Stripe Atlas: Getting your first 10 customers
stripe.com
stripe.com
1. I answered Quora questions for which my product was a potential answer.
2. To each person who followed links from the Quora answers to my site and signed up, I wrote a short email asking if I could personally help. I tried to make it obvious these were not auto-generated emails.
3. I did all I could to help the people who responded.
What I didn’t do:
Email cold prospects.
I know Patrick (author of the article), and I hold his advice in high regard. I just want to show that there is another way to get the first 10 customers.
As a dev I'm constantly evaluating trade-offs between products and its gotten to the point that for many subjects I won't even check quora links.
As a dev I don't mind these pitches when looking for tools. The comments/votes often provide a rather complete picture, at least for the most active questions
Probably works for a while still, since Quora ranks high on Google searches
There are a lot of ways to business. I think that tech-savvy founders often have an excessively narrow view of the solution set due to internal barriers -- I know of many founders (and have probably been one) who would be uncomfortable even inviting themselves into a Quora question.
My thoughts on this have matured a bit over the years, partly from seeing how effective one can be when combining classical sales techniques (like cold outreach) with being a savvy Internet citizen who provides value (like you did), and partly after having some experience from the other side of the table. I was a business owner for 10 years; answering unsolicited email is an important part of the job description. Yes you may translate that blog post, no I do not need an intern at this time, no interest on entertaining your guest post, yes happy to appear on your podcast, yes I will happily take a 15 minute call to talk about web analytics software with someone who sounds competent about it. Sometimes those calls result in purchases; that definitionally helped both sides of the transaction.
I was able to easily and succinctly describe my product and how it solved a problem all of them face (and that everyone's job in this field depends on), and I'm sure that helped me get my initial meetings.
We could even build a service to do all of that. I suggest calling it spam.io
From a practical level, it is worth including an unsubscribe link just to avoid having someone mark your email as spam after not being able to find the unsubscribe link.
It's a little utility to periodically push your Outlook calendar to your iPhone. It works even behind the most evil of firewalls and web proxies, because it uses email as the transport mechanism.
The premise is, you are in Corporate Hell. You want to have your work calendar appear in your iPhone.
Kudos to user logicallee who pointed out to me that the whole thing may look like some kind of trojan/exfiltration device. Hence, the option to buy the client source code, to verify no shenanigans is going on.
It appears to me that I can achieve the same outcome without paying for your service.
[0] https://support.office.com/en-gb/article/Synchronize-Outlook...
If you can use that solution, great for you.
Some differences:
- installing iTunes requires decent rights on your Windows account. Installing OutiCal requires only that you can install software in your %APPDATA% folder. You do not need to install in C:\Program Files\
- iTunes sync will only happen when you connect your iPhone with USB or local WiFi.
Now, if you can sync with iTunes WiFi, maybe you are not quite in corporate hell! In corporate hell, they have banned all sorts of Internet access except via Corporate VPN. Which your iPhone will never come near.
Also, even when you can sync with WiFi - this only works when your PC and your iPhone are both on at the same time and on the same local network.
https://OutiCal.com works even when the iPhone and the PC are on completely different networks and works even if they are not powered on or connected at the same time.
Does that make any sense?
[0] https://www.quora.com/What-are-the-alternatives-to-CloudSpon...
Interesting idea though. Consider me out-cyniced
Done properly, it could be a user-beneficial value-add that aligns their interests with users and people spamming the responses. This could in turn give them leverage to clean up said comments via policy/automation. Make it prohibited to spam answers, but offer an easy way to promote your services with/without a response required, and charge a reasonable fee.
As an aside: if you're trying to find something to build, just look through GitHub issues and look at the products waiting to be built ;)
Interesting idea. Thanks for that. On the topic of quora, I converted alot of followers by putting the product and describing it in depth on my profile. It happens to be a promotional tool. So Quora is so far the most effective strategy for me because a good number of people view my posts and most power users have something to promote.
Finding your first customers can't be automated, finding pockets of them and stitching those pockets into a funny MVP looking suit happens one conversation at a time.
The way credit card payments work seems backwards and hopelessly broken. I reached out to Stripe several times but keep getting the same templated response. What gives?
As an example, will the spammers click a validation link?
