• 3 Posts
  • 14 Comments
Joined 1 year ago
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Cake day: October 27th, 2023

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  • smartest bartender I’ve probably met.

    Lol, I’m not sure about that, my co-workers back then went on to do great things too.

    One started a wildly-profitable drone business, another got into real estate.

    Anyway top 3 pieces of advice:

    1. Figure out your repeatable marketing strategy early on, preferably before even building your app. In most cases, it will be content/social, built-in virality, affiliate program, or paid ads. It has to be something you can do over and over again to predictable results, and it has to have: founder-marketing fit, market-marketing fit, and product-marketing fit. Meaning the marketing strategy you use has to fit your personality, your market niche’s personality, and your product type.
    2. Don’t build any feature unless dozens of paying customers are breathing down your neck for it. It’s easy for any random user to see “ackhtually, it would be cool if you had feature.” It takes them 3 seconds to say it, it will take you 3 months to build it. So be very sure to build your product roadmap only based on the pressing, repeated feedback of a lot of users who are already paying you money.
    3. Diversify your revenue streams by tailoring your revenue streams to different market segments. Yes, SaaS is 1 product, but that doesn’t mean your customers are a monolithic entity, and that you have to charge your customers only 1 way. For instance, for Zlappo, I introduced lifetime plans for customers who want to do away with monthly fees. I was always careful to price them at above lifetime value, and that gave me a ton of cash upfront for product development (and vacations and a new car lol). For Zylvie, I’m planning to earn money 3 ways: (i) I take a commission for each successful sale, (ii) I’m rolling out monthly plans for revenue predictability, and (iii) I’m also offering lifetime plans for customers who despise monthly plans. These are 3 different market segments that should be treated and monetized differently. Plus, diversifying my revenue streams provides me with safety, in case 1 or even 2 of them falter (e.g. Stripe/Paddle banning me, AppSumo delisting me, etc.). If you only rely on monthly plans processed by 1 MoR, you’re very vulnerable to platform risk. Plus you’re most likely leaving money on the table. Lifetime plans eventually accounted for anywhere between 50-80% of my monthly revenue. That’s no small amount!