How do you know if you should pursue an idea or just let it go?
Hello folks, weeks ago I launched a new product called logre.io which is focused on developers and severless environments. The main proposal is make log easier, different of datadog, stackdriver, etc, where you have go trough several steps to get it setup correctly.
The project got a good traction on the first week but after, the usage and traffic just decreased day by day.
So the big question is, how do you know or which kind of metrics do you use to know if it is time to invest more energy in the idea or if you should just let it go and do another thing?
Thanks for your time.
For many services it's normal to lose 60-80% of your initial users over the first few months.
The key thing is that some % of them stay and continue using the service for a long period of time.
If no one stays, it means you aren't adding enough value for them. You were able to acquire initial users based on your pitch, but chances are your product didn't deliver on the promises you made / it wasn't as good as they wanted.
The only way to figure out what is wrong is to go talk to the people who churned and ask them why they left.
You should also talk to any people that stay and ask them 1) if they would be disappointed if they can't use your product anymore 2) why they find it useful and 3) what kind of customer they think would benefit most from it.
#3 is particularly useful as one reason churn can be high is when you're acquiring the wrong kind of customer that won't really benefit from your tool.
Thank you soo much for this! :D