Working with tech companies small and large since 2010, one of the things I learned is that a lot of founders ALREADY GET that they have to ‘get out of the building’ and get customer feedback.
The question however is… okay, but how do you get ACTIONABLE feedback?
- How do you get the critical few meaningful numbers out of analytics tools instead of getting drowned in all the reports they give you?
- How do you actually find people to give you the feedback you really need?
- How do you turn a customer interview from an embarrassing, monosyllabic dialogue into an eye-opening conversation?
Illustrating the answers to this kind of questions is the goal of this story.
Alex and Danny will act separately as the Founder and CEO of Invoicing X, an invoicing subscription based app. While Alex and Danny are not real people per se, their traits are 100% real and based on real founders.
Actionable feedback vs TBU feedback
Both of them WILL get feedback from their users. However…
…one of them will mainly get the TBU (True, But Useless) kind of feedback – won’t be able to make sense of it – while the other one will consistently get the actionable insights he needs to constantly grow user base and revenue.
About Invoicing X
- The app offers a free 30 day trial – fully featured – and two monthly paid plans.
- An agency is hired to run ad campaigns on Google Adwords and Facebook Ads.
- At the moment it has an average of 90 free trial sign ups per day.
- Retention numbers for paying users are good. Once a user is signing up for a paid plan he’ll stick to it for at least a year. This is the strongest evidence that Invoicing X could really have a future.
Main problem is that acquiring a paying client is way more expensive then they could afford on the long run.
The invoicing space is a very competitive market to be in, paid traffic is very expensive, so the situation calls desperately for increasing onsite conversions rates and upgrades.