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The Product Launch Podcast

Author: Sean Boyce

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Sean Boyce from NxtStep shares the latest B2B SaaS strategies to help you succeed. The show covers everything from identifying problems worth solving to scaling B2B SaaS businesses. Sean will walk you through what he is building in real-time and share those results with you so you can learn from his successes (and failures) and apply what works to your B2B SaaS to generate real results.
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Join Sean and tech whiz, Melissa Kwan, as they unravel the allure and struggles of bootstrapping startups. Melissa dives into founding eWebinar and transforming pains into gains, all while crafting a business that perfectly suits her digital nomad lifestyle. She drops valuable gems on pricing pitfalls and the underrated power of slow growth. Don't miss these candid confessions!Here are a few of the topics we’ll discuss on this episode of Product Launch Podcast:Bootstrapping is a lifestyle, not just finance.Price on value, not just to compete.Growth is slow and steady, not instant.Solving personal problems can fuel success.Grandfathered pricing can be a trap.Resources:eWebinarNxtStepPodcast ChefConnect with Melissa Kwan:LinkedInConnect with our host, Sean Boyce:LinkedInEmailQuotables:13:33 - Sean: So I'd love to hear you talk a little bit about why that strategy makes the most sense for you and how it compares to basically whatever type of situation you may have found yourself in if you were fundraising instead.Melissa: Yeah so my first company was Bootstraps because I didn't know that raising money existed so this was 13 years ago like all the tech stars and Y Combinators came after that like shortly after that. But like you know I'm from Vancouver so it wasn't a big tech community right back then it was just meetups and then I guess along the way I learned that you know people raise money and build companies on other people's money which actually seemed pretty cool at the time but I didn't really understand that concept.5:44 - I think when you build a company it becomes so much of your life and you're spending so much time on it that you have to start with what makes you happy first. And that's what I didn't do in my previous two startups I was like this is an idea it makes money, let's do this. But for 10 years I was always discontented and frustrated because I didn't start from a place of love I guess, like and love for myself.05:48 - So coming to eWebinar I didn't choose eWebinar as a business. I really sat down and I wrote 10 non-negotiables that I had to have in my next business so things that made me happy. For example, I have to have a completely remote team of contractors because I know I'm not really great at managing people hiring and firing and having those tough conversations I wanted a product that could be sold 100% through the internet I was so sick of going to conferences and sitting at booths and doing face-to-face meetings.03:10 - So I ended up living the problem of doing you know repetitive trainings and onboardings and always wondered why there wasn't an incredible product that solved that problem. And I think being able to build a company that solves a problem that I know so well and one that I feel really connected to because you know freedom has always been my number one priority and that was a problem that was restricting me from living my life cause I was also also digital nomadding.08:30 - And if you think about those things like Alibaba, for example, was like the eBay of China right. They didn't need to show the world eBay was successful eBay was already successful, like Word for example was not the first Word software so it's kind of along the same line. So I think first is like make sure it's something that makes you happy that you want to work on and especially if you're a bootstrap company don't go and try and start a blue ocean opportunity unless you know exactly what you're up against. Find something that you know you can improve and make that your business and you can probably cut down on at least two or three years of trying to get something new out there on the market. Free Email CourseHow to Build a Profitable AI-Powered B2B SaaS Business for Less Than $750 - https://nxtstep.io/b2bsaasConnect with SeanSubscribe to my YouTube Channel - https://www.youtube.com/@nxtstepseanConnect with me on LinkedIn - https://www.linkedin.com/in/sean-boyce/Notes generated by Podcast Show Notes  (podcastshownotes.ai)
