April 2022: High churn, reached $6K MRR, and other updates.
Welcome 150 new subscribers since my last issue, I’m glad to have you here! 👋
Here is a quick update from me in April 2022.
This should make a nice thumbnail for this page! 😁
🔻 Suffered from high churn
I gained $989 new MRR in March, but also lost $779 MRR, so in total, the net MRR movement was only $233.
I did look at the numbers, and to the best of my knowledge, the reasons are because the growth in February was very high, and I think a lot of people tried the app and figured that it wasn’t a good fit, so they left.
This makes me think:
I should position my app to target the right customers
Deliver the right messages (e.g. on the landing page)
Potentially give a longer trial period, so people have more time to evaluate if Black Magic is a good fit for them before paying.
I also send an email to ask people why they canceled their subscriptions. The most frequent feedback was:
Black Magic gives a lot of data, but no suggestions on actions.
They don’t have enough followers to make use of the CRM features.
Positioning the product
Based on what I learned, I think I know what kind of product I want to turn Black Magic into.
Since the beginning, Black Magic was an “all-in-one Twitter tools” kind of service. But since the introduction of the Magic Sidebar, it gets popular as a Twitter Analytics & CRM tool.
The hard truth is that I can’t build a product for everyone.
I advertised Black Magic as a Twitter tool for everyone in the early days so that I can capture the most eyeballs to the product. But now, advertising it as such can be harmful to both me and the customers.
So what’s Black Magic’s position?
I want to build Black Magic to be a product that focuses on people who have a decent size audience, typically 1,000+ followers.
The product will focus on:
CRM (reminders, take notes, search, tag, etc.)
Tools to manage and engage with the audience
Data and reports
This tweet from Arvid summarizes it very well:
@dvassallo @dinkydani21 @tdinh_me @blackmagic_so I agree, that's what I use it for too. Insights, charts, rankings, and ways to connect with people. Taking notes, setting reminders, that stuff. It's my Twitter CRM and BA tool :D
Why do I choose this customer segment?
Because it’s a great product-founder fit for me.
There are already a lot of Twitter products that help people build an audience on Twitter, but there are not a lot of products to help them manage their audience.
This doesn’t mean Black Magic won’t help people with building an audience (with features like scheduling, tweets inspirations, growth tactics, etc.) The features around building an audience are still available, but they will not be the main focus.
A slight recovery
Near the end of April, the churn has reduced a bit. I managed to reach 6K MRR.
I imagine the churning wave (that was caused by the “hype” growth earlier) has finished, let’s see 😂
Some more learnings in the Twitter thread below:
6K MRR! 🥳
It's been a real struggle from 5K → 6K because I suffered high churn (~17%) last month.
I also noticed in the lifetime of Black Magic, that the most significant growth periods are contributed by sudden jumps.
Here are my observations: https://t.co/qxNJudJx19
🔍 A new experiment: Glance
Glance is the latest tool in the Black Magic Twitter toolset.
Jack's profile on Glance
It allows you to inspect and study Twitter profiles based on public data, things like:
How active they are on Twitter?
How often do they tweet?
How often do they reply to their audience? (responsiveness)
What do they tweet about? (keywords)
When do they often tweet?
How many followers do I have in common with them?
I had this idea because sometimes I do have these questions when I want to quickly skim through a profile.
(still Jack's profile, but more info)
I’m still unsure how I want to continue with this, but I wanted to push it out there first to see people’s reactions.
In terms of usage, there were quite a lot of page views when I announced it on Twitter. But then the traffic dies out fast after that. In the last 7 days, there were ~200 visits to the Glance pages.
I’m still experimenting with this. Do take a look and let me know what you think! 😄
🧰 DevUtils 1.14 release
Also in April, I released a new version for DevUtils.
This is the 2nd release of the year, and the biggest release ever in terms of the new features and improvements added.
Color Converter tool added in DevUtils 1.14
Read the complete changelog here.
The most significant change is the new script runtime engine that allows DevUtils to run custom scripts based on the built-in script runtimes in macOS. This will open many opportunities for future features around custom scripts and plug-ins!
I have a long list of items in my backlog for DevUtils, and I’m very excited to get to them one by one. Stay tuned!
✈️ I start to travel
In personal news, I started traveling!
The plan is to work remotely and travel until I or my GF get bored! First around Vietnam, then the world.
By the way, I’m amazed by the iPhone camera, live images, and the overall image quality, which I had never paid attention to before. The Memory feature is great but sadly that it doesn’t work with Shared Albums.
If you have tips on any app that can fetch images from 2 iPhones, remove duplicates, apply filters, and create Memory videos easily, please share! 😄
👀 Other small updates
Black Magic got a mention on Tech Crunch!
👋 That's all
I hope this issue has been helpful to you! If you like it, please share/forward it to your friends!
See you next month! 😊
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