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14/ User action is much more relevant than user feedback. Feedback from users is great for understanding their line of thinking, but not great for understanding what they’ll actually do. Many times their actions don’t line up to their words. You need both to get the full picture.
15/ A $9/mo customer is an entirely different customer than a $99/mo customer. All price points are not create equal. Low-ARPU customers are not only the most price-conscious, they’re almost universally the neediest. Support costs alone can run you in to the ground.
16/ Don’t lower prices, raise value. If your gut feeling is that you’re priced too high, then raise the value of your product to make it worth it. There’s essentially no ceiling on raising prices, but you’ll quickly find yourself hitting the floor compete on pricing.
17/ Sales solves all things. Almost any business problem you’re having is solved by selling more of your product. Not by making product improvements or getting company t-shirts and stickers, but by going out and making sales happen.
18/ Sell painkillers not vitamins. If you’re just a “nice-to-have” then the hole in the bucket will always leak faster than you can refill it.
19/ Talk to your customers. With words. Out of your mouth. Get on the phone with every single customer who signs up, upgrades, downgrades & cancels. Actually talk to them as humans do. It’s important to have a conversation as it gives you more honest insights in to what they did.
20/ The Next Feature Fallacy is real and will cloud your thinking dramatically. Like it or not, that next feature that you’re so excited about will categorically, as an individual unit, do nothing for your business. But man if we don’t like to think it will.
21/ Don’t build solutions in search of a problem. Just because you had an idea doesn’t mean someone needs it. The mere existence of a solution doesn’t validate the existence of a problem.
22/ You will never attain the perfect product. The effort required to “polish” a product has diminishing returns. Yes, the details matter. But “shipped” is better than “perfect”. Startup graveyards are littered with companies who never actually launched anything at all.
23/ Many times you have a distribution problem, not a product problem. As makers we think we can build our way to success, but the reality is you have to sell and market your way to success.
24/ Startups are like kids. No matter what you do to try and control for all the variables, at the end of the day your startup is going to do what it’s going to do. Don’t beat yourself up when you make mistakes.
25/ Optimism is a crutch. Be a little doom ‘n gloom. Run through worst-case scenarios on a regular basis and understand how rough patches could play out.
26/ Get friends who aren’t entrepreneurs. The startup echo chamber is real and dangerous and real dangerous. Surround yourself with people who are completely different than you.
27/ Vacations are crucial. Taking time off not only helps you stay healthy, but it also makes you a better founder. It clears your head, helps you focus and snaps you out of your tendencies to over-focus on your business.
28/ Don’t attach your own self-worth to your company. An unbelievable number of founders I know (myself included) have struggled with depression or anxiety. It’s very easy to think of yourself and your startup as a single entity, but you are so much more than your company.
29/ Everybody is winging it. Every. Single. Person. Nobody actually knows what they’re doing. Sure, they may have hindsight on things that worked in the past, but right now? Nope. They have no idea.
sometimes I see people charging a tiny $5/mo for their SaaS service. I don’t get it. While contextual, it’s crazy hard to make any real money at those price points unless pricing can scale up with its customers.
On the other hand, charging $40/mo for a service intended to be used by a working class family who may not be too familiar with the web ecosystem would just be a huge barrier for gaining new users, and it's not fair to group them up into "the neediest" based on how much they pay
AppAmaGooFaceSoft have dictated that the price point for software for working class families is "zero; subsidized by the rest of our ecosystem" and if you have less than a billion dollars to change user expectations I suggest not trying to change that user expectation.
That's very true! But unless you're targeting the entire working class you don't have to give it away for free - Netflix was $9.99, Dribbble is $3/mo, etc
Also, all customers at that price point at on a continuum of "need/appreciation" for service. The top 20‰ are likely happy to pay 5x what the bottom 80% are. More pleasant to focus on the top 20. +fastest way to establish credibility in sales: tell them why u r not good fit
Hallo please find the unroll here: https://threadreaderapp.com/thread/1001840351898947584.html …
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