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Issue#101: Building $1K-$10K MRR Micro SaaS Products around Microsurveys and Feedback Tools
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No fluffy content. If your goal is to build a $100m ARR business, this is not the right post. Here I am NOT going to talk about building the next Facebook or Twitter. If your goal is to make a $1K to $10K MRR, continue reading.
This post will cover one SaaS area and talk about multiple niches in this space. This post also explains how to do tech implementation, do market analysis, how the current players are doing, and ends with a cost analysis to understand the overall cost for 100 users.
Let’s see some of the players around microsurveys and feedback tools
⛳ ⛳ Current players
Refiner: Survey software for SaaS and digital products. Provides spot-on insights from users via perfectly timed microsurveys. Launched in March 2020, it crossed $2K MRR in January 2021.
OpinionX: OpinionX helps rank any list of problems, ideas or opinions to see what really matters most to people. Received €100K in funding.
Zigpoll: A shopify app to run and analyze post-purchase, abandoned checkout, on-site, email and sms surveys.
Feedback Lane: A website feedback widget powered by Notion.
Markup.io: Easiest way to leave feedback on digital content. Streamlines collaboration & feedback on websites, images, PDFs, and videos.
BlockSurvey: AI-driven, privacy-first data collection platform. Reached $10K/month in revenue.
Vocads: Lets customers share their opinions by voice.
Clientzen: Customer feedback automatically consolidated and transformed into actionable insights with AI.
Holler: a simple yet powerful survey creation and analysis tool to quickly generate and share beautiful one-question surveys.
Survicate: For building surveys that can be automated at every step of the user journey. Generates $2M in revenue.
Feedbackify: Real-time feedback from website visitors.
FeedLetter: Simple, zero-friction feedback tool for newsletters & websites.
Typebot: Open-source conversational apps builder. Reached $27K in monthly revenue.
SatisMeter: a feedback collection tool that provides an in-depth understanding of your product, customers, and business. SatisMeter reached $602.5K revenue with 300 customers.
Ask Nicely: A customer experience tool to measure every customer experience and motivate frontline teams. Reached $5M revenue.
Teamspective: a people analytics platform that helps teams improve their performance through better feedback and data-driven leadership.
Canny: Captures and organizes product feedback in one place for product decisions. Reached $2.2 million in revenue.
Ruttl: website feedback tool that allows users to leave comments directly on live websites and make real-time CSS edits. Generated over $40k
revenue in just 5 days in 2021.
Feedback Fish: Lets users collect issues, ideas and compliments with a simple widget.
Olvy: AI-powered customer feedback app.
Officevibe: an employee experience platform to engage and retain top talent.
FeedCheck: Ratings & reviews management tool for consumer brands. Reached $120K in revenue.
Feedier: A feedback management tool that centralizes, measure and transform all feedback data into customer intelligence based on AI, enabling pain points identification and resolution. Reached $3M in revenue.
InputKit: Customer feedback tool. Reached monthly revenue of $60K.
Cycle: a product feedback tool to capture feedback, extract insights, create roadmaps, and communicate releases.
Negative Nancy says - “I don’t think I need a survey my customers. My gut feeling is always correct”
Me - Businesses rely on data, not instincts, to make informed decisions. This is why companies invest significantly in understanding how customers perceive their products or services. By collecting and analyzing data on customer perceptions, businesses gain valuable insights that guide their strategies. This further helps identify areas of improvement, refine offerings, and ultimately enhance customer satisfaction.
Negative Nancy says - “Instead of using In-App surveys, I could just email my users and ask for feedback. Emails always work”
Me - In-app surveys and micro-surveys hold an advantage over email feedback for several reasons. In-App surveys capture user opinions at the point of interaction, ensuring that feedback is relevant and timely. In-App surveys typically garner higher response rates as users are already engaged with the app. Micro-surveys are concise and user-friendly, resulting in more focused and actionable insights. In-app surveys provide immediate context, enabling businesses to make informed improvements swiftly. Also, when you have thousands of users, emailing the users and compiling the responses is not a scalable way.
🤿🤿 Deep-dive &&💡💡 Some niches
Micro-surveys are a concise, targeted, and user-friendly way to collect quick feedback, whereas surveys are more comprehensive research tools for in-depth analysis and insights. A microsurvey, often displayed within an app, is a brief questionnaire comprising 1 to 3 questions. It serves as a valuable tool for collecting user feedback, which can inform critical product decisions for sustainable growth.
Microsurveys offer several advantages, including higher submission rates, superior response quality, and faster access to valuable information.
