Hotjar is an amazing Maltese / Swedish startup that managed to attract more than 83k users and gain 1.5 million euro in revenue during just 1.5 years with a team of 5 people that work remotely from different countries. It offers “all in one analytics and feedback tool at a fraction of a cost” – heat maps, user recording, feedback forms, user funnels and more.
Hotjar wasn’t the first project of David – he has actually failed 2 startups and got his “lessons learnt”.
How to fail a startup:
- Spend too much time on building solution, without idea validation.
- Build a product that is hard to sell.
- Go all in to make a product perfect.
How not to fail a startup:
- Find an existing market and disrupt it, don’t try to create a new market.
- Think bigger – big idea, big market, big team – take a small share of smth big, rather than big part from the small.
- Spend about 4 weeks to make sure your idea is feasible.
- Start selling before you build a product. Create a landing page, mockup, website first – promote it and see whether you gain any interest.
- Go for MVP (minimum viable product) – if you are not ashamed of what you are shipping – its already too late!
- Heavily utilise free and cheap tools for promotion. Use Facebook and Twitter for A/B testing and validating. Get into product hunt and similar services for betas.
- Offer something for FREE – fermium models work great.
- Good is good! Don’t go for perfect. Do iterative improvements.
- Recruit rockstar- search for a perfect fit within your company’s culture.
There is something special about Hotjar, users love it – why? May be because in Hotjar’s ideology – user is not a King, but God. And even one of the Hotjar measures of user experience (UX) is success and user’s love.
Every startup must have vision and core values. That is something that should drive you as a founder. But there is no need to impose it on your customer, let them feel it.
3 main components of Hotjar’s success:
- Reduce cost and rise value for customers (value innovation).
- Offer “All in one” solution.
- Create WOW effect.
See Hotjar presentation here.
Must read for every founder (David’s list):