SYKE Tribe is a training platform that connects coaches and trainers and helps coaches in motivating and managing their customers.
SYKE Tribe was founded in 2014 to provide a useful tool in the field of coaching. The customers of the company included coaches and training organizations, which used SYKE’s software to offer their services in digital form. It was clear even before the company was established that there were no prior solutions to the problem SYKE wanted to solve. This realization led to the idea of a tailor-made platform, and its design process started right after the company was set up.
Things started to materialize around the platform when the project really picked up the pace in the summer of 2018. The project quickly took off but then abruptly came to a halt when pricing and revenue logic entered the discussions. A consultant was sought out to help with pricing models and to understand the platform economy better.
The CEO of SYKE Tribe, Terhi Immonen, went to work and started the search for a platform strategist via LinkedIn. After Terhi’s post, Sofokus immediately contacted her and told her about the company’s specialization in platform economy. This reaching out became the starting point for a longer collaboration.
“We had dozens of options. Sofokus was the only company whose communication, material and finished projects clearly showed that they were involved in the platform economy business.”
– Terhi Immonen
Sofokus receives kudos for the humane touch its communication reflected. SYKE says they didn’t feel like they were just another client but that Sofokus was genuinely interested in their needs.
Creating something new together without forgetting the old
More things have been put to action to date than initially planned. At first, the idea was just to do some revenue modeling, but the project ended up starting with the basics. This included going through the value chains. In addition, Sofokus helped to remodel some old practices.
“Together we figured out how to create a good and functional whole, it wasn’t just doing calculations or concentrating on revenue logics.”
– Terhi Immonen
Numbers prove chosen revenue models effective
The first version of the platform was published in the beginning of August 2019, and the results are already visible in terms of both time and money. In August 2018 the company’s non-tax revenue was ~ €4,000, and by mid-August 2019 it had risen to ~ €35,000. The end-of-August revenue is estimated at ~ €50,000. Looking it from the perspective of yearly quarters: Q3 2018 non-tax revenue was €19,500 and the aim for Q3 2019 is €120,000. Time-wise SYKE estimates it has saved approximately half a year’s work. The beginning has been a huge success and promises a lot for the future.
After its publication, the platform has already managed to receive positive feedback from coaches, who have been looking forward to using such a tool in their work. Investors and partners have given praise to SYKE for having been able to crack the one problem that they initially set out to solve. The well thought-out revenue logic, realization of the platform and the use of storytelling in the project have received acclaim as well.
Throwing a slogan into the bargain
SYKE received one of its most frequently used slogans from Sofokus half by accident: ‘You are unique. There is no single coach or type of training that would suit everyone, despite what some people might say.’ Immonen says that this resonated with the whole team when the company’s value proposition was being formulated.
“The company has so many professionals with different skills and an amazing ability to internalize the hopes and needs of the client – even when they’re difficult to put into words. The organizational communication within Sofokus has also been a positive surprise.”
Financial negotiations also became easier once there was a concrete and clear model to fall back on.
“Numbers and business ideas are easy to present on a spreadsheet, but trying to explain what the platform is trying to do, what the value propositions are and what the ultimate ideology and story behind the platform is… We’ve been given a huge boost when it comes to those things.”
– Terhi Immonen
Further development and conquering the world
The first version of the platform is now out and the following versions will naturally be developed going further. The enhancements will be made by listening to the client and the field and by using the gathered data to improve the platform. Conquering the world is already in the plans but one step at a time.