30 points

11 months ago

$14 -> $500 Revenue Growth! 🎉+ A few takeaways

HoneyCoin update by Avatar David Nandwa in Product Update

Hey there HS Folks!

Saying this has been a busy week would be an understatement! Catching up on all the great posts of this week and just wanted to celebrate a small win as well. HoneyCoin is growing at about 10-25 users a week with a few VERY active users in each batch. Last week the platform collectively made $14 in WRR, this week the platform experienced a 3,116% growth in revenue by closing out the week at $540.

Here are a few things (I think) are the reason for our week-over-week growth:

  • 24/7 Real-Time Customer Support - one of the things I made sure to implement within the platform was a way for users to always be able to reach out if they need help. This in turn has led to user's trusting us more with their hard-earned cash. For example, one user made a deposit of $14 and withdrew it immediately, after a minute they got worried and reached out through the live chat, I knew that they were just testing the waters and the platform processed this transfer in a few minutes. This in turn led to them depositing a much bigger amount knowing that their money is within reach and that they can always reach out in seconds if they need help.
  • Instant Transfers - the platform is setting itself apart in the African Fintech space by offering Instant Settlements, this basically means a user in Kenya for example, can get paid by someone in the US and the funds will be routed and credited immediately into their local account. We make a commision on each transaction so we maintain liquidity whilst remaining profitable.
  • Multi-Currency Accounts - Most current platforms operating in Africa force users to peg their own money onto a stronger currency due to liquidity crunch one example is Paypal, in Kenya all user accounts are denominated in USD, meaning Paypal dictates what rate every user will get for each transfer and this can neither be disputed or modified. With HoneyCoin, the platform polls the Mid-Market Exchange Rate for each transfer and allows users to transact in their own local currency. This may seem like a minor detail, but most users like the fact that they always see their balance in their local currency, makes it feel like it was built specifically for them! :)
  • Content/Product Monetization - The platform also allows content-creators, creatives, and individuals to create single-product hosted checkout pages as well as have a single page with all of their products. This feature is focused more on digital products, the easiest way to describe this would be a GumRoad but for Africa. This has proved to be one of the platform's strongest value props based on the activity and feedback I've already received on this single feature.

Well, that's my take and a few detailed explanations on what I think is the reason for this week's success. Does this mean the platform will continually grow this fast or become successful? Too early to tell. But what I am sure of is that I'm solving a real problem that a lot of people around me are facing and that in itself is enough to spur me on to keep building.

I'd love to hear your growth stories as well, and how you went from $0 - __ MRR as well as how this week has gone for you and your product? 😁