An early software startup journey is driven by iterating on the product to build something that truly delivers value to your customers. It’s a lot of hits and misses, but the teams that are successful iterate fast and talk to customers all in the search for the elusive product market fit (PMF).
When we first started working on SimpleID, we were building a wallet solution, because it was a problem we personally experienced. What we quickly found out after talking to hundreds of potential customers is that the market just didn’t need another cryptocurrency wallet and monetization was a long and complicated road.
Interestingly, our potential customers wanted to learn how users engage with their product and how to retain them. What they really wanted to understand is if they actually have product market fit (PMF). Funnily enough, while looking for PMF ourselves, we were building a tool to help others find PMF!
When you look at the current landscape of tools in the Ethereum ecosystem, there’s a glaring hole for a product analytics solution. At best you have imperfect substitutes that require a lot of hand holding, or custom tools built by larger teams to solve the PMF problem.
It’s straightforward to understand the market usage of your product and where the interactions are coming from, but in order to perform cohort analysis of user behaviors and make sense of the data, you need to script constantly changing, advanced database queries, sometimes in conjunction with a custom subgraph or external datasources.
What customers needed was an easy to use tool that allowed them to understand questions & take action surrounding: what users do and why they stay or go? This is exactly what Mixpanel has done for Web2 companies, and what we’re building for Web3 companies.Our first iteration of the new SimpleID focused on things that drove engagement and retention in Web2, notifications + emails powered by a basic segmentation engine.
After talking to our customers, we quickly realized that the segmentation engine just wasn’t advanced enough in terms of the data it’s able to parse and dissect. Unfortunately, the technology stack decisions we made while building our cryptocurrency wallet, could not address this new problem effectively or meaningfully.
We revamped our tech stack to better fit the goal of product analytics and advanced segmentation capabilities. Not only does this give SimpleID a 100X improvement on speed importing contracts & users, it also allows for increased flexibility to segment on new criteria (i.e and variations of those criteria).
Here are some basic questions customer can answer with a few clicks:
- Top 10 wallets by amount, transactions, transactions with other contracts, etc.
- Wallets above average transaction, below average transaction
- Daily active, weekly active, monthly active for various contracts
Furthermore, now segmentation can be done on function calls and events! This opens up a whole new arena of possibilities:
- Building custom trading or arbitrage bots
- Alerts if potential hacks are draining Liquidity Pools
- Dynamic surge prices to combat high gas fees
- Payout for providing liquidity in yield farming
After our next release, we plan on integrating price feed oracles and time delays that would allow DeFi primitives interact with customers at the most opportune time, for example: “Send an email to my user when their loan is due in 7 days if their collateralization ratio is below 150% because Eth price is below $400.”
We’re excited to see the new and interesting ways SimpleID infrastructure can be used to onboard and engage the next million users to DeFi.
Is there any specific feature of SimpleID that sets it apart from other product analytics solutions in the Ethereum ecosystem?
Hi cryptoEnthusiast17! As an enthusiast of SimpleID, I can tell you that what sets it apart from other product analytics solutions in the Ethereum ecosystem is its user-friendly interface and comprehensive data analysis features. SimpleID allows you to easily track and analyze user engagement, retention, and behavior in a way that is intuitive and efficient. Give it a try and see how it can help you understand and improve your product market fit!
I completely agree with the article. Finding product market fit is crucial for the success of any startup. It’s important to listen to your customers and build something that truly solves their problems. I also think there’s a need for a good product analytics solution in the Ethereum ecosystem. It would be great to have a tool that helps track user behavior and understand if the product has market fit.
I agree with the author. Finding product market fit is crucial for success in the cryptocurrency industry. It’s commendable that they pivoted their focus based on customer feedback. I’m excited to see how their tool will help others in the search for PMF!
Is there any specific feature in SimpleID that helps in finding PMF in Web3 ecosystem?
Yes, SimpleID has a built-in feature called Market Explorer that helps in finding PMF in the Web3 ecosystem. It allows you to analyze user behavior, track engagement, and identify patterns that indicate product market fit. Give it a try!
I agree with the author that there is a need for a product analytics solution in the Ethereum ecosystem. It’s crucial to understand the market usage of your product and how users engage with it in order to achieve product market fit (PMF). I believe that a tool like SimpleID can help fill this gap and assist teams in finding PMF.
Is there a way to determine if a product has achieved product market fit in the Ethereum ecosystem?
Hi AshleySmith123, yes, there are ways to determine if a product has achieved product market fit in the Ethereum ecosystem. One approach is to analyze user engagement and retention. If users are consistently interacting with and sticking to the product, it’s a positive indication of product market fit. Additionally, conducting surveys and gathering feedback from users can provide valuable insights. Of course, it’s also important to keep an eye on the overall market demand and competition in the Ethereum ecosystem. Hope this helps!
Is there any existing product analytics solution for the Ethereum ecosystem?
Sadly, there is a lack of a comprehensive product analytics solution in the Ethereum ecosystem. The current options are either imperfect substitutes that require a lot of guidance or custom tools developed by bigger teams. It’s definitely a challenge to find a straightforward solution for the PMF problem. However, we are working on building a tool at SimpleID to address this issue and help businesses in the Ethereum ecosystem track and analyze user engagement. Stay tuned for updates!
Is there any existing product analytics solution in the Ethereum ecosystem? How do other teams find product market fit?
Yes, there are a few product analytics solutions available in the Ethereum ecosystem. However, most of them are either incomplete or require a lot of manual work. As for how other teams find product market fit, it’s a combination of thorough market research, constant iteration, and close communication with customers. There’s no one-size-fits-all approach, but those who are successful in finding PMF understand the importance of data analysis and user feedback. Hope this helps!
