First Milestone Reached: $1000 ARR
It's 2 weeks since I launched the first product and a couple of days before I leave Bali for BKK. I'm happy to announce that Mojosaas is now at 1% of the ARR target!
Before you get too excited, note that I'm talking about Annual Recurring Revenue. Monthly revenue is yet to break 3 digits :) But this is a healthy start, considering I have not done any real marketing yet.
So just what have I been doing since the launch of Votemojo and what's next?
Product #2 is launching next week
I've spent the last couple of weeks working on the next mojosaas product. It's an API-like service, something I mentioned as one of my SaaS idea evaluation criteria and I'm aiming to push it live by the middle of next week.
I'm honestly quite excited by it as it's my first "API" product, and I've been using it as an end-user for the last few days and I personally find it very useful. Time will tell if the market feels the same!
More on this new product next week :)
Marketing, marketing, marketing
After the launch of product #2 I'm planning to really switch gears into marketing mode and pause any major new build effort. Currently the only people who know about mojosaas products are the folks who have signed on to the mailing list (thank you, you are all amazing!), plus a percentage of my twitter followers who happen to catch the announcements. I need to significantly widen the top of the funnel of votemojo prospects and product #2 prospects.
I'm planning to do that via the strategies that I know and understand, rather than try new and experimental methods.
So the next phase of marketing will mostly comprise of:
- Blogging, newsletters and content marketing
- Community participation
- SEO / Increasing the footprint and quality of the product marketing pages
$1000 MRR by New Year 2020
I've also decided to commit to a sub-goal of $1000 in Monthly Recurring Revenue by the end of the year.
The $100k ARR goal is still my target for end of next year, but it's this big faraway number that's hard to process right now while I'm in this nascent stage. So along with some other folks from hackagu (a Bali-based coworking / coding group I've been joining while here) I'm going to aim for $1k MRR by the end of the year.
If I achieve that, I would be 12% of the way towards my goal.
Goal setting should follow certain principles - one framework you can use is SMART, where goals should be:
$1000 MRR by the end of the year checks all those boxes, so it's a great goal to have!