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<!DOCTYPE html><html lang="en"><head><meta charSet="utf-8"/><meta name="viewport" content="width=device-width"/><title>0 to $2000 MRR in One Month - Lessons Learned | HackerNoon</title><meta name="description" content="In March I quit my cushy full-time job to launch <a href="https://www.hodlbot.io/?utm_source=medium&amp;utm_medium=blog&amp;utm_campaign=0-to-2000-mrr" target="_blank">HodlBot — an easy way to automatically diversify your cryptocurrency portfolio into the top 20 coins by market cap.</a>"/><meta property="og:title" content="0 to $2000 MRR in One Month - Lessons Learned | HackerNoon"/><meta property="og:description" content="In March I quit my cushy full-time job to launch <a href="https://www.hodlbot.io/?utm_source=medium&amp;utm_medium=blog&amp;utm_campaign=0-to-2000-mrr" target="_blank">HodlBot — an easy way to automatically diversify your cryptocurrency portfolio into the top 20 coins by market cap.</a>"/><meta name="image" property="og:image" content="https://hackernoon.imgix.net/fallback-feat.png"/><meta property="twitter:title" content="0 to $2000 MRR in One Month - Lessons Learned | HackerNoon"/><meta property="twitter:description" content="In March I quit my cushy full-time job to launch <a href="https://www.hodlbot.io/?utm_source=medium&amp;utm_medium=blog&amp;utm_campaign=0-to-2000-mrr" target="_blank">HodlBot — an easy way to automatically diversify your cryptocurrency portfolio into the top 20 coins by market cap.</a>"/><meta property="twitter:image" content="https://hackernoon.imgix.net/fallback-feat.png"/><meta name="twitter:card" content="summary_large_image"/><meta name="twitter:site" content="@hackernoon"/><link rel="canonical" href="https://www.liamiscool.com/a-list-of-artificial-intelligence-tools-for-personal-use"/><script type="application/ld+json">{"@context":"http://schema.org","@type":"Article","name":"0 to $2000 MRR in One Month - Lessons Learned","headline":"0 to $2000 MRR in One Month - Lessons Learned","author":{"@type":"Person","name":"Anthony Xie"},"datePublished":"2018-05-08","image":"https://hackernoon.imgix.net/fallback-feat.png","articleSection":"startup","articleBody":"In March I quit my cushy full-time job to launch HodlBot — an easy way to automatically diversify your cryptocurrency portfolio into the top 20 coins by market cap. One month later, we hit 200 paid customers, $2,000 in MRR , and ~1 million dollars in cryptocurrencies allocated into the HODL 20 index. . The HODL 20 index on May 9, 2018 Link to performance since March 27, 2018 here Here’s what we learned along the way. Acquisition Find early-adopters in niche communities It’s hard to get the front page of reddit. But it’s easy to get to the front page of a niche subreddit. One requires thousands of upvotes, the other just ten. Niche communities are often neglected because they are not massive channels. But what people don’t realize is that they have an extremely high reward to effort ratio. The first post I made on Reddit about HodlBot was on /r/cryptocurrency (669,000 subscribers). The post got 7 upvotes and was buried within 10 minutes. I tried the same thing on /r/binanceexchange (19,300 subscribers) and got a few friends to like the post. Within ten minutes, I got to the top of the front page of the subreddit. We posted on /r/binanceexchange because users need a Binance account to use . HodlBot Long story short: there is much less competition in niche subreddits so you can noticed pretty easily. Plus, niche communities tend to be extremely segmented, so you can easily find members that fit your target persona. Niche communities don’t just live on Reddit. is an example of another small community that worked well for us. IndieHackers Regardless of what you’re trying to build, there are bound to be small communities you can reach out to. Go find some. Creating high quality content worth sharing You can only post so many times about the launch of your “amazing product”. Eventually, people will get bored and call you out for spamming. So if you want to get views and noticed in large communities, what do you do? Create high-quality content. link to data analysis here Once you’ve earned people’s attention, you can talk about your project. Probably could have been a bit more forward with promoting hodlbot.io And if you get lucky, like us, you’ll get covered by news outlets such as , and . Bloomberg Tech, The Outline Investopedia Here are a few other examples of quality content pieces we worked on: HodlBot: Cryptocurrency Investing on Autopilot The Instability of Stablecoins How Cryptocurrency Prices Affect the #of HODL Comments on Reddit The power of context The single biggest day of traffic we ever got came from one single comment on Hacker News. It’s a shame our product wasn’t live at the time, but it got us 500 pre-launch signups nevertheless. Thank you Coinbase Context is really a powerful thing. If you can fit into the conversation at the right time, people will pay a lot more attention to you. Obviously, it’s hard to find these kind of opportunities. We’re trying to use tools like mention.com, google webmaster, along with our own eyeballs, to find the right ones. Lean into Memes Don’t take yourself too seriously. Serious companies are boring. Take the Museum of English Rural Life for example. They gained 7k followers from this tweet. Our name comes from the HODL meme. And even though that has died down in popularity, we’ve been happy to talk about other ones. Obligatory link to Carlos Matos Leveraging the power of referral Give your customers an incentive to share your product with their friends. If your customer is in your target market, then it is very likely that their friends are too. Every time someone refers HodlBot to their friends, they get 1 month free. We shipped referral 2 weeks after launch. So far, 10% of all paid customers are referred. how many friends I actually have IRL Product Reduce your scope — Just make one good thing Our original vision for HodlBot was, and still is, a platform for people to create, share, discover, and execute algorithmic trading strategies for cryptocurrencies. Obviously that’s not easy to build in a month. So instead, we focused on building one strategy: an automated solution for indexing the top 20 cryptocurrencies. A lot of people build a mediocre minimum viable product (MVP) because they get too caught trying to build their entire vision at once. But here’s the thing. No one sees the product inside your head. No one sees your grand vision. You need to have something good, now. We took this to heart when we built the MVP for HodlBot. We did everything we could to make it a solid, standalone product from day one. Avoid pre-mature optimization and analysis paralysis I love data. I spent 3 years of my career being a data junkie. And I can tell you myself, that nothing is worse than pre-mature optimization based on pseudo-statistical inferences. When people first get a glimpse of their lacklustre conversion rates, they start regurgitating Lean Start-Up buzzwords: “Pivot. Iterate. A/B test.” Relax. As long as your conversion rate isn’t a dumpster fire, you shouldn’t rush to fix it immediately. Here’s why: Conversion rates often have wild variances with small sample sizes. Let it settle and converge on something more tangible before making knee-jerk reactions. Your traffic may be coming from poorly targeted users. If I lure 10k wine connoisseurs to hodlbot.io (assuming wine experts are not pre-dominantly crypto enthusiasts), conversion rate will obviously be bad. Maybe your UI isn’t broken, but your core product value proposition is. In that case, looking at conversion rates alone won’t be enough. You need real qualitative feedback from real users. Our conversion rate from sign-up to API keys set-up was not so great during the first week of launch. It was around 15% based on the 80 users who signed up. We could have halted growth, and instead shifted resources to build different variants for the on-boarding page. If we did , I promise you, we would be nowhere near close to the 200 paid customers we have today. Instead, we doubled down on acquisition. This time, we got a lot more targeted users to sign-up, and we saw our conversion rate drastically improve. Here’s our funnel today: I blame our poor early conversion rates exclusively on fickle friends & family. (sarcasm) I’m not saying iteration isn’t important. Just don’t go down the optimization rabbit-hole too early. It’s a time sink. Get some more targeted users on your site. Talk to people who make it through. The reason your conversion rate sucks may very well be unrelated to your UI. Make people pay for something, even if it is $1 It’s hard to prove your product is valuable if you are giving it away for free. Proving that your product is valuable is really important if you want to achieve product-market fit. When you ask for money, you’re asking people to consider “how much is the product worth to me”. If that answer is > $0, then be assured that you’ve built something valuable. We ask our customers to pay $1 for the first month. Do we really need the $1? Not really. But it forces our customers to have skin in the game. When they pay for something, they have expectations for it and are far more demanding. This is good. You’ve tricked them into giving you feedback on your product. Good customer service can make up for your MVP flaws One of the best decisions we made was to plug in FB messenger live-chat as a widget on our website. It literally forces us to have conversations with customers. FB chat widget in the bottom-right corner. It’s free to use. In the last month, I’ve had 89 conversations with customers and visitors. Imagine how many more FB conversations we’d have if not for Cambridge Analytica What the data doesn’t show you is how many messages were sent. If I had to guess, it would be in the thousands. Like any early product, ours had bugs aplenty. But for some reason, nobody ever got angry at us when something broke as long as we promptly replied. In fact, people seemed happy when they had an issue, as long as we were able to reach out quick enough and fix it. I can’t shake off the feeling that the customers we helped had better experiences than customers who journeyed through the happy path alone. Humans are weird. We like interaction. Establish a community for your users After having so many great one-on-one conversations, I realized how sad it was that the only person everyone else got to talk to was me. Compared to the rich, dynamic personalities of our customer base, I’m plainer than rye bread. So I created a Telegram group for HodlBot users to discuss all things crypto. Currently, a quarter of our customer base are active in chat. Getting feedback from a group of your users is much better than getting feedback from them one-by-one. For one, it’s faster than e-mailing everyone individually. But the truly awesome thing is that users will discuss what they want amongst themselves and arrive at a self-organized consensus. Here’s an example of an organic product feature bubbling up from the conversation. Late night conversations spark new product features Seeing how well this worked, prompted me to make a and share it in the chat. This is the same roadmap we work on internally. It’s a living document. public product roadmap We’re lucky to have so many intelligent, thoughtful customers. I credit them for their brilliant ideas, critical feedback, and impactful assistance. I’ve even received offers from customers offering to code for HodlBot free of charge. Right now, we’re not in the right shape to give open access to our codebase without compromising our security. But in the future, I will strongly consider making parts of the project open-source to take advantage of our talented user base. Team Live by one north star metric It’s hard to care about every single metric. After all there are so many of them. Pick one that is really important, set a goal for it, and rally the entire team behind it. It doesn’t have to be perfect. We chose # of total active customers — total paid customers minus churn — as our north star metric.We set a goal to hit 500 this month.That’s 12 everyday after conservatively accounting for churn. We build team morale when we’re collectively chasing the same goal. When new paid users sign-up, we