Beyond MVP: The Exciting Road to Revenue!
December 31, 2023
as of date 31st December 2023 kPaisa has 52,782 users who are actively using the kPaisa App.
This Article Consolidates all our learning from the past 2 years which we spent on building kPaisa chronicling the highs and lows, numerous pivots, user feedback loops, and the unique challenges we faced. It’s a blend of our dedication, sleepless nights, and the profound learning that came from understanding and addressing user needs. If our experiences and mistakes can teach you something, it might help you save valuable time! We’ve learned a lot while building kPaisa, and we hope sharing our journey can make your path a bit smoother
- Things that worked for us
- Refining the MVP
Integrating User Feedback
After the beta launch of our MVP, the most exciting phase unfolded: the interaction with our users. Their feedback, raw and unfiltered, became the guiding light for our next steps, along with our exhaustive research. It was not just about fixing bugs in the App but understanding the complexity of their needs, refining features, and strengthening the overall user experience.
Data-Driven Decision Making
We used to often hear that numbers speak, and we had a firsthand experience of this during the beta testing of the app. We immersed ourselves in analytics, dissecting user behaviour and product metrics. However, it was a small exercise for us, given that we had a limited 1000 beta users on the app. This analytical approach wasn’t just about charts and graphs; it was about understanding the cream, the most-used feature, or the most loved aspect of our product and making decisions based on real-world insights.
- Monetization Strategies
Value-Added Features
Our journey wasn’t just about fixing what was broken; it was about elevating the experience. We identified areas where we could add value, crafting premium features that spoke directly to our users’ desires. This wasn’t just about revenue; it was about delivering more than what was expected. For example- we provide users with a premium AI-powered expense management tool within the App, allowing them to keep track of their finances, It seamlessly integrates within your system and calculates all your expenses that you have spent throughout the M/D/Y to help you make informed decisions.
Alternative Revenue Paths
As a user-centric Mobile app, our primary focus is on providing a valuable and hassle-free service to our users. While we don’t charge users directly, we explore alternative revenue paths, such as strategic partnerships, sponsored content, or premium partnerships with brands, which creates a WIN-WIN-WIN for all of Us, Users and Brands. These approaches allow us to sustain our business and create more exciting features for our users.
User Acquisition and Retention
Almost Rs 0 CAC
Yes, you read that right we have almost Rs 0 CAC (Customer Acquisition cost) being a Bootstrapped company we don't have the budget to spend heavy bucks on Marketing so we decided to have our very own strategy to Acquire users.