🚪 Acquisition (MyGate's Version) ✨

🚪

Acquisition (MyGate's Version) ✨

Not gatekeeping MyGate's acquisition strategy!

About the product:

MyGate is a community management app that provides real-time updates and notifications as well as all the basic features required for the smooth functioning of a gated society — visitor management, complaint resolution, vehicle management, facility booking, etc.

More details:

Funding Stage - Series B

Funding raised - $80M

Lifecycle: Mature Stage/Scaling

Geography: India

Core Value Proposition: This category-creating startup offers residents peace of mind through proactive visitor notifications, convenient all-in-one app solutions, and time-efficient approval processes with just a single click.

The Product has hit PMF

This was established through the following data:

Here and here

Here's a snapshot of where the company stands.

Tried to walk through the customer journey myself to be in the audiences' shoes:

Here's a snippet of how it looks to discover the process first-hand.

ICP

	ICP 1	ICP 2	ICP 3
Name	Mohammed	Ashish	Mithila
Age	40	38	50
Gender	Male	Male	Female
Location	Hyderabad	Ahmedabad	Bangalore
Salary Range	20 LPA	22 LPA	30 LPA
Designation at the society	President	Committee Member	Secretary
Top apps used by them	WhatsApp, Gmail, Instagram, Zohobooks	Swiggy, Zomato, WhatsApp, Gmail	WhatsApp, Email, Facebook
Where do they spend their leisure time?	OTT, Restaurants	Shopping, Restaurants	Shopping, Movies, Salons
Their priorities	Ensuring Security and Safety, Maintenance collection	Ensuring smooth events, and visitor management	Seamless society communication

Mohammed (Decision Maker)

Mohammed, a fellow GXer, is the president at his residential society, in Hyderabad. Making him the key decision-maker for having MyGate in his society.

His key priorities are having a reliable and efficient tech product to manage society.

He also wants to collect maintenance without any hassles.

His key frustrations and pain points include data privacy, he is unsure of the intent behind these apps using his data.

He currently uses the prime version of MyGate.

Ashish (Influencer/Blocker)

As a committee member, Ashish could be a key blocker or influencer. If he and other management committee members love the app, they will vote for it to be used, however, if he refuses to use it, and the unanimous vote is 'NO', the odds of using MyGate become nil.

He currently uses the free plan of MyGate.

Conclusion:

Discoverability: All of the above ICP's were introduced to the app by MyGate's offline sales representatives.

Day-to-day use-case: They use MyGate primarily for visitor management, intra-society communication and accounting management

Pain points:

Data privacy concerns
Too many ads on the platform
The app is very bulky - in terms of number of features
Complicated interface - can get lost in the app

Market

Market

MyGate - being a B2B company by nature, doesn't double down on running ads or a lot of keyword-centric marketing.

This is what trends.google.com has to say for the keyword 'MyGate'.

Let's also focus on domain authority:

The score is 35, which is low.

[Domain Authority (DA) is a search engine ranking score developed by Moz that predicts how likely a website is to rank in search engine result pages (SERPs). Domain Authority scores range from one to 100, with higher scores corresponding to greater likelihood of ranking.]

TAM SAM SOM

TAM

According to this article and the GX resource video, TAM for Indian Gate Management apps is $35-40 Bn.

SAM:

Calculating the SAM by using the formula:

SAM=Total Potential Customers for the Service×Average Revenue per Customer for the Service

MyGate is in 25,000 societies and the average order value for MyGate's subscription for each society is between INR 6000 - 10000.

Hence the SAM is: INR 200,000,000

SOM:

SOM=Market Share Percentage×Service Addressable Market (SAM)

INR 16,40,000

Content Loop

Channel Selection

MyGate does not run ads on Facebook.

Geographically too they cant really target their decision makers.

Here I feel they don't have a Moat even when they are category creators.

In order to build this, I would recommend start running brand-level ads on facebook.

Paid Ads

CAC: LTV RATIO
1:1
CAC - 1000 PER CONSUMER
LTV: 1000 X 10% X 5/30 X 12 = 1000

Marketing Pitch for the ICP

A rather meta take at the pain point of children's safety in gated societies.

Fun Fact: The founder of Mygate came up w the app idea when he saw that he didn't feel safe when his kids went downstairs to play even in such a premium gated society.

Taking on the same insight, created this ad, which serves on the insight of 'Visitor management'

So that their kids are always safe.

TG targeted: Decision-makers and influencers both.

Creative: People put a lot of restrictions on kids, keep overthinking, and question security guards a lot.

Which is why I feel people really try everything in order to reach this conclusion.

Hence created an ad that makes people really turn their heads only to realise - they really don't need to both creatively and metaphorically - in order to achieve basics - like security.