get a notification in slack. We celebrate these numbers fiercely. Async teamwork & self-sufficiency Teamwork is good. But don’t be fooled. Too much teamwork and inter-dependency slows down teams. The more people rely on each other for their day-to-day work, the more time goes into the planning, organization, and logistics. You can’t escape this when the complexity of your team grows. But start-ups are small. They don’t need to sit in on 2 hours of meetings every day. Instead they go out there and get shit done. In my opinion, the best start-ups prioritize speed above all else. And one of the best ways to getting faster is by having a self-sufficient team. This is what I mean by a self-sufficient: They can make good decisions on their own They don’t rely on other people to help them get through their day-to-day job This is why I’ve built a a versatile team of people who can all code, design, and write, and think strategically. When I need to scrape some data in order to put together a data visualization for Reddit, I don’t need to take off spare cycles from Lucas our back-end engineer. I can just do it myself. Obviously we still ask each other for feedback and criticism. But teamwork happens because we want to, and not because we have to. When we can remove our own blockers, we don’t have to sit around waiting for someone to come along to fix our problems. We can do our jobs without being a burden on others. Parting Words This article focuses on the key lessons I’ve learned growing from 0 to $2000 MRR. But there’s a lot of really important things we did in pre-revenue that I haven’t talked about: how to build a capable team how to validate an idea without a MVP how to do a good pre-launch what the MVP sprint should look like I’ll be going in reverse chronological order to talk about this next week. Afterwards, I will be sharing details about our second month as it unfolds. Here are some things we’re focusing on for month 2: raising seed capital (telling a good story for investors) customer retention brawling with competitors managing product expectations shipping product updates I hope you guys will join us our journey. I’m happy to share everything we learn. Like always, I’d love if you guys could check out and give us some love. hodlbot.io About the Author I’m the founder of . HodlBot We automatically diversify and rebalance your cryptocurrency portfolio into the top 20 coins by market cap.Think of it as a long-term crypto-index that you can DIY on your own exchange account. Combine with dollar-cost averaging, to kick ass even in a bear market. HodlBot To get started all you need is a Binance Account $200 in any cryptocurrency You can check it out . here If you want to know how indexes the market and completes rebalancing, check out the blog I wrote . 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style="position:fixed;z-index:9999;top:16px;left:16px;right:16px;bottom:16px;pointer-events:none"></div><main class="sc-bd9bce3e-1 cvudDQ"><div class="sc-d7dc08c8-0 gtbgtT"><div class="sc-f1bf4939-0 bVfmlv"><div class="metaContainer desktop-no-show"><div class="sc-f1bf4939-5 gejnKI"><div class="sc-f1bf4939-4 fBrYVy"><span class="story-stat"><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 22 22" width="22" style="width:14px;fill:darkgray"><path style="width:14px;fill:darkgray" d="M22 7v2h-1v1h-1v1h-1v1h-1v1h-1v5h1v4h-2v-1h-2v-1h-2v-1h-2v1H8v1H6v1H4v-4h1v-5H4v-1H3v-1H2v-1H1V9H0V7h7V5h1V3h1V1h1V0h2v1h1v2h1v2h1v2h7z"></path></svg> 5,523 reads</span></div></div></div><div class="story-topLine"><div class="story-stats"><span class="story-stat mobile-no-show"><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 22 22" width="22" style="width:14px"><path style="width:14px" d="M22 7v2h-1v1h-1v1h-1v1h-1v1h-1v5h1v4h-2v-1h-2v-1h-2v-1h-2v1H8v1H6v1H4v-4h1v-5H4v-1H3v-1H2v-1H1V9H0V7h7V5h1V3h1V1h1V0h2v1h1v2h1v2h1v2h7z"></path></svg> 5,523 reads</span></div><div class="story-admin"></div></div><h1 class="story-title" style="text-align:left">0 to $2000 MRR in One Month - Lessons Learned</h1><div class="title-bottom"><div class="title-bottom-left"><span class="header-handle " data-tip="true" data-for="story-author" aria-label="bookmark story" data-delay-hide="1000"><span> by </span><a> Anthony Xie</a></span><span class="divider-bullet"></span><span class="published-date">May 8th, 2018</span></div><div class="title-bottom-right"><div style="flex-shrink:0"><span style="display:flex;cursor:pointer" data-tip="true" data-for="terminal-view"><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%2720%27%20height=%2720%27/%3e"/></span><img alt="Read on Terminal Reader" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="Read on Terminal Reader" srcSet="https://hackernoon.imgix.net/computer.png?auto=format&fit=max&w=32 1x, https://hackernoon.imgix.net/computer.png?auto=format&fit=max&w=48 2x" src="https://hackernoon.imgix.net/computer.png?auto=format&fit=max&w=48" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" loading="lazy"/></noscript></span></span></div><div style="flex-shrink:0"><span style="display:flex;cursor:pointer"><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%2720%27%20height=%2720%27/%3e"/></span><img alt="Read this story w/o Javascript" data-tip="true" data-for="arweave-backup" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="Read this story w/o Javascript" data-tip="true" data-for="arweave-backup" srcSet="https://hackernoon.imgix.net/images/Lite%20Icon%20%4025px.png?auto=format&fit=max&w=32 1x, https://hackernoon.imgix.net/images/Lite%20Icon%20%4025px.png?auto=format&fit=max&w=48 2x" src="https://hackernoon.imgix.net/images/Lite%20Icon%20%4025px.png?auto=format&fit=max&w=48" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" loading="lazy"/></noscript></span></span></div></div></div><div class="divider-line"></div><div class="tldr-langs"><div class="sc-f1bf4939-5 gejnKI"><div class="sc-f1bf4939-4 fBrYVy"><div class="sc-f1bf4939-1 jZPgiB"><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%2750%27%20height=%2715%27/%3e"/></span><img alt="Open TLDR" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" class="tldr-logo" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="Open TLDR" srcSet="https://hackernoon.imgix.net/tl;dr-dark.png?auto=format&fit=max&w=64 1x, https://hackernoon.imgix.net/tl;dr-dark.png?auto=format&fit=max&w=128 2x" src="https://hackernoon.imgix.net/tl;dr-dark.png?auto=format&fit=max&w=128" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" class="tldr-logo" loading="lazy"/></noscript></span><img src="https://hackernoon.imgix.net/arrow-dark.png" alt="tldt arrow" width="12px" height="12px" class="tldr-arrow "/></div></div></div><div class="sc-f1bf4939-3 fJeYzW"></div></div><div class="tldr-no-show"><h2>Too Long; Didn't Read</h2>In March I quit my cushy full-time job to launch <a href="https://www.hodlbot.io/?utm_source=medium&amp;utm_medium=blog&amp;utm_campaign=0-to-2000-mrr" target="_blank">HodlBot — an easy way to automatically diversify your cryptocurrency portfolio into the top 20 coins by market cap.</a><div class="mentions-container"><div class="mentions-box"><h3>Companies Mentioned</h3><div class="mentions-img-wrapper"><div title="Analytica" class="sc-f1bf4939-6 kNIjWM"><a href="/company/analytica" style="text-align:left" target="_blank" rel="noopener noreferrer"><div class="img"><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%2730%27%20height=%2730%27/%3e"/></span><img data-tip="true" data-for="tldr-mention-analytica" alt="Mention Thumbnail" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" class="img" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%;object-fit:contain"/><noscript><img data-tip="true" data-for="tldr-mention-analytica" alt="Mention Thumbnail" src="http://logo.bigpicture.io/logo/analytica.net" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%;object-fit:contain" class="img" loading="lazy"/></noscript></span></div></a></div><div title="Binance" class="sc-f1bf4939-6 kNIjWM"><a href="/company/binance" style="text-align:left" target="_blank" rel="noopener noreferrer"><div class="img"><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%2730%27%20height=%2730%27/%3e"/></span><img data-tip="true" data-for="tldr-mention-binance" alt="Mention Thumbnail" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" class="img" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%;object-fit:contain"/><noscript><img data-tip="true" data-for="tldr-mention-binance" alt="Mention Thumbnail" src="http://logo.bigpicture.io/logo/binance.com" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%;object-fit:contain" class="img" loading="lazy"/></noscript></span></div></a></div></div></div></div></div></div><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%271000%27%20height=%27500%27/%3e"/></span><img alt="featured image - 0 to $2000 MRR in One Month - Lessons Learned" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" class="image-container feat" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="featured image - 0 to $2000 MRR in One Month - Lessons Learned" srcSet="https://hackernoon.imgix.net/fallback-feat.png?auto=format&fit=max&w=1080 1x, https://hackernoon.imgix.net/fallback-feat.png?auto=format&fit=max&w=2048 2x" src="https://hackernoon.imgix.net/fallback-feat.png?auto=format&fit=max&w=2048" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" class="image-container feat" loading="lazy"/></noscript></span><div class="sc-2ecc4b5d-0 cNoPGb profile"><div class="sc-2ecc4b5d-1 hBTHee"><div class="profileImageContainer "><span style="box-sizing:border-box;display:block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:absolute;top:0;left:0;bottom:0;right:0"><img data-for="author-tooltip" data-tip="true" data-delay-hide="200" alt="Anthony Xie HackerNoon profile picture" href="/u/AnthonytXie" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="fill" class="profileImage " style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%;object-fit:cover"/><noscript><img data-for="author-tooltip" data-tip="true" data-delay-hide="200" alt="Anthony Xie HackerNoon profile picture" href="/u/AnthonytXie" sizes="100vw" srcSet="https://hackernoon.imgix.net/images/avatars/uvVi7TWPMrM1uehpN5CvuIuzXsH2.jpg?w=100&auto=format&fit=max 640w, https://hackernoon.imgix.net/images/avatars/uvVi7TWPMrM1uehpN5CvuIuzXsH2.jpg?w=100&auto=format&fit=max 750w, https://hackernoon.imgix.net/images/avatars/uvVi7TWPMrM1uehpN5CvuIuzXsH2.jpg?w=100&auto=format&fit=max 828w, https://hackernoon.imgix.net/images/avatars/uvVi7TWPMrM1uehpN5CvuIuzXsH2.jpg?w=100&auto=format&fit=max 1080w, https://hackernoon.imgix.net/images/avatars/uvVi7TWPMrM1uehpN5CvuIuzXsH2.jpg?w=100&auto=format&fit=max 1200w, https://hackernoon.imgix.net/images/avatars/uvVi7TWPMrM1uehpN5CvuIuzXsH2.jpg?w=100&auto=format&fit=max 1920w, https://hackernoon.imgix.net/images/avatars/uvVi7TWPMrM1uehpN5CvuIuzXsH2.jpg?w=100&auto=format&fit=max 2048w, https://hackernoon.imgix.net/images/avatars/uvVi7TWPMrM1uehpN5CvuIuzXsH2.jpg?w=100&auto=format&fit=max 3840w" src="https://hackernoon.imgix.net/images/avatars/uvVi7TWPMrM1uehpN5CvuIuzXsH2.jpg?w=100&auto=format&fit=max" decoding="async" data-nimg="fill" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%;object-fit:cover" class="profileImage " loading="lazy"/></noscript></span></div></div></div><div><div class="sc-b3825269-0 gOsVhx"><div><p>In March I quit my cushy full-time job to launch <a href="https://www.hodlbot.io/?utm_source=medium&utm_medium=blog&utm_campaign=0-to-2000-mrr&ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc">HodlBot — an easy way to automatically diversify your cryptocurrency portfolio into the top 20 coins by market cap.</a></p> <p>One month later, we hit 200 paid customers, $2,000 in MRR , and ~1 million dollars in cryptocurrencies allocated into the <a href="https://medium.com/@AnthonytXie/hodlbot-cryptocurrency-investing-on-autopilot-dce2e4c9a7f7?ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc">HODL 20 index.