SPI 795: Thinking Small, Winning Big—the Unconventional Path of a Niche Software Company with Brenden Mulligan
Jun 19, 2024
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Brenden Mulligan, Founder of Podpage, shares his journey of starting a niche software company for podcasters. Topics include finding the right pricing for services, value of niching down, seeking early feedback from the audience, and staying lean in a sustainable pace.
Determine pricing based on target market size and adjust according to feedback for optimal strategy.
Engage in direct conversations with customers to gather valuable insights and tailor products effectively.
Prioritize work-life balance by allocating time for personal well-being and avoiding burnout to sustain productivity.
Deep dives
Understanding the Importance of Pricing in Software Products
Start with how many customers you are targeting to determine your pricing strategy. For a wider market, lower prices may work, but for a niche market, charging more could be beneficial. High prices can enable better marketing efforts. Start high and adjust prices based on feedback to find the sweet spot.
Building Strong Customer Relationships through Feedback
Engage in one-on-one conversations with potential and early customers to gather feedback. These small interactions can lead to valuable insights and minor adjustments that can significantly impact the success of your product. Focus on understanding your market to target the right audience effectively.
Utilizing Personal Time Management for Balanced Work-Life Ratio
Balancing work and personal time is crucial for sustained productivity and happiness. By tracking and allocating time for various activities and responsibilities, such as me-time, family time, and work commitments, you can ensure a healthy work-life balance. Prioritize self-care and personal interests to prevent burnout and maintain fulfillment.
Leveraging Direct Customer Communication for Product Development
Direct interaction with customers, such as through DMs and Slack channels, yields valuable insights and helps tailor your product to customer needs. Soliciting feedback early and often enables you to make timely adjustments and deliver a more tailored solution. Encourage open dialogue with customers to build strong relationships and enhance product value.
Optimizing Pricing Strategies Based on Target Market Size
Consider your target market size when determining pricing. A smaller niche may require higher prices for sustained business success, while a wider market could support lower price points. Adjust pricing based on value offered and customer feedback to strike a balance between profitability and market acceptance.
#795 Why do we all chase numbers and try to grow our businesses too much? Instead, couldn't we run a small, flexible brand that generates enough passive income for a comfortable life? Today's guest, Brenden Mulligan of Podpage, is the perfect example of someone running a successful niche business and resisting the temptation to go big. His fantastic service helps podcasters create websites for their shows in minutes, with no technical expertise needed. In this episode, Brenden shares his journey from startup founder and Google employee to launching twelve products in one year and having eleven fail. We explore the lessons he's learned along the way and discuss starting a software company, finding the right pricing for your services, the value of niching down, seeking early feedback from your audience, and more! In our hustle-focused environment, Brenden makes the case for staying lean and working at a sustainable pace! Show notes and more at SmartPassiveIncome.com/session795.