1. Hi, What’s your name and your business?
Hey, I’m Narek Gevorgyan from CoinStats. We’re a team of 12 from Yerevan, Armenia, working on one of the most popular crypto platforms with over 300,000 active users and 80,000 reviews on the App Store.
2. Can you tell us more about your background on how you started?
I have an engineering background. After working as a software developer for a little bit more than a year, I started Inomma, providing software development services for startups and enterprises for over 4 years. During that period I’ve always tried to create our own products, had around 4 failed tries (1 each year) before coming up with CoinStats.
We developed the first version of CoinStats in few days only as a simple app to use ourselves, and only after putting it on the App Store we realized that there are thousands of other people with similar needs. It took us 3 months to take CoinStats more seriously and start working on it full time.
3. What does a typical day look like for you?
I usually start my working day by replying to emails, then working on a product with a team, looking at analytical metrics in 10+ different platforms, continuously enhancing the product, staying updated on the crypto/blockchain market and taking the time to perfect our vision is what takes up most of my day. And most of the time I end my working day with calls with existing and potential partners.
4. What is your biggest lesson learned in SaaS?
There are a couple and it is hard to prioritize.
First of all, Focusing on one thing at a time is very important. Onne target group, one important value proposition or one marketing channel. Of course, you should change the focus from time to time.
Besides that, it is very important to understand that the product is only 20% of the success of the company. You could have a great product but without the right strategy, marketing, etc, it won’t worth a thing compared to what it can potentially be worth.
5. Which tools are your favorite to work with?
I’d recommend AppsFlyer for user attribution, Apptweak for App Store Optimization and Amplitude for analytics. If you’re running an app and not using all of these 3 or alternatives, there is definitely something wrong 🙂
I really love support tools like Intercom or Crisp. For simple project management, I use Trello. Google Docs is great too, I hate anyone sending me Word or Excel files instead of Google Drive links 🙂
6. What is your favorite app on your phone?
7. What is your favorite book?
“Traction” by Gabriel Weinberg and Justin Mares. Highly recommended for any kind of startup to find the best performing marketing channel.