</a></p> <p><span><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%271460%27%20height=%271146%27/%3e"/></span><img alt="" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" class="image-container undefined" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="" srcSet="https://hackernoon.imgix.net/hn-images/1*8g34FJmQB3afjsQxfqCziQ.png?auto=format&fit=max&w=1920 1x, https://hackernoon.imgix.net/hn-images/1*8g34FJmQB3afjsQxfqCziQ.png?auto=format&fit=max&w=3840 2x" src="https://hackernoon.imgix.net/hn-images/1*8g34FJmQB3afjsQxfqCziQ.png?auto=format&fit=max&w=3840" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" class="image-container undefined" loading="lazy"/></noscript></span></span></p> <p><a href="https://medium.com/@AnthonytXie/hodlbot-cryptocurrency-investing-on-autopilot-dce2e4c9a7f7?ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc">The HODL 20 index on May 9, 2018</a>. <a href="https://www.reddit.com/r/algotrading/comments/8h85kp/2x_from_algorithmically_indexing_top_20/?ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc">Link to performance since March 27, 2018 here</a></p> <p>Here’s what we learned along the way.</p> <h3>Acquisition</h3> <p><span><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%271373%27%20height=%27771%27/%3e"/></span><img alt="" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" class="image-container undefined" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="" srcSet="https://hackernoon.imgix.net/hn-images/1*X8e6lThtmhzwU1dv1MF-3A.png?auto=format&fit=max&w=1920 1x, https://hackernoon.imgix.net/hn-images/1*X8e6lThtmhzwU1dv1MF-3A.png?auto=format&fit=max&w=3840 2x" src="https://hackernoon.imgix.net/hn-images/1*X8e6lThtmhzwU1dv1MF-3A.png?auto=format&fit=max&w=3840" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" class="image-container undefined" loading="lazy"/></noscript></span></span></p> <p><strong>Find early-adopters in niche communities</strong></p> <p>It’s hard to get the front page of reddit. But it’s easy to get to the front page of a niche subreddit. One requires thousands of upvotes, the other just ten.</p> <p>Niche communities are often neglected because they are not massive channels. But what people don’t realize is that they have an extremely high reward to effort ratio.</p> <p>The first post I made on Reddit about HodlBot was on /r/cryptocurrency (669,000 subscribers). The post got 7 upvotes and was buried within 10 minutes.</p> <p>I tried the same thing on /r/binanceexchange (19,300 subscribers) and got a few friends to like the post. Within ten minutes, I got to the top of the front page of the subreddit.</p> <p><span><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%271146%27%20height=%271146%27/%3e"/></span><img alt="" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" class="image-container undefined" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="" srcSet="https://hackernoon.imgix.net/hn-images/1*JJfDADw2rwsGDayKGP4uYA.png?auto=format&fit=max&w=1200 1x, https://hackernoon.imgix.net/hn-images/1*JJfDADw2rwsGDayKGP4uYA.png?auto=format&fit=max&w=3840 2x" src="https://hackernoon.imgix.net/hn-images/1*JJfDADw2rwsGDayKGP4uYA.png?auto=format&fit=max&w=3840" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" class="image-container undefined" loading="lazy"/></noscript></span></span></p> <p>We posted on /r/binanceexchange because users need a Binance account to use <a href="https://www.hodlbot.io/?utm_source=medium&utm_medium=blog&utm_campaign=0-to-2000-mrr&ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc">HodlBot</a>.</p> <p>Long story short: there is much less competition in niche subreddits so you can noticed pretty easily. Plus, niche communities tend to be extremely segmented, so you can easily find members that fit your target persona.</p> <p><span><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%272400%27%20height=%271089%27/%3e"/></span><img alt="" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" class="image-container undefined" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="" srcSet="https://hackernoon.imgix.net/hn-images/1*sQopMWArSEcDCjCKVieWUA.png?auto=format&fit=max&w=3840 1x" src="https://hackernoon.imgix.net/hn-images/1*sQopMWArSEcDCjCKVieWUA.png?auto=format&fit=max&w=3840" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" class="image-container undefined" loading="lazy"/></noscript></span></span></p> <p>Niche communities don’t just live on Reddit. <a href="https://www.indiehackers.com/forum/i-quit-my-job-and-launched-hodlbot-automatically-diversify-into-the-top-20-cryptos-104bfbf5cb?ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc">IndieHackers</a> is an example of another small community that worked well for us.</p> <p>Regardless of what you’re trying to build, there are bound to be small communities you can reach out to. Go find some.</p> <p><strong>Creating high quality content worth sharing</strong></p> <p>You can only post so many times about the launch of your “amazing product”. Eventually, people will get bored and call you out for spamming.</p> <p>So if you want to get views and noticed in large communities, what do you do? Create high-quality content.</p> <p><span><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%271600%27%20height=%271201%27/%3e"/></span><img alt="" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" class="image-container undefined" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="" srcSet="https://hackernoon.imgix.net/hn-images/1*VeWe79v8V8S_Bq5-8N-Xwg.png?auto=format&fit=max&w=1920 1x, https://hackernoon.imgix.net/hn-images/1*VeWe79v8V8S_Bq5-8N-Xwg.png?auto=format&fit=max&w=3840 2x" src="https://hackernoon.imgix.net/hn-images/1*VeWe79v8V8S_Bq5-8N-Xwg.png?auto=format&fit=max&w=3840" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" class="image-container undefined" loading="lazy"/></noscript></span></span></p> <p><a href="https://hackernoon.com/analyzing-every-reddit-comment-mentioning-hodl-since-2017-part-one-d536eb8364ad?ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc">link to data analysis here</a></p> <p>Once you’ve earned people’s attention, you can talk about your project.</p> <p><span><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%271600%27%20height=%27781%27/%3e"/></span><img alt="" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" class="image-container undefined" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="" srcSet="https://hackernoon.imgix.net/hn-images/1*po1p_fdV7zB77FC_GJ6M2g.png?auto=format&fit=max&w=1920 1x, https://hackernoon.imgix.net/hn-images/1*po1p_fdV7zB77FC_GJ6M2g.png?auto=format&fit=max&w=3840 2x" src="https://hackernoon.imgix.net/hn-images/1*po1p_fdV7zB77FC_GJ6M2g.png?auto=format&fit=max&w=3840" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" class="image-container undefined" loading="lazy"/></noscript></span></span></p> <p>Probably could have been a bit more forward with promoting <a href="https://www.hodlbot.io/?utm_source=medium&utm_medium=blog&utm_campaign=0-to-2000-mrr&ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc">hodlbot.io</a></p> <p>And if you get lucky, like us, you’ll get covered by news outlets such as <a href="https://www.bloomberg.com/news/articles/2018-04-11/bitcoin-purists-appear-to-be-bidding-the-hodl-life-adieu?ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc">Bloomberg Tech,</a> <a href="https://theoutline.com/post/4111/reddits-calls-to-hodl-cryptocurrency-do-they-work?zd=2&zi=4ksu75gx&ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc">The Outline</a>, and <a href="https://www.investopedia.com/news/bitcoins-hodl-meme-dying/?ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc">Investopedia</a>.</p> <p><span><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%271600%27%20height=%271000%27/%3e"/></span><img alt="" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" class="image-container undefined" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="" srcSet="https://hackernoon.imgix.net/hn-images/1*yF5uT2EtuIs8__NqXbkJRg.jpeg?auto=format&fit=max&w=1920 1x, https://hackernoon.imgix.net/hn-images/1*yF5uT2EtuIs8__NqXbkJRg.jpeg?auto=format&fit=max&w=3840 2x" src="https://hackernoon.imgix.net/hn-images/1*yF5uT2EtuIs8__NqXbkJRg.jpeg?auto=format&fit=max&w=3840" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" class="image-container undefined" loading="lazy"/></noscript></span></span></p> <p>Here are a few other examples of quality content pieces we worked on:</p> <ul> <li><a href="https://hackernoon.com/hodlbot-cryptocurrency-investing-on-autopilot-dce2e4c9a7f7?ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc">HodlBot: Cryptocurrency Investing on Autopilot</a></li> <li><a href="https://hackernoon.com/the-instability-of-stablecoins-69e2c8e1729e?ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc">The Instability of Stablecoins</a></li> <li><a href="https://hackernoon.com/analyzing-every-reddit-comment-mentioning-hodl-since-2017-part-one-d536eb8364ad?ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc">How Cryptocurrency Prices Affect the #of HODL Comments on Reddit</a></li> </ul> <p><strong>The power of context</strong></p> <p>The single biggest day of traffic we ever got came from one single comment on Hacker News. It’s a shame our product wasn’t live at the time, but it got us 500 pre-launch signups nevertheless.</p> <p><span><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%271600%27%20height=%27729%27/%3e"/></span><img alt="" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" class="image-container undefined" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="" srcSet="https://hackernoon.imgix.net/hn-images/1*xmxZ0xdpvJpcsU7P-Uq49g.png?auto=format&fit=max&w=1920 1x, https://hackernoon.imgix.net/hn-images/1*xmxZ0xdpvJpcsU7P-Uq49g.png?auto=format&fit=max&w=3840 2x" src="https://hackernoon.imgix.net/hn-images/1*xmxZ0xdpvJpcsU7P-Uq49g.png?auto=format&fit=max&w=3840" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" class="image-container undefined" loading="lazy"/></noscript></span></span></p> <p><a href="https://news.ycombinator.com/item?id=16532788&ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc">Thank you Coinbase</a></p> <p>Context is really a powerful thing. If you can fit into the conversation at the right time, people will pay a lot more attention to you.</p> <p>Obviously, it’s hard to find these kind of opportunities. We’re trying to use tools like mention.com, google webmaster, along with our own eyeballs, to find the right ones.</p> <p><strong>Lean into Memes</strong></p> <p>Don’t take yourself too seriously. Serious companies are boring.</p> <p>Take the Museum of English Rural Life for example. They gained 7k followers from this tweet.</p> <p><span><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%271038%27%20height=%271050%27/%3e"/></span><img alt="" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" class="image-container undefined" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="" srcSet="https://hackernoon.imgix.net/hn-images/1*4ekhCguLK3XJ9FqwzJH6VQ.png?auto=format&fit=max&w=1080 1x, https://hackernoon.imgix.net/hn-images/1*4ekhCguLK3XJ9FqwzJH6VQ.png?auto=format&fit=max&w=3840 2x" src="https://hackernoon.imgix.net/hn-images/1*4ekhCguLK3XJ9FqwzJH6VQ.png?auto=format&fit=max&w=3840" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" class="image-container undefined" loading="lazy"/></noscript></span></span></p> <p>Our name comes from the HODL meme. And even though that has died down in popularity, we’ve been happy to talk about other ones.</p> <p><span><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%271200%27%20height=%27786%27/%3e"/></span><img alt="" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" class="image-container undefined" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="" srcSet="https://hackernoon.imgix.net/hn-images/1*RiPd93QMvXQ9O0AoH0aGPQ.png?auto=format&fit=max&w=1200 1x, https://hackernoon.imgix.net/hn-images/1*RiPd93QMvXQ9O0AoH0aGPQ.png?auto=format&fit=max&w=3840 2x" src="https://hackernoon.imgix.net/hn-images/1*RiPd93QMvXQ9O0AoH0aGPQ.png?auto=format&fit=max&w=3840" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" class="image-container undefined" loading="lazy"/></noscript></span></span></p> <p><span><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%27960%27%20height=%27758%27/%3e"/></span><img alt="" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" class="image-container undefined" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="" srcSet="https://hackernoon.imgix.net/hn-images/1*1Yptm-DTl4L-Q0spI4zRkQ.png?auto=format&fit=max&w=1080 1x, https://hackernoon.imgix.net/hn-images/1*1Yptm-DTl4L-Q0spI4zRkQ.png?auto=format&fit=max&w=1920 2x" src="https://hackernoon.imgix.net/hn-images/1*1Yptm-DTl4L-Q0spI4zRkQ.png?auto=format&fit=max&w=1920" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" class="image-container undefined" loading="lazy"/></noscript></span></span></p> <p><a href="https://www.youtube.com/watch?v=vabXXkZjKiw&ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc">Obligatory link to Carlos Matos</a></p> <p><strong>Leveraging the power of referral</strong></p> <p>Give your customers an incentive to share your product with their friends. If your customer is in your target market, then it is very likely that their friends are too.