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9 things to look for before launching a new product:
A Market You Care About
To reach a meaningful scale, you’ll need to run this venture for a long time.
Don’t choose a market because it feels like a quick win.
If you can’t see yourself serving this type of customers for a decade, find a different market.
To reach a meaningful scale, you’ll need to run this venture for a long time.
Don’t choose a market because it feels like a quick win.
If you can’t see yourself serving this type of customers for a decade, find a different market.
For me, that means focusing on serving a community I am passionate about:
Creators
Don’t jump into a market just because of a short-term opportunity or quick win. Be deliberate.
Creators
Don’t jump into a market just because of a short-term opportunity or quick win. Be deliberate.
An Established Category
New founders say, “no one is doing it.”
Experienced founders know how hard it is to create demand—so they bring a unique angle to established markets.
Don’t define a new market as a new company, instead have a list of competitors to take customers from.
New founders say, “no one is doing it.”
Experienced founders know how hard it is to create demand—so they bring a unique angle to established markets.
Don’t define a new market as a new company, instead have a list of competitors to take customers from.
Expansion Revenue
The more successful the customer, the more they should pay you.
HelpScout charges per seat, Wistia charges for more bandwidth, & ConvertKit has revenue increasing directly inline with subscribers.
This works better in some business models than others.
The more successful the customer, the more they should pay you.
HelpScout charges per seat, Wistia charges for more bandwidth, & ConvertKit has revenue increasing directly inline with subscribers.
This works better in some business models than others.
With ConvertKit Commerce, we added a whole new stream of expansion revenue by processing credit card payments and taking a small cut