May 15, 2019

Do you have feedback for our initial numbers after 90 -120 days?

blockch4iner

Needed some feedback here.

We're going to raise money now so I wanted to post this semi-anonymously.

I'm a bit self conscious about our user numbers below. I'd like them to be 10x about now but I need to improve my marketing and SEO. I've been mostly working on improving the product because it doesn't make sense to market the hell out of a sub-par product. Better to focus that effort on building something that actually SHINES.

This is a consumer product. It's basically a tool that allows you to manage your reading similar to pocket + evernote + kindle.

I'm going to discuss traffic numbers, net promoter score, etc and wanted your feedback.

6000 monthly active users. 3500 every 2 weeks. 2000 every week and 500 per day.

62% growth last month. 20% the prior month. I think we're on target for 40-45% growth this month.

Net promoter score is 13. I'm trying to target 20.

A lot of our users LOVE our product and are addicted but we have to improve usability and implement some core features before we really resonate with them I think.

Cash. We're making about $250-500 per month. I haven't pushed premium too hard though. It's not going to turn the dial THAT much and this way I can focus on really improving the quality of the product.

Users have uploaded about 100GB into our cloud backend. I think this is mostly a vanity metric though IMO. Cash and net promoter score are more interesting.

That will change though in the next 30/60 days and I'll have the right balance of features and usability to start charging.

Thoughts on the above?

#ask-ih #growth

  1. 2

    I'm not an investor, but I have raised several rounds of funding before.

    Here are my thoughts...

    Firstly, I'm not sure you're focussed on the right things/metrics.

    Yes, growth numbers are important, retention is important.

    But the absolute numbers don't mean much without context...

    • How are you acquiring those users?
    • What's your viral coefficient? (do users bring you more users?)
    • What's the monetisation strategy later?
    • How big is the market, how much of that can you expect to take? How fast and how much will it cost?
    • What's your CAC (now and at scale)? How does that compare to your CLV?

    Those aren't the only things you need to worry about, but they're important questions which - depending on your answers - could make your metrics from above seem really great or absolutely terrible....

    Good luck!

    1. 1

      Good feedback. I agree with all the above. I'm still working on answers to the above questions because I really need more data to know for sure.

      For example, I'm REALLY focused on nailing a viral content loop / SEO strategy but we haven't shipped that feature yet.

      This is going to be my main customer acquisition channel. That and content marketing.

  2. 1

    How much money are you trying to raise, and from what kinds of investors?

    Almost all businesses start small, that's nothing to be inherently self-conscious about. As an investor, what I care about is the future. I'm trying to figure out what kind of return I might get on my investment. How big can this get? How are you going to get it that big? Are you aware of the potential obstacles in your way, and do you have the skills and advantages required to overcome them? What in your past actions have proven that to be the case?

    (Yes, if your growth is rapid enough, you can almost raise on that alone. No, your growth is not in that category, at least not yet.)

    1. 1

      Seed levels so like 750k-3M ...

      My main strategy doesn't involve absolute numbers but relative growth numbers. I don't have the advantage of a huge SEO or marketing budget now so I'm relying on getting a steady flow of users from google and then optimizing that to make sure they convert, retain, etc.

      If I optimize these core values and build an amazing app it will take off.