</p> <p>Every time someone refers HodlBot to their friends, they get 1 month free.</p> <p>We shipped referral 2 weeks after launch. So far, 10% of all paid customers are referred.</p> <p><span><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%271600%27%20height=%27576%27/%3e"/></span><img alt="" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" class="image-container undefined" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="" srcSet="https://hackernoon.imgix.net/hn-images/1*RqPr7gGU6NiHXr_w8wuc5g.png?auto=format&fit=max&w=1920 1x, https://hackernoon.imgix.net/hn-images/1*RqPr7gGU6NiHXr_w8wuc5g.png?auto=format&fit=max&w=3840 2x" src="https://hackernoon.imgix.net/hn-images/1*RqPr7gGU6NiHXr_w8wuc5g.png?auto=format&fit=max&w=3840" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" class="image-container undefined" loading="lazy"/></noscript></span></span></p> <p>how many friends I actually have IRL</p> <h3><strong>Product</strong></h3> <p><strong>Reduce your scope — Just make one good thing</strong></p> <p>Our original vision for HodlBot was, and still is, a platform for people to create, share, discover, and execute algorithmic trading strategies for cryptocurrencies.</p> <p>Obviously that’s not easy to build in a month. So instead, we focused on building one strategy: an automated solution for indexing the top 20 cryptocurrencies.</p> <p>A lot of people build a mediocre minimum viable product (MVP) because they get too caught trying to build their entire vision at once.</p> <p>But here’s the thing. No one sees the product inside your head. No one sees your grand vision. You need to have something good, now.</p> <p>We took this to heart when we built the MVP for HodlBot. We did everything we could to make it a solid, standalone product from day one.</p> <p><strong>Avoid pre-mature optimization and analysis paralysis</strong></p> <p>I love data. I spent 3 years of my career being a data junkie. And I can tell you myself, that nothing is worse than pre-mature optimization based on pseudo-statistical inferences.</p> <p>When people first get a glimpse of their lacklustre conversion rates, they start regurgitating Lean Start-Up buzzwords:</p> <p>“Pivot. Iterate. A/B test.”</p> <p>Relax. As long as your conversion rate isn’t a dumpster fire, you shouldn’t rush to fix it immediately.</p> <p><strong>Here’s why:</strong></p> <ul> <li>Conversion rates often have wild variances with small sample sizes. Let it settle and converge on something more tangible before making knee-jerk reactions.</li> <li>Your traffic may be coming from poorly targeted users. If I lure 10k wine connoisseurs to hodlbot.io (assuming wine experts are not pre-dominantly crypto enthusiasts), conversion rate will obviously be bad.</li> <li>Maybe your UI isn’t broken, but your core product value proposition is. In that case, looking at conversion rates alone won’t be enough. You need real qualitative feedback from real users.</li> </ul> <p>Our conversion rate from sign-up to API keys set-up was not so great during the first week of launch. It was around 15% based on the 80 users who signed up.</p> <p>We could have halted growth, and instead shifted resources to build different variants for the on-boarding page. If we did , I promise you, we would be nowhere near close to the 200 paid customers we have today.</p> <p>Instead, we doubled down on acquisition. This time, we got a lot more targeted users to sign-up, and we saw our conversion rate drastically improve.</p> <p>Here’s our funnel today:</p> <p><span><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%271188%27%20height=%27148%27/%3e"/></span><img alt="" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" class="image-container undefined" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="" srcSet="https://hackernoon.imgix.net/hn-images/1*d5w5rsP1WdHweZ7KOXhduw.png?auto=format&fit=max&w=1200 1x, https://hackernoon.imgix.net/hn-images/1*d5w5rsP1WdHweZ7KOXhduw.png?auto=format&fit=max&w=3840 2x" src="https://hackernoon.imgix.net/hn-images/1*d5w5rsP1WdHweZ7KOXhduw.png?auto=format&fit=max&w=3840" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" class="image-container undefined" loading="lazy"/></noscript></span></span></p> <p>I blame our poor early conversion rates exclusively on fickle friends & family. (sarcasm)</p> <p>I’m not saying iteration isn’t important. Just don’t go down the optimization rabbit-hole too early. It’s a time sink.</p> <p>Get some more targeted users on your site. Talk to people who make it through. The reason your conversion rate sucks may very well be unrelated to your UI.</p> <p><strong>Make people pay for something, even if it is $1</strong></p> <p>It’s hard to prove your product is valuable if you are giving it away for free. Proving that your product is valuable is really important if you want to achieve product-market fit.</p> <p>When you ask for money, you’re asking people to consider “how much is the product worth to me”. If that answer is > $0, then be assured that you’ve built something valuable.</p> <p>We ask our customers to pay $1 for the first month. Do we really need the $1? Not really. But it forces our customers to have skin in the game. When they pay for something, they have expectations for it and are far more demanding. This is good. You’ve tricked them into giving you feedback on your product.</p> <p><strong>Good customer service can make up for your MVP flaws</strong></p> <p>One of the best decisions we made was to plug in FB messenger live-chat as a widget on our website. It literally forces us to have conversations with customers.</p> <p><span><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%271492%27%20height=%271120%27/%3e"/></span><img alt="" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" class="image-container undefined" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="" srcSet="https://hackernoon.imgix.net/hn-images/1*FjatUPTSianMqXYu4YAXJA.png?auto=format&fit=max&w=1920 1x, https://hackernoon.imgix.net/hn-images/1*FjatUPTSianMqXYu4YAXJA.png?auto=format&fit=max&w=3840 2x" src="https://hackernoon.imgix.net/hn-images/1*FjatUPTSianMqXYu4YAXJA.png?auto=format&fit=max&w=3840" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" class="image-container undefined" loading="lazy"/></noscript></span></span></p> <p>FB chat widget in the bottom-right corner. It’s free to use.</p> <p>In the last month, I’ve had 89 conversations with customers and visitors.</p> <p><span><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%27502%27%20height=%27360%27/%3e"/></span><img alt="" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" class="image-container undefined" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="" srcSet="https://hackernoon.imgix.net/hn-images/1*TsDYhJSJ9A2hvJURExGzIA.png?auto=format&fit=max&w=640 1x, https://hackernoon.imgix.net/hn-images/1*TsDYhJSJ9A2hvJURExGzIA.png?auto=format&fit=max&w=1080 2x" src="https://hackernoon.imgix.net/hn-images/1*TsDYhJSJ9A2hvJURExGzIA.png?auto=format&fit=max&w=1080" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" class="image-container undefined" loading="lazy"/></noscript></span></span></p> <p>Imagine how many more FB conversations we’d have if not for Cambridge Analytica</p> <p>What the data doesn’t show you is how many messages were sent. If I had to guess, it would be in the thousands.</p> <p>Like any early product, ours had bugs aplenty. But for some reason, nobody ever got angry at us when something broke as long as we promptly replied.</p> <p>In fact, people seemed happy when they had an issue, as long as we were able to reach out quick enough and fix it.</p> <p>I can’t shake off the feeling that the customers we helped had better experiences than customers who journeyed through the happy path alone.</p> <p>Humans are weird. We like interaction.</p> <p><strong>Establish a community for your users</strong></p> <p>After having so many great one-on-one conversations, I realized how sad it was that the only person everyone else got to talk to was me.</p> <p>Compared to the rich, dynamic personalities of our customer base, I’m plainer than rye bread.</p> <p>So I created a Telegram group for HodlBot users to discuss all things crypto. Currently, a quarter of our customer base are active in chat.</p> <p>Getting feedback from a group of your users is much better than getting feedback from them one-by-one. For one, it’s faster than e-mailing everyone individually. But the truly awesome thing is that users will discuss what they want amongst themselves and arrive at a self-organized consensus. Here’s an example of an organic product feature bubbling up from the conversation.</p> <p><span><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%271600%27%20height=%272858%27/%3e"/></span><img alt="" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" class="image-container undefined" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="" srcSet="https://hackernoon.imgix.net/hn-images/1*6o72-xf3rSUQuQ1w4Cu21Q.png?auto=format&fit=max&w=1920 1x, https://hackernoon.imgix.net/hn-images/1*6o72-xf3rSUQuQ1w4Cu21Q.png?auto=format&fit=max&w=3840 2x" src="https://hackernoon.imgix.net/hn-images/1*6o72-xf3rSUQuQ1w4Cu21Q.png?auto=format&fit=max&w=3840" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" class="image-container undefined" loading="lazy"/></noscript></span></span></p> <p>Late night conversations spark new product features</p> <p>Seeing how well this worked, prompted me to make a <a href="https://trello.com/b/udOwopV3/hodlbot-roadmap?ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc">public product roadmap</a> and share it in the chat. This is the same roadmap we work on internally. It’s a living document.</p> <p>We’re lucky to have so many intelligent, thoughtful customers. I credit them for their brilliant ideas, critical feedback, and impactful assistance.</p> <p>I’ve even received offers from customers offering to code for HodlBot free of charge. Right now, we’re not in the right shape to give open access to our codebase without compromising our security. But in the future, I will strongly consider making parts of the project open-source to take advantage of our talented user base.</p> <h3>Team</h3> <p><strong>Live by one north star metric</strong></p> <p>It’s hard to care about every single metric. After all there are so many of them.</p> <p>Pick one that is really important, set a goal for it, and rally the entire team behind it. It doesn’t have to be perfect.</p> <p>We chose # of total active customers — total paid customers minus churn — as our north star metric.We set a goal to hit 500 this month.That’s 12 everyday after conservatively accounting for churn.</p> <p>We build team morale when we’re collectively chasing the same goal. When new paid users sign-up, we get a notification in slack. We celebrate these numbers fiercely.</p> <p><span><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%271600%27%20height=%272271%27/%3e"/></span><img alt="" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" class="image-container undefined" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="" srcSet="https://hackernoon.imgix.net/hn-images/1*tK5CiLeteHln1rGsWq25eA.png?auto=format&fit=max&w=1920 1x, https://hackernoon.imgix.net/hn-images/1*tK5CiLeteHln1rGsWq25eA.png?auto=format&fit=max&w=3840 2x" src="https://hackernoon.imgix.net/hn-images/1*tK5CiLeteHln1rGsWq25eA.png?auto=format&fit=max&w=3840" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" class="image-container undefined" loading="lazy"/></noscript></span></span></p> <p><strong>Async teamwork & self-sufficiency</strong></p> <p>Teamwork is good. But don’t be fooled. Too much teamwork and inter-dependency slows down teams.</p> <p>The more people rely on each other for their day-to-day work, the more time goes into the planning, organization, and logistics.