The problem isn't just the existence of scammers imho, the problem is that the two players with the most power to prevent fraud: The Bank, and The customers are incorrectly incentivised. The Bank doesn't care because it can foist responsibility onto the people moving the money from A to B (eg, Stripe, who then has to pass it onto the merchant) and the customer doesn't care because the bank uses its power to make sure the customer doesn't have to pay the consequences for being unsafe with their credit card information.
Until either the bank gets tougher on fraudulent activity (being more proactive about investigating accounts fraudulent payments went to, punishing customers for being loose with their credit cards, etc) or we can implement some kind of two-factor process inherent to the whole credit card system nothing will change.
>Payments that are successfully authenticated using 3D Secure are covered by a liability shift. Should a 3D Secure payment be disputed as fraudulent by the cardholder, the liability shifts from you to the card issuer.
>If the card or issuer isn’t enrolled in 3D Secure but the type of card could support 3D Secure (e.g., most Visa and Mastercard consumer cards), liability is still shifted to the card issuer.
https://www.candyjapan.com/behind-the-scenes/candy-japan-hit...
https://www.candyjapan.com/behind-the-scenes/how-i-got-credi...
I'm more amazed that Stripe hasn't reached out to you if you're getting 33% chargebacks. I thought the industry standard was that if your fraud rates are above 1% they'll flag your account, and above 2% you risk being permabanned by Visa/MC. (Perhaps that's outdated, I think I first heard that 10+ years ago.)
Stripe does warn me about the charge-backs.
I did a year of blog posts and email marketing before launching last December. Launch generated 30 customers and $45,000 in ARR.
Edit: I don't have the numbers in front of me but I spent $5-10k on FB ads prelaunch
I would simply see which blog posts are getting the best organic reach and boost those. Grew my email list to 2,500 in six months.
Have you tried publishing a column in newspapers and the like that farmers typically read? I bet it would be popular and a powerful source of leads.
While most of the advice is better suited to well-funded startups a lot of the tactics can be improvised for smaller startups as well.
Another tactic I highly recommend in your emails to prospects is to use personalization. Make sure that your opening has a direct and personal appeal to the customer. In order to look for avenues for personalization look at news about the target company, events and product launches or news aligned in the business segment. I have even seen one industrious sales rep use college football news as part of their personalization tactic.
After reading that book, it really opened my eyes to all the possible distribution channels and every single one, when executed well, can be success including ones thought to be so low-tech. Which really leads to the mantra of go where your customers are regardless of whether they are online or not. Offline channels can be very effective.
I am sure both cold emailing and inbound marketing have their own place, but this guide seems slightly uncharacteristic of what Patrick has recommended—and found success with—over the years.
The lead time on writing emails is pretty short; you can execute on it today, have a call lined up for Thursday, and get agreement in principle by Friday (depending on the complexity of the sale, but assume something which could be adopted in a low-touch fashion). Having a customer on Friday is a lot more effective in terms of learning what still sucks about your product than getting your first customer in February 2018.
Your mileage may vary; there are lots of ways to play mix-and-match among approaches here. (I'd note that most of my previous success with high-value deals was indeed mix-and-match; something inbound like "Hey I liked this blog post" from a software company occasioned "Really glad to hear that. I have some thoughts about how it is relevant to your situation, too: $THOUGHT, THOUGHT, THOUGHT. Would you like to discuss in more depth?" occasioned Actual Sales Work (TM) quite a bit of the time.)
So basically the answer is given but I also add my relevant link for rewarding myself, having answered that question for free and hoping it helped the person asking in exchange for a click to my brand seems fair.
Out of curiosity, why wouldn't you push it to $500? Your market, in my naive outsider view, seems to have the discretionary income to handle that.
I ask because I'm wondering at what point do you determine you've set too high of a price? Was there considerable drop-off in conversions near that number? Or a gut feel?
Problem: a tesla owner takes his tesla in for servicing. Servicing center has no loaner for him. Service center rents a tesla from my platform for the customer. Problem is inventory. Also tesla can use my platform to get customers in for a short term rental then try to convert them into a sale ( sell them a tesla)
So new business models are unfolding. there are other ways to make sales. I will of course test my threshold. ;-)
If you jump to $500 and some pay, but not enough, then you revert to a lower number, people who paid $500 may feel slighted. Moving up at $50 reduces the impact and those who paid lower will feel like they got a bargain. Maybe...
In fact, attempt to start engaging with prospects through the product development process. This tactic is very useful both for product validation and messaging validation.