Dive into the journey of John Li, PickFu's co-founder, as he switches from tech giant to startup maven, revealing how keen insights and customer feedback fuel software success. Discover how PickFu's savvy use of AI revolutionizes consumer research, making it a game-changer for all seeking market savviness.Here are a few of the topics we’ll discuss on this episode of Product Launch:Insights on finding product market fit.AI integration and the future of PickFu.Co-founders quit Big Tech jobs.PickFu's evolution from side to main.Importance of the qualitative feedback.Resources:PickFuNxtStepPodcast ChefConnect with John Li:LinkedInConnect with our host, Sean Boyce:LinkedInEmailQuotables:1:33 - We realized, we quickly realized that doing display advertising is not a fun game. It's not a fun industry to be in. And so we've built a number of products along the way. One of those things along the way that we built was PickFu. So initially Justin and I were trying to figure out ways to get unbiased feedback and also being just two co-founders trying to figure out a tiebreaker. And so being the engineers that we were, we didn't really want to talk to strangers at a coffee shop. So instead we built a tool to help us get unbiased feedback from a whole bunch of strangers on the internet.4:13 - I wish I had a really good answer for you, but I think it was really more about, well, trying to see it as many industries as possible and seeing which ones, which ones got the most value, like which customer segments got the most value from our product. We've always built PickFu, it's a, you know, consumer research platform to make it as simple as possible for anyone to access a pool of consumers to get unbiased feedback for their creatives. So we try to make it industry-agnostic. It still is industry agnostic, but just sort of trying different customer segments like, hey, how do authors like it?8:11 - For other places there might be more dots to connect, in which case it's much harder to make that value prop. Like for example, if you're a game developer, game developers use PickFu, like a kind of like a digital focus group to market test different character designs or different game concepts before launching. Now I think we provide a lot of value in that situation, but it's much harder to make a economic argument at that point. 15:06 - I think we, we try to tell our customers, you know, you want to test before you invest, right? Like, and previously you don't have that capability, but PickFu does give you that opportunity to test the hypotheticals to test in a sandbox. I mean, we have software companies who are using PickFu to test their landing pages, their billboards, their, you know, their Google ads, all of this stuff. Because why wouldn't you wanna know how your market's gonna react before putting, you know, either launching it or putting a whole bunch of paid spend behind it. 21:53 - We hear that a lot from our users is that there's a nice magic moment of when they're actually seeing they, we try to make it easy to set up a poll so it takes like a minute or two, right? And then once you launch it, it goes out, it goes out to the panelists. The crazy thing is that those panelists start responding immediately. So it's almost a game of watching, hey, you know, there's another person coming right now and they're, what are they gonna say about, you know, what are they gonna say about my website or my, you know, or my creatives or so on. And it's, yeah, it's pretty addictive. Free Email CourseHow to Build a Profitable AI-Powered B2B SaaS Business for Less Than $750 - https://nxtstep.io/b2bsaasConnect with SeanSubscribe to my YouTube Channel - https://www.youtube.com/@nxtstepseanConnect with me on LinkedIn - https://www.linkedin.com/in/sean-boyce/Notes generated by Podcast Show Notes  (podcastshownotes.ai)
SummaryDive in with Sean as he spotlights the power of SaaS communities! Yearning for your feedback and eager to foster dynamic interactions, he unveils a thrilling offer for listeners to join his nascent community for free. Email or survey, choose your path to shape content that resonates with you. Hit play for an episode that bridges the gap between podcast and participation.Key PointsBuild a SaaS community.Sean seeks listener engagement.Free community access offer!Use email/survey to respond.Help shape future content.Quotes"I love creating the podcast. I love chronicling the things that I'm doing with my SaaS businesses and sharing those strategies with you. But part of what I don't get is feedback from you and questions from you."CommunityIf you're interested in joining the community, email me at sean@nxtstep.io Free Email CourseHow to Build a Profitable AI-Powered B2B SaaS Business for Less Than $750 - https://nxtstep.io/b2bsaasConnect with SeanSubscribe to my YouTube Channel - https://www.youtube.com/@nxtstepseanConnect with me on LinkedIn - https://www.linkedin.com/in/sean-boyce/Notes generated by Podcast Show Notes  (podcastshownotes.ai)