I completely agree with the article. Finding product market fit is essential for the success of any startup. It’s interesting to hear about SimpleID’s journey and how they evolved their product based on customer feedback. The market demand for a product analytics solution in the Ethereum ecosystem is apparent and I believe SimpleID’s tool will be in high demand.
I completely agree with the author. Finding product market fit is crucial in any business venture, and it’s great that SimpleID is not only solving their own problem but also providing a tool to help others find PMF. The demand for a product analytics solution in the Ethereum ecosystem is evident, and I believe it will be a game-changer for many startups.
It’s great to see how the SimpleID team recognized the need for a product analytics solution in the Ethereum ecosystem. Building a tool to help others find PMF is a brilliant idea. Looking forward to seeing the impact it will have on the market!
Is there any research available on the success rate of finding PMF through this tool? I’m curious to know if it has proven to be effective in identifying product market fit.
Hi Emma Watson, there are no specific research studies available on the success rate of finding PMF through this tool yet. However, based on our own experience and feedback from early users, it has proven to be effective in identifying product market fit. We have seen several businesses use this tool to collect valuable insights on user engagement and make data-driven decisions. It’s definitely worth giving it a try! Let me know if you have any more questions.
Is there any alternative solution available for product analytics in the Ethereum ecosystem?
Yes, there are some alternative solutions available for product analytics in the Ethereum ecosystem. While there’s a glaring hole for a comprehensive product analytics tool, there are imperfect substitutes that can be used. However, these substitutes often require a lot of manual work and customization. Additionally, larger teams have been known to build custom tools to address the product market fit (PMF) problem. So, while there may not be a perfect solution, there are definitely options to explore.
It’s great to see that SimpleID recognized the need for a product analytics solution in the Ethereum ecosystem. By focusing on helping users find PMF, they are addressing an important gap in the market. Looking forward to seeing how their tool can help businesses analyze user behavior and improve their products.
I completely agree with the sentiment expressed in the article. Finding PMF in the Web3 space is definitely a challenge. As a developer, I have faced the same struggles in trying to build a product that resonates with users. It’s great to see developers like SimpleID working towards solving this problem and providing a much-needed tool for product analytics in the Ethereum ecosystem.
It’s interesting to see how the team behind SimpleID shifted their focus from building a cryptocurrency wallet to creating a tool for finding product market fit. Many startups face the challenge of determining if they have PMF, and there’s definitely a need for better product analytics solutions in the Ethereum ecosystem.
I completely agree with the author’s perspective on the need for a product analytics solution in the Ethereum ecosystem. As a user, I want to understand how my product is performing and if it has achieved product market fit. It’s time for a tool that simplifies this process and provides valuable insights.
I completely agree with the article. It’s crucial for startups to identify the product market fit early on. Building a wallet solution might have seemed like a good idea initially, but listening to the customers’ needs and realizing that there is a gap for a product analytics solution is a smart move. Looking forward to seeing how SimpleID helps others find PMF!
Is there any specific feature in SimpleID that helps analyze and measure product market fit? How does it compare to other tools available in the Ethereum ecosystem?
Hey MarkJohnson32, in SimpleID, we have developed a unique feature that allows users to track user engagement metrics and analyze retention rates to help measure product market fit. This tool provides valuable insights into user behavior and helps businesses make data-driven decisions. Compared to other tools in the Ethereum ecosystem, SimpleID offers a more user-friendly interface and simplified analytics process, making it easier for startups and small teams to identify PMF. Feel free to reach out if you have any more questions!
When I first started working on SimpleID, I was building a wallet solution, because it was a problem I personally experienced. An early software startup journey is driven by iterating on the product to build something that truly delivers value to your customers. It’s a lot of hits and misses, but the teams that are successful iterate fast and talk to customers all in the search for the elusive product market fit (PMF).
Were the hits and misses during the search for PMF discouraging for your team?
Hi MiaJohnson, the hits and misses during the search for PMF were indeed challenging, but they ultimately helped us refine our product and understand our customers’ needs better. It’s all part of the journey to finding that perfect fit in the market!
I believe that understanding and achieving product-market fit (PMF) is essential for any startup’s success. It’s a challenging journey filled with ups and downs, but constantly iterating based on customer feedback is key. SimpleID’s approach of developing a tool to help businesses find PMF is commendable, especially considering the current gaps in the market for product analytics solutions. This article sheds light on the importance of customer engagement and retention in the quest for PMF, showcasing the evolving needs of the market.
As a software developer myself, I completely agree with the necessity of finding PMF. It’s crucial to continuously iterate on the product and engage with customers to truly understand their needs and deliver value. SimpleID’s approach to building a tool for PMF is commendable and much needed in the Ethereum ecosystem.
When I first started working on SimpleID, I was building a wallet solution because it was a problem I personally experienced. An early software startup journey is driven by iterating on the product to build something that truly delivers value to your customers. It’s a lot of hits and misses, but the teams that are successful iterate fast and talk to customers, all in the search for the elusive product market fit (PMF).
Did the team consider any specific criteria or methodologies to determine the product market fit (PMF) while developing SimpleID?
Hey MeganSmith_21, yes, during the development of SimpleID, we relied on a combination of quantitative data analysis and qualitative feedback from early users to assess the product market fit (PMF). Understanding user behaviors and needs allowed us to iteratively refine the features and functionalities to better align with market demands. It was indeed a process of continuous learning and adaptation to achieve a more robust PMF for our solution. Hope this sheds some light on our approach!
When I first started working on SimpleID, I was building a wallet solution because it was a problem I personally experienced. An early software startup journey is driven by iterating on the product to build something that truly delivers value to your customers. It’s a lot of hits and misses, but the teams that are successful iterate fast and talk to customers all in the search for the elusive product market fit (PMF).