Let’s see some of the niches in this space.
Micro-SaaS for Employee Pulse Survey [B2B SaaS]
Employee Pulse Survey tools helps companies understand how their employees feel about their work. It's like a quick check-in to see if employees are happy and engaged. When employees share their thoughts, companies can make improvements. It can boost morale and productivity. It shows employees that their opinions matter. Over time, it can help reduce turnover and attract new talent. It's a way for companies to create a better work environment for everyone, and it's a win for both employees and the company. Some products like OfficeVibe Pulse Survey and Teamspective Pulse made good progress into this. This can be either a standalone product by itself or can be Slack plugin or a Google Workspace addon. These products charge around $5/month/user and with an organisation with 100-1000 users, every new customer would bring in $500 - $5000/m.
In-app Microsurvey tool for SaaS founders [B2B scope]
Showing a quick survey inside a SaaS product will significantly improve the quality of user feedback. When you couple this with exact timing based on user actions and segmentation, the quality of user feedback improves 10x. These products help to create highly customizable in-product surveys that yield high response rates coupled with advanced user targeting for segmented & specific insights. These products let SaaS apps ask users quick questions while they're using the app. This helps makers understand what users like or don't like. It's like getting feedback directly from the people who use the app at the right time. Products like Refiner is doing well in this space. Refiner launched in March 2020 has crossed $2K MRR in January 2021. Established products in this space charging $100-$200/m.
Micro-SaaS for Visual Collaborative feedback for Product Teams
Visual Collaborative feedback helps people working on products, like apps or websites, easily share feedback with each other internally within the teams. They can highlight specific things on the screen and leave comments, making it clear what needs attention. These tools make it simple for teams to collaborate, especially if they're working remotely. It reduces misunderstandings and speeds up the feedback process. Everyone can see what's being discussed, making it easier to make improvements.It streamlines communication, boosts productivity, and results in better products. Sharing designs and getting feedback on designs is a day-to-day problem for designers, team members, freelancers and is a part of their responsibilities. Create a SaaS platform where designers, team members, freelancers and customers can exchange feedback. While team members can capture the screenshots of designs or send sample links to other team members, it takes a lot of time for everyone to give feedback in a doc and share it back with others. On top of that, this is typically a back and forth process until the designs get finalized. Create a SaaS solution that makes it simple for designers to send samples, others to give feedback by adding comments on the same screen, and work collaboratively on the same platform. The same can be leveraged for discussing designs between internal teams as well. See Ruttl solving a similar problem that made $40K revenue in 5 days. Markup.io is another good product in this space that is used by 350K+ people globally.
No-Code Chatbot Building Platform for Chatbot-based Microsurveys
Everyone loves chatbots on websites. However, the process of creating and implementing chatbots can be time-consuming for founders. Setting up chatbots requires configuring various functionalities, scripting responses, and ensuring seamless integration with backend systems. This is where NoCode Chat building platforms are playing a significant role in this niche. The NoCode chat platforms helps build the entire chat flow using visual interfact/drag-and-drop/GUI. These solutions simplify chatbot setup and data integration, making it easier for founders to add chatbot functionality to websites. Typebot (reached $27K in monthly revenue) is one of the fastest growing players in this space.
Micro SaaS for Stack Ranking Surveys:
Stack ranking is a technique for arranging a list of choices according to their relative significance. It's particularly handy when you lack specific data points for ranking. Instead of relying on objective criteria, stack ranking involves a subjective comparison of options, leading to their arrangement in a sequence from most to least important. This post from OpinionX covers in detailed explanation on why Stack ranking automation is important for organizations. Creating a Micro SaaS that can be integrated with organization data to see the stack ranking immediately based on the upto date data. There are several usecase for this kind of functionality - Assumption Testing, Roadmap Prioritization, Idea Validation, Feature Importance etc. OpinionX is one of the good players in this niche. OpinionX received €100K in funding when the company was founded and today is used by 5000+ teams from several organisations.
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💻 💻 Technical chops
Learn technical pointers on how to build products around this niche.
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📢 📢 Marketing chops
Learn Marketing pointers on how to start marketing the products for this niche. This should give you a marketing head start.
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💳 💳 Cost Analysis for 100 customers
Learn how much it costs to build a product in this niche and cater to 100 customers.
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See Technical chops for implementing for Micro-SaaS tools around Microsurveys and Feedback Tools(Pro version)
See Marketing chops for implementing for Micro-SaaS tools around Microsurveys and Feedback Tools((Pro version)
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