Four months ago, we arrived at a crossroads. We worked long nights and dedicated every weekend for the past two years developing this product, a promotional tool for Etsy sellers. We had 120 customers who were happy enough with the product that they continued to pay for it. But we came to that crossroad, which at the time felt more like a wall, and realized we had to change our direction in order break through that growth limit wall. So we did what few would do, canceled every single one of our customers and started over.
Recognizing Growth Limits
It’s not easy to recognize your start up’s growth limit and even harder to completely start over. Though it now seems like the best possible decision, alienating your current customers for potential future customers is not in any start up playbook that I’ve ever read. We knew we had 120 guaranteed paying customers by staying the same and could build on that moderate success. We also saw that our growth was slow and despite having happy customers, we weren’t gaining more customers. We had to admit this to ourselves and it was difficult. But it was also realistic. So by taking a risk and choosing to take one step back, we are now giving ourselves the opportunity to take 10 steps forward.
It Still Comes Down to Execution
After the decision was made, it still took 4 months of development to create our new product. It wasn’t easy and we questioned our decision almost daily. And it was made even more difficult by our relocation to London. But we ultimately believed in our decision and all completely bought into the product and the direction we would take. This was probably the most important lesson from the entire journey. By believing in the product, we stayed more motivated and focused on our end goal; the product launch.
We built Fanchimp as a simple and efficient solution for social media content discovery and scheduling. To many, the most time consuming part of social media marketing is finding the actual content. And many small businesses don’t have the time to spend hours searching for it. We wanted to create a powerfully simple tool that allows these small businesses to plan and schedule any content for the week while they’re waiting for their morning coffee. That was our goal. And of our original 120 customers, some are happily using our new product. This has given us a ton of confidence knowing that even after we canceled their monthly subscription, they liked our product enough to sign back up and continue paying for our product. It’s still hard to believe our biggest growth opportunity came right after cancelling every single customer.
A staggering 90% of small businesses are not doing Social Media Marketing. Are you one of those 90%?
Having an account on social media like Facebook or Twitter and posting links to your products or service isn’t social media marketing. If you know that, then thumbs up! If you don’t, don’t worry, I will explain to you how to do social media marketing. Grab a pen and paper and let’s create your marketing plan!
One of the thing I enjoy the most is reading books and article about startups, marketing and entrepreneurship. Every time a founder of a successful company or vc sharing tips and experiences that I can learn from something that I can then use with my startup.
Last week I was reading a post about the growth strategy of WhatsApp when I stumble upon something that didn’t fit my opinion of the app.
In the last few years I red a lot about growth, marketing and acquisition strategies. It’s getting hard to find something really interesting, so when I find it I reshare it. Or even better, from now on, I will make a summary of it.
I want to bring some rationale into the Social Media world and I want to bring a scientific approach to a marketing topic. That’s why I proposed a talk for the next SXSW.
I am an Internet citizen and I am making the Internet my job. While doing so I cannot stop thinking about the things that I use and the things that don’t work.
After years of working in online promotions, I realized how difficult it is today to market something online. That’s why I created Fanchimp.
But let’s roll back. Let’s start at the problem.
Today it’s a very exciting day here at Fanchimp because we’re proud to announce a new feature that we hope you’ll appreciate, it’s called the Author Box.
Falling in love is one of the best thing that happens in life. That magical period where everything around you is brighter, in full color. I remember the first time I fell in love with someone, I was 13 and he was my classmate. We started dating and I remember that the soup my mother would prepare me every evening, suddenly started tasting so good in those days.
I can’t say what pushed me to start it, but most of the people thought I was following my boyfriend. …
Dear Fanchimp readers, just wanted to start off by saying how honored we are to be here sharing with you our adventures from the blog. We’ll get a bit chatty, trying to explain were we started from, where we’re now and how highs and lows affected our way of blogging.
We’re going to make a sort of self analysis and you’re gonna be the psychologist judging and doing questions. Sounds weird, let’s try! ^_^
There are so many rules and guidelines to follow as an Etsy seller, particularly in those early stages when you are still trying to build up your business and establish your unique brand.