Edwin, I spent a lot of time reading freelancer forums and saw a lot of the same questions being asked: "How can I make invoice time less painful?", "I don't like being pestered with status update requests", and so on. Obviously, it's a very focused product - freelancers and consultants who want a tool aimed at bettering client relationships.

I didn't really do any market research, outside of having used other tools in the past. I think we have a very specific audience, and forum activity, etc. showed that there was a gap that had to be filled. We've already had quite a few users thanking us for building a tool that's making their clients happier (=== they make more money consulting!)