SaaS lacks out-of-the-box attribution and conversion tracking that e-commerce solved years ago—most companies fail at paid because they never build the analytics infrastructure before spending.
Matt highlights a critical gap: e-commerce has plug-and-play tools like Triple Whale that unify multi-channel attribution in 15 minutes, while every SaaS startup must build attribution from scratch with engineering and BI resources—yet 90% of companies skip this step before spending their first dollar. ✦ AI generated
Matt Swulinski · 20VC · 2026-08-15 · original ↗
starts at this moment · 7:43
“What is a sign that it is working versus not working?”
If you look at ecom there are companies like Triple Whale and Elevar that have existed for many years and what those tools do is Triple Whale is essentially a mutual exclusivity platform that tells you okay you add a pixel to your website it's out of the box you plug in all your ad spend and then it tells you because there's usually overlap right if you run meta ads in Google they're double counting right and then lifecycle is also triple counting at that point... For SAS, completely different world because you have to have an engineering team that builds this from scratch... And I'd say 90% of companies don't do that as a first step. Before you spend your first cent, have everything set up.
verbatim transcript · starts at 7:43
7:24right? I think that's uh but usually I'd say like yeah if you raise let's say 3 to 5 million that's like a good start budget to essentially validate that we put money people are going to actually want my product. >> What should we be looking for then? We have 100k and we put it across matter and Google I should say those two. What is a sign that it is working versus not
7:43working? >> Yeah. So uh I I'll also frame I think a a massive gap in the SAS space where like I'm waiting for for startups to be made that fill this gap. So I'll zoom out and and if you look at ecom uh there are companies like triple whale and elevar that have existed for many years and what those tools do is triple whale is essentially a mutual exclusivity
8:05platform that tells you okay you add a pixel to your website it's out of the box you plug in all your ad spend and then it tells you because there's usually overlap right if you run meta ads in Google they're double counting right and then life cycle is also triple counting at that point so what a tool like that does for ecom is say great I plugged in all my variables tell me
8:21exactly what is driving revenue from a new customer basis and you have that out of the box. You don't have to set anything up. And the other side is conversion tracking which is like add to cart, purchase, server side. There's like a ton of technical stuff on on tracking. That's just like a massive headache. But it's there's a solution in ecom that is out of the box. Takes 15
8:38minutes to set up and it's done. You don't have to think about it. For SAS, completely different world cuz you have to have an engineering team that builds this from scratch. Right? When it comes to analytics, there's a DB, there's a BI layer. So maybe you're using click house and hex uh last click you know first click attribution all of this is homegrown at every single startup there
9:00is no out of the box SAS that fills that and that that's why all of the companies that struggle don't do that first that you have the right martekch stack to understand if we're spending what is actually moving the needle because the platforms won't tell you because you have the wrong setup for conversion tracking you don't have measurement and you're spending into the air. And I'd say 90% of companies don't do that as a
9:27first step. Before you spend your first scent, have everything set up. >> How do I set that up if we don't have it in SAS? How do I set it up as a founder? >> This is what I essentially did both at Superhum and at Whisper Flow, now at Victor, uh is essentially coming in and defining what that looks like, right? Right. And and it comes uh to have a
9:45strong analytics leader uh as well as like a strong uh analytics dev that can essentially set up all of that on your website, set up all of that inside of your product to make sure that you are cuz most people stop at the we have analytics to track our product. Are all the marketing platforms getting the same signals? There's like there's a thing called match rate on like meta and then
- ·E-com has plug-and-play tools (Triple Whale, Elevar)
- ·SaaS must build attribution from scratch with engineering
- ·90% of SaaS skip setup before first ad dollar
- ·Triple Whale: add pixel, plug in ad spend, done
- ·Solves double-counting across Meta, Google, lifecycle
- ·SaaS has no equivalent out-of-the-box solution