Onnit has become one of the top health and wellness brands in the world, transforming from a small startup to a mover and shaker in the space in just 10 years.
Because of their rapid growth, they didn’t have the time, skills, or bandwidth to make sure that their data, tracking, and analytics were set up properly.
After several years of intense growth, they were looking to sell the company and realized that they did not have the data that their potential buyers wanted to see.
As their CFO Nomit Shaw put it:
There’s some baseline historical data that we want and still don’t have. I can’t tell you how many alpha brains we have sold from 2010 to present. It would take me like 80 hours and I would get like 20 different answers.
They had looked into expanding their team to include data scientists and data analysts, but even that had its drawbacks. They knew that hiring a whole team would take a lot of time, and then even after they assembled the team, they would still need to get up to speed and built out dashboards that answered the questions that they had.
So they decided to partner with Praxis, since we already had an experienced team in place with a library of product integrations and pre-built dashboards and metrics for them to take advantage of.
Within weeks they were already seeing the effects of these dashboards in their business. On a check-in with our team, just two weeks into their project they said:
[The dashboards] have been really well received. I think in particular, for [our founders], they've just been starving for this kind of information or at least having it more accessible…
I wanted to tell you that right off the bat like super well received. And as we keep finding things, and clean up some things, and just make some changes, that we’ll be in a position to ingest this and start using it very quickly to help run the business... I feel like you guys have such a good track record, but obviously, I don't want you to think that it's a thankless job like that.
Within a year of partnering with Praxis, they got their data in order and were able to achieve their initial goal of being acquired. While chatting with us regarding the merger, they said:
I'm not exaggerating when I say this but you guys... were incredibly helpful to me in terms of being able to create the reporting we needed to get thru due diligence. For that, thank you! You've been an incredible partner to me and Onnit.
If you’re looking at an exit strategy, but need help aggregating your data in a format that is appealing to potential investors, Praxis can help you get clarity and accuracy in your numbers.
Check out our product offerings, and see what your data can do for you.