From Consultancy to $10M in ARR — Vince Mayfield, TalkingParents
Listen now
Description
On the podcast: The right way to raise prices, the painful lessons from picking the wrong tools, and why you should respond to every single app review. Top Takeaways ✍️ Start surveying as soon as you start developing, and don’t stop. Identify your MVP by understanding customers early on, and develop new features with key customer insights when you’re growing. 📈 Bundle extra value if you must raise prices to soften the blow of a tough sell and demonstrate attentiveness to customer needs. 🧰 Cheaper, easy-to-integrate tools might not scale on infrastructure and unit economics, which could lead to a painful re-engineering process down the line. 🏗️ Plan for scalability from the start by adhering to solid software engineering principles and ensuring your tooling integrations are easily switchable. 🤑 Provide premium support for a premium product price. Respond to every store review — each interaction leaves a lasting impression on customers and drives loyalty. About Vince Mayfield 👨‍💻 Co-founder and CEO of TalkingParents, an app that helps divorced or separated parents manage communication and share responsibilities. 💪 Vince and his partner jumped from professional services to building a scalable app with $10 million in ARR. 💡 “People like to compartmentalize elements of their life and they don't want to have a million apps.” 👋 LinkedIn Links & Resources ‣ Connect with Vince on LinkedIn ‣ Check out TalkingParents ‣ TalkingParents on Instagram ‣ TalkingParents on Facebook ‣ TalkingParents on Pinterest ‣ TalkingParents on X (formerly Twitter) ‣ Get TalkingParents from the App Store ‣ Get TalkingParents from Google Play Episode Highlights [1:35] Origin story: Making money while we sleep is the ultimate goal — Vince talks about how he moved from agency to product company to $10 million in ARR. [4:44] From hired gun to product growth: Lack of app monetization and not understanding customers early on may make pivoting to a product focus challenging. [7:59] Risk management for risk mitigators: How do you make money from the court system? Easy: Switch focus to the real customers. [10:32] Freemium tinkering: Vince dives into the app’s early strategy for monetization and subscription — burning through close to $1 million in the process. [12:59] Chartered surveying: When it seems like an app is charging too little, asking customers what features they want and need is the ticket to nailing down value. [15:59] Downhill slalom vs. uphill climb: Raising already low prices can be delicate, but bundling additional value with a rollout often softens the blow. Look for opportunities to layer on deeper value. [28:33] Nudges and needs: From surveying to app instrumentation, Vince and his partner had to understand the customer journey before making the right moves. [32:08] The ultimate tool belt: Not paying attention to how apps can scale from the very beginning is an easy mistake for app developers to make — especially when using tools. [38:28] Best-in-class assessment: Starting with best-in-class tools isn’t always doable, but adopting good software engineering techniques as you go is a satisfactory quick fix. [41:28] Lightning round: Vince talks about why support matters and how that translates into running a business and customers’ responses.
More Episodes
On the podcast: How developers can launch and optimize their app listings on the Google Play Store. A conversation from Google I/O 2024 with Sarah Karam, director of Apps Partnerships at Google. Key Takeaways: There are now more ways to optimize revenue with Google Play Commerce, such as...
Published 05/20/24
Published 05/20/24
On the podcast: How the Microsoft 365 team optimizes their apps for the app stores and the top paywall optimization tips for enterprise apps and start-ups. Part 2 of our conversation with Ramit Arora. Key Takeaways: 💼 Use jobs-to-be-done to inform your app store optimization (ASO) keywords...
Published 05/15/24