Bootstrapping a startup in one morning, update #2

The story about boostrapping ChurnBee with minimum resources continues where I left exactly a month ago. If you haven't read the first article, read it first: Bootstrapping a startup in one morning

A month later I have about 350 signups with about 33% conversion rate.

 

Dashboard for CHURN BEE   KickoffLabs

That's not that shabby at all considering the effort it took (around 3 hours of work) and lack of any content on the landing page apart from the teaser.

Here is how I organised the custom dashboard in Google Analytics to track what's going on.

My Dashboard   Google Analytics

Data like signups, referrals and conversion rate help you track the best sources of traffic. I can easily tell that betali.st has been absolutely great compared to everything else and helped the most so far to reach the goal of 1,000 signups.

Why 1,000 signups?

I believe that is a sufficient number for market validation. If I can not get 1,000 people to be notified about the launch of the service, I will most likely not be able to get 1,000 people to pay for the service as that is far more difficult.

Out of 1,000 signups I expect around 50% to actually try it, and out of those perhaps 10% or around 50 to become  first customers which is enough to get the things rolling. By the time product is ready to be commercial I would expect around 10,000 trying it so we could expect around 1,000 customers.

Next steps

Here are some ideas that we will pursue in this month.

1. Guest posting. Try to get few guest posts about startup metrics on prominent blogs.

2. Infographics. Try to make an infographic and post it on a relevant blog.

3. Market outreach. Since this is a startup for startups, reach out to other startups (through sites like killerstartups.com, betali.st etc) and connect with them.

4. Engage on Quora. Engage discussions on Quora which is a great place to find startup founders.

5. Adwords. Spend around $100 on adwords to test the keywords and traffic.

6. Start a blog on churnbee.com. Get inbound marketing going.

7. Use clarity.fm. Get some advice on how to promote this further.

I will continue to post updates. Feel free to jump on board with ideas.


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