Finding business services in a click: B2B e-procurement startup ThunderQuote seeks to be the ‘Private Gebiz’ of ASEAN and Singapore
Entrepreneurs Junming Tan, Emil Ng and Kevin Ng came up with a novel way for businesses to source for local service vendors: create a platform allowing business owners to post their requests or tenders and receive quotes from filtered local companies and freelancers.
“Over the years we noticed that business owners had trouble finding trusted partners to help grow their business,” says Kevin Ng, CEO of ThunderQuote, the company the three partners founded. “ThunderQuote was founded after we asked ourselves the question: What if all B2B services could be just a single click or call away? Scaling our previous businesses would have been much easier.”
But ThunderQuote was very tricky to build, requiring a high degree of trust and encryption of data, as well as algorithmic pricing of bids to attract vendors to quote for projects. So the team brought on an experienced advisor to provide them with the experience. They met Mr Tan Boon Ann, ex-general manager of MKS Instruments Taiwan (NASDAQ:MKSI), a pricing consultant and specialist with over 30 years of B2B experience. Mr Tan joined their advisory board and gave vital directions on the B2B and pricing algorithm technicalities.
“Mr Tan was crucial to us getting the platform up and working,”, said Kevin, and by a month and a half after soft launch, ThunderQuote had grown from $450 in lead volume to over $400,000 in lead volume handled. “We are quite excited to so quickly have major brands using us to source for their service requirements. It shows that the platform has immense value for both MNCs and SMEs. Some companies even said we’re like a private version of GeBIZ.” ThunderQuote has been used to source for quotes by individuals from companies and organisations like E27, HomeTeamNS, NTUC, and ST Kinetics.
The root problem was that B2B procurement of services is still exceedingly menial even with the advent of better digital mediums. “The average business owner or procurement executive has to email over 10-20 companies searched for on Google, and the first page is full of companies that are too busy to respond to your email for up to 2 weeks at a time.”
The basic concept of ThunderQuote is to lower costs and speed up the procurement process through aggregating demand in a single platform where all vendors can approach them together. “So 5 vendors will quote each business buyer, and if the buyer wants more quotes for whatever reason, he can just click one button and get 5 more quotes, and 5 more, until he’s happy.”
Still in soft launch, the platform is currently open to any business owners or employees of companies who need to source for service vendors. It includes a variety of over 20 different industry verticals which you can source from, including creatives (videography, copywriting, web design, design, photography), marketing, IT, contractors and events.
Kevin predicts that the platform would boost procurement efficiency and change the B2B lead generation landscape in Asia. “B2B marketing and lead generation costs account for over 8.6-10% of revenue, which is over $445 million in Singapore alone. With ThunderQuote, vendors share the costs of the lead, which drops the cost per sale to as low as 3-5% depending on their conversion rate, a 50% or more savings on marketing costs.”
Business owners interested in ThunderQuote can sign up at their website (Early Bird Free $10 Credits – Thunder Quote)