SummaryDive into AI's rapid evolution with Sean's latest panel experience! Uncover why businesses lag in tech adoption, the SEO balancing act, and making smart tech choices. Plus, learn to leverage AI for operational efficiency and potentially create market-worthy solutions of your own!Key PointsMost businesses lack an AI strategyKeep pace with SEO's AI transformationOvercoming tool selection anxietyAI as a tool for operational efficiencyBuilding and marketing your own AI solutionQuotes"It's really interesting to get a sampling from folks out there in terms of where they're at related to artificial intelligence.""My best advice is to keep one foot in the old world and one foot in the new world." Free Email CourseHow to Build a Profitable AI-Powered B2B SaaS Business for Less Than $750 - https://nxtstep.io/b2bsaasConnect with SeanSubscribe to my YouTube Channel - https://www.youtube.com/@nxtstepseanConnect with me on LinkedIn - https://www.linkedin.com/in/sean-boyce/Notes generated by Podcast Show Notes  (podcastshownotes.ai)
SummaryDive into the seismic shifts challenging SaaS companies in 2023's economic terrain! Sean unpacks the OpenView Benchmarks report, reveals key survival tactics for SaaS founders and CEOs, and uncovers the profitable edge AI integration offers. Tune in for insider insights to pivot, adapt, and outperform in a financial squeeze!Key PointsSaaS trends from OpenView 2023Economic dip's impact on SaaSAI native companies excelMonetizing AI fosters growthOnly 15% capitalize on AIQuotes"'cause it was so cheap to access money. Money was cheap because interest rates were low.""But good news is there are pockets here where performance hasn't just beat expectations, but actually they're growing faster than anticipated.""You have a greater than three times likelihood of being an outlier in that growing faster than a year before if you are an AI native company.""What you need to do is figure out not just how to leverage it appropriately, but you have to figure out how to successfully monetize it.""If you can do that, you can dramatically increase the probability of better financial performance in a more difficult economic climate for your SaaS company." Free Email CourseHow to Build a Profitable AI-Powered B2B SaaS Business for Less Than $750 - https://nxtstep.io/b2bsaasConnect with SeanSubscribe to my YouTube Channel - https://www.youtube.com/@nxtstepseanConnect with me on LinkedIn - https://www.linkedin.com/in/sean-boyce/Notes generated by Podcast Show Notes  (podcastshownotes.ai)
SummaryJoin Sean as he decrypts the world of design patterns, focusing on the seamless authentication revolution of one-time passcodes (OTPs). Learn why rehashing old methods is out, and how adopting OTPs can be a game-changer for software innovation and security.Key PointsDesign patterns simplify innovation.OTPs transform authentication.Password management made obsolete.Exponential improvement with OTPs.Guide to essential design patterns.Quotes"What they (design patterns) are essentially is the modern day standard for how something should work.""You punch in your email. If you wanna go that route and it sends you a code, you punch that code in and you're good.""So if you can ever eliminate steps in the process and accomplish multiple things at the same time, that is, and what I refer to as an exponential improvement, or like a 10 x effect could be 10 times better than the previous design." Free Email CourseHow to Build a Profitable AI-Powered B2B SaaS Business for Less Than $750 - https://nxtstep.io/b2bsaasConnect with SeanSubscribe to my YouTube Channel - https://www.youtube.com/@nxtstepseanConnect with me on LinkedIn - https://www.linkedin.com/in/sean-boyce/Notes generated by Podcast Show Notes  (podcastshownotes.ai)
SummaryDive into the SaaS world with Sean as he unpacks OpenView's latest report. Discover why growth rates are plummeting and which outliers are defying the trend. Is it all about AI and vertical specialization? Tune in for insights on the evolving SaaS landscape amidst a shifting economic climate.Key PointsSaaS growth rates decline sharplyEconomic climate impacts SaaSOutliers defy downward trendsAI-native SaaS sees successSpecialization boosts SaaS growthResourceshttps://openviewpartners.com/2023-saas-benchmarks-reportQuotes"Some, I would say a third is not all that uncommon based on the data that I'm looking at. Some of them are down by half or more than half, which is a pretty dramatic fall off from where we were previously just a year ago.""There's been a pretty dramatic shift in the macro economic climate that's predominantly been the catalyst of which I would say has been the steep increase in interest rates.""However, the remaining category, the outliers that I mentioned that makes up the balance, which is about 27%, those companies are growing faster than last year.""Now in the report, and I'm gonna dive into this in greater detail in future episodes, but they categorize anyone that's falling into this category that's growing faster than last year as, which probably won't become a surprise to many those companies that are AI native.""So the more specialized your SaaS product is, the higher growth rate those companies have seen as well." Free Email CourseHow to Build a Profitable AI-Powered B2B SaaS Business for Less Than $750 - https://nxtstep.io/b2bsaasConnect with SeanSubscribe to my YouTube Channel - https://www.youtube.com/@nxtstepseanConnect with me on LinkedIn - https://www.linkedin.com/in/sean-boyce/Notes generated by Podcast Show Notes  (podcastshownotes.ai)
