Yazi Business Summary Outlining Investment Case

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Yazi Business Summary Outlining Investment Case

Yazi is a market research platform addressing low response rates in digital surveys through its WhatsApp-based survey solutions. By leveraging the widespread use and high engagement rates of WhatsApp, Yazi provides higher response rates, cost savings, and enhanced data quality. With over R1.3 million in revenue generated in the last 12 months, Yazi has become a trusted partner for industry leaders like Yoco, Stitch, Old Mutual, and Harvard Business School. Our platform complements existing research methods, offering an efficient and interactive approach to digital qualitative market research.

Co-founded by Tim Treagus and Mzee Sotsaka, Yazi is on a mission to make market research more inclusive and efficient. The platform's unique WhatsApp integration ensures wider reach and higher engagement, especially in regions with high WhatsApp usage. This approach not only lowers data usage but also facilitates richer data collection through text, voice notes, and video responses, all analysed using AI tools.

The online survey tools market size was estimated at USD

$7.35bn⁠

billion in 2023 and is projected to reach USD $10.7bn by 2028. With over 2 million companies paying for survey license fees and an average annual contract value for survey/CX software at $3,000, the demand for accessible and effective survey solutions is higher than ever.

⁠

Why Now

In the next five years, it's projected that 20% of research firms will adopt WhatsApp as a primary data collection channel, recognising its potential to overcome traditional research limitations. Yazi is at the forefront of this transformation, continually enhancing its capabilities to provide deeper insights and drive better decision-making for its clients.

WhatsApp's Growth and Opportunity

WhatsApp has seen significant growth in both consumer and business sectors:

Business Adoption: The WhatsApp Business API reached 200 million monthly active users in 2023, up from 50 million in 2020, a 4x increase in just three years.

Consumer Growth: WhatsApp’s user base is expanding rapidly, with increasing adoption in developed markets, diversifying from its traditionally strong presence in emerging markets.

Overall Growth: WhatsApp is projected to reach nearly 3 billion monthly active users by June 2024, up from 2 billion in 2020 (50% growth).(

Source⁠

)

This growth indicates a major shift in how consumers communicate, and businesses are quickly following suit. The opportunity to become the leading 'WhatsApp research software' provider is large, as more companies seek WhatsApp solutions for their data collection needs.

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💊 Current pain-point

Low Response Rates: Email surveys have a response rate of only 6%, leading to:

Unrepresentative Sample: Low response rates can result in data that does not accurately reflect the target population.

Inaccurate Data: This can lead to misleading conclusions and undermine the credibility of research findings.

Increased Costs: Low response rates necessitate additional outreach efforts, driving up the overall cost of market research projects.

✅ Our Solution

an API-driven data collection tool that integrates seamlessly with the best-suited chat channels, currently focusing on WhatsApp. This integration provides a user-friendly environment that fosters higher engagement and reduces drop-off rates. The platform manages end-to-end engagement within a single channel, from sending invitations to collecting responses, which significantly improves completion rates for longitudinal studies.

Benefits of using our platform:

High Response Rate: 98% Open Rate. Messages in WhatsApp are almost always opened, and a 45-60% Click-Through Rate, A substantial proportion of recipients click on links sent via WhatsApp.

Representative Sample of the population: WhatsApp's penetration rate exceeds 90% in many African countries, offering a broader reach and significantly better representation of the target population.

Research Project Savings Due to the high response rates WhatsApp delivers, there will be a decrease in data collection periods which helps you save $5600 worth of working hours

Flexibility and Depth in Data Collection: Supports various question types and media. WhatsApp enables greater access to qualitative data which is more insightful than quantitative and can be turned into quantifiable insights with AI.

📊 Product

Yazi’s market research platform runs surveys, focus groups, and diary studies through WhatsApp, allowing for a much larger segment, faster insights, and personalised engagement.

⁠

⁠

Defensibility

Yazi's competitive advantages include:

Chat-first design: Building for chat-first modality provides an intuitive user experience, maintaining all context within the chat history and simplifying task navigation.

Real-time data processing: Unlike traditional survey collection methods, Yazi's incremental data storage and real-time processing capabilities present significant barriers to entry for incumbents.

Scalability: The platform's API-driven approach allows for integration with various chat channels, making it adaptable and scalable.

Yazi Features Table

Yazi Features Table

Name

Features📋

Outcome 🔥

💬 Survey and Diary Study

Types of questions: Single-select and multi-select multiple-choice, Open text, Image/Video/Voice note

‘Other’ question toggle which automatically asks ‘Which other/s?’ if other is selected

Logic: Can skip or jump participants to certain parts of the survey or flow using logic in single-select multiple-choice questions

Menu: If you have a diary study for your participants, you are able to create a menu that they can go back to each day they have to complete a task for you.

👉 Research more frequently: Launch your surveys on a platform that your participants spend a lot of time on

👉 Reach your target audience: Greater reach on WhatsApp & More representative audience

👉 Richer data: Access more revealing and insightful data (images, videos and voice notes)

👉 Research Project Savings: Higher response rates can save market research agencies up to $3,000/project in time and recruiting

🤖 AI Moderated interviewer

Privacy: Conducting interviews via a familiar chat interface like WhatsApp makes respondents feel a greater sense of privacy and control compared to in-person interviews.

