Rewarding employees can be a great way to keep your entire team engaged and happy at work. But if there was a better way to distribute these rewards? That's exactly what Bonusly wants to provide.
The company has created a system allowing team members to recognize the great work of their colleagues. Learn more about the company and its offering in this week's Small Business Spotlight.
What does the company do
Provides businesses with a new way of recognizing the great work of employees.
Co-Founder and CEO Raphael Crawford-Marks told Small Business Trends: "Bonusly is a fast-scale start-up that allows companies to reward and motivate their employees through peer-to-peer micro-bonuses. -Peer. congratulate their colleagues for the work they did well. When Bob in accounting stays late to help meet a deadline, or Rick in sales concludes a major deal, no matter who in the business can recognize Bob and Rick with bonus points. As points accumulate, they can be redeemed for real life rewards such as cash, gift cards at Sephora, Amazon or Home Depot, or even donations from charitable. Bonusly integrates seamlessly with leading HR and communication tools such as Slack, Basecamp, BambooHR, Namely and ADP. Currently used by more than 1,000 companies, including Hulu, Gilt and Chobani, Bonusly improves the employee's value of life by improving learning and development, increasing motivation and job satisfaction and retaining employees longer . "
Business niche
Be fun and easy to use.
Aside from the various integrations and analytics features, the platform makes the process of awarding bonuses fun for everyone involved, so they will likely use it effectively.
Crawford-Marks says, "Bonusly is not a chore, you never have to send a reminder email reminding employees to use it." Employees find it fun, enjoyable and You can enrich bonuses with images, emojis and gifs. "
How did the company begin
Because of the frustration of other startups.
Crawford-Marks says, "[Co-founder] John Quinn and I were both startup veterans, big and small, and frustrated with a lack of recognition, as well as companies that only asked managers to reward bonuses. . . We knew that peers had the best point of view in identifying and celebrating contributions and achievements, but there was no way to easily empower employees to do so. So we decided to build Bonusly. "
Largest Victory
Obtaining an important round in 2014.
Crawford-Marks explains, "The company was initiated up to this point, until one of Bonusly's paying customers introduced us to the investor at FirstMark. This introduction was important, since it opened the door to a meeting and finally allowed us to get $ 1 million in seed funding. The consumer? InVision, which is one of the most fervent supporters of Bonusly to date. "
The greatest risk
Get away from an important startup center.
Crawford-Marks says: "Bonusly was founded in San Francisco in 2012 and eventually moved the business to Boulder, CO in 2016 with employees working remotely in different cities in the United States. Transactions are typically done on the coast.In addition, the Bay Area is the center of the technology industry, where startups have unhindered access to the media, investors and talent.However, the move s & # 39, has proven extremely beneficial, opening the door to new technology and design talent in Boulder at a more affordable cost.He also nurtured the work / life balance of the team, who loves to live more healthy, active lifestyles. "
Lesson learned
Have a plan to charge customers very early.
Crawford-Marks says, "Bonusly launched as a free service John and I were curious to see it take off." He quickly gained popularity as a peer-to-peer rewards system and then we realized that he was difficult to monetize something that people got for free.The company has adapted by proposing a freemium pricing plan, in which teams of 8 people have free access and larger teams evolve from from there. "
How would they spend an additional $ 100,000
Hiring a full time marketer.
Crawford-Marks says, "This person would focus on growing new demand and expanding through integrated and automated marketing, targeting SMEs and mid-market companies."
Favorite Quotes
"If you go through hell, keep going." -Winston Churchill
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More information on the model Small fireworks program
Images: Bonus, Raphael Crawford-Marques