How Upvoty grew to $35k/month

In your own words, what does your company do?

Upvoty is a user feedback tool that collects and manages feedback from your users in one overview.

📈 Monthly revenue: $35,000

📈 ~% Churn: 5% annually

📈  ~% Net profit: 77%

📈 Funding: No

📈 What was the initial cost/investment to start the company? $15,000

📈 Number of team members: 7

📈 Started: Private beta launch in June 2018 – Public launch in Feb 2019

How does the company make money?

💰 Subscriptions: We’re a SaaS company, and we make money by selling subscriptions to our customers. We offer 3 tiers: the lowest tier is $15 a month, the middle one is $39, and the highest tier is $75 a month. By far, most of our customers are on the middle plan.

4 strategies that have worked to attract and retain customers?

✅ Communities: Joining Facebook groups, Communities, and sharing our journey.

✅ Google Ads: Targeted at the unhappy customers of our competitors.

✅ YouTube: Mike’s videos.

✅ Podcast: Mike’s Braintales Show.

✅ Content: our blog targets our ideal audience very well.

3-4 things that haven’t worked (or didn’t work as well) when it comes to growing the company?

❌ Cold outreach: Starting a chat on the site of a potential customer.

❌ Social Media Ads: Didn’t perform well.

Through starting & growing the business, what have been the 3 key lessons that have possibly changed the trajectory of the company?

✅ Sharing our journey in public through Mike’s Instagram and YouTube was a game changer, it resulted in people advocating for us.

✅ Listen to user feedback while building our own product (of course by using Upvoty).

✅ Advertising on Podcast shows was the only real advertising strategy that worked out.

3 things that you’ve learned about hiring and retaining great talent?

✅ Always document right from the start. Build your business like you’re working with employees right when you first start out. This will help you save time when people actually join, but on top of that, it’s a nice reference for yourself as well. We document everything in Notion: from workflows to the use cases of our customers.

✅ Simplify processes. Ensure employees and partners can work seamlessly on their tasks within the business by giving them the freedom to do so. You’ll inevitably get more done.

✅ Vision matters. Make sure you hire people that understand the vision of the company and have a passion for the problems you’re solving. No matter how skilled they are, if they’re not willing to fight for a better world within the space you’re operating in, sooner or later, it will not work out.


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