About Favoriot – Part VII: The Task of Finding the First 10 Customers

ABOUT FAVORIOT SERIES

The Challenges of Securing Favoriot’s First 10 Customers

Many say that the first breakthrough for a startup is when you get 10 paying customers. This saying holds true.

Every startup developing a product feels the pressure when struggling to get those first 10 customers, and even the very first customer can be challenging.

I still remember the moment when Favoriot received its first paid subscription. “Finally, we did it!” I exclaimed to my team with joy. We were overjoyed, envisioning continuous success. Unfortunately, the joy was short-lived.

Why Is It So Difficult?

I sat pondering, “Is our product not satisfying the customers? Or maybe it doesn’t solve their problems? Or is the price too high?” Many questions ran through my mind. I knew I had to find the answers. “We need to make this product more appealing,” I told myself.

We tried improving the product and experimented with different pricing, but the results were the same.

I found myself puzzled, “Why do ThingSpeak and Blynk have so many users?” We also offered free subscriptions like they did, but the outcome was not satisfactory.

On average, only 5% of free users would convert to paid. Although we achieved this percentage, it still did not meet our revenue targets.

A New Strategy

I began thinking of other strategies. “How about we bundle the product?” I suggested to my team.

We started combining the Favoriot platform with our IoT courses. This approach began to show success. I told myself, “This is a good start, but we can do better.”

Then, we introduced the Enterprise Favoriot IoT platform with a perpetual license. This new package attracted a lot of interest from System Integrators.

I felt this was the right move. “I hope this will bring more success to Favoriot,” I silently prayed.

Lessons Learned

This experience taught me many things. First of all, I learned that getting the first customers is indeed tough, but it is a crucial step. I always tell my team, “Never give up. Every small step is a big achievement.”

I also learned that a good product alone is not enough. “We need to understand the customers’ needs and ensure our product truly solves their problems,” I constantly remind myself.

We strive to understand our customers’ desires and requirements.

Pricing plays a crucial role as well. “A price that’s too high might scare off customers,” I realized.

We tried to find a balance between reasonable pricing and the value we offer.

Moving Forward

Now, with the new Enterprise Favoriot IoT package, we are more confident moving forward. I told my team, “This is a new beginning for Favoriot. We’ve faced many challenges, but we’ve overcome them.”

I also believe that success does not come easily. “It requires continuous effort and persistence,” I always remind myself.

We will keep working to improve our product and find new ways to attract more customers.

Hopes for the Future

I have great hopes for Favoriot. I always think, “How can we make Favoriot a leading IoT platform?” I believe with effort and dedication, we can achieve it.

Whenever I look back at our journey, I feel proud of what we have accomplished. “We’ve faced many challenges, but we never gave up,” I tell myself.

I am confident that with continuous spirit and effort, Favoriot will keep growing and achieving greater success.

Finally, I want to thank everyone who has supported us throughout this journey. “Without your support, we wouldn’t be where we are today,” I say sincerely.

We will keep striving to deliver the best and achieve more successes in the future.

This is the story behind Favoriot – a journey full of challenges, but also full of hope and opportunities. I believe that with effort and dedication, we can achieve anything we dream of.