Should I kill or revive my SaaS ?
For years I had this pretty good passive income: https://Sponseasy.com. It's a very long story that I will love to share with you later.
The acquisition cost was $0 and it generated up to $6k/ mo without any new features for the past 3 years.
Anndd COVID19 happened 🦠.
It has now reached the lowest MRR we ever experienced and I'm wondering if we should keep it alive, pivot or just kill it.
What are your thoughts ?
@Jordan971 - keep it.
Influencer sponsorships are down atm because of Covid-19. It might take a while, but it'll rebound.
Btw, the site looks very nice -- UEX is clean.
Hey Jordan,
The site looks great even with no new features in 3 years! I'm interested in taking it off your hands and structuring a pay-out deal where you get a certain % of the monthly rev until a agreed upon number. Let me know if your open to something like that - roryodoherty127@gmail.com
thank Rory,
I decided to actually boost it as hell for the next 3 months and see how it goes.
But let's keep in touch for sure, I'd love to see what would be the configuration you have in mind.
Do you have indications that it's not going to rebound post-COVID? I imagine you have all the contact info from before the churn, so I'm sure you could get some of them back after their financials recover - unless maybe COVID wasn't the reason for the decline?
If you don't think it's worth the effort to revive it, I'd try selling it instead of killing it. Someone might be happy to take it!
Great insight! We do have it yes. And I'm actually pretty sure it can get back fast.
I actually took that time to create a lot of content (we never ever did it). From there we will see how it goes.
About selling I feel it's not the right time. We have such a strong platform but such low metrics right now that I feel like it would be the worst deal ever for me haha.
@cohoist would you do something like a Life Time Deal ?
You might be able to lure some of your old customers back with a lifetime deal, but you'll have to have a good understanding of what the average lifetime value of a customer is to make sure you're making a smart financial decision. Personally, I'd probably hold off on offering a lifetime deal until after reaching out again once the economy is back to normal. Many may come back with the same terms as before. If they don't, then you can try sweetening the pot.
Man, to be honest if it generated really passive cashflow, maybe you just need a little push and first of all understand why so much churn happened. Is it really just COVID or maybe lack of support / development etc. I would take another look at it. Frankly for many IHs here 6k/m is a dream "non-side project" income. Going from 0 to 6k/m and leaving it on the table? You have something there... try to revive it :)
Thank you man! You are right, I decided to give it a chance!
Just discovered Ikagai job, that's so needed! How is it going ?
Well I only built it to experiment with no-code tools and to be honest got stalled as it requires some liquidity on the employer side. Getting around 5-10 sign-ups a day without really promoting it. I feel like the concept is definitely needed and wanted to also introduce company ratings based on diversity, culture etc. Basically what Gen Z & Y kinda care these days. With #nocode though I felt like I constantly need to come up with workarounds (like creating a multi-dimensional filter is just a pain). So I left it there for a bit and transferred hosting to my blog for the time being, but actually thinking of reviving it. Any tips how to make it better, appreciated!
Also in this market I feel like people would be grateful for any job, not only the ones that gives meaning and frankly there are not a lot of these out there.
K.