Exploring the Path to Profits Starting with a Minimum Viable Product
- Peter Johnson
- Dec 31, 2023
- 4 min read
This Article is not intended to serve as a guideline or a reference to be followed when working to build early revenue traction.
As of 31st December 2023, there are 52,782 users who are actively utilizing the kPaisa App..
This piece brings together all the knowledge gained over the last two years while creating kPaisa. We faced peaks and troughs, multiple alterations, user feedback and an array of unique issues to address. This is a product of hard work, long hours and the awareness that comes from getting to grips with user requirements. Our knowledge and errors could be useful to you and save you time. We’ve gained much from this journey and we want it to benefit others and streamline their progress.
Following the beta launch of our MVP, the most thrilling period unfolded: the engagement with users. Unrefined and unadulterated, their comments served as the beacon for our next steps, complemented by our meticulous exploration. Not merely did we need to mend errors in the App, but we also had to comprehend the intricacy of the needs, refine characteristics, and boost the overall user experience.
It was frequently said that numbers have their own language, and we had the opportunity to observe this for ourselves during the beta testing of the app. We examined the analytics, delving into how users interacted with the product and the metrics associated with it. Although this was a short-lived exercise, we had plenty of data to analyze due to the 1000 beta users we had enrolled. It was more than just interpreting numbers; we needed to identify the best feature, the aspect that was most appreciated, and make decisions based on facts.
Our objective was not solely to repair what was damaged; instead, we sought to improve the experience. We pinpointed places where we could offer greater value, devising exclusive qualities that catered to our customers' wishes. This wasn't just a money-making venture; it was aimed at delivering beyond what was forecast.
For instance, our high-end AI-driven financial tracking tool is accessible through the App. It allows users to track their expenditures effortlessly, and, through its integration into your system, it calculates the amount of money spent during M/D/Y in order to help users make informed choices.
As a user-centric Mobile app, our primary goal is to provide a valuable and hassle-free service to our users without charging them directly. To help sustain our business and develop more exciting features, we explore alternative revenue paths, such as strategic partnerships, sponsored content, and premium partnerships with brands, which creates a mutually beneficial situation for us, our users, and the brands.
Indeed, that's correct - since we are a Bootstrapped company without a budget for large-scale Marketing, we devised our own strategy to get users with almost zero Customer Acquisition cost.
The candy store was crowded.
The candy store was jam-packed.
We used to discuss our App when we were commuting on public transport.
Providing exclusive rewards to our users who invited friends/family to join our application
Making use of our relationships with family and friends to actively advertise our application.
Offer rewards and branded deals from our partners to users who join the App
We linked up with some prominent companies to build trust and bring in additional clients.
As we advance, we are developing a strict system to regulate our marketing costs effectively and draw in more customers, guaranteeing substantial advantages for them. Moreover, we are dedicated to minimizing costs to amplify profits, and hence guarantee the endurance of our business. A well-thought-out plan is what will keep us progressing in the correct direction.
Making sure that our users were contented was more than just being amiable; it was a judicious call. Furnishing rewards, bonus components, and instantaneous assistance was not an added bonus, but like forming lasting connections. And do you know what? Our users enjoyed it so much that they kept using our application recurrently. It showed to us that what we’re doing is of significance to them.
It was quite a challenge to work through the process of compliance and licensing. Developing a FinTech app necessitates the acquisition of appropriate licenses, which proved to be a lengthy and difficult endeavour. Getting the appropriate licenses is paramount for a FinTech app to perform its duties effectively. Fortunately, with the launch of the Startup India programme, banks and governing agencies have been more accommodating, which has made the license acquisition process less daunting. Having licenses engenders trust among users and when the government acknowledges your service, it adds a great deal of validity. As trust is a great asset for users, it gives us a tremendous lift.
As our app increased in popularity, we noticed around 10–15 questionable accounts. We investigated and blocked out the troublemakers, even when some tried to clone our app and tamper with it. It all comes down to our commitment to safeguarding our customers. Imagine if we weren't here doing our job--the situation could have been very different. We use our expertise to make sure our users feel secure while in the digital realm.
Installing our automated security system took some effort, but it’s a great addition to the app! With it, our users benefit from an extra layer of protection; plus, the system can quickly detect and react to any unusual activity. We strongly believe these security measures are worth the time it took to set them up, as they ensure our users are both secure and impressed.
This article recounts the experiences of kPaisa on its climb to success. It examines our triumphs, tribulations, and valuable lessons acquired along the way. By December 31, 2023, our user base had grown to 52,782. Instead of a manual containing instructions, this is a narrative of the extraordinary journey we took to create kPaisa. We came across obstructions, gleaned knowledge, and devised imaginative ways to go forward. We believe this tale will incite our readers while also acting as a helpful guide for those starting their own entrepreneurship venture; from the formative phases to the trails of expansion. This is only the beginning of our story; we continue to extend and thrive together!
My sincerest gratitude goes out to all my family members, friends, relatives, and most importantly, our beloved users. Your unwavering support and love is invaluable and I am forever grateful to have you as part of our journey. Thank you for being there for us.
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