From Consultancy to $10M in ARR — Vince Mayfield, Talking Parents
发布时间 2023-08-09 09:00:00 来源
摘要
On the podcast: The right way to raise prices, the painful lessons from picking the wrong tools, and why you should respond to every single app review.Top Takeaways✍️ Start surveying as soon as you start developing, and don’t stop. Identify your MVP by understanding customers early on, and develop new features with key customer insights when you’re growing.📈 Bundle extra value if you must raise prices to soften the blow of a tough sell and demonstrate attentiveness to customer needs.🧰 Cheaper, easy-to-integrate tools might not scale on infrastructure and unit economics, which could lead to a painful re-engineering process down the line.🏗️ Plan for scalability from the start by adhering to solid software engineering principles and ensuring your tooling integrations are easily switchable.🤑 Provide premium support for a premium product price. Respond to every store review — each interaction leaves a lasting impression on customers and drives loyalty.About Vince Mayfield👨💻 Co-founder and CEO of Talking Parents, an app that helps divorced or separated parents manage communication and share responsibilities.💪 Vince and his partner jumped from professional services to building a scalable app with $10 million in ARR.💡 “People like to compartmentalize elements of their life and they don't want to have a million apps.”👋 LinkedInLinks & Resources‣ Connect with Vince on LinkedIn‣ Check out Talking Parents‣ Talking Parents on Instagram‣ Talking Parents on Facebook‣ Talking Parents on Pinterest‣ Talking Parents on X (formerly Twitter)‣ Get Talking Parents from the App Store‣ Get Talking Parents from Google PlayEpisode Highlights[1:35] Origin story: Making money while we sleep is the ultimate goal — Vince talks about how he moved from agency to product company to $10 million in ARR.[4:44] From hired gun to product growth: Lack of app monetization and not understanding customers early on may make pivoting to a product focus challenging.[7:59] Risk management for risk mitigators: How do you make money from the court system? Easy: Switch focus to the real customers.[10:32] Freemium tinkering: Vince dives into the app’s early strategy for monetization and subscription — burning through close to $1 million in the process.[12:59] Chartered surveying: When it seems like an app is charging too little, asking customers what features they want and need is the ticket to nailing down value.[15:59] Downhill slalom vs. uphill climb: Raising already low prices can be delicate, but bundling additional value with a rollout often softens the blow. Look for opportunities to layer on deeper value.[28:33] Nudges and needs: From surveying to app instrumentation, Vince and his partner had to understand the customer journey before making the right moves.[32:08] The ultimate tool belt: Not paying attention to how apps can scale from the very beginning is an easy mistake for app developers to make — especially when using tools.[38:28] Best-in-class assessment: Starting with best-in-class tools isn’t always doable, but adopting good software engineering techniques as you go is a satisfactory quick fix.[41:28] Lightning round: Vince talks about why support matters and how that translates into running a business and customers’ responses.
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