</p> <p>You can’t escape this when the complexity of your team grows. But start-ups are small. They don’t need to sit in on 2 hours of meetings every day. Instead they go out there and get shit done.</p> <p>In my opinion, the best start-ups prioritize speed above all else. And one of the best ways to getting faster is by having a self-sufficient team.</p> <p>This is what I mean by a self-sufficient:</p> <ul> <li>They can make good decisions on their own</li> <li>They don’t rely on other people to help them get through their day-to-day job</li> </ul> <p>This is why I’ve built a a versatile team of people who can all code, design, and write, and think strategically.</p> <p>When I need to scrape some data in order to put together a data visualization for Reddit, I don’t need to take off spare cycles from Lucas our back-end engineer. I can just do it myself.</p> <p>Obviously we still ask each other for feedback and criticism. But teamwork happens because we want to, and not because we have to.</p> <p>When we can remove our own blockers, we don’t have to sit around waiting for someone to come along to fix our problems. We can do our jobs without being a burden on others.</p> <h3><strong>Parting Words</strong></h3> <p>This article focuses on the key lessons I’ve learned growing from 0 to $2000 MRR.</p> <p>But there’s a lot of really important things we did in pre-revenue that I haven’t talked about:</p> <ul> <li>how to build a capable team</li> <li>how to validate an idea without a MVP</li> <li>how to do a good pre-launch</li> <li>what the MVP sprint should look like</li> </ul> <p>I’ll be going in reverse chronological order to talk about this next week. Afterwards, I will be sharing details about our second month as it unfolds.</p> <p>Here are some things we’re focusing on for month 2:</p> <ul> <li>raising seed capital (telling a good story for investors)</li> <li>customer retention</li> <li>brawling with competitors</li> <li>managing product expectations</li> <li>shipping product updates</li> </ul> <p>I hope you guys will join us our journey. I’m happy to share everything we learn. Like always, I’d love if you guys could check out <a href="https://www.hodlbot.io/?utm_source=medium&utm_medium=blog&utm_campaign=0-to-2000-mrr&ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc">hodlbot.io</a> and give us some love.</p> <h3>About the Author</h3> <p>I’m the founder of <a href="https://www.hodlbot.io/?utm_source=medium&utm_medium=blog&utm_campaign=0-to-2000-mrr&ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc">HodlBot</a>.</p> <p>We automatically diversify and rebalance your cryptocurrency portfolio into the top 20 coins by market cap.Think of it as a long-term crypto-index that you can DIY on your own exchange account.</p> <p>Combine <a href="https://www.hodlbot.io/?utm_source=medium&utm_medium=blog&utm_campaign=0-to-2000-mrr&ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc">HodlBot</a> with dollar-cost averaging, to kick ass even in a bear market.</p> <p>To get started all you need is a</p> <ol> <li>Binance Account</li> <li>$200 in any cryptocurrency</li> </ol> <p>You can check it out <a href="https://www.hodlbot.io/?utm_source=medium&utm_medium=blog&utm_campaign=0-to-2000-mrr&ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc">here</a>.</p> <p>If you want to know how <a href="https://www.hodlbot.io/?utm_source=medium&utm_medium=blog&utm_campaign=0-to-2000-mrr&ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc">HodlBot</a> indexes the market and completes rebalancing, check out the blog I wrote <a href="https://medium.com/hodlblog/hodlbot-cryptocurrency-investing-on-autopilot-dce2e4c9a7f7?ref=hackernoon.com" target="_blank" rel="noopener noreferrer ugc">here</a>.</p></div><div style="visibility:hidden" class="sc-b3825269-8 QdoCq"><button><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 22 22" width="22" style="width:18px;fill:white"><path style="width:18px;fill:white" d="M16 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style="display:flex;align-items:flex-end;justify-content:center"><div>L O A D I N G<br/>. . . comments & <span style="font-style:italic"> more!</span><br/></div></div><br/><section><div class="sc-104e382f-0 dGrQDi authorBio-section"><h3>About Author</h3><div class="row"><div class="avatar "><a href="/u/AnthonytXie"><span style="box-sizing:border-box;display:block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:absolute;top:0;left:0;bottom:0;right:0"><img alt="Anthony Xie HackerNoon profile picture" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="fill" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%;object-fit:cover"/><noscript><img alt="Anthony Xie HackerNoon profile picture" sizes="100vw" srcSet="https://hackernoon.imgix.net/images/avatars/uvVi7TWPMrM1uehpN5CvuIuzXsH2.jpg?w=200&auto=format&fit=max 640w, https://hackernoon.imgix.net/images/avatars/uvVi7TWPMrM1uehpN5CvuIuzXsH2.jpg?w=200&auto=format&fit=max 750w, https://hackernoon.imgix.net/images/avatars/uvVi7TWPMrM1uehpN5CvuIuzXsH2.jpg?w=200&auto=format&fit=max 828w, https://hackernoon.imgix.net/images/avatars/uvVi7TWPMrM1uehpN5CvuIuzXsH2.jpg?w=200&auto=format&fit=max 1080w, https://hackernoon.imgix.net/images/avatars/uvVi7TWPMrM1uehpN5CvuIuzXsH2.jpg?w=200&auto=format&fit=max 1200w, https://hackernoon.imgix.net/images/avatars/uvVi7TWPMrM1uehpN5CvuIuzXsH2.jpg?w=200&auto=format&fit=max 1920w, https://hackernoon.imgix.net/images/avatars/uvVi7TWPMrM1uehpN5CvuIuzXsH2.jpg?w=200&auto=format&fit=max 2048w, https://hackernoon.imgix.net/images/avatars/uvVi7TWPMrM1uehpN5CvuIuzXsH2.jpg?w=200&auto=format&fit=max 3840w" src="https://hackernoon.imgix.net/images/avatars/uvVi7TWPMrM1uehpN5CvuIuzXsH2.jpg?w=200&auto=format&fit=max" decoding="async" data-nimg="fill" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%;object-fit:cover" loading="lazy"/></noscript></span></a></div><div class="author-info"><div class="author-info-top"><span class="author-name-handle"><strong>Anthony Xie</strong><span class="handle"><a href="/u/AnthonytXie">@AnthonytXie</a></span></span><div class="sc-9d94a5e5-4 jtwMgp"><form class="author-email-form"><div class="emailContainer"><input type="email" placeholder="name@company.com" name="email" required="" value=""/><button class="sc-9d94a5e5-2 fEEqoW plus-icon subscribe-tooltip sub-btn"><div><span data-tip="true" data-for="subscribe-btn-tooltip">Subscribe <i class=""></i></span></div></button></div></form></div></div><span class="bio">Founder of HodlBot </span><div class="author-cta-wrapper"><a class="bio-cta" href="/u/AnthonytXie"><i style="font-size:1.8rem"></i>Read my stories</a><a class="bio-cta" href="/about/AnthonytXie"><i style="font-size:1.8rem"></i>Learn More</a></div></div></div></div></section><div id="commentSection"></div><section class="topics-section"><h4>TOPICS</h4><div class="tags"><a class="sc-29806bfb-0 cdoWeI parent-category" href="/c/startups"><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%2720%27%20height=%2720%27/%3e"/></span><img alt="purcat-img" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="purcat-img" srcSet="https://cdn.hackernoon.com/icons/SVG/Startups.svg?auto=format&fit=max&w=32 1x, https://cdn.hackernoon.com/icons/SVG/Startups.svg?auto=format&fit=max&w=48 2x" src="https://cdn.hackernoon.com/icons/SVG/Startups.svg?auto=format&fit=max&w=48" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" loading="lazy"/></noscript></span><span style="text-transform:uppercase;color:white;margin-left:1rem">startups</span></a><a class="sc-bc42364f-0 ghXAMP" href="/tagged/startup"> #startup</a><a class="sc-bc42364f-0 ghXAMP" href="/tagged/cryptocurrency"> #cryptocurrency</a><a class="sc-bc42364f-0 ghXAMP" href="/tagged/entrepreneurship"> #entrepreneurship</a><a class="sc-bc42364f-0 ghXAMP" href="/tagged/growth"> #growth</a><a class="sc-bc42364f-0 ghXAMP" href="/tagged/product"> #product</a></div></section><div class="sc-fee3e5e9-0 jvdbKp"><h4>THIS ARTICLE WAS FEATURED IN...</h4><div class="web-tags"><a href="https://www.arweave.net/6c60E-0lfXPjuqRXgaT61oKCETDeIi2Xy4yZi9_hAUo" target="_blank" rel="nofollow" class="sc-fee3e5e9-2 yKmBk"><div style="width:fit-content" class="sc-fee3e5e9-1 dzAAXf"><div style="display:flex;align-items:center;justify-self:center"><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span 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Customized Experience. Curated Stories. Publish Your Ideas </strong></a></div></div></main></div></div><script id="__NEXT_DATA__" type="application/json">{"props":{"pageProps":{"data":{"pageLang":"en","datePublished":"2018-05-08","slug":"0-to-2000-mrr-in-one-month-lessons-learned-9f6d11ad60ae","articleBody":"In March I quit my cushy full-time job to launch HodlBot — an easy way to automatically diversify your cryptocurrency portfolio into the top 20 coins by market cap. One month later, we hit 200 paid customers, $2,000 in MRR , and ~1 million dollars in cryptocurrencies allocated into the HODL 20 index. . The HODL 20 index on May 9, 2018 Link to performance since March 27, 2018 here Here’s what we learned along the way. Acquisition Find early-adopters in niche communities It’s hard to get the front page of reddit. But it’s easy to get to the front page of a niche subreddit. One requires thousands of upvotes, the other just ten. Niche communities are often neglected because they are not massive channels. But what people don’t realize is that they have an extremely high reward to effort ratio. The first post I made on Reddit about HodlBot was on /r/cryptocurrency (669,000 subscribers). The post got 7 upvotes and was buried within 10 minutes. I tried the same thing on /r/binanceexchange (19,300 subscribers) and got a few friends to like the post. Within ten minutes, I got to the top of the front page of the subreddit. We posted on /r/binanceexchange because users need a Binance account to use . HodlBot Long story short: there is much less competition in niche subreddits so you can noticed pretty easily. Plus, niche communities tend to be extremely segmented, so you can easily find members that fit your target persona. Niche communities don’t just live on Reddit. is an example of another small community that worked well for us. IndieHackers Regardless of what you’re trying to build, there are bound to be small communities you can reach out to. Go find some. Creating high quality content worth sharing You can only post so many times about the launch of your “amazing product”. Eventually, people will get bored and call you out for spamming. So if you want to get views and noticed in large communities, what do you do? Create high-quality content. link to data analysis here Once you’ve earned people’s attention, you can talk about your project. Probably could have been a bit more forward with promoting hodlbot.io And if you get lucky, like us, you’ll get covered by news outlets such as , and . Bloomberg Tech, The Outline Investopedia Here are a few other examples of quality content pieces we worked on: HodlBot: Cryptocurrency Investing on Autopilot The Instability of Stablecoins How Cryptocurrency Prices Affect the #of HODL Comments on Reddit The power of context The single biggest day of traffic we ever got came from one single comment on Hacker News. It’s a shame our product wasn’t live at the time, but it got us 500 pre-launch signups nevertheless. Thank you Coinbase Context is really a powerful thing. If you can fit into the conversation at the right time, people will pay a lot more attention to you. Obviously, it’s hard to find these kind of opportunities. We’re trying to use tools like mention.com, google webmaster, along with our own eyeballs, to find the right ones. Lean into Memes Don’t take yourself too seriously. Serious companies are boring. Take the Museum of English Rural Life for example. They gained 7k followers from this tweet. Our name comes from the HODL meme. And even though that has died down in popularity, we’ve been happy to talk about other ones. Obligatory link to Carlos Matos Leveraging the power of referral Give your customers an incentive to share your product with their friends. If your customer is in your target market, then it is very likely that their friends are too. Every time someone refers HodlBot to their friends, they get 1 month free. We shipped referral 2 weeks after launch. So