Growth Hacker’s Digest – Edition 28
There’s a lot of conversation around fundraising among websites like Inc and TechCrunch; but we forget that there are a lot of small online businesses that make a good living. And I’m not talking about the “4 Hour Workweek” kind. I’m talking about sites like NomadList ($300k/year), BuiltWith ($1MM/year), andFormCrafts ($150k/year).
This just goes to show that one does not have to make a disruptive product to survive in any market. You don’t have to be category leader. You can pursue a different business model depending on what lifestyle works for you. The fundamentals don’t change: identify a pain point, solve the pain point, and distribute the product in places where pained users are.
Here are the articles of the week:
– An HN thread of the profitable one-person SaaS apps (plus links to some founder stories)
– How to copycat your competitors to take the market
– How to increase user retention without paying for expensive features
– How to convert visitors to leads using cold email outreach
Blog Posts of Note:
Notable startups in the list:
– NomadList ($300k/year): Story here. Takeaway: build a business in a community that you’re already a part of.
– BuiltWith ($1MM/year): Story here. Takeaway: it may make sense to offer features for free to build user base (and validate retention). Once validated, you can then upsell users who want a more niche solution. Note that Amplitude is taking a similar freemium approach to beat Mixpanel.
– Pinboard ($300k/year): Sounds high for a $11/year product? Well, here are the2013 numbers.
– Instapaper ($825k/year – $1.5MM/year): Here are the founder’s 2011 lessons on monetizing.
Copycat your competitors to take the market
By Hiten Shah
“Copycatting” is a strong word. Frankly, I don’t espouse copycatting. But I do approve of “benchmarking analysis”, which means checking what your competitors are doing today to understand what works for them and what doesn’t. Once you identify that, you then figure out how you can do things better.
More on how you can do better in the next article.
How to increase user retention without paying for expensive features
By Apptimize Blog
How do you measure the value of your software features? You measure it by their retention rate. Benchmarking analysis is a great starting point for software development; but you need to beat those benchmarks starting with UX/UI improvements. The Apptimize blog shares 10 ways on how you can do it.
Convert Visitors into Leads using Cold Email Outreach
By Ninja Outreach Blog
You’ve heard about how to increase your visitors through cold outreach. Now upgrade that process with the use of UTM tracking.