SummaryEver excited about creating something groundbreaking only to overlook essentials? Sean dives into the innovation paradox, sharing epic blunders from tech history and tips to ensure new solutions don't leave users cold, or in some cases, literally cold. Tune in and learn to innovate without sacrificing the crucial bits!Key PointsUnderstand before innovating.Some legacy features are vital.When new doesn't always mean better.Costly redesign blunders.Innovate without losing functionality.Quotes"What I mean by that is providing supposedly updated, arguably better solution, but missing something important, which ultimately means you take functionality away.""So we have, as a family had problems multiple times where it's too cold outside, we can't turn on the heat, it's too warm outside, we can't turn on the air conditioning." Free Email CourseHow to Build a Profitable AI-Powered B2B SaaS Business for Less Than $750 - https://nxtstep.io/b2bsaasConnect with SeanSubscribe to my YouTube Channel - https://www.youtube.com/@nxtstepseanConnect with me on LinkedIn - https://www.linkedin.com/in/sean-boyce/Notes generated by Podcast Show Notes  (podcastshownotes.ai)
SummaryIn today's episode, Sean dives into the profits vs. growth debate, inspired by startup dramas from Silicon Valley. He analyzes the roller-coaster stories of WeWork and Uber, urging a pivot to profitability over reckless expansion. Tune in for a gripping discussion on sustaining software businesses through smart economics, and why growth for growth's sake can be a perilous pursuit.Key PointsImportance of profitability in SaaSGrowth vs. solid economics debateWeWork and Uber's dramatic storiesPitfalls of growth for growth's sakeControl and ownership through profitQuotes"Now, I wanna talk to you about this from the perspective of a couple of drama series that I've dove into regarding kind of these spectacular successes and failures in the startup world.""Not a hundred percent sure why perhaps some precedents were set along the way, but it certainly appears that that is a flawed strategy for a bunch of obvious reasons.""But growth for growth's sake is severely flawed and it's ridiculously unsustainable at the same time.""The sooner you do that, the more you remain in the driver's seat, the more that you remain in control, the more that you remain largest percentage owner of your business..." Free Email CourseHow to Build a Profitable AI-Powered B2B SaaS Business for Less Than $750 - https://nxtstep.io/b2bsaasConnect with SeanSubscribe to my YouTube Channel - https://www.youtube.com/@nxtstepseanConnect with me on LinkedIn - https://www.linkedin.com/in/sean-boyce/Notes generated by Podcast Show Notes  (podcastshownotes.ai)
SummaryJoin Sean as he decodes the US economic tremors and their ripple effects on tech and software companies. From rising interest rates to strategic survival, this episode is a must-listen for every techpreneur seeking to steer their ship through stormy monetary seas.Key PointsIn-depth look at US economicsInterest rates rocking tech boatsLayoffs & hiring freezes insightSaaS spending and growth tipsProfitability as a safety netQuotes"Now, something I may not have shared before is I actually have quite a bit of experience and background in business in addition to my background and experience in tech and engineering.""And what is happening at the moment is there's a tightening in the broader US economic cycle.""Now, they typically do that when something like inflation starts to increase significantly and apply a lot of pain to American consumers.""So if you haven't noticed, there has been a pretty rough patch for the tech industry.""A lot of the larger companies were laying off thousands of people.""If you have solid fundamental economics and your business is profitable from day one, Then these larger gyrations in the broader economy are not nearly as impactful to what it is you're trying to do.""'because it puts you in the driver's seat and it significantly reduces the negative impact these gyrations on the water the larger, broader economic landscape can have on your business." Free Email CourseHow to Build a Profitable AI-Powered B2B SaaS Business for Less Than $750 - https://nxtstep.io/b2bsaasConnect with SeanSubscribe to my YouTube Channel - https://www.youtube.com/@nxtstepseanConnect with me on LinkedIn - https://www.linkedin.com/in/sean-boyce/Notes generated by Podcast Show Notes  (podcastshownotes.ai)
