254 karma · joined March 19, 2013
Article makes sense. No hacks.
Perhaps there is some intrinsic value of innovation and creativity that we can laud as being more valuable than creating the newest financial mousetrap and the compensation that comes with it.
I thought this article was interesting and touches on your experiences:
It's not a feature problem—Avoiding Startup Tarpits
https://hackernoon.com/its-not-a-feature-problem-avoiding-st...
It doesn't help that marketing efforts are only meaningfully measurable on a larger scale. If you're bootstrapping something yourself, you don't have 12k to spend on marketing this month. You have $300. It's easy to burn that $300 on adwords or facebook ads and get zero signups, with no meaningful data whatsoever.
The usual advice goes: hire a marketing expert. But how do I hire a marketing expert that a) isn't full of it, b) will even listen to me if my current budgets are in the hundreds of dollars?
I think the article is right on point, but I wish it pointed me to a way to deal with the marketing problem.
It turns out paper bullets are expensive. Features cost money in the form of engineering hours. We invested all of our seed funding in developing a great product. In doing so, our feature list expanded, but our actual revenue growth never changed in a meaningful way to support that development.
Eventually we stopped making new features all together. We had no choice; we couldn’t meet payroll to continue all of this development. We were in what I call a startup tarpit. The startup tarpit is the land of inertia. We had a good enough product but not enough marketing resources to get out of our stagnation. We raised money to build a great product and when we ran out of money we had nothing to show for it; making it nearly impossible to raise additional money."
"This dynamic seriously limits the pool of individuals who can successfully start companies to those who have higher risk profiles, can defer immediate financial gratification, and who are resourceful enough to make something with scant resources."
I think a lot of good entrepreneurs are risk averse. Meaning they find a good idea and validate it before going headlong into it.
As an engineer who gets approached to build other people's ideas regularly, I find this trait to be true.
- How they went about to look for you. What google search they did, whether they checked out reviews and how, etc. this is to better focus your SEO and adwords campaigns.
- What their decision process looked like. Was it a single person making the call, or were several people involved? What objections got raised? What were their key decision criteria? Raise them in your sales copy or in drip emails.
- Are they talking about your product? Would they? This is to help you spot segments with viral potential. Don't forget to politely ask for referrals if applicable.
- And, of course, feedback on the product itself. But don't spend too much time on this, and don't promise anything or build expectations.