Hello IndieHackers!
Let's get straight to the point: I built a SAAS, failed, and want to reflect with you. Read my story and please comment on why you think I failed.
During Covid, my software engineer job changed to remote which gave me a lot more spare time. So I decided to try to launch a SAAS product.
Over the last 2 years, I launched several "platform" websites.
My first project was implemented in WordPress and contained the idea for a mood indication of the stock market. I later extended this idea into the crypto world. So, you could bet with your wallet on a rising or falling price of a stock.
TBH, I didn't know anything about audience/marketing/website/engagement and all that stuff. So, I called it a day and gave up with some users.
After some more totally overengineered failures, I started an audience-based approach. Through an influencer friend, I got the idea that big brand deals are usually done with an agent that obtains a large commission and a website could get rid of the middleman. I researched if more people have that problem and found FB groups that list brand deals that are searching for influencers. I decided it could be a good idea and started contacting influencers/brands in this group.
Eventually, I implemented in ReactJS a whole platform for companies to post brand deals and for influencers to apply for brand deals. Design and functionality are pretty on point I would say.
The problem is it isn't sustainably growing. I need to actively search and convince brands and influencers to go to the website.
And I have the feeling it's a hen egg problem. No brand deals -> no influencers and vice versa.
I guess I chose a platform business because it very easily grows. I realize now it's very hard to start. Also, it seems to me that the FB group (as impractical as it seems) is sufficient for their use case. I also assume a lot of brand deals are directly closed through DMs or mail contact.
Is it a hopeless case? Any more learning from this project you would draw?
For reference, this is the website: https://creatordash.net
Thx in advance :)