SummaryDive into the AI tidal wave with Sean as he shares vital strategies for software company founders. Discover how to shield your innovations from copycats, why niche dominance is key, and why playing it safe could be your biggest risk. Tune in for an insider’s take on staying afloat in the bustling sea of AI development.Key PointsDisruption is rapid in the AI era.Importance of defensible strategies.Markets are quickly saturated.Niching down boosts defensibility.Diverse product strategy is safer.Quotes"Progress is gonna continue to fly at us more quickly than ever because of how capable these tools are in terms of enabling you to build something rather impressive rather quickly.""Markets for low touch software products in the AI era are becoming more saturated more quickly, which means that if you're to continue to double down on whatever it is that you've built, you really need to do so in a direction or area that starts to add back some of these areas of defensibility...""So if you've built a low touch software product, if you turn it into a business rather quickly and cost effectively, just expect others to be able to do the same." Free Email CourseHow to Build a Profitable AI-Powered B2B SaaS Business for Less Than $750 - https://nxtstep.io/b2bsaasConnect with SeanSubscribe to my YouTube Channel - https://www.youtube.com/@nxtstepseanConnect with me on LinkedIn - https://www.linkedin.com/in/sean-boyce/Notes generated by Podcast Show Notes  (podcastshownotes.ai)
SummaryDive into the AI frenzy with Sean and learn why there's no need for panic. From AI adoption curves to practical applications, get the reassurance you need to embrace technology without fear. This episode is your guide to understanding AI’s true pace of change and how it can be a powerful tool in your arsenal.Key PointsAI isn't changing everything overnightAdoption of new tech takes timeLearn AI at your own paceUse AI effectively in businessDon't panic, just understand & applyQuotes"The daily lives of most folks shouldn't change dramatically all of a sudden.""It's still important though, for you to invest the time and energy to figure it out, understand it, and most importantly, focus in an area where it can help you.""There's a lot of ways to be able to make significantly more progress and a lot less time because of what these tools can do." Free Email CourseHow to Build a Profitable AI-Powered B2B SaaS Business for Less Than $750 - https://nxtstep.io/b2bsaasConnect with SeanSubscribe to my YouTube Channel - https://www.youtube.com/@nxtstepseanConnect with me on LinkedIn - https://www.linkedin.com/in/sean-boyce/Notes generated by Podcast Show Notes  (podcastshownotes.ai)
SummaryDive into the world of SaaS advertising with Sean's expert take on how to go from naught to a software sensation! Get the scoop on early validation, economical campaigns, and savvy scaling. Let's turn your software dreams into profitable realities.Key PointsValidate SaaS ideas with adsSave resources with strategic testingCreate landing pages for impressionsUse ads for early business proofPlan for scalable ad campaignsQuotes"Some people love it, some people hate it. My opinion, I've kind of been on both sides of this spectrum, probably somewhere in the middle, but I certainly lean towards the fact that advertising can provide a lot of value for us who are building software companies.""I've been working on product X for months, maybe years. I spent a lot of time, I spent a lot of money and I can't get anyone to use it, or I don't have any users, or I can't get anyone to pay for it, something like that.""You can do the keyword research, you can figure out what the volume looks like in terms of who's searching for that.""I've made those mistakes. I'm trying to make sure you don't.""You can validate all these things by designing and building an ad campaign and marketing it through a landing page that gives the impression that you already have the software.""I've done this very recently and this exercise works very well that you don't need the actual software to test whether or not your concept, your idea can be successful as an actual business." Free Email CourseHow to Build a Profitable AI-Powered B2B SaaS Business for Less Than $750 - https://nxtstep.io/b2bsaasConnect with SeanSubscribe to my YouTube Channel - https://www.youtube.com/@nxtstepseanConnect with me on LinkedIn - https://www.linkedin.com/in/sean-boyce/Notes generated by Podcast Show Notes  (podcastshownotes.ai)
SummaryDive into the world of low-touch software business with Sean. Discover the skyscraper technique's role in content marketing, SEO and how it helps us perform competitive research better when it comes to low-touch software products. Join us as we explore competitive research, product-led growth, and Sean's unique insights on building innovative tools. Watch, listen, and level up your product game!Key PointsYouTube move for daily podcastsAdvantages of low-touch softwareSEO and skyscraper technique valueGaps in the market & competitive researchProduct review videos for insightQuotes"I'm starting to record my daily podcasts as live streams or prerecorded videos.""Now, as I've been doing the product review videos, I've been learning a lot about what other people Are building in the area in which I wanna build software." Free Email CourseHow to Build a Profitable AI-Powered B2B SaaS Business for Less Than $750 - https://nxtstep.io/b2bsaasConnect with SeanSubscribe to my YouTube Channel - https://www.youtube.com/@nxtstepseanConnect with me on LinkedIn - https://www.linkedin.com/in/sean-boyce/Notes generated by Podcast Show Notes  (podcastshownotes.ai)
