Just wanted to drop a quick update for those who may possibly learn stuff as my journey progresses, or give possible feedback.
I started coding my HR software a year ago, got it out there, no one was very interested - I made a shift toward a need I heard for an easy-to-use intranet software and we got our first 2 customers (paying good money). Right now I'm at the point where my business engine is turning, however I'm trying to tune 2 parts. 1) How to create the most value for the customers and keep customer retention high 2) As we've further validated through google adwords that the market does exist, how do we tune the online sales process and acquire more customers. When each customer is paying so much - I don't mind even spending $500 acquiring each customer. As long as we keep retention high and can continually acquire customers at a reasonable advertising/sales cost, we have an engine of growth. Anyway, the point is, the more I tune the engine, the more I learn and the better our decisions become.
Right now the acquisition part is proving difficult. Currently, we're using pay per click advertising, however we have to be conservative at this point. My Click-thru is about 3%, evaluating what I can do to improve this. I'm also waiting to get a better sample size because we only have 50 clicks, however google analytics funnel tools are extremely valuable. Here are my current issues:
1) I am trying to figure out what my sample size should be before I draw conclusions, it is b2b so believe the sample size should be much smaller than consumer products/services.
2) I am finding that only 30% of people get past our home landing page.
Our website is http://get-engynn.com if anyone is interested. Possible reasons:
Anyway - my point on this post is, I feel I am getting closer to understanding my customers. And I've learned - as shitty as it is to spend money advertising to people who don't take action, it is difficult because once you tune your acquisition strategy, you have an explosive engine of growth. If ANYONE could do that easily, everyone would be millionaries.
I started coding my HR software a year ago, got it out there, no one was very interested - I made a shift toward a need I heard for an easy-to-use intranet software and we got our first 2 customers (paying good money). Right now I'm at the point where my business engine is turning, however I'm trying to tune 2 parts. 1) How to create the most value for the customers and keep customer retention high 2) As we've further validated through google adwords that the market does exist, how do we tune the online sales process and acquire more customers. When each customer is paying so much - I don't mind even spending $500 acquiring each customer. As long as we keep retention high and can continually acquire customers at a reasonable advertising/sales cost, we have an engine of growth. Anyway, the point is, the more I tune the engine, the more I learn and the better our decisions become.
Right now the acquisition part is proving difficult. Currently, we're using pay per click advertising, however we have to be conservative at this point. My Click-thru is about 3%, evaluating what I can do to improve this. I'm also waiting to get a better sample size because we only have 50 clicks, however google analytics funnel tools are extremely valuable. Here are my current issues:
1) I am trying to figure out what my sample size should be before I draw conclusions, it is b2b so believe the sample size should be much smaller than consumer products/services.
2) I am finding that only 30% of people get past our home landing page.
Our website is http://get-engynn.com if anyone is interested. Possible reasons:
- Our copy may be shitty? I need to find a tool that will drill down to see how far people scroll before they exit.
- We're not communicating the benefits well enough.
- Maybe people don't buy right away? I'm considering that maybe this is a product a lot of people research extensively but don't buy immediately. I tried doing a "REMIND ME" button, but it hasn't been used. Again, hard to tell without a larger sample. currently 35% of visitors are returning.
- Our Pricing is too low? After some research, I saw the biggest competitor charges 11x our pricing... this will take some more testing, just have to figure out the best way.
Anyway - my point on this post is, I feel I am getting closer to understanding my customers. And I've learned - as shitty as it is to spend money advertising to people who don't take action, it is difficult because once you tune your acquisition strategy, you have an explosive engine of growth. If ANYONE could do that easily, everyone would be millionaries.
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