Natural Interaction: The AI interview experience is comparable to chatting with a human interviewer. Metrics like message length and response time are similar regardless of the respondent's familiarity with AI tools, indicating the method works well for all types of respondent

👉 Research more frequently: Launch your surveys on a platform that your participants spend a lot of time on

👉 Richer data: Access more revealing and insightful data (images, videos and voice notes)

👉 Research Project Savings: In-Depth Interviews usually cost researchers between $300 - $800 dollars per participants. With Yazi they pay $70/month and that stays the same.

📨 Bulk Messaging

Outbound: Bulk message on WhatsApp If participants have opted-in to receive communication from you, Yazi can bulk message them directly on WhatsApp.

Inbound: External link share Invite target participants to complete research in WhatsApp using usual communication channels (SMS, Email, app etc.). They access the bot via a link (

e.g

⁠

.) or messaging number directly.

👉 Reach your target audience: Greater reach on WhatsApp & More representative audience

👉 Research Project Savings: Higher response rates can save market research agencies up to $5600/project in labour hours

📊 Results and Data

Data Format: Comes in tabular form (CSV, Excel, Sheet) with questions in columns and respondents as rows

Live data: Data is live in table and graph reporting

Visual: Responses are displayed in Yazi's platform

Redo requests: Yazi can request that certain participants redo a submission or retake an image etc

👉 Efficient Data Management: Easily manage, analyze, and integrate data with most statistical tools using the tabular format (CSV, Excel, Sheet).

👉 Real-Time Insights: Live data in tables and graphs allow for immediate trend analysis and decision-making.

👉Scalable and Adaptable: Suitable for various scales and types of research, ensuring flexibility across different study requirements.

There are no rows in this table

⁠

Timeline for Features needed for Saas MVP 2

Timeline for Features needed for Saas MVP 2

⁠

Roadmap list: Focused on Qual Research 2

Roadmap list: Focused on Qual Research 2

⁠

Benefits of Yazi and WhatsApp Integration:

Unparalleled Reach and Engagement: WhatsApp's penetration rate exceeds 90% in many African countries, offering a broader reach and significantly higher response rates (3x-10x) than traditional methods.

Research Project Savings

Due to the high response rates WhatsApp delivers, there will be a decrease in data collection periods which helps you save $5600 worth of working hours

Efficiency and Real-Time Insights:

Streamlines the research process for client and participant, allowing for bulk messaging and custom link generation for participant recruitment in a single channel.

Accessibility Across Socioeconomic Strata:

Low data costs associated with WhatsApp ensure broader participation in data-sensitive markets.

💳 Business Model (Predominantly usage-based for now)

$2520

Low

500 Surveys/Responses

100 Ai interviews

$6000

Mid

3000 survey responses

500 Ai interviews

$12000

High

15 000 Survey Responses

1 000 AI interviews

Bespoke integrations and setup

🚀 Go-To-Market

👫 Reseller/Referral Program

Partnerships setup that run continuously

Research firms: selling to their clients

Integration Partners:

Analysis tools:

CoLoop⁠

Fathom⁠

Codeit⁠

etc

Participant recruiters:

NewtonX⁠

Roots Research⁠

etc

Research Panel software:

Respondent⁠

Cint⁠

, QuestionPro etc

Growth channels

How are we selling to them?

🧑‍💻 Events and Media :

Research webinars occur every week

Research events in EU / US

Research publications (

Greenbook⁠

MMR⁠

)

LI LinkedIn (Social Selling):

Tim's LinkedIn posts (1.5k followers in research industry)

📩 Outreach:

Very personalised email/LinkedIn outbound to research firms & NGOs in ICP

Target Segments

With greatest demand for↑ response rates

🕋 Small Research firms (n= 597)

2-50 employees

Focused on Qual research

Based in UK, India, South Africa

Recruit participants (don't use panels)

🏢Larger Research firms (n=6,777)

50-200 employees

in UK, India, SA

🌍 Market Size

⁠
⁠
⁠

SAM: Bottom-up Market Sizing calc (Annual)

SAM: Bottom-up Market Sizing calc (Annual)

⁠

Overall Roadmap 3

Overall Roadmap 3

Time period

Item

Team & Description

👨‍👩‍👧 Team

Yazi 2.0 Platform Competitors 2

Yazi 2.0 Platform Competitors 2

⁠

Customer numbers of competitors 2

Customer numbers of competitors 2

⁠

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Yazi Business Summary Outlining Investment Case

Why Now

WhatsApp's Growth and Opportunity

💊 Current pain-point

✅ Our Solution

Benefits of using our platform:

📊 Product

Defensibility

Benefits of Yazi and WhatsApp Integration:

Research Project Savings

💳 Business Model (Predominantly usage-based for now)

$2520

$6000

$12000

🚀 Go-To-Market

👫 Reseller/Referral Program

Growth channels

🧑‍💻 Events and Media :

LI LinkedIn (Social Selling):

📩 Outreach:

Target Segments

🌍 Market Size

⁠⁠⁠

👨‍👩‍👧 Team

⁠
⁠
⁠