SummaryIn this episode, Sean discusses the concept of product-led growth and the advantages it offers to software companies. He highlights how a product-led approach simplifies the customer experience and enables efficient and scalable growth. By keeping software simple, companies can leverage product-led techniques to achieve success with minimal resources.Key PointsProduct-led growth involves leading with the product in all aspects, using concepts like freemium tiers and free trials.Getting people into the product early accelerates the decision-making process and helps users determine if the solution solves their problem.Product-led companies tend to be low-touch, offering simpler software that is easier for users to understand and derive value from.With a product-led approach, the software does most of the work, allowing companies to scale efficiently and eliminate the need for a large team.Product-led growth not only focuses on company growth but also emphasizes the importance of keeping software simple.By keeping software simple, the user experience and usability are enhanced, facilitating a better product-led approach to growth.Leveraging product-led techniques enables companies to maintain low overhead, become highly profitable, and experience efficient and effective growth.Quotes"The sooner you get people into the product, the sooner you're gonna be able to enable them to figure out whether or not it's something that they're looking for."(Generated by Podcast Show Notes at podcastshownotes.ai) Free Email CourseHow to Build a Profitable AI-Powered B2B SaaS Business for Less Than $750 - https://nxtstep.io/b2bsaasConnect with SeanSubscribe to my YouTube Channel - https://www.youtube.com/@nxtstepseanConnect with me on LinkedIn - https://www.linkedin.com/in/sean-boyce/Notes generated by Podcast Show Notes  (podcastshownotes.ai)
SummaryIn this episode, Sean explores the concept of convenience and its immense value. He shares personal anecdotes and highlights real-life examples to showcase how convenience can enhance customer experience and generate profits. Whether it's using Uber to deliver packages, partnering with delivery services for same-day phone deliveries, or leveraging existing infrastructure to test a new service, convenience plays a pivotal role in attracting customers and validating product propositions.Key PointsConvenience is highly sought after and customers are willing to pay for it.Uber's package delivery feature showcases the value of convenience and cost-effectiveness.Apple's partnership with delivery services like Uber demonstrates the power of convenience in same-day phone deliveries.Leveraging existing infrastructure, like Uber drivers, can be a cost-effective way to validate value propositions.Customers are willing to pay for a less-than-ideal but convenient experience during testing phases.Building convenience into your software or SaaS product can provide a competitive edge.Look for opportunities to provide convenience and enhance value for your target market.Quotes"It's another excellent example where people are willing to pay for convenience.""Look for areas of opportunity to provide more value to your target market customer. By providing them with convenience." Free Email CourseHow to Build a Profitable AI-Powered B2B SaaS Business for Less Than $750 - https://nxtstep.io/b2bsaasConnect with SeanSubscribe to my YouTube Channel - https://www.youtube.com/@nxtstepseanConnect with me on LinkedIn - https://www.linkedin.com/in/sean-boyce/Notes generated by Podcast Show Notes  (podcastshownotes.ai)
SummaryIn this episode, Sean discusses the pattern of people always getting what they want in the software product industry. He highlights the importance of closing gaps and provides examples of companies like Wall Street Journal that create gaps in their services. Sean emphasizes the need for businesses to give customers what they want and explores the opportunities for innovation that arise from these gaps.Key PointsPeople will always find a way to get what they want in the software product industry.The actions and omissions of businesses can create gaps in the market.Wall Street Journal's difficult subscription cancellation process is an example of a gap.Innovative solutions like privacy.com address the gap created by Wall Street Journal.Companies that don't give customers what they want may face negative consequences.Gaps in the market present opportunities for entrepreneurs and innovators.Identifying customer complaints can lead to profitable problem-solving ventures.Quotes"The people are always going to get what it is that they want one way or the other.""When your teaser time period expires and the rate jumps back up, if you want to cancel or be done with the subscription, you can't do so online in almost all states." Free Email CourseHow to Build a Profitable AI-Powered B2B SaaS Business for Less Than $750 - https://nxtstep.io/b2bsaasConnect with SeanSubscribe to my YouTube Channel - https://www.youtube.com/@nxtstepseanConnect with me on LinkedIn - https://www.linkedin.com/in/sean-boyce/Notes generated by Podcast Show Notes  (podcastshownotes.ai)
