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How Fishburners is using data to give Australian startups a competitive edge

Fishburners

Learn how Hyper Anna helped Fishburners to improve profitability by 20%.

The Highlights

Fishburners is Australia's largest community of tech startups with more than 900 members and 300 companies. Designed to help startups scale, the company has been experiencing rapid growth and implemented Hyper Anna so that they could easily use data to make smarter, real-time decisions.

Since implementing Hyper Anna, Fishburners has seen:

  • 30% increase in the use of data company-wide
  • 20% improvement in profitability in marketing efforts, for specific products
  • A saving of 5+ hours a week on data requests and analysis
  • Positive anecdotal feedback from the startup community
  • Creating new products and services to fit their customers needs

Fishburners' Data Challenge

With membership numbers skyrocketing, revenues rising and the launch of a new virtual platform, the team found themselves with an unprecedented volume of data to process. The team was spending more than five hours a week analysing five different data sources. For a business rapidly scaling, this was not sustainable and the delay in accessing data was hindering the decision making process.

For example, before bringing on Hyper Anna, Fishburners launched a new virtual platform to a small test group of start-ups in Australia. Without an easy way to synthesise and analyse the financial and customer performance data from the test, they had to postpone scaling the platform to new regions in Australia. The delay meant less startups could take advantage of this new tool and Fishburners lost out on growth and revenue opportunities.

Before landing on Hyper Anna, the team explored a variety of data dashboard options but found that many on the market required more time to be invested than was available. They needed something simple, scalable and fast.

Enter Hyper Anna. Fishburners implemented our AI powered data analytics tool so that anyone on the team would be empowered to use data in real time, from marketing juniors to c-suite executives.

Using Hyper Anna

As soon as the Fishburner’s team began using Hyper Anna they saw the benefit of having multiple data sources in a single place. For the first time they were able to see financial data, marketing data, event data and customer data all at once, and this holistic view of the business allowed them to unlock new insights.

“The insights from our customer data unravelled detailed demographics on our most valuable customers and the effective lead generation tools for this group. It was surprising to see how different our target audience looked before and after using customer data. Rather than going off speculation, we now have credible building blocks to understand our members and where to reach them.“

In one recent example, the marketing team was in a meeting discussing the effectiveness of their various marketing efforts for lead generation. Rather than hypothesise based off opinions, or wait for a week for someone to analyse the data, a team member pulled up Hyper Anna on the screen. Within seconds they could all see the lead generation data from the previous five years and had a clear direction on where to focus their investment. By discovering that word of mouth amongst their community was the strongest lead generator, they were able to quickly shift the discussion into how they could increase their use of networking events.

“In addition to learning about our customers, we can now analyse years of sales data with just a few clicks. This gives us the upper hand in an ever changing market and helps us identify trends, combat seasonal lows and thrive in a turbulent industry.” - Aayush Patel, Finance Manager, Fishburners

Now, Hyper Anna has become part of the daily work flow and the team regularly uses the platform during meetings to evaluate data in real time and make quick and informed decisions throughout the business.

“The intuitive UX and dialogue function enables anyone in the company to ask Hyper Anna a question, making it easy for our team members who aren’t trained in data analytics to get the insights they need to run the business. The effortless user experience was a key factor in building a data-driven culture throughout the company and giving the team an analytical outlook on their day-to-day decisions."

“Data can be intimidating. Especially when team members dread Excel. But using HyperAnna, our team members who aren’t trained in data analytics are pulling sophisticated business insights and are empowered through the process. This analytical outlook is now seamlessly part of our Fishburners culture.” - Aayush Patel

The Results

For Fishburners, the biggest shift has been one in the team mindset. Being able to see data in a more digestible manner has made the team much more data driven in its decision making.

And while the appetite for data has increased, the admin time spent on pulling these insights is at an all-time low. When the process was manual, it was taking more than five hours a week. With Hyper Anna, the data can be pulled immediately and by anyone, allowing internal resources to focus their time on actually executing against the insights from the data. The team is doubling down on activities that yield high results and re-evaluating those that aren’t. And this focus has not only improved efficiency for the business, but has led to improvements for Fishburners entire community.

For example, when observing trends in data from member feedback, Fishburners found that founders were consistently citing financials and accounting as their biggest business challenges. To help the community overcome this, they were able to quickly bring in chartered accountants to run pro-bono accountancy sessions.

The feedback from members was overwhelmingly positive and Fishburners is looking to offer future training sessions, as well as internal networking events — all based on insights unlocked by Hyper Anna.

“Data is everywhere. It can be overwhelming. But in the startup world we know data is king so using technology like Hyper Anna helps us mine resources you can’t otherwise see. Fast tracking past the analysis and straight into the insights enables managers to dive deep into the trends to identify timely opportunities and accelerate the growth of the company”. - Aayush Patel

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