We recently connected with Rany Burstein and have shared our conversation below.
Rany, appreciate you joining us today. So, let’s imagine that you were advising someone who wanted to start something similar to you and they asked you what you would do differently in the startup-process knowing what you know now. How would you respond?
I were to turn back time, there are a few things I’d approach differently.
First and foremost, while we were deeply passionate about crafting a product that would change how people searched online for roommates, in hindsight, we might’ve tipped the scales too much towards product development. Don’t get me wrong; a stellar product is crucial. But equally important, if not more so, is scaling the business and building that pre-launch momentum. Diggz’s true strength, as I’ve come to appreciate, lies not just in the product but in the network effect of our marketplace. If I were to start again, I’d prioritize creating that buzz and building our community right alongside product development.
Secondly, SEO. In our earliest days, we didn’t incorporate SEO into our product design. Today, with the benefit of experience, I understand how organic search can be a game-changer for platforms like ours. Integrating SEO from the onset would undoubtedly have been on my checklist.
Lastly, our MVP. We went a tad overboard, making it more intricate than it had to be. This complexity, though born from excitement and ambition, led to performance hiccups and site speed challenges as we scaled. Resolving these took significant time and effort, which in a fast-paced startup world can make all the difference.
All said, these reflections aren’t about regret but about learning. But, ah, the beauty of hindsight!
As always, we appreciate you sharing your insights and we’ve got a few more questions for you, but before we get to all of that can you take a minute to introduce yourself and give our readers some of your back background and context?
I co-founded Diggz, a platform that has been bridging the gap between people searching for roommates and co-living spaces. But let’s take a step back for a moment. My journey into this space wasn’t exactly linear. Before Diggz I was working for years in finance in New York, however I felt I needed a change. I’ve always been a problem-solver at heart, which is what drew me into the tech and entrepreneurial world. As I was looking for a roommate myself, I was struck by the complexity and sometimes sheer randomness of the process. And Diggz was born out of that personal pain point and the drive to offer a solution.
Diggz is more than just a roommate search platform. We prioritize compatibility, ensuring that you don’t just find any roommate, but the right roommate. Our platform dives deep, considering personal habits, lifestyle, and preferences, which, let’s be honest, are essential when sharing your personal space with someone. Over the years, we’ve expanded our scope and now also cater to those looking for co-living spaces, adding another layer to our offerings.
What sets Diggz apart? It’s our commitment to personalizing the experience and removing the uncertainty from the roommate hunt. We’ve seen countless platforms treat this as a numbers game, but we treat it as a compatibility game. And that has made all the difference.
If there’s one thing I’m immensely proud of, it’s the community we’ve built. Every positive testimonial, every success story of roommates-turned-friends, is a testament to the value Diggz brings to the table.
For anyone new to Diggz or just hearing about us, know this: We’re more than a platform; we’re a community. We’re here to simplify, support, and ensure that your next roommate or co-living experience is as seamless as possible.
Conversations about M&A are often focused on multibillion dollar transactions – but M&A can be an important part of a small or medium business owner’s journey. We’d love to hear about your experience with selling businesses.
Yes, I have, and it’s quite an interesting story. When I was just 15, I developed a passion project: a website for Maccabi Tel Aviv, one of the top soccer teams in Israel. My initiative and the quality of my work led to my creation becoming the official website of the team. As a teenager, I found myself in the unique position of owning the rights to the official site of a major sports team!
Fast forward five years, and the decision was made to sell the site back to the team. While I did profit from the sale, in hindsight, the amount I received didn’t truly reflect the website’s intrinsic value or the sheer amount of effort and passion I had poured into it over the years.
This experience taught me a few valuable lessons that I believe are crucial for any entrepreneur eyeing a potential exit:
Valuation is Key: Understand the value of what you’ve built. Not just in terms of revenue or traffic, but in terms of its potential, brand value, and the niche it fills in the market.
Negotiation is an Art: Selling a business isn’t just about numbers. It’s about negotiating terms, understanding your leverage, and ensuring you’re getting a fair deal.
Emotional Attachment: It’s natural to be emotionally attached to something you’ve built from the ground up. But when selling, it’s essential to wear your business hat and separate emotions from the decision-making process.
For entrepreneurs hoping to sell their businesses one day, my advice is simple: Know your worth, be prepared to stand up for it, and always keep an eye out for the long-term picture. It’s not just about selling for a profit; While selling it (for that price) is one of my biggest regrets, it’s also been a very valuable early life / business lesson.
Can you tell us about what’s worked well for you in terms of growing your clientele?
One of the fascinating aspects of growing Diggz has been the multifaceted approach we’ve adopted to attract clientele. Each strategy has its own merits, and depending on the situation, some shine brighter than others.
SEO has been our workhorse. The continuous effort to ensure our website is search engine-friendly has paid off dividends, allowing potential users to discover Diggz organically. This not only lowered our customer acquisition cost but also increased the credibility of our platform, as users often trust sites they find through organic search results.
Word of mouth, on the other hand, is the unsung hero. As our users found value in our services, they became our advocates. There’s a certain kind of magic when your customers become your marketers. It’s organic, it’s genuine, and it’s incredibly effective.
Now, while Paid Marketing via Google Ads might be on the pricier side, its efficacy can’t be denied. The beauty of PPC lies in its ability to capture user intent. Instead of casting a wide net and hoping to catch someone’s attention, PPC allows us to present our solution at the very moment a potential user is actively seeking it. This targeted approach, especially in new markets, acts as a catalyst, accelerating our growth. Think of it as pouring gasoline on a fire – it amplifies what’s already there and ignites growth in newer territories.
In essence, while there are numerous strategies out there, the blend of organic growth through SEO, the trust factor from word of mouth, and the targeted precision of PPC has proven to be the winning trifecta for us
Contact Info:
- Website: https://www.diggz.co
- Instagram: https://instagram.com/diggzny/
- Facebook: https://www.facebook.com/Diggz.co
- Twitter: https://twitter.com/diggzny