Excelformulabot

What they Do Best

AI-driven tool capable of converting text instructions into Excel formulas rapidly.

Main Industry

Productivity

Platform

Google Sheets

Type of Product

Addon

Target

B2B + B2C

Price Range

$1 - $49

Business Model

Subscription

Free Plan

Pricing Details

A Pro Plan with a subscription fee of $9/month

Revenue Estimates

$276,000

Monthly Website Traffic

236,205

Revenue Per Traffic

$0.10

Idea to Money

The revenue generated during the launch week amounted to thousands of dollars

Founders

Employees

Year Started

2022

Dedication

Grew the site, while working a FT job, and hit $20K in just a couple of months.

Market Insights / Trends

excel formula bot

Industry Incumbent

OpenAI ($1B/year)

How They Came Up With The Idea

In May 2020, the founder began exploring the field of AI, having noticed its growing popularity. He created a few Excel formulas using the OpenAI platform and received an 85% accuracy score from the feedback. With his background in analytics and expertise in Excel, he knew he could refine the model's output and develop a highly precise AI model. Later that day, he searched Google for an AI-based Excel formula generator, but fortunately, found none. It was at that moment he realized he had something truly exceptional.

How They Built The First Version

Realizing that he was not the only one who would find an AI application that provided Excel formulas useful, the founder decided to expedite the development process. He created a basic application that lacked a paywall, login, or any advanced features. The app consisted of an input field where users could type their instructions, a button to generate the formula, an output field where the formula would appear, and a button to copy the formula. Next, he shared the website on the Excel subreddit, where users provided valuable feedback and recommendations for the product. This feedback was utilized to develop the site into what it is today.

Growth Channels

In the beginning, the website was shared on the Excel subreddit, which triggered its social virality. The website gained widespread attention on various social media platforms such as TikTok, Instagram, Twitter, and Reddit. Initially, much of the site's traction was due to TikTok influencers promoting it as a website that felt like it was illegal to know. Most of the traffic to the site comes from word-of-mouth recommendations through colleagues, friends, and social media influencers. Organic search, mainly by people searching for "excel formula bot," and direct traffic account for the majority of the site's traffic.

Main Growth Channel

TikTok

Tech Stack

- Bubble.io

Tools

- SendinBlue - OpenAI - Stripe

Full Case Study

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