Today, I was going to tell you how I built Overtracking’s MVP in 24 hours, but after talking with Elsa, we thought this post had to come out first. First, I’ll tell you what we need, and then I’ll explain how we plan to achieve it…
After analyzing the competition, the market, and crunching the numbers, here’s what we would need to achieve a million in the next two years:
👇👇👇
✅ We need 100,503 payments with an average ticket of 9.95 €
✅ We need 84,000 users.
✅ We need 4188 customers.
✅ We need a market with demand, recurrence, and promoters.
✅✅✅ We need THE BEST analytics web tool
The Market 👀
I can’t rely on my own data to make these estimates because we are just starting out. So, I’ve analyzed three of my competitors to determine how many customers I need and if there’s enough business volume for an idea like Overtracking.
| Tool | No. Customers | Average ticket | MRR | Active Websites | Comparative |
| Simple Analytics | 1181 | $19,82 | $23.410 | 6320 (source) | – |
| Plausible | 7000 | $11,90 | $83.333 | 198K (source) | Overtracking vs. Plausible |
| Google Analytics | – | – | – | 14M (source) | Overtracking vs. Google Analytics |
📍 To find the billing data, just go to Google or X/Twitter and enter “company name + words like: revenue, mrr, ebitda, profit…”.
With this data, I have a better idea of the plan to reach the million.
The average ticket price ranges from $11 to $20, so I’ve opted for the lowest, $11 or €9.95 at the current exchange rate (rounded up).
I’ve observed that there is a market with significant demand, especially in English. While there is demand in Spanish, it’s not as substantial for now.
Additionally, I’ve noticed that many users are not entirely satisfied with the current solutions. Google Analytics, the most widely used tool, is also the most disliked due to its new GA4 version.
Okay now that Google Analytics is basically unusable, what do yall use for SaaS usage analytics?
— MicroSaasGuy😎 (@MicroSaasGuy) August 16, 2023
Plausible, Simple Analytics and other similar solutions face criticism for being too simplistic.
For these reasons, there is a gap in the web analytics tools market for Overtracking.
84,000 users 🔥
The conversion rate in a SaaS typically ranges between 2% and 10%, with Overtracking currently at 2%. However, it’s too early to determine if this is the true conversion rate because we’ve distributed many free 90-day coupons, and we’ve only been on the market for four months. Therefore, this percentage is likely to increase once the 90-day coupons expire.
Assuming we will achieve a 5% conversion rate, we would need 84,000 users to have tried Overtracking to reach 4,188 customers within two years. To achieve this, we need 3,500 users to register for Overtracking every month.
However, this process won’t be linear. In my experience with Publisuites, it took five years to reach 100,000 users and only one more year to reach 200,000.
✅ To validate my hypothesis, I need to reach 10,000 users, which will provide a more realistic conversion rate.
👉 Currently, we have 800 users. If you want to be the 801st register for free here and try Overtracking.
Next steps
With this information, I now have a clearer direction on the road to a million. I’ve found my compass! 🥳
We need 84,000 users so that 4,188 can convert to customers with an average ticket of 9.95 € per month and help us reach the million.
Now, it’s time to fuel up Overtracking for the journey to a million. It’s time for marketing.
Next Monday, I’ll share how I created the MVP in 24 hours and provide insights into the investments I’ve made in the project so far.
To reach a million, we’ll need a robust vehicle, and I will equip it with the best safety features and plenty of power.