far, 10% of all paid customers are referred. how many friends I actually have IRL Product Reduce your scope — Just make one good thing Our original vision for HodlBot was, and still is, a platform for people to create, share, discover, and execute algorithmic trading strategies for cryptocurrencies. Obviously that’s not easy to build in a month. So instead, we focused on building one strategy: an automated solution for indexing the top 20 cryptocurrencies. A lot of people build a mediocre minimum viable product (MVP) because they get too caught trying to build their entire vision at once. But here’s the thing. No one sees the product inside your head. No one sees your grand vision. You need to have something good, now. We took this to heart when we built the MVP for HodlBot. We did everything we could to make it a solid, standalone product from day one. Avoid pre-mature optimization and analysis paralysis I love data. I spent 3 years of my career being a data junkie. And I can tell you myself, that nothing is worse than pre-mature optimization based on pseudo-statistical inferences. When people first get a glimpse of their lacklustre conversion rates, they start regurgitating Lean Start-Up buzzwords: “Pivot. Iterate. A/B test.” Relax. As long as your conversion rate isn’t a dumpster fire, you shouldn’t rush to fix it immediately. Here’s why: Conversion rates often have wild variances with small sample sizes. Let it settle and converge on something more tangible before making knee-jerk reactions. Your traffic may be coming from poorly targeted users. If I lure 10k wine connoisseurs to hodlbot.io (assuming wine experts are not pre-dominantly crypto enthusiasts), conversion rate will obviously be bad. Maybe your UI isn’t broken, but your core product value proposition is. In that case, looking at conversion rates alone won’t be enough. You need real qualitative feedback from real users. Our conversion rate from sign-up to API keys set-up was not so great during the first week of launch. It was around 15% based on the 80 users who signed up. We could have halted growth, and instead shifted resources to build different variants for the on-boarding page. If we did , I promise you, we would be nowhere near close to the 200 paid customers we have today. Instead, we doubled down on acquisition. This time, we got a lot more targeted users to sign-up, and we saw our conversion rate drastically improve. Here’s our funnel today: I blame our poor early conversion rates exclusively on fickle friends \u0026 family. (sarcasm) I’m not saying iteration isn’t important. Just don’t go down the optimization rabbit-hole too early. It’s a time sink. Get some more targeted users on your site. Talk to people who make it through. The reason your conversion rate sucks may very well be unrelated to your UI. Make people pay for something, even if it is $1 It’s hard to prove your product is valuable if you are giving it away for free. Proving that your product is valuable is really important if you want to achieve product-market fit. When you ask for money, you’re asking people to consider “how much is the product worth to me”. If that answer is \u003e $0, then be assured that you’ve built something valuable. We ask our customers to pay $1 for the first month. Do we really need the $1? Not really. But it forces our customers to have skin in the game. When they pay for something, they have expectations for it and are far more demanding. This is good. You’ve tricked them into giving you feedback on your product. Good customer service can make up for your MVP flaws One of the best decisions we made was to plug in FB messenger live-chat as a widget on our website. It literally forces us to have conversations with customers. FB chat widget in the bottom-right corner. It’s free to use. In the last month, I’ve had 89 conversations with customers and visitors. Imagine how many more FB conversations we’d have if not for Cambridge Analytica What the data doesn’t show you is how many messages were sent. If I had to guess, it would be in the thousands. Like any early product, ours had bugs aplenty. But for some reason, nobody ever got angry at us when something broke as long as we promptly replied. In fact, people seemed happy when they had an issue, as long as we were able to reach out quick enough and fix it. I can’t shake off the feeling that the customers we helped had better experiences than customers who journeyed through the happy path alone. Humans are weird. We like interaction. Establish a community for your users After having so many great one-on-one conversations, I realized how sad it was that the only person everyone else got to talk to was me. Compared to the rich, dynamic personalities of our customer base, I’m plainer than rye bread. So I created a Telegram group for HodlBot users to discuss all things crypto. Currently, a quarter of our customer base are active in chat. Getting feedback from a group of your users is much better than getting feedback from them one-by-one. For one, it’s faster than e-mailing everyone individually. But the truly awesome thing is that users will discuss what they want amongst themselves and arrive at a self-organized consensus. Here’s an example of an organic product feature bubbling up from the conversation. Late night conversations spark new product features Seeing how well this worked, prompted me to make a and share it in the chat. This is the same roadmap we work on internally. It’s a living document. public product roadmap We’re lucky to have so many intelligent, thoughtful customers. I credit them for their brilliant ideas, critical feedback, and impactful assistance. I’ve even received offers from customers offering to code for HodlBot free of charge. Right now, we’re not in the right shape to give open access to our codebase without compromising our security. But in the future, I will strongly consider making parts of the project open-source to take advantage of our talented user base. Team Live by one north star metric It’s hard to care about every single metric. After all there are so many of them. Pick one that is really important, set a goal for it, and rally the entire team behind it. It doesn’t have to be perfect. We chose # of total active customers — total paid customers minus churn — as our north star metric.We set a goal to hit 500 this month.That’s 12 everyday after conservatively accounting for churn. We build team morale when we’re collectively chasing the same goal. When new paid users sign-up, we get a notification in slack. We celebrate these numbers fiercely. Async teamwork \u0026 self-sufficiency Teamwork is good. But don’t be fooled. Too much teamwork and inter-dependency slows down teams. The more people rely on each other for their day-to-day work, the more time goes into the planning, organization, and logistics. You can’t escape this when the complexity of your team grows. But start-ups are small. They don’t need to sit in on 2 hours of meetings every day. Instead they go out there and get shit done. In my opinion, the best start-ups prioritize speed above all else. And one of the best ways to getting faster is by having a self-sufficient team. This is what I mean by a self-sufficient: They can make good decisions on their own They don’t rely on other people to help them get through their day-to-day job This is why I’ve built a a versatile team of people who can all code, design, and write, and think strategically. When I need to scrape some data in order to put together a data visualization for Reddit, I don’t need to take off spare cycles from Lucas our back-end engineer. I can just do it myself. Obviously we still ask each other for feedback and criticism. But teamwork happens because we want to, and not because we have to. When we can remove our own blockers, we don’t have to sit around waiting for someone to come along to fix our problems. We can do our jobs without being a burden on others. Parting Words This article focuses on the key lessons I’ve learned growing from 0 to $2000 MRR. But there’s a lot of really important things we did in pre-revenue that I haven’t talked about: how to build a capable team how to validate an idea without a MVP how to do a good pre-launch what the MVP sprint should look like I’ll be going in reverse chronological order to talk about this next week. Afterwards, I will be sharing details about our second month as it unfolds. Here are some things we’re focusing on for month 2: raising seed capital (telling a good story for investors) customer retention brawling with competitors managing product expectations shipping product updates I hope you guys will join us our journey. I’m happy to share everything we learn. Like always, I’d love if you guys could check out and give us some love. hodlbot.io About the Author I’m the founder of . HodlBot We automatically diversify and rebalance your cryptocurrency portfolio into the top 20 coins by market cap.Think of it as a long-term crypto-index that you can DIY on your own exchange account. Combine with dollar-cost averaging, to kick ass even in a bear market. HodlBot To get started all you need is a Binance Account $200 in any cryptocurrency You can check it out . here If you want to know how indexes the market and completes rebalancing, check out the blog I wrote . HodlBot here","arweave":"6c60E-0lfXPjuqRXgaT61oKCETDeIi2Xy4yZi9_hAUo","createdAt":"2018-05-08T00:34:18.634Z","excerpt":"In March I quit my cushy full-time job to launch \u003ca href=\"https://www.hodlbot.io/?utm_source=medium\u0026amp;utm_medium=blog\u0026amp;utm_campaign=0-to-2000-mrr\" target=\"_blank\"\u003eHodlBot — an easy way to automatically diversify your cryptocurrency portfolio into the top 20 coins by market cap.\u003c/a\u003e","featureImgColor":"rgb(4 251 4 / 70%)","firstSeenAt":"https://www.liamiscool.com/a-list-of-artificial-intelligence-tools-for-personal-use","id":"0-to-2000-mrr-in-one-month-lessons-learned-9f6d11ad60ae","imageSizes":{"https://hackernoon.com/hn-images/1*1Yptm-DTl4L-Q0spI4zRkQ.png":{"width":960,"height":758},"https://hackernoon.com/hn-images/1*JJfDADw2rwsGDayKGP4uYA.png":{"width":1146,"height":1146},"https://hackernoon.com/hn-images/1*d5w5rsP1WdHweZ7KOXhduw.png":{"width":1188,"height":148},"https://hackernoon.com/hn-images/1*VeWe79v8V8S_Bq5-8N-Xwg.png":{"width":1600,"height":1201},"https://hackernoon.com/hn-images/1*6o72-xf3rSUQuQ1w4Cu21Q.png":{"width":1600,"height":2858},"https://hackernoon.com/hn-images/1*8g34FJmQB3afjsQxfqCziQ.png":{"width":1460,"height":1146},"https://hackernoon.com/hn-images/1*4ekhCguLK3XJ9FqwzJH6VQ.png":{"width":1038,"height":1050},"https://hackernoon.com/hn-images/1*po1p_fdV7zB77FC_GJ6M2g.png":{"width":1600,"height":781},"https://hackernoon.com/hn-images/1*FjatUPTSianMqXYu4YAXJA.png":{"width":1492,"height":1120},"https://hackernoon.com/hn-images/1*X8e6lThtmhzwU1dv1MF-3A.png":{"width":1373,"height":771},"https://hackernoon.com/hn-images/1*RqPr7gGU6NiHXr_w8wuc5g.png":{"width":1600,"height":576},"https://hackernoon.com/hn-images/1*RiPd93QMvXQ9O0AoH0aGPQ.png":{"width":1200,"height":786},"https://hackernoon.com/hn-images/1*sQopMWArSEcDCjCKVieWUA.png":{"width":2400,"height":1089},"https://hackernoon.com/hn-images/1*TsDYhJSJ9A2hvJURExGzIA.png":{"width":502,"height":360},"https://hackernoon.com/hn-images/1*tK5CiLeteHln1rGsWq25eA.png":{"width":1600,"height":2271},"https://hackernoon.com/hn-images/1*yF5uT2EtuIs8__NqXbkJRg.jpeg":{"width":1600,"height":1000},"https://hackernoon.com/hn-images/1*xmxZ0xdpvJpcsU7P-Uq49g.png":{"width":1600,"height":729}},"mainImage":"https://hackernoon.imgix.net/fallback-feat.png","mainImageHeight":500,"mainImageWidth":1000,"mentions":[{"image":"http://logo.bigpicture.io/logo/analytica.net","name":"Analytica","id":"analytica","collection":"companies","manual":false},{"image":"http://logo.bigpicture.io/logo/binance.com","name":"Binance","id":"binance","collection":"companies","manual":false},{"image":"http://logo.bigpicture.io/logo/coinbase.com","name":"Coinbase","collection":"companies","id":"coinbase","manual":false},{"image":"http://logo.bigpicture.io/logo/google.com","name":"Google","collection":"companies","id":"google","manual":false},{"image":"http://logo.bigpicture.io/logo/slack.com","name":"Slack","id":"slack","collection":"companies","manual":false},{"image":"http://logo.bigpicture.io/logo/target.com","name":"Target","collection":"companies","id":"target","manual":false},{"image":"http://logo.bigpicture.io/logo/trello.com","name":"Trello","collection":"companies","id":"trello","manual":false},{"image":null,"name":"YouTube","collection":"companies","id":"youtube","manual":false}],"owner":"uvVi7TWPMrM1uehpN5CvuIuzXsH2","parentCategory":"startups","parsed":"\u003cp\u003eIn March I quit my cushy full-time job to launch \u003ca href=\"https://www.hodlbot.io/?utm_source=medium\u0026amp;utm_medium=blog\u0026amp;utm_campaign=0-to-2000-mrr\"\u003eHodlBot — an easy way to automatically diversify your cryptocurrency portfolio into the top 20 coins by market cap.