Your playbook to make a $1,000,000 product by October 2023

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6 months ago

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I've built and scaled @TweetHunterIO to $1M ARR in exactly 12 months You can do it too. Your playbook to make $1,000,000 by October 2023 šŸ‘‡ (not the only way, but it worked for us) [img:wcJgQ0kBA]

The math is simple. To make $1M per year, you need ~$83k/month. To make $83k/month, you should sell... - $100 subscription to 850 users (or) - $50 subscription to 1,700 users (or) - $30 subscription to ~2,800 users Which one fits you?

Brace yourselves as we're gonna dive deep into each of the following: - Generating ideas - Building the core product - Co-creating & partnerships - Acquisition strategies - Injecting virality - Payment models

1/. An idea generation process I bet you have a lot of ideas. Problem: they are "basic ideas", ideas you have when you have "superficial knowledge" of a problem. But guess what, go after them. Why?

Because doing is the new way to learn. By working on them, you'll learn about an industry and get a WAY better understanding of the core problem. Then, you'll have much higher-quality ideas.

Tip: most of my products solve my own problems. Solve yours. Being your own target audience is a huge advantage. When you use your own product daily, it's much easier to make them awesome. (you don't want to use something shitty right?)

2/. Building the core product These are the primary benefits that your users derive from using your product. The core product is what generates 80% of value for your users.

Some examples: - For Google, it's "Search". - For Canva, it's "design inspiration" [img:NQ3k5qKgj]

Don't splurge thousands of dollars on a big developer team. Stay lean. The leaner you are, the easier it is to explore ideas and solutions until you find product-market fit.

How to build fast: - Bubble for app - Carrd / webflow for landings - Airtable for data - Gumroad for distribution - Tweet Hunter / Taplio to build in public

3/. Co-creating & partnerships Find creators or influencers who are in the same niche as your target audience. This will instantly give you access to your ideal customers and fast-track your launch.

In exchange, you either offer them... - Equity (if you plan on selling it eventually) or - Revenue-share if you're gonna keep it to yourself. This is what led to a million-dollar partnership šŸ‘‡ [img:yKpE5aAWS]

4/. Acquisition strategies Sure, partnerships are great to attract new customers. But you can't rely on a single acquisition channel if you want to get to $1m/year. Test the following strategies and double down on what's generating the highest growth šŸ‘‡

šŸ’» Launching side projects that complement your core product. This is an underrated way to drive eyeballs. In the case of Tweet Hunter, we've launched several FREE side projects that got us hundreds of customers. [img:F9GKanTTV]

šŸ§‘ā€šŸ¤ā€šŸ§‘ Micro-partnerships In this case, you wouldn't be giving away as much equity as you did earlier. However, having some serious influencers in your niche support and promote your product can attract new users like magnets. [img:idyW7PCnU]

šŸ’” Strategic positioning More often than not, there's already a popular competitor in your market. Here's how you stand out: Competitor: Core feature A Your product: Core feature B + (feature A) Example: Hypefury: (Scheduling) TweetHunter: Content Inspiration + (Scheduling)[img:7YBueixGs]

Some other methods to find customers for your product šŸ‘‡

5/. Injecting virality This thread probably had over a million eyeballs. Even if a fraction of the engaged users had noticed the app, that's insane ROI. People might assume "If @aaditsh is using it, it must be pretty cool." (Spoiler: It is actually pretty cool šŸ˜‰) [img:FmzZBBwfP]

6/. Payment models In the early days, you have one goal: validate your business by getting payments. Go ask for it. Don't be shy. One strong combo: "free trial with cc" + refund without asking question if users ask for it. It leads to higher-quality users.

Use @Stripe for collecting payments. Don't complicate your tech stack.

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