- This startup was founded at the end of last year. It initially attracted $2 million in investments right at the start. And now, just 4 months later, it has already raised another $5 million. Quite fast, isn’t it? 😉
- Moreover, it seems to be doing a relatively simple thing – an AI platform for marketing legal companies. But the whole point is how it managed to package already known technologies into a striking and actually effective offer!
- The beauty of it is that this platform can not only be replicated. The same excellent recipe can be used to create your own platform for entering other topics and other countries:
FirmPilot has developed an AI platform that specializes in efficient marketing for legal firms.
The primary goal of the platform is to generate more leads for the company’s website, which the company can then convert into clients.
The main selling point of the startup’s offer is that they don’t just “automate,” “simplify,” or “improve” a company’s marketing – they make it more effective than that of its direct competitors!
The platform’s AI engine is precisely tasked with identifying competitors, analyzing their marketing strategies, and implementing more effective alternatives.
The basis for this analysis is the three main competitors identified by the platform at the current moment. They search for competitors in Google search results for popular queries, taking into account the client’s theme and geography. Because competitors are not abstract, but concrete – those with whom a particular client needs to compete in marketing channels 😉 Naturally, the platform regularly monitors the situation to update the list of these main competitors.
For this purpose, the AI engine has been trained on more than 5 million marketing elements (advertisements, websites, blogs, social media posts, SEO pages) used by legal companies. As a result, the AI engine has identified over a hundred marketing strategies that legal companies use for their promotion – and selects the most suitable one for each of its clients.
As part of the implementation of the chosen strategy, the AI engine suggests rewriting texts for the client’s website, as well as automatically creating SEO pages, blog and social media posts, advertisements, and other marketing materials.
Using FirmPilot will cost a company either $3,500 or $5,900 per month depending on its size.
The startup was founded at the end of last year, but it has already rolled out a working platform that has brought in 12,000 leads for its first clients.
FirmPilot claims that the platform will handle marketing 10 times faster and will be twice as cheap as outsourcing to a marketing agency.
At the same time, the platform will start generating more leads. The image clearly shows a break in the amount of traffic that started coming to the website of one of the legal companies after it began using the platform.
As a result, the client started receiving three times more leads than what the marketing agency had brought him. At the same time, he spent $36,000 less on it than he paid to the agency.
FirmPilot raised its first $2 million right after its launch in early January of this year. And now, less than 4 months later, it has raised another $5 million.
What’s Interesting
The First Outstanding Feature is that today’s FirmPilot offers not just something abstractly “improved,” but “better than competitors.”
This is, in general, a very good approach that allows one not to waste time on “creeping improvement” but to focus on the most important. And this approach can and should be applied not only in marketing but also in product development and other important aspects for a startup. Because a startup doesn’t live in a vacuum but in the market. And its task is not to create an “ideally spherical horse in a vacuum” but to compete with the main competitors.
The Second Outstanding Feature is that the AI engine creates separate materials within the framework of a single strategy chosen to compete with the main competitors.
This means that each individual material represents not just a “generally good” text, which AI engines love to create 😉 But a text that conveys to the potential buyer a specifically selected set of competitive advantages within the current marketing strategy. This allows the AI engine to transform from a regular copywriter into a professional marketer.
The Third Outstanding Feature is that FirmPilot cleverly contrasts itself with ordinary marketing agencies, which are abundant in any market, including the legal one. “We are not just another marketing agency,” the startup claims, “we are a partner who offers a solution.” By “solution,” they mean the FirmPilot technological platform.
The point is that “services” can and should now turn into “products.” After all, if we know how to do something ourselves, now we can create and train an AI engine for it – which can do the same for us and even better. At the very least, it can work 24/7 and avoid human errors 😉
I’ve already written about this trend at the end of last year in a review of the AutogenAI startup, which created an AI platform for creating convincing tender bids, commercial proposals, and presentations.
This platform was created by a person who has been doing this himself and teaching others for many years. And at some point, he realized that now he can teach this to an AI platform and sell it, rather than his services. As a result, his startup attracted $65.3 million in investments, with the last two rounds totaling $61.7 million within half a year last year!
Today’s FirmPilot has also chosen a good niche. In 2022, the market for legal tech platforms was $23 billion, and it was expected to surpass $50 billion by 2031.
However, a new forecast has recently been released by the respected research company Gartner, which stated that due to the development of AI technologies, the market for legal tech platforms will grow to $50 billion by 2027.
If we look at this market from the perspective of the number of potential clients, there are about 450,000 legal firms in the United States alone – and such a number continues to grow 😉
Moreover, the overwhelming majority of legal firms are small. And they constantly have to compete for clients with other small firms, lacking the necessary marketing knowledge and resources. But this is where today’s FirmPilot can help them.
Where to Run To
The general direction of movement is to use the FirmPilot recipe to create similar platforms for companies providing various services in other thematic and geographical markets.
The more companies in the chosen field, the smaller they are, and the more technologically and marketing-wise lagging behind – the better. Because such solutions will be more necessary for them.
Judging by the pace of investment attraction by FirmPilot, it attracts clients quite briskly. And this means that the “need” for their platform converts well into “demand.” Which is not always the same thing 😉
All the technologies for this are already ready and known. It only remains to gather them together and package them in a form similar to FirmPilot. Or even better – because you can compare it with what already exists and not start from scratch 😉
So, what field and market would you personally like to enter with a similar product?
About the Company
FirmPilot
Website: firmpilot.com
Last round: $5M, 23.04.2024
Total investments: $7M, rounds: 2