\u003c/a\u003e\u003c/p\u003e\n\u003cp\u003eOne month later, we hit 200 paid customers, $2,000 in MRR , and ~1 million dollars in cryptocurrencies allocated into the \u003ca href=\"https://medium.com/@AnthonytXie/hodlbot-cryptocurrency-investing-on-autopilot-dce2e4c9a7f7\"\u003eHODL 20 index.\u003c/a\u003e\u003c/p\u003e\n\u003cp\u003e\u003cimg src=\"https://hackernoon.com/hn-images/1*8g34FJmQB3afjsQxfqCziQ.png\" alt=\"\"\u003e\u003c/p\u003e\n\u003cp\u003e\u003ca href=\"https://medium.com/@AnthonytXie/hodlbot-cryptocurrency-investing-on-autopilot-dce2e4c9a7f7\"\u003eThe HODL 20 index on May 9, 2018\u003c/a\u003e. \u003ca href=\"https://www.reddit.com/r/algotrading/comments/8h85kp/2x_from_algorithmically_indexing_top_20/\"\u003eLink to performance since March 27, 2018 here\u003c/a\u003e\u003c/p\u003e\n\u003cp\u003eHere’s what we learned along the way.\u003c/p\u003e\n\u003ch3\u003eAcquisition\u003c/h3\u003e\n\u003cp\u003e\u003cimg src=\"https://hackernoon.com/hn-images/1*X8e6lThtmhzwU1dv1MF-3A.png\" alt=\"\"\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eFind early-adopters in niche communities\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eIt’s hard to get the front page of reddit. But it’s easy to get to the front page of a niche subreddit. One requires thousands of upvotes, the other just ten.\u003c/p\u003e\n\u003cp\u003eNiche communities are often neglected because they are not massive channels. But what people don’t realize is that they have an extremely high reward to effort ratio.\u003c/p\u003e\n\u003cp\u003eThe first post I made on Reddit about HodlBot was on /r/cryptocurrency (669,000 subscribers). The post got 7 upvotes and was buried within 10 minutes.\u003c/p\u003e\n\u003cp\u003eI tried the same thing on /r/binanceexchange (19,300 subscribers) and got a few friends to like the post. Within ten minutes, I got to the top of the front page of the subreddit.\u003c/p\u003e\n\u003cp\u003e\u003cimg src=\"https://hackernoon.com/hn-images/1*JJfDADw2rwsGDayKGP4uYA.png\" alt=\"\"\u003e\u003c/p\u003e\n\u003cp\u003eWe posted on /r/binanceexchange because users need a Binance account to use \u003ca href=\"https://www.hodlbot.io/?utm_source=medium\u0026amp;utm_medium=blog\u0026amp;utm_campaign=0-to-2000-mrr\"\u003eHodlBot\u003c/a\u003e.\u003c/p\u003e\n\u003cp\u003eLong story short: there is much less competition in niche subreddits so you can noticed pretty easily. Plus, niche communities tend to be extremely segmented, so you can easily find members that fit your target persona.\u003c/p\u003e\n\u003cp\u003e\u003cimg src=\"https://hackernoon.com/hn-images/1*sQopMWArSEcDCjCKVieWUA.png\" alt=\"\"\u003e\u003c/p\u003e\n\u003cp\u003eNiche communities don’t just live on Reddit. \u003ca href=\"https://www.indiehackers.com/forum/i-quit-my-job-and-launched-hodlbot-automatically-diversify-into-the-top-20-cryptos-104bfbf5cb\"\u003eIndieHackers\u003c/a\u003e is an example of another small community that worked well for us.\u003c/p\u003e\n\u003cp\u003eRegardless of what you’re trying to build, there are bound to be small communities you can reach out to. Go find some.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eCreating high quality content worth sharing\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eYou can only post so many times about the launch of your “amazing product”. Eventually, people will get bored and call you out for spamming.\u003c/p\u003e\n\u003cp\u003eSo if you want to get views and noticed in large communities, what do you do? Create high-quality content.\u003c/p\u003e\n\u003cp\u003e\u003cimg src=\"https://hackernoon.com/hn-images/1*VeWe79v8V8S_Bq5-8N-Xwg.png\" alt=\"\"\u003e\u003c/p\u003e\n\u003cp\u003e\u003ca href=\"https://hackernoon.com/analyzing-every-reddit-comment-mentioning-hodl-since-2017-part-one-d536eb8364ad\"\u003elink to data analysis here\u003c/a\u003e\u003c/p\u003e\n\u003cp\u003eOnce you’ve earned people’s attention, you can talk about your project.\u003c/p\u003e\n\u003cp\u003e\u003cimg src=\"https://hackernoon.com/hn-images/1*po1p_fdV7zB77FC_GJ6M2g.png\" alt=\"\"\u003e\u003c/p\u003e\n\u003cp\u003eProbably could have been a bit more forward with promoting \u003ca href=\"https://www.hodlbot.io/?utm_source=medium\u0026amp;utm_medium=blog\u0026amp;utm_campaign=0-to-2000-mrr\"\u003ehodlbot.io\u003c/a\u003e\u003c/p\u003e\n\u003cp\u003eAnd if you get lucky, like us, you’ll get covered by news outlets such as \u003ca href=\"https://www.bloomberg.com/news/articles/2018-04-11/bitcoin-purists-appear-to-be-bidding-the-hodl-life-adieu\"\u003eBloomberg Tech,\u003c/a\u003e \u003ca href=\"https://theoutline.com/post/4111/reddits-calls-to-hodl-cryptocurrency-do-they-work?zd=2\u0026amp;zi=4ksu75gx\"\u003eThe Outline\u003c/a\u003e, and \u003ca href=\"https://www.investopedia.com/news/bitcoins-hodl-meme-dying/\"\u003eInvestopedia\u003c/a\u003e.\u003c/p\u003e\n\u003cp\u003e\u003cimg src=\"https://hackernoon.com/hn-images/1*yF5uT2EtuIs8__NqXbkJRg.jpeg\" alt=\"\"\u003e\u003c/p\u003e\n\u003cp\u003eHere are a few other examples of quality content pieces we worked on:\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003e\u003ca href=\"https://hackernoon.com/hodlbot-cryptocurrency-investing-on-autopilot-dce2e4c9a7f7\"\u003eHodlBot: Cryptocurrency Investing on Autopilot\u003c/a\u003e\u003c/li\u003e\n\u003cli\u003e\u003ca href=\"https://hackernoon.com/the-instability-of-stablecoins-69e2c8e1729e\"\u003eThe Instability of Stablecoins\u003c/a\u003e\u003c/li\u003e\n\u003cli\u003e\u003ca href=\"https://hackernoon.com/analyzing-every-reddit-comment-mentioning-hodl-since-2017-part-one-d536eb8364ad\"\u003eHow Cryptocurrency Prices Affect the #of HODL Comments on Reddit\u003c/a\u003e\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003e\u003cstrong\u003eThe power of context\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eThe single biggest day of traffic we ever got came from one single comment on Hacker News. It’s a shame our product wasn’t live at the time, but it got us 500 pre-launch signups nevertheless.\u003c/p\u003e\n\u003cp\u003e\u003cimg src=\"https://hackernoon.com/hn-images/1*xmxZ0xdpvJpcsU7P-Uq49g.png\" alt=\"\"\u003e\u003c/p\u003e\n\u003cp\u003e\u003ca href=\"https://news.ycombinator.com/item?id=16532788\"\u003eThank you Coinbase\u003c/a\u003e\u003c/p\u003e\n\u003cp\u003eContext is really a powerful thing. If you can fit into the conversation at the right time, people will pay a lot more attention to you.\u003c/p\u003e\n\u003cp\u003eObviously, it’s hard to find these kind of opportunities. We’re trying to use tools like mention.com, google webmaster, along with our own eyeballs, to find the right ones.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eLean into Memes\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eDon’t take yourself too seriously. Serious companies are boring.\u003c/p\u003e\n\u003cp\u003eTake the Museum of English Rural Life for example. They gained 7k followers from this tweet.\u003c/p\u003e\n\u003cp\u003e\u003cimg src=\"https://hackernoon.com/hn-images/1*4ekhCguLK3XJ9FqwzJH6VQ.png\" alt=\"\"\u003e\u003c/p\u003e\n\u003cp\u003eOur name comes from the HODL meme. And even though that has died down in popularity, we’ve been happy to talk about other ones.\u003c/p\u003e\n\u003cp\u003e\u003cimg src=\"https://hackernoon.com/hn-images/1*RiPd93QMvXQ9O0AoH0aGPQ.png\" alt=\"\"\u003e\u003c/p\u003e\n\u003cp\u003e\u003cimg src=\"https://hackernoon.com/hn-images/1*1Yptm-DTl4L-Q0spI4zRkQ.png\" alt=\"\"\u003e\u003c/p\u003e\n\u003cp\u003e\u003ca href=\"https://www.youtube.com/watch?v=vabXXkZjKiw\"\u003eObligatory link to Carlos Matos\u003c/a\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eLeveraging the power of referral\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eGive your customers an incentive to share your product with their friends. If your customer is in your target market, then it is very likely that their friends are too.\u003c/p\u003e\n\u003cp\u003eEvery time someone refers HodlBot to their friends, they get 1 month free.\u003c/p\u003e\n\u003cp\u003eWe shipped referral 2 weeks after launch. So far, 10% of all paid customers are referred.\u003c/p\u003e\n\u003cp\u003e\u003cimg src=\"https://hackernoon.com/hn-images/1*RqPr7gGU6NiHXr_w8wuc5g.png\" alt=\"\"\u003e\u003c/p\u003e\n\u003cp\u003ehow many friends I actually have IRL\u003c/p\u003e\n\u003ch3\u003e\u003cstrong\u003eProduct\u003c/strong\u003e\u003c/h3\u003e\n\u003cp\u003e\u003cstrong\u003eReduce your scope — Just make one good thing\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eOur original vision for HodlBot was, and still is, a platform for people to create, share, discover, and execute algorithmic trading strategies for cryptocurrencies.\u003c/p\u003e\n\u003cp\u003eObviously that’s not easy to build in a month. So instead, we focused on building one strategy: an automated solution for indexing the top 20 cryptocurrencies.\u003c/p\u003e\n\u003cp\u003eA lot of people build a mediocre minimum viable product (MVP) because they get too caught trying to build their entire vision at once.\u003c/p\u003e\n\u003cp\u003eBut here’s the thing. No one sees the product inside your head. No one sees your grand vision. You need to have something good, now.\u003c/p\u003e\n\u003cp\u003eWe took this to heart when we built the MVP for HodlBot. We did everything we could to make it a solid, standalone product from day one.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eAvoid pre-mature optimization and analysis paralysis\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eI love data. I spent 3 years of my career being a data junkie. And I can tell you myself, that nothing is worse than pre-mature optimization based on pseudo-statistical inferences.\u003c/p\u003e\n\u003cp\u003eWhen people first get a glimpse of their lacklustre conversion rates, they start regurgitating Lean Start-Up buzzwords:\u003c/p\u003e\n\u003cp\u003e“Pivot. Iterate. A/B test.”\u003c/p\u003e\n\u003cp\u003eRelax. As long as your conversion rate isn’t a dumpster fire, you shouldn’t rush to fix it immediately.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eHere’s why:\u003c/strong\u003e\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003eConversion rates often have wild variances with small sample sizes. Let it settle and converge on something more tangible before making knee-jerk reactions.\u003c/li\u003e\n\u003cli\u003eYour traffic may be coming from poorly targeted users. If I lure 10k wine connoisseurs to hodlbot.io (assuming wine experts are not pre-dominantly crypto enthusiasts), conversion rate will obviously be bad.\u003c/li\u003e\n\u003cli\u003eMaybe your UI isn’t broken, but your core product value proposition is. In that case, looking at conversion rates alone won’t be enough. You need real qualitative feedback from real users.\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eOur conversion rate from sign-up to API keys set-up was not so great during the first week of launch. It was around 15% based on the 80 users who signed up.\u003c/p\u003e\n\u003cp\u003eWe could have halted growth, and instead shifted resources to build different variants for the on-boarding page. If we did , I promise you, we would be nowhere near close to the 200 paid customers we have today.\u003c/p\u003e\n\u003cp\u003eInstead, we doubled down on acquisition. This time, we got a lot more targeted users to sign-up, and we saw our conversion rate drastically improve.\u003c/p\u003e\n\u003cp\u003eHere’s our funnel today:\u003c/p\u003e\n\u003cp\u003e\u003cimg src=\"https://hackernoon.com/hn-images/1*d5w5rsP1WdHweZ7KOXhduw.png\" alt=\"\"\u003e\u003c/p\u003e\n\u003cp\u003eI blame our poor early conversion rates exclusively on fickle friends \u0026amp; family. (sarcasm)\u003c/p\u003e\n\u003cp\u003eI’m not saying iteration isn’t important. Just don’t go down the optimization rabbit-hole too early. It’s a time sink.