Glimp Ltd
About the Company
Glimp Ltd is a comparison website based in New Zealand, designed to help consumers find the best deals on utilities, financial products, and insurance. It functions similarly to Skyscanner or Kayak but focuses on different industries. The company negotiates exclusive offers for consumers, simplifying the process of finding and comparing deals. On the business side, Glimp assists companies, both large and small, in acquiring customers by promoting their offers and earning commissions when customers sign up through their platform.
Since its inception, Glimp has grown to generate approximately USD 100,000 in monthly revenue. The company aims to reach a profit of NZD 1,000,000 this year and eventually USD 1,000,000. The goal is supported by a healthy gross margin and a strategic focus on increasing profitability and market share within New Zealand.
Idea Behind Company
Denis Tyurkov's journey to founding Glimp began with his career as an auditor at a major accounting firm. Dissatisfied with his job, he sought freedom and change, quitting his job to pursue a new direction. After moving to Wellington, New Zealand, he undertook an eight-week coding bootcamp, living on a tight budget of USD 150 per week for over a year. During this period, he met Michael, his future business partner, and they bonded over their shared desire to escape the 9-to-5 grind.
Inspired by the success of price comparison websites in the UK, Michael suggested they create a similar platform for New Zealand. The idea was to offer a comprehensive comparison service for various products, filling a gap in the local market. Despite their limited business experience, Denis and Michael were determined to make it work, believing in their ability to succeed where others had failed.
Creating the Company
Denis and Michael started by building a minimum viable product (MVP) within two weeks, focusing initially on internet plan comparisons. Leveraging their coding skills and inspired by successful websites overseas, they developed a user-friendly platform. They adopted a side-by-side comparison format, which was a unique approach compared to the traditional top-to-bottom layout used by competitors.
The early development phase was characterized by trial and error, with Denis handling the front-end and Michael the back-end. They used the latest technologies, including Ruby on Rails, Bootstrap, and jQuery. Despite the challenges and the "spaghetti code" they produced, they managed to create a functional website that laid the foundation for their business.
Launching the Business
Glimp's official launch occurred in January 2016, with their website going live on Heroku. Initially, the founders lacked sophisticated growth strategies but capitalized on New Zealand's massive fiber rollout and an attractive offer from an overseas internet company. They started with a modest AdWords campaign, financed through their savings, and quickly saw their first leads and revenue.
The first financial year ended with USD 60,000 in revenue and USD 20,000 in profit. Over time, their primary user acquisition strategy shifted to SEO, supplemented by ongoing improvements to their core offering and client relationships. They negotiated better deals and higher commissions as their traffic and influence grew, continually refining their business model and expanding their market presence.
Earnings
Glimp's financial journey has seen both significant growth and challenging periods. Initially doubling revenue each year, the company expanded its team and operations, primarily outsourcing to the Philippines. Despite setbacks, including a profitability loss in 2022, they rebounded by streamlining operations, optimizing conversion rates, and focusing on email marketing.
Currently, Glimp maintains a gross margin of 50% to 70%, with plans to enhance profitability through strategic hiring and automation. The company aims to dominate the New Zealand market, potentially expanding to larger markets in the future. With a growing subscriber base and innovative SEO strategies, Denis and Michael continue to explore new opportunities to scale their business and achieve their ambitious financial goals.
