🗞 What's New: Conducting market research for your SaaS

Market research can help you understand everything about your niche:

• Conduct a SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis to identify your SaaS product's position in the market.
• People don't like to break streaks. Keep your email list engaged by integrating streaks and contests into your marketing strategy.
• 1K+ signups with zero marketing. Neel Bhattacharya has validation and 6 months of runway, and she's planning to go full-time soon.

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by Tucker George

Effectively conduct market research to ensure that your product idea solves a big enough problem that people are willing to pay for it!

Identify your target audience

Determine your ideal customer persona. Consider factors such as demographics, job titles, industries, pain points, and behavior patterns.

Where do your potential users hang out online and IRL? Are they older or younger? What's their income level? Join communities to conduct surveys and interviews.

Also, how large is the industry? Research the overall size of the industry you are targeting, looking into market reports, industry forecasts, and financial analyses. Beyond current size, it's vital to understand whether the industry is growing, stagnant, or declining. This will inform the longevity and scalability of your solution within the market.

Determine if your product should be B2C or B2B, and understand who makes the purchasing decisions. Gauge the openness of your target audience in regards to adopting new technologies. Early adopters in tech-savvy industries may be more willing to try out new solutions, compared to traditional sectors resistant to change.

Nonetheless, if your product solves a big problem, people will adopt it!

Competitive market analysis

Study your competitors to identify their strengths and weaknesses. Analyze their features, pricing models, customer reviews, market positioning, and content strategy. Tools like Semrush, SimilarWeb, and competitor websites can be helpful.

Create a detailed comparison of your competitors' features vs. your own. This helps you identify the unique selling points of your product. Consider user interface, ease of use, customization options, scalability, and integration capabilities.

Use social media, customer reviews, and Google My Business to gauge how customers perceive your competitors. Look for recurring praises or complaints.

Finding communities

Finding your first potential users can be challenging. Try a simple Google search for: "Your target audience + 'community'"

Also, don't forget about hashtags! Search hashtags on various social media platforms, using those closely related to your target market.

Find your audience, then engage them!

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from the Growth Trends newsletter

🎮 All three game console makers have now abandoned X integration.

✨ Here are the types of emails that get the most engagement.

🧐 Five reasons your content isn't ranking on Google.

💲 Link to your product here. Our most affordable ad.

🔎 Amplify your organic efforts to fully leverage social search.

🫣 This startup's spray-on condoms left much to be desired.

Check out Growth Trends for more curated news items focused on user acquisition and new product ideas.

by Wyatt Feaster

While building Email Emu, I have been looking at how different brands do email marketing. I'm sharing some lessons from Canva's strategies that have helped me! (I have no affiliation with Canva.)

The company

Canva is a design software company that enables businesses and individual creators to enhance their video, photo, and digital content creation processes.

It offers numerous free templates, aiding users in generating content. Here's how Canva killed the email marketing game.

Encouraging engagement through streaks

People naturally don’t like to break streaks. Streaks give them satisfaction. Canva motivates its users to return to the platform consistently by integrating streaks into its user experience, which then gets showcased in its emails.

This regular engagement not only provides Canva with additional opportunities to upsell and increase user retention, but also contributes to reducing churn rates.

The company reminds users when time is running out, which creates a sense of urgency and boosts engagement.

Highlighting community achievements

Canva fosters a sense of community by hosting award programs where users can vote for their favorite designers and creators. These initiatives keep users engaged with the platform, and tap into their emotional need for recognition and contribution.

Winners likely experience a rush of endorphins, and are inclined to share their success with friends. This serves as free marketing for Canva. Win-win.

Inspiring hope through contests

Canva aims to boost user engagement by appealing to the emotion of hope, particularly targeting individuals who are currently on the free version.

For example, Canva offers a contest where users can design a weekly planner for a chance to win a prize package valued at $140, including a six month Pro subscription and a $50 gift card.

This strategy not only provides participants with the hope of winning, but also enriches Canva's template offerings, which can be shared across the platform for broader use.

If you like this content, check out my newsletter here!

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by Rob Hope

Strengthen your landing page with these design, development, and conversion tips!

Delay your chatbot.

If you feel your landing page benefits from a chatbot, only kick it off once your visitor has scrolled to the pricing table, FAQs, or footer.

A corner chat notification on arrival wrecks concentration, and you can’t afford to distract visitors while they decipher what you do.

Subscribe to Rob's One Page Love newsletter for his favorite UI, design, and development finds.

by James Fleischmann

Neel Bhattacharya is hustling to get out of the corporate grind. She has the runway; all she needs is the revenue!

The background

Neel grew up in Lucknow, India, in a fiscally conservative family focused on saving. As a result, she knows how to save money, but struggles with calculated risk-taking.

Her ambition took her to Delhi to pursue higher education, then on to Australia for a big opportunity at a tech company.

Starting fresh in a new country was challenging enough, but it was made even more so by the fine print of the job. Unbeknownst to Neel, it required working around the clock to support teams in the US and Australia.

She couldn't quit at the time because of her work visa, so she just muscled through it...and was able to buy her first home!

Launching, selling, building

When COVID-19 hit, Neel launched a creative marketplace while working full-time. But she struggled to balance it all, and eventually sold the marketplace for a pittance.

Recently, she began feeling the indie hacking itch again. So, she built Alternative AI, a comprehensive AI toolkit and directory that serves as a one-stop platform for AI developers, businesses, and enthusiasts. It provides a curated list of AI tools, resources, and services to accelerate AI projects.

After building it, she left it on its own with zero marketing, and it hit 1K+ signups. With that validation, and six months of runway, she's ready to dive into the business full-time.

She plans to monetize via advertising, sponsored content, consulting services, trainings, and premium listings that give AI developers enhanced visibility.

The finances

Neel prioritizes financial planning and invests routinely, primarily in stocks and property. She is currently $1.14M in debt, including $50K in credit card debt.

Neel is okay with debt because it's a tool she's using strategically. It's part of a broader plan that's about growth, opportunity, and smart management.

Advice for founders

When you're starting, think big, but start small. Focus on making money early, and spending wisely. Keep it simple, and build your business step by step!

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by Tweetmaster Flex

I post the tweets indie hackers share the most. Here's today's pick:

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Special thanks to Jay Avery for editing this issue, to Gabriella Federico for the illustrations, and to Tucker George, Darko, Wyatt Feaster, Rob Hope, and James Fleischmann for contributing posts. —Channing