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Is moving on a good option? Or when to move on?


#1

Hello Bootstrappers,

first a big thanks to all the valuable input I got more this forum during the past!

Today I really need some advice on how to move froward with my saas since I got a couple of questions in my head that every bootstrapper might come across: Am I sill motivated? Am I investing my time right? Is the product still vaild? Should I move on to the next idea?

Maybe some of your feedback might bering me back on track…at least i hope so =)

Currently I am have a simple saas product online which i managed to grow to 1k MRR over the last 1,5 years, not much but a nice for a first saas try. Some facts for your jugement:
Product: Amazon Landing Page Builder
Pricing: 20 / Monthly, Free Trail
Homepage: 900 monthly visitors
Trail Signup CR: 4%
Trail to Subscription: 15%
But somehow it feels like an uphill battle and thanks to Stripes Analytics I can clearly see that the 20% churn is causing the trouble. This also comes down to that nature of the product because these landing pages are just used once a new product is released. Hence the user signs up, uses the service and cancels after launch. On top of that I see some competitors improving making it hard to catch up. Although they might have the same problems in the background.

So the whole situation feels kind of demotivating and I am not sure anymore if the product itself has a long term potential.

Over time I slowly drifted to the idea of creating a new product that will partly cater the same audience but is much more hooked into the sales funnel and also will have a higher price point. It feel a bit more mature than to current product but also has more potential. Of course that means I have to start over again with customer development and also building up the marketing, seo etc which I already did in parts for the LP builder.

Well thats my kind of dilemma… :roll_eyes: stick to the old product and invest even more time into it or start something more promising.

Maybe it is not even about starting something new, maybe the question is: When should I stop working on a product?

Hope your feedback, experience or advice will help to clear my mind!

Thanks for you time!
Alex


#2

Hi Alex,

First, being a person that have tried tenths of ventures with zero income I have to congratulate you - you have made it to a point where you actually have paying customers ! This at least proves that your solution gives something to the World.

Having in mind the above, my humble opinion is - don’t give up. Try some changes, like:

  • see how many percent of your paying customers cancel on the first month and if this is more than 50% - set it to a one time fee (e.g. $50) and oops - you have $2K/m from just this change.
  • don’t throw your site, you already have the (please note!) paying audience - if you decide that another product will do it better, first try it as a third SaaS plan (in addition to the free and 20/m) /you see - the audience is there, just show it to them/
  • drop a line to those who have canceled. Give them 50% discount to the new product (which may appear as an Enterprise/Pro plan in your SaaS)
  • … I hope you get the point …

Wish you luck!


#3

Congrats on achieving this - it is damn hard to get to where you are.

When should I stop working on a product?

Moving on is always a hard decision. You’ll never really know if it is the best thing for you.

Is revenue growing? If so, I’d suggest continuing.

Anything new you start is still going to be a grind with perhaps a year or two of low MRR.

If you do stick at it, @Atanas_Walks gave you great advice. If you are already thinking of moving on, why not try wild pricing experiments first?


#4

@SteveMcLeod @Atanas_Walks thanks for your reply.

Well revenue is unfortunately not growing. It is more the opposite it is decreasing as well as the number of new signups. There is also a 9 Euro “pay a you go” option for a single launch so I have the feeling it is not a matter of pricing. Seems more the demand is decreasing in general or customers found another way to solve the problem.

I also asked customers that have canceled: some liked the service and might use it again on the next launch, others said the funnel “FB Ads - Landing Page -> Amazon” did not work for them and hence they don’t need the LP anymore.

At the moment I only serve german clients since i build up the marketing and service in german. One final move would be to offer an english version and offer a freemium tier (no competitor is doing this right now). I know freemium is as dangerous way not before moving on.
What do you thing?


#5

You should definitely give the English version a try before quitting this idea!


#6

I’m about to try that. Was selling an app for $25, but sales are stagnant. Have been re-doing the website design (with video tutorials this time, plus it’s “responsive” now), and will jack up the price to $99 to see what happens. If nothing happens, so be it. But at least I’ll know where I stand. :slight_smile:


#7

You can leave it running for some time to see how it performs on autopilot. I also suggest to extensively test it to make sure it doesn’t have any show stopping bugs. If you see it grow, you should also receive some feature requests from customers, try implementing some that you feel right to see if the income grows.
It already gives $1K per month, and combined with high churn rate, to me it seems that the niche has some potential - you have enough new customers each month to have $1K income and it’s not dropping.
You can try offering 3, 6 12 months payments (with a bit discount) to see if it increases the amounts of money received.