Yogi
About the Company
Yofi, founded in Bozeman, MT, is a customer identity platform that aims to prevent bots and improve relationships between brands and their customers. The company was launched in March 2022 by a team of three co-founders, including Jordan Shamir, and has since grown to include six employees. The company's mission is to combat bots that drive up resale prices for items like sneakers and concert tickets and to address the broader issue of skewed digital consumption data due to multiple online identities.
Yofi's approach involves providing brands with tools to identify and mitigate bad actors, such as bots and resellers, which in turn helps eliminate unnecessary software expenses and fosters more meaningful customer interactions. The platform has been effective in significantly reducing bot checkouts and enhancing brand marketing efforts. Yofi has achieved 46 downloads on Shopify and boasts impressive performance metrics, such as a 67% increase in customer clickthrough rates and a 12% growth in customer lifetime value.
The company emphasizes the importance of addressing "hair on fire" problems that significantly impact brands, making them more willing to engage with startups like Yofi. The founders believe in the potential of their platform to bring meaningful change to digital sales and marketing by providing accurate data and insights into customer behavior and preferences.
Idea Behind Company
The idea for Yofi was born from Jordan Shamir's personal experiences and entrepreneurial spirit. He has always been passionate about creating and building, whether it was reselling Skittles in elementary school or managing a student rankings database. His career path included a stint in investment banking, followed by a role as a Product Manager at IBM, where he built a startup within the company that reached $350 million in annual recurring revenue.
The turning point came when Jordan's sister and co-founder, Alex, shared her struggles with bots and digital identity. She faced difficulties in making data-driven decisions due to skewed customer data. This revelation sparked the founders' interest in addressing the bot problem, which was impacting both brands and consumers by driving up resale prices for popular products like concert tickets and sneakers.
The founders realized that the issue was rapidly worsening, with a significant percentage of online shoppers being bots and fake accounts. Recognizing the growing impact on brands and consumers, they decided to create Yofi to combat this problem and help brands understand and interact with their customers' digital identities more effectively.
Creating the Company
Yofi started as "BotNot," focusing solely on preventing sneaker bots from winning limited-release raffles. The team chose to support Shopify first, as it was heavily targeted by bots, and many sneaker stores on the platform lacked enterprise-level solutions. Yofi's initial approach centered on differentiating "good" customers from bots, which allowed them to onboard pilot customers who aligned with their vision.
These early customers provided invaluable feedback, insights, and confidence, helping Yofi refine its platform and expand beyond exclusive and limited-release items. The founders discovered that the problem extended to understanding customers' digital identities and the best ways to engage with them, prompting them to enhance their platform's capabilities.
The journey of building Yofi involved overcoming challenges and learning the importance of seeking help and feedback. The founders found that people were willing to support and contribute to their mission, and they leveraged these connections to further develop their product and establish a strong foundation for the company.
Launching the Business
Yofi's strategic launch involved segmenting potential customers into friendly and valuable categories. They initially launched their prototype in five stores, gathering feedback to improve the platform before expanding to 12 stores. On August 6th, 2022, Yofi was publicly released on the Shopify App Store, accompanied by a coordinated announcement campaign on social media, which resulted in significant online engagement and website traffic.
One key lesson from the launch was the importance of vulnerability and embracing imperfections. The founders realized that releasing the product, despite its flaws, was crucial for growth and improvement. They were pleasantly surprised by the support and enthusiasm from the community, which reinforced their belief in Yofi's potential.
Since the launch, Yofi's approach to attracting and retaining customers has been focused on addressing immediate problems within specific niches. The founders leverage their expertise in the bot space to identify and help stores frequently targeted by bots. Their strategy includes targeted online messaging, social media engagement, and cold-call outreaches to offer immediate value to potential customers.
Earnings
Yofi has experienced significant growth, achieving approximately 50 downloads and expanding into new verticals like beauty and luxury. The company provides a cost-to-value metric of 1:8 for its customers, ensuring meaningful value and continued focus on maintaining or improving this ratio. Yofi has expanded its services to help brands combat resellers and provide individualized recommendations to enhance customer experiences.
The platform's ability to create clean datasets allows brands to increase conversions through personalized email campaigns, product recommendations, and early access to desired products. Yofi is also planning to close its Seed Round in 2023 to address digital identity challenges and offer personalized customer recommendations.
The company's success is supported by a global team and a strong company culture that values communication and collaboration. Yofi uses tools like Slack for team coordination and Seed for efficient deployments, which have been instrumental in navigating the challenges of operating a global business. The founders emphasize the importance of establishing a positive culture and making tough decisions to ensure the company's long-term success.
