Hey Indiehackers,
Much time has passed since I posted here and that's such a shame. I feel not very confident right now to proceed with my side project and want to ask for advice.
I'm a technical guy working on a SaaS chatbot product (https://botreach.co) for like 18 months now. And yes, I've done some things wrong, including spending too much time on it without ever getting to the first paying customer, etc.
I'm still motivated to work on it somehow, but it feels like I'm stagnating and not sure on which things I should put my focus on.
Easy questions: Would you recommend me to partner up with another person to get more traction on the project? Or do you think this is just a normal feeling, and I should proceed on my own?
Thanks,
Philipp
Hey Philipp - I can totally relate to this feeling.
Firstly, I think you've answered your own question: sounds like you need to prioritize getting an MVP in front of potential users - even if it isn't fully functional yet.
Partners / Co-founders are a difficult thing - you have to get it right, else it could destroy what you're working on. With that in mind, I don't think you should be seeking partnership under pressure to gain traction (at least not yet - if you have paying customers, and need to scale, then that's different)
My recommendation would be to find someone who's in the same boat, and strike up an "accountability partnership".
Practically for me, I meet with a fellow indie hacker once every 2 weeks, and we give each other feedback on our products / talk about progress / what our goals are for the next 2 weeks. It's great for motivation, and there are no strings attached.
Perhaps try that first before diving into the deep end with partnerships etc.
Hey Jax,
thank you very much for your thoughts on that. I really like the idea to find someone who's in the same boat! Sounds like the right approach before getting into a more serious partnership.
Hi Philipp! Maybe I'm a little biased because I really hate chatbots, every time I enter to a website (especially a small/medium company) and I try to chat with them and I got a reply from a bot I simply leave the website, for me putting a chatbot between you and your customers, especially when you are starting out and you have to be personal and do things that don't scale, doesn't make any sense at all.
My startup is starting to grow a lot lately, but I have intercom open all day and try to always reply in less than 5 minutes and being personal, and most of my paid customers are there because they know there is a real person behind the scenes.
Despite this, lately, I see a lot of people starting chatbots companies, and I don't really see anyone doing money with this.
On the other side, I see projects that are doing A TON of money, and nobody is competing with them, some quick examples: auth0 (identity management, 1 billion valuation), distil networks (bot mitigation), luminati (intelligent proxies), these are companies that are making so much money that they don't know what to do with it, and nobody is competing with them, really.
If I would have more time, I would see what are the companies that are really doing a ton of money and have almost no competition and focus my efforts on those markets, instead of doing something that everyone is doing and almost nobody is making money.
Hi Arielc, I love your replies here... Would love to co write a blog with you. Maybe we can turn it into an ebook sooner. Lately I have been writing on "discovering market gaps".
I'm about finishing one on productized service business and looking for another gaps to cover.
Let me know what you think.
Hi Emeka, I would love to have time for that, but I don't, right now I'm in the middle of scaling servers and trying to ensure everything continues to work.
I will follow you here so I can check later if you have written something. But yes totally agree that there are huge markets gaps with very few competitors and a lot of opportunities.
Wow! Scaling means business is booming. Well done. What problems are you solving? Mind sharing a link?
I will ping you when I have something to show
SalesQL is my project, I think the main issue is it's hard to scale, a lot of write operations, some services are hard to scale, you can't just do autoscaling.
Hey Ariel,
I can totally relate to your feelings about chatbots. And I think that most businesses are using them wrong, which results in poor user experience. Maybe I should write an article about it and give you a ping once it is ready. Nevertheless, I still think there is a lot of potentials to make money with chatbots.
Hi Philipp, sure I would love to know more about that.
I can share you my experience from yesterday, I was looking for an alternative service for websockets (I'm using Ably right now which is pretty nice but a little pricier), so I ended up in one competitor.
So the pricing was not clear at all, and I opened the chat and click to talk with sales (they have one channel for sales, another one for support, etc), I asked if they can help me about pricing, to compare with my current provider... and BOOM, a chatbot asking me what I need, when I was already telling them what I need.
So for me, it's super frustrating, it's like a robocall, is anything worse than that? They lost a $2000 yearly opportunity because of sending a bot to talk with me instead of a real person, I don't understand why business owners make these decisions.
Are you really making no progress?
Is the product getting better (less issues, easier onboarding, etc.)?
If the product is open-source, are the number of stars on GitHub increasing?
Have you a better sense of who is interested in the product? Where do they hang out?
It can be a lonely road. Taking a partner, especially when you are in the slow part of the curve, can create more headaches, conflicts and ultimately kill the project before it has time to find its cruise speed. Taking a partner when all the indicators show that potential is there and you need hands to dial the phone (outbound Sales is key early on), then it is worth taking the risk.
“If you want to go fast, go alone. If you want to go far, go together.” - The goal is always to be faster to the inflection point and add people when early signs of growth are showing up.
If you could put some milestones or an update about where you are at now, what you have tried, what you are working towards, etc... I think that could go a long ways in helping provide background for some helpful responses.
Another path would be to try to find someone on this platform that has seen some success and reach out to them personally with this background information and ask for some advice.
Good Luck!
Thanks, I just posted an answer in this thread on another comment which gives some insights in the current state.
Are you still loving the idea of making this a great product or is just now more of an EGO and self-pride to make it work or blow?
Hey Philipp! As pointed out in other comments, I have the feeling (maybe wrong) that the chatbot area is already saturated with Intercom, Drift and all these. For Drift they even have a free tier.
I don't know much about all these services but what is the value addition that you're bringing in comparison to them? And also, what types of businesses are you targeting so far?
It may sound stupid but for something like this, maybe the most efficient would be to target the people that Intercom don't care about: the restaurants, florists, bakers, artists or hairdressers. Small businesses that don't follow technology, don't even care and would be grateful to get a custom tailored support to help them improving their communication.
Hey Fabien,
It's not new to me that most people, when thinking about chatbots, think in only one big 'chatbot' category. But there are many different platforms, many different use cases and a lot of different approaches to create chatbots. Drift and Intercom are good examples for a "customer support" use case. There are other platforms like Chatfuel, which focus lies only on the Facebook Messenger, and that is from a marketing perspective an excellent tool to build marketing funnels on Facebook.
More important, most chatbot platforms are betting on AI technology to improve the chat experience. They think that AI makes it more convenient for the user. But there is a niche for chatbots that don't need AI. My product (BotReach) is one of those tools. It's not competing with Drift, Intercom or Chatfuel, because it's an entirely different kind of chatbot. One of the closest competitors to my product is, for example, landbot.io.
I appreciate your advice that it may be a crowded market, but it is not like that I didn't validate my product. I have around 120 people on a free plan (got them when the product was in Beta) using BotReach on their websites. One customer is generating about 30k leads per month, and he doubled his leads with BotReach compared to his previous tool, which was just a form.
So back to the reason I opened this thread. I have the feeling that the product is good enough to sell, but maybe it would be a good idea to partner up with someone.
FYI @InquisitorJax already gave me the good advice to find a person in a similar situation, to whom I can stay accountable, which I see as a good compromise.
Oh ok I see! Thank you for explaining the situation 👍 The way you were writing about the situation sounded worst than it actually is, sorry for my misunderstanding and good luck!