What I find really interesting about PerchPeek is that you recently changed take in your strategy, you’ve gone from serving consumers directly to a more B2B approach. Could you tell me about how things change came about?
Great question because if we think of what we are trying to do and how we started it was very much driven by that consumer pain point of how painful it is relocating. So in our first year, we were targeting regular people moving to London and very much focus on the home finding process. Helping finding people the right hoke and using tech to find them the right area. But we didn’t really do much else. And what we saw and what led to the pivot was two things.
One of our best customers were people relocating who had no idea where to live or what type of property they can afford. That was our best customers and for that customer section, they needed a lot more help than just finding a home. They were saying to us can you help review our lease, what the hell is Council Tax. This is a very British thing. How do I get my stuff there, can I switch my driving license. How do I join the gym?
So we then started to add features to support all of them. So one was a customer-led product drive, from them saying we need more features. And then we had quite a nice platform and supply chain of consultants helping these people move to London. And then what happened, truthfully, we were losing loads of money because it was really expensive to find consumers that were relocating. You can’t just geographically target, we were trying to try and find someone in San Fransico or Mumbai who are about to move to London which is quite difficult and expensive.
We started thinking about how could we acquire customers in a more cost-efficient manner that doesn’t require us to have millions and millions of marketing budget. That was when we started to think we have this entry relocation platform, let’s run a few experiments and business models.
One of them was let’s go-to companies. So we start to learn about the corporate relocation sector and what was amazing was that they then said this is really cool and haven’t seen much tech incorporate innovation love the last 20-30 years. Then what was amazing for us and why we did it initially was companies obviously know when someone is about to relocate, whether it is graduate joining and or a transfer. And so it was kind of initially for us a great source of people moving, so then we were like right, this is amazing. They have our customers exactly there. Let’s started focusing on that and that is when we pivoted to B2B, or B2B2C at the start of last year.
All of these companies are in a race to acquire talent and retain talent and they know the moving process is so stressful and so they want to make that process simple. And relating back to what we said earlier, lots of people aren’t going back to the office every day, might not get back to the office ever, or you know might sporadically. So they have the freedom to relocate and therefore are asking their employer would you mind if I move to Cornwall, or Cyprus wherever it might be. And companies are saying yeah sure, but we don’t really know how to support it.
This is where Perch Peek comes in. It is interesting because we initially started speaking to a lot of big companies and corporates that have relocation departments and had someone on LinkedIn that we could message. We know that they have people relocating because their job title is to do with relocation. But what we are seeing now is that lots of smaller companies and tech companies are entering a world of remote first. So if people want to work from anywhere, go for it! So that has been a very strong trend for companies to support people moving and living anywhere.