We built the "Excel of Finance Apps," but the growth isn't there. Next move?

2 pointscaoxhua2mo ago8 comments

Our platform is arguably the most flexible finance tracker on the market. It allows users to build complex models and insights purely through data points and formulas. From a product standpoint, we’ve hit our vision.

But the business reality is a different story. Three years later, the MRR isn't even enough to cover a single developer's cost of living. I’m constantly caught in a loop between "this is too good to give up" and "this isn't a viable business."

I’m torn between pushing forward and calling it quits. If you had a technically superior product that wasn't converting into a sustainable business after 3 years, what would your "red line" be?

8 comments

takkatakka2mo ago

Do you have product market fit, and just need to do more marketing? If so, I would keep going. Otherwise, I'd probably be a bit burnt out after 3 years of no PMF.

caoxhuaOP2mo ago

How do you tell product market fit? we have about ~1K paid users, people constantly send positive praises, but also many people churned away.

I doubt if "bootstrap" is the right way for this type of product/market.

The famous PMF survey (how do you feel if you can no longer use this), %50.8 responds with "very disappointed". And I deeply know this product is pretty unique offering in "finance tracking" market.

But the MRR stays in this level for 6 months now. I feel I do not have ideas to break it through.

takkatakka2mo ago

Sounds like you certainly found a market. Do you have any estimates on how big that market is, and thus how much of the market you have captured?

And then from there, figuring out what the rest of the market is using, and why.

1 more reply

mmarian2mo ago

If I was in that position, I'd probably give up. 3 years is a huge opportunity cost of not working on something more successful.

caoxhuaOP2mo ago

yeah, opportunity cost is huge.

blinkbat2mo ago

have you identified parts of your business that might be costing you users as opposed to if the product was freeware?

caoxhuaOP2mo ago

There are some big parts identified for this case, and because it is dependency of 3rd party service, we can not do much about it.

But more importantly, I think it is the product itself, the market is probably does not appreciate that much of "customization / personalization" as I thought, in other words, we are probably haven't figured out the best path to get the ideal users yet.

In the other side, free users do not have this issue. We do have free tier which counts for 1/3 of all active users.

j / k navigate · click thread line to collapse

We built the "Excel of Finance Apps," but the growth isn't there. Next move?

2 pointscaoxhua2mo ago8 comments

I’m torn between pushing forward and calling it quits. If you had a technically superior product that wasn't converting into a sustainable business after 3 years, what would your "red line" be?

8 comments

takkatakka2mo ago

Do you have product market fit, and just need to do more marketing? If so, I would keep going. Otherwise, I'd probably be a bit burnt out after 3 years of no PMF.

caoxhuaOP2mo ago

How do you tell product market fit? we have about ~1K paid users, people constantly send positive praises, but also many people churned away.

I doubt if "bootstrap" is the right way for this type of product/market.

The famous PMF survey (how do you feel if you can no longer use this), %50.8 responds with "very disappointed". And I deeply know this product is pretty unique offering in "finance tracking" market.

But the MRR stays in this level for 6 months now. I feel I do not have ideas to break it through.

takkatakka2mo ago

Sounds like you certainly found a market. Do you have any estimates on how big that market is, and thus how much of the market you have captured?

And then from there, figuring out what the rest of the market is using, and why.

1 more reply

mmarian2mo ago

If I was in that position, I'd probably give up. 3 years is a huge opportunity cost of not working on something more successful.

caoxhuaOP2mo ago

yeah, opportunity cost is huge.

blinkbat2mo ago

have you identified parts of your business that might be costing you users as opposed to if the product was freeware?

caoxhuaOP2mo ago

There are some big parts identified for this case, and because it is dependency of 3rd party service, we can not do much about it.

In the other side, free users do not have this issue. We do have free tier which counts for 1/3 of all active users.

j / k navigate · click thread line to collapse