SummaryIn this episode, Sean discusses the importance of competitive research for building low touch software products. He emphasizes the advantages of a product-led growth approach and highlights how self-service software allows for easier competitor analysis. Sean shares his own experience of reviewing and incorporating lessons from competitive products into his own software. He also provides insights on what can be learned through competitive research, including understanding the competition's vision, finding inspiration, and identifying areas for improvement.Key PointsLow touch software products enable product-led growth and scalability.Competitive research for self-service software is more straightforward due to similar user experiences.Sean recommends reviewing and evaluating competitive products to learn from them.Competitive research provides insights into competitors' visions and what works well.Look for inspiration and examples that validate your own vision.Evaluate competitors' workflows to identify what not to replicate and improve upon.Competitive research holds value throughout the growth of your company.Quotes"Low touch software products pave the way for product-led growth and maximum scalability.""Reviewing competitive products provides inspiration and evidence that your vision holds water.""Competitive research helps identify what not to replicate and how to solve problems better.""There's so much to be learned from competitive research for low touch software products." Free Email CourseHow to Build a Profitable AI-Powered B2B SaaS Business for Less Than $750 - https://nxtstep.io/b2bsaasConnect with SeanSubscribe to my YouTube Channel - https://www.youtube.com/@nxtstepseanConnect with me on LinkedIn - https://www.linkedin.com/in/sean-boyce/Notes generated by Podcast Show Notes  (podcastshownotes.ai)
In this episode, Lloyed Lobo, Co-founder and Board Member of Boast.AI and bestselling author of “Grassroots to Greatness” shares his incredible journey from economic hardship in Kuwait to becoming a successful entrepreneur. He emphasizes the importance of community, communication, creation, and consistency in building a successful business. Lloyed discusses how building strong relationships, effective communication, continuous creation, and unwavering consistency can lead to long-term success. He also highlights the significance of building a community of practice rather than just a community of products and shares his experiences in creating an audience through curated content and offline meetups. The episode explores the key stages that transform an idea into an enduring global phenomenon and encourages aspiring entrepreneurs to focus on community-led growth for sustained success.Lloyed Lobo is a WSJ Bestselling Author and a Co-founder of Boast.AI and Traction. He's a seasoned entrepreneur and community builder with a passion for taking businesses from 0 to 1. Lloyed has been involved in the U.S. and Canadian startup ecosystem for over 15 years, and he's known for helping bootstrap Boast.AI to 8 figures ARR, a fintech platform that provides businesses with R&D and Innovation funding. Additionally, he co-founded Traction, a global community with over 100,000 entrepreneurs and innovators, where leaders behind fast-growing companies share their business insights via various platforms such as webinars, podcasts, meetups, retreats, and conferences. He's also serving on the Board of Directors at Wishpond, a martech company, helping drive its success. Here are a few of the topics we’ll discuss on this episode of Product Launch:Lobo highlights that effective communication is vital for entrepreneurs, emphasizing the significance of learning to articulate ideas, build relationships, and inspire others.Building a strong community is essential for success.Consistency is key to achieving long-term success.Understand your target market's problems, goals, aspirations, and circle of influence.Create online content to build an audience, but bring them together in offline meetups for community interaction.An audience evolves into a cult-like brand through the stages of audience, community, movement, and religion.Resources:Boast.AINxtStepPodcast ChefConnect with Lloyed Lobo:LinkedInConnect with our host, Sean Boyce:LinkedInEmailQuotables:03:02 - “Literally there's nothing that a small group of people who are united by a great sense of purpose that they can't do right? They can literally move mountains. The other thing is the entrepreneurial spirit. I think as I was reflecting back and writing this book, like everyone asked me like, where did you learn to become an entrepreneur? Or like, did you always have it in you? And I think entrepreneurship is not