboarding	Meetings and Plannnings
Pain Points	Delayed response from the candidates, No-reply from the candidates, Lack of contact information on LinkedIn, Unable to track volumes of employees and their correspondance, Duplicate Candidate Profiles	Recruitment Pipeline Maintenance, Maintaining the CSAT, Sourcing quality profile	Conversion Rates, Availability of skilled professionals in short span of time, Lack of efficient followups to close a position	Candidates declining offer, Duplicate profiles	Not enough bench strength, lose of business opportunity due to lack of candidates availability

Influencers: Customers, Recruiters

Blockers: Finance

Influence/Blocker: CXOs

ICP Prioritization Framework:

ICP	Value to User	Adoption Curve	Frequency of Use	Appetite to Pay	Distribution Potential
Recruiters	High	High	High	Low	High
Managers/Directors	High	High	Medium	High	Low
Founders of staffing agency	High	Low	Low	High	Low
Recruiters (IT Service Company)	Medium	High	Medium	Medium	Loq
CXO (IT Service Company)	Medium	Low	Low	High	Low

Competitor Research

Company Name	Authority Score	G2 Reviews	Product Hunt	Bounce Rate (feb 2024)
nurturebox.ai	13	0 Reviews	Does not exist	100% (968 visitors)
Kula.ai	29	4.8/5 (14 Reviews)	4.8/5, Product of the day	80% (2.8k Visitors)
sourcewhale.com	28	4.9/5	Does not exist	31% (1.8k visitors)
gem.com	44	4.8/5	4.9/5, with very nice descriptions and images	92% (171k Visitors)
loxo.co	33	4.7/5	Does not exist	53% (172k Visitors)

Nurturebox need to solve for trust. All the content is aimed at reach at the moment.
Visitors spend more time on the site when the feature list is shown on the site.

Market Research

Total Addressable Market:

Average Hourly wage for Recruitment specialists - 30$

Number of hours Recruiters spend contacting Candidates - 3 Hours

Number of hours spent in a month - ~60 Hours

Total Amount Spent/Recruiter - 1800$.

Number of Tech Recruiters in the words - ~3M

TAM = ~$5.4B

Serviceable Addressable Market:

Number of Tech Recruiters in USA = ~1M

SAM = ~$1.8B

Serviceable Obtainable Market

Considering 3% of the Market Share = $5.4M

Core Marketing Pitch:

ICP	Marketing Pitch
Tech Company CXOs	Build a Relationship with your Future Team member, Today
Staffing Agencies CEO/CXO	Reach 10x More candidates. Close vacancies thrice as fast. Our clients see a 10x increase in candidate reach and close vacancies 3x faster, on average. AI-driven candidate engagement. A click away. Act Now.
Recruitment Staff	Engage with candidates. Automatically. AI-driven candidate engagement. A click away. Act Now.

ICP

Marketing Pitch

Tech Company CXOs

Build a Relationship with your Future Team member, Today

Staffing Agencies CEO/CXO

Reach 10x More candidates. Close vacancies thrice as fast.

Our clients see a 10x increase in candidate reach and close vacancies 3x faster, on average.

AI-driven candidate engagement. A click away. Act Now.

Recruitment Staff

Engage with candidates. Automatically.

AI-driven candidate engagement. A click away. Act Now.

Acquisition Strategy

The Product is in the PMF Stage and moving on to the early scaling stage serving close to 15 Customers at the moment. Right now the majority of the customers are acquired through WOM and founder's contacts.

Acquisition Channel - PMF Stage:

Founder's Brand - The founder to create a personal brand and share valuable and informative content for HRs to be considered as Thought Leaders.
Being Active in Communities - 2 HR groups are highly active. Recruitment Consultants and Staffing Professionals on Linkedin and AgencyRecruiters on Reddit.
1. Create informative blogs and attract the users to the site and persuade them to sign up
2. Creating a downloadable pdf about the best practices in hiring and invite the users to download in exchange for their email id
Building a Slack community - The online HR groups do not provide instant support/answers. A curated Slack community would solve that problem. All the community members get a 1-month free trial for the product.

Acquisition Channel - Early Scaling Stage:

In the PMF Stage, NurtureBox was targeting Indian customers. As the PMF has been attained, they are focusing on expanding Geographically to the US Market.

Organic Search

As we scale the application, we want to rank for the keywords that has problem aware keywords. We will be able to scale this channel as we go along and the CAC will remain flat.

Type of search	Keyword	Search volume (avg monthly)	Difficulty to rank on seo	Avg cost per click
Use case	automated candidate engagement	1800	Easy	9.94$
Recruitment Automation	1200	Medium	14.65$
Candidate screening software	320	Easy	21.00$
candidate Sourcing	1600	Easy	11.90$
Talent Acquisition CRM	170	Medium	16$
Your brand name	Nurture Box	20	Easy	0$
nurturebox review	0	Easy	0$
nurturebox	30	Easy	0$

Paid Advertising - Channel Strategy

The strategy is to run paid ads on Linkedin where most of our ICPs are available followed by Google Ads.

Channel Name	ICP Volume?	Cost	Flexibility	Effort	Lead Time	Scale
Linkedin Ads	Very High	High	High	Low	Low	High
Google Ads	High	Medium	High	Low	Low	High
Facebook and Instagram Ads	Low	Medium	High	Low	Low	High
Reddit Ads	Medium	Medium	Low	Low	Low	Low

LTV of a customer (avg 24 month subscription for average 3 users) = 24 * 170 * 3 = $12240

for one user = 4080

Average Linkedin Cost Per Sale = 400$

400 : 4080

CAC: LTV

1:10.8

Sample Ad Copy:

Product Integrations:

Most of our recruiters are spending time on Linkedin to find the right candidate. A linkedin plugin will be a great integration that adds the candidate profile to the sourcing directly.