\u003c/p\u003e\n\u003cp\u003eGet some more targeted users on your site. Talk to people who make it through. The reason your conversion rate sucks may very well be unrelated to your UI.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eMake people pay for something, even if it is $1\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eIt’s hard to prove your product is valuable if you are giving it away for free. Proving that your product is valuable is really important if you want to achieve product-market fit.\u003c/p\u003e\n\u003cp\u003eWhen you ask for money, you’re asking people to consider “how much is the product worth to me”. If that answer is \u0026gt; $0, then be assured that you’ve built something valuable.\u003c/p\u003e\n\u003cp\u003eWe ask our customers to pay $1 for the first month. Do we really need the $1? Not really. But it forces our customers to have skin in the game. When they pay for something, they have expectations for it and are far more demanding. This is good. You’ve tricked them into giving you feedback on your product.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eGood customer service can make up for your MVP flaws\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eOne of the best decisions we made was to plug in FB messenger live-chat as a widget on our website. It literally forces us to have conversations with customers.\u003c/p\u003e\n\u003cp\u003e\u003cimg src=\"https://hackernoon.com/hn-images/1*FjatUPTSianMqXYu4YAXJA.png\" alt=\"\"\u003e\u003c/p\u003e\n\u003cp\u003eFB chat widget in the bottom-right corner. It’s free to use.\u003c/p\u003e\n\u003cp\u003eIn the last month, I’ve had 89 conversations with customers and visitors.\u003c/p\u003e\n\u003cp\u003e\u003cimg src=\"https://hackernoon.com/hn-images/1*TsDYhJSJ9A2hvJURExGzIA.png\" alt=\"\"\u003e\u003c/p\u003e\n\u003cp\u003eImagine how many more FB conversations we’d have if not for Cambridge Analytica\u003c/p\u003e\n\u003cp\u003eWhat the data doesn’t show you is how many messages were sent. If I had to guess, it would be in the thousands.\u003c/p\u003e\n\u003cp\u003eLike any early product, ours had bugs aplenty. But for some reason, nobody ever got angry at us when something broke as long as we promptly replied.\u003c/p\u003e\n\u003cp\u003eIn fact, people seemed happy when they had an issue, as long as we were able to reach out quick enough and fix it.\u003c/p\u003e\n\u003cp\u003eI can’t shake off the feeling that the customers we helped had better experiences than customers who journeyed through the happy path alone.\u003c/p\u003e\n\u003cp\u003eHumans are weird. We like interaction.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eEstablish a community for your users\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eAfter having so many great one-on-one conversations, I realized how sad it was that the only person everyone else got to talk to was me.\u003c/p\u003e\n\u003cp\u003eCompared to the rich, dynamic personalities of our customer base, I’m plainer than rye bread.\u003c/p\u003e\n\u003cp\u003eSo I created a Telegram group for HodlBot users to discuss all things crypto. Currently, a quarter of our customer base are active in chat.\u003c/p\u003e\n\u003cp\u003eGetting feedback from a group of your users is much better than getting feedback from them one-by-one. For one, it’s faster than e-mailing everyone individually. But the truly awesome thing is that users will discuss what they want amongst themselves and arrive at a self-organized consensus. Here’s an example of an organic product feature bubbling up from the conversation.\u003c/p\u003e\n\u003cp\u003e\u003cimg src=\"https://hackernoon.com/hn-images/1*6o72-xf3rSUQuQ1w4Cu21Q.png\" alt=\"\"\u003e\u003c/p\u003e\n\u003cp\u003eLate night conversations spark new product features\u003c/p\u003e\n\u003cp\u003eSeeing how well this worked, prompted me to make a \u003ca href=\"https://trello.com/b/udOwopV3/hodlbot-roadmap\"\u003epublic product roadmap\u003c/a\u003e and share it in the chat. This is the same roadmap we work on internally. It’s a living document.\u003c/p\u003e\n\u003cp\u003eWe’re lucky to have so many intelligent, thoughtful customers. I credit them for their brilliant ideas, critical feedback, and impactful assistance.\u003c/p\u003e\n\u003cp\u003eI’ve even received offers from customers offering to code for HodlBot free of charge. Right now, we’re not in the right shape to give open access to our codebase without compromising our security. But in the future, I will strongly consider making parts of the project open-source to take advantage of our talented user base.\u003c/p\u003e\n\u003ch3\u003eTeam\u003c/h3\u003e\n\u003cp\u003e\u003cstrong\u003eLive by one north star metric\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eIt’s hard to care about every single metric. After all there are so many of them.\u003c/p\u003e\n\u003cp\u003ePick one that is really important, set a goal for it, and rally the entire team behind it. It doesn’t have to be perfect.\u003c/p\u003e\n\u003cp\u003eWe chose # of total active customers — total paid customers minus churn — as our north star metric.We set a goal to hit 500 this month.That’s 12 everyday after conservatively accounting for churn.\u003c/p\u003e\n\u003cp\u003eWe build team morale when we’re collectively chasing the same goal. When new paid users sign-up, we get a notification in slack. We celebrate these numbers fiercely.\u003c/p\u003e\n\u003cp\u003e\u003cimg src=\"https://hackernoon.com/hn-images/1*tK5CiLeteHln1rGsWq25eA.png\" alt=\"\"\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eAsync teamwork \u0026amp; self-sufficiency\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eTeamwork is good. But don’t be fooled. Too much teamwork and inter-dependency slows down teams.\u003c/p\u003e\n\u003cp\u003eThe more people rely on each other for their day-to-day work, the more time goes into the planning, organization, and logistics.\u003c/p\u003e\n\u003cp\u003eYou can’t escape this when the complexity of your team grows. But start-ups are small. They don’t need to sit in on 2 hours of meetings every day. Instead they go out there and get shit done.\u003c/p\u003e\n\u003cp\u003eIn my opinion, the best start-ups prioritize speed above all else. And one of the best ways to getting faster is by having a self-sufficient team.\u003c/p\u003e\n\u003cp\u003eThis is what I mean by a self-sufficient:\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003eThey can make good decisions on their own\u003c/li\u003e\n\u003cli\u003eThey don’t rely on other people to help them get through their day-to-day job\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eThis is why I’ve built a a versatile team of people who can all code, design, and write, and think strategically.\u003c/p\u003e\n\u003cp\u003eWhen I need to scrape some data in order to put together a data visualization for Reddit, I don’t need to take off spare cycles from Lucas our back-end engineer. I can just do it myself.\u003c/p\u003e\n\u003cp\u003eObviously we still ask each other for feedback and criticism. But teamwork happens because we want to, and not because we have to.\u003c/p\u003e\n\u003cp\u003eWhen we can remove our own blockers, we don’t have to sit around waiting for someone to come along to fix our problems. We can do our jobs without being a burden on others.\u003c/p\u003e\n\u003ch3\u003e\u003cstrong\u003eParting Words\u003c/strong\u003e\u003c/h3\u003e\n\u003cp\u003eThis article focuses on the key lessons I’ve learned growing from 0 to $2000 MRR.\u003c/p\u003e\n\u003cp\u003eBut there’s a lot of really important things we did in pre-revenue that I haven’t talked about:\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003ehow to build a capable team\u003c/li\u003e\n\u003cli\u003ehow to validate an idea without a MVP\u003c/li\u003e\n\u003cli\u003ehow to do a good pre-launch\u003c/li\u003e\n\u003cli\u003ewhat the MVP sprint should look like\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eI’ll be going in reverse chronological order to talk about this next week. Afterwards, I will be sharing details about our second month as it unfolds.\u003c/p\u003e\n\u003cp\u003eHere are some things we’re focusing on for month 2:\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003eraising seed capital (telling a good story for investors)\u003c/li\u003e\n\u003cli\u003ecustomer retention\u003c/li\u003e\n\u003cli\u003ebrawling with competitors\u003c/li\u003e\n\u003cli\u003emanaging product expectations\u003c/li\u003e\n\u003cli\u003eshipping product updates\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eI hope you guys will join us our journey. I’m happy to share everything we learn. Like always, I’d love if you guys could check out \u003ca href=\"https://www.hodlbot.io/?utm_source=medium\u0026amp;utm_medium=blog\u0026amp;utm_campaign=0-to-2000-mrr\"\u003ehodlbot.io\u003c/a\u003e and give us some love.\u003c/p\u003e\n\u003ch3\u003eAbout the Author\u003c/h3\u003e\n\u003cp\u003eI’m the founder of \u003ca href=\"https://www.hodlbot.io/?utm_source=medium\u0026amp;utm_medium=blog\u0026amp;utm_campaign=0-to-2000-mrr\"\u003eHodlBot\u003c/a\u003e.\u003c/p\u003e\n\u003cp\u003eWe automatically diversify and rebalance your cryptocurrency portfolio into the top 20 coins by market cap.Think of it as a long-term crypto-index that you can DIY on your own exchange account.\u003c/p\u003e\n\u003cp\u003eCombine \u003ca href=\"https://www.hodlbot.io/?utm_source=medium\u0026amp;utm_medium=blog\u0026amp;utm_campaign=0-to-2000-mrr\"\u003eHodlBot\u003c/a\u003e with dollar-cost averaging, to kick ass even in a bear market.\u003c/p\u003e\n\u003cp\u003eTo get started all you need is a\u003c/p\u003e\n\u003col\u003e\n\u003cli\u003eBinance Account\u003c/li\u003e\n\u003cli\u003e$200 in any cryptocurrency\u003c/li\u003e\n\u003c/ol\u003e\n\u003cp\u003eYou can check it out \u003ca href=\"https://www.hodlbot.io/?utm_source=medium\u0026amp;utm_medium=blog\u0026amp;utm_campaign=0-to-2000-mrr\"\u003ehere\u003c/a\u003e.\u003c/p\u003e\n\u003cp\u003eIf you want to know how \u003ca href=\"https://www.hodlbot.io/?utm_source=medium\u0026amp;utm_medium=blog\u0026amp;utm_campaign=0-to-2000-mrr\"\u003eHodlBot\u003c/a\u003e indexes the market and completes rebalancing, check out the blog I wrote \u003ca href=\"https://medium.com/hodlblog/hodlbot-cryptocurrency-investing-on-autopilot-dce2e4c9a7f7\"\u003ehere\u003c/a\u003e.\u003c/p\u003e","profile":{"about_page_settings":{"owner":"uvVi7TWPMrM1uehpN5CvuIuzXsH2","createdAt":"2021-12-16T21:04:32.489Z","blocked":false,"style":{"layout":0,"skin":0,"headline_pos":"center"},"published":true,"updatedAt":"2021-12-16T21:04:32.489Z"},"adLink":null,"adText":null,"avatar":"https://hackernoon.com/images/avatars/uvVi7TWPMrM1uehpN5CvuIuzXsH2.jpg","bio":"Founder of HodlBot\n","callToActions":[{"name":"Read My Stories","icon":"fa fa-book","active":true,"id":"d455d5032acea","url":"https://hackernoon.com/u/AnthonytXie"}],"displayName":"Anthony Xie","handle":"AnthonytXie","isTrusted":false,"allowSubscribers":true},"publishedAt":1525739658.634,"tags":["startup","cryptocurrency","entrepreneurship","growth","product"],"title":"0 to $2000 MRR in One Month - Lessons Learned","backlinks":{"fetched":"2024-11-23T17:05:13.941Z","urls":["https://femstreet.substack.com/p/femstreet-issue-34-weekly-newsletter-18-05-13"]},"annotations":[],"draftId":"0-to-2000-mrr-in-one-month-lessons-learned-9f6d11ad60ae","fromMongo":true,"relatedStories":[{"id":"WnXNHi3bu6hkhQ5ADOVW","active":true,"category":[],"companyName":"Miro-Leaders","customAd":"https://cdn.hackernoon.com/images/img-ql53l5p.png","firstColor":"#29c929","font":"HackerNoon","fontColor":"#FFFFFF","image":"https://cdn.hackernoon.com/images/img-8u03mx2.jpeg","link":"https://ad.doubleclick.net/ddm/trackclk/N1700473.5487816HACKERNOON/B32575813.405683738;dc_trk_aid=597649453;dc_trk_cid=223410562;dc_lat=;dc_rdid=;tag_for_child_directed_treatment=;tfua=;gdpr=${GDPR};gdpr_consent=${GDPR_CONSENT_755};ltd=;dc_tdv=1","logo":"","parentCategory":["management","product-management","business","finance","startups","remote-work","tech-companies","tech-stories"],"secondColor":"#009300","tags":[],"text":"Welcome to Miro - 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