something you're born with. We're not what we're born with. We become what we're nurtured through. We become the average of the people we surround ourselves with.”17:35 - “So now your early days of a company, you want to build a community-led company. Where do you start? You don't even have a target market. How do you figure out your target market? Again, four things to figure out your target market. Number one, do you have a passion for this audience or the content you're creating? If you hate your audience, you'll never be able to sustain. Building a community-led company or a business is a long slog. It's a marathon of the heart and mind. If you hate your audience, you'll never be able to sustainably create.”35:05 - “People listen to you or buy your product, you have an audience. When you bring that audience together, it becomes a community. When that community comes together to create impact towards a greater purpose that's beyond your product or profit, it becomes a movement. And when that movement has undying faith in its purpose through sustained rituals over time, it becomes a cult or a religion.”35:45 - “If the influencer stops creating, they lose the audience. But if you build this community, it will sustain probably longer because it's a human-to-human connection. And you know, we create so much content on all these platforms like LinkedIn and Instagram. If they change the algorithm, what happens? You're done. So the key to sustaining for the long haul is community.”12:20 - “If you can't communicate, you don't have an audience, you have an empty room. Clearly articulating your vision to excite and inspire people is something a founder needs to do day in, day out. It's not a one and done activity because people who are energized and inspired can move mountains. If you want to communicate just to inform people, just send an email. But you want to energize people 'cause that's how companies that are enduring are built on energy, on inspiration, on vision.” Free Email CourseHow to Build a Profitable AI-Powered B2B SaaS Business for Less Than $750 - https://nxtstep.io/b2bsaasConnect with SeanSubscribe to my YouTube Channel - https://www.youtube.com/@nxtstepseanConnect with me on LinkedIn - https://www.linkedin.com/in/sean-boyce/Notes generated by Podcast Show Notes  (podcastshownotes.ai)
SummaryIn this episode, Sean emphasizes the significance of implementing a SaaS business model from the start. Understanding human psychology and pricing strategies is essential for success in selling software products. Without a solid business model, sustaining operations and securing funding become challenging. Sean highlights the difficulties faced by products that begin as free and later attempt to convert to paid, using examples such as Wikipedia and ad blockers. He advocates for starting with a paid model as a validation test, while cautioning against relying solely on a free tier.Key PointsStrategic pricing and a well-designed business model are crucial for the success of a SaaS businessHuman psychology plays a significant role in pricing and customers' willingness to pay.Products that start as free face difficulties in converting to a paid model or securing funding.Wikipedia's community-funded project struggles with consistent funding due to the perception of being a free resource.It is harder to transition from free to paid than to start with a paid model from the beginning.Offering a free trial instead of a free tier can limit downside risk and provide valuable insights into conversion rates.Starting with a pricing strategy and validating the ability to charge for a product early on avoids future challenges.Quotes"I didn't really fully understand how people think about pricing and there's actually a lot of psychology and pricing in terms of what we'll pay for or what we won't.""If you start with a product that's expected to always be free, your ability to convert that into a paid Product is limited.""From a pricing strategy and a human psychology perspective, I think more than likely why they need to do that so frequently and why it's probably so difficult is because of this human psychology in pricing.""Going the other direction is so much harder than if you start paid outta the gate.""Most of the people that I've worked with in B2B SaaS fashion that have attempted a strategy like that have not been very successful with it.""Have a pricing strategy outta the gate, validate whether or not you can charge for your product right away, and that will make a lot of these problems essentially be something that you're realistically never going to have to deal with." Free Email CourseHow to Build a Profitable AI-Powered B2B SaaS Business for Less Than $750 - https://nxtstep.io/b2bsaasConnect with SeanSubscribe to my YouTube Channel - https://www.youtube.com/@nxtstepseanConnect with me on LinkedIn - https://www.linkedin.com/in/sean-boyce/Notes generated by Podcast Show Notes  (podcastshownotes.ai)
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