Is this in reference to Bingo Card Creator and Appointment Reminder? Or was there something equally notable in Patrick's international business track record?
He got a great following on HN, so great that Stripe hired him. :)
[Note, as the site is defunct, it appears the TLS certificate hasn't been renewed and so you'll probably get a security warning from Chrome.]
2. Get booted at 11th customer cause their underwriting doesn't like your name.
3. Use different provider.
It's inconsistent, bad actors linger and good actors are booted for a "bad name" while other actors in the same space continue.
All while Stripe tries to play some saviour role, you're just a CC processor, same core issues as the rest. Just have a shiny UI+API
[0] http://edoceo.com/blog/2017/04/stripe-rubbing-salt-in-the-wo...
My point was more about OP's presentation of why they could not participate. It's pretty clear they're an edge case in an edge case industry -- I cannot judge a large company being risk averse when there is no incentive for them to take on the risk.
(That said, if anyone solves cannabis banking, they are going to be a unicorn.)
I told them to check first, cause I don't want to move platforms then have an issue.
So, weeks later they told me that underwriting doesn't like my new name and I won't get to use their platform.
Bad names include the terms "weed" or "the". Acceptable words are "GrowFlow" or "Mister Kraken" - direct competitors who basically sneak through.
Even when everyone knows what's going on everywhere.
Am I parsing this wrong? $500/month x 12 = $6,000. $6,000 > $5,000. So wouldn't both of these examples require high-touch? Maybe that was a typo and it's supposed to be $50 not $500?
Or is the focus supposed to be on monthly vs annual billing?
How is this article #1 on HN being up for 30min w/o any comments?
"Hey all, just posted the article. Please go upvote and don't follow links to vote"
Because HN saves the list of things you've upvoted, I will at times upvote things that I know Patrick has written because I know it will be a good thing to read when I later get a chance.
Because the article is heavy on word count but light on details.
The author should provide details on the benefits of posting such an article in the first place (potential front page on HN, SEO, nurture customers), which could yield better results compared to what the author actually recommends in the article (spamming).
Did you actually read the article?
SEO won't get you customers. Selling will.
He's saying, sell manually at first so that you can get to know your customer (and also see if your product is valuable). I.e. put in the time. This is universal sales 101.
Spending time getting HN frontpage or months on SEO won't get you any customers.
Sell.
I read the article up until that point.
==
Edit:
I'm just saying ... Google "how to get your first 10 customers"
https://www.google.ca/search?q=how+to+get+your+first+10+cust...
This article has hit the front page. I'm sure most businesses owners looking to get their first 10 customers research those keywords, and may be looking for a payment solution, to get incorporated etc. So the subtle SEO here helps Stripe / Stripe Atlas get more customers.
Furthermore, as a startup, content like this allows you to post and promote your brand on Quora, HN, Reddit etc., which can start conversations that lead to sales. These types of posts particularly work great on popular entrepreneur forums.
We got many of our first customers, and continue to get customers, by posting content. Combined with a free option. So far we haven't done any spamming via cold emails.
Certainly cold emails can work, but they may also come across as being "spammy".
Also, marketers ruin everything. That's just a part of the game.
And yes getting an email about something that I'm not interested in, i.e. 100k bulk email sucks.
Getting a personal email about something that I need is different. I.e. qualifying your leads.
Provide value first then take profit.
What's with the hyperbole? Of course SEO can get you customers. I got all my customers through SEO.
The Subject of the article is interesting.
The author is popular, and his audience is highly familiar with hacker news.
If you want a post to get upvotes, this one is "doing everything right"
patio11 + Stripe = Instant #1.
I thought it was a well-written article at least. For me I'm more interested in prospecting from various travel-related forums, but much of the remainder sounds like things that I can try. I'm terrible at sales, so even the basics are interesting to me.
Duplicate submissions count as an upvote to the original post.
If you have a source which is known is being popular by the community (i.e. stripe), then there is a race to submit that article to reap the karma of submitting that article.
That race causes duplicates which in turn increases the karma for posting that article first and pushes it to the front-page where it will get even more karma.
That causes a positive feedback loop which keeps that source popular as a source with which to "karma race", regardless of the post quality being sustained.
In this case I haven't read the post itself, so it may be of good quality, but it is a manner in which posts from certain sources quickly reach the front page seemingly without much community interaction.