We reviewed our objective and key results and made a tough decision. We are pivoting.
For AlphaBack to thrive, it needs a rapidly growing user base to attract advertisers. Therefore, we aimed for aggressive 10% week-over-week install growth. Importantly, such growth must come at an average cost of $3 per user to satisfy our unit economics.
Over the last 22 weeks, we explored 16+ channels, different user personas, and varied product messaging in search of scalable, sustainable growth. Through user interviews and data, we found that a lack of product-market fit results in high customer acquisition cost. In other words, each go-to-market tactic acquired users, but not at a rate or cost that meet our objectives. This is an analysis of each tactic, and this is the summary:
Given the breadth and depth of our exploration, we concluded that it would not be a wise use of company resources to continue in this direction. Thus, we are pivoting.
Over the past year, we’ve confronted various challenges while coding smart contracts. Chief among them is the difficulty of interacting with a smart contract throughout the product lifecycle. For a Solidity developer, the pain manifests by having to write a script to hit a smart contract function. For a front-end developer, this same issue comes up when they’re trying to understand and code against a smart contract. For a product manager, it shows up when they have to QA a smart contract in testnet. In each scenario, the tools available today are rudimentary and not built for this purpose.
After a while, Sandeep (CTO) got fed up with the available tools and imagined a better way. He built an internal dev tool to make his contract interactions faster, easier – speeding up our development, testing, and deployment lifecycle. Since then, we’ve shown this tool to a few devs and PMs, and we see an exciting opportunity in this direction.
Already we envision the contours of a large platform. For now, imagine a comprehensive set of tools that help accelerate the smart contract lifecycle – including design, testing, documentation, simulation, collaboration – across business units (e.g., devs, PMs, auditors, management).
More on this soon as we develop our product roadmap. In the meantime, hit reply and let me know if you’d like to take a look at the current version 👀
- Reflect on this update and send us your thoughts.
- Do you know any Solidity or EVM-based smart contract developers? We’d love an intro.
Thank you for reading and following our journey 🙏
Reminder, we’re skipping the email update next weekend (Nov. 27th) in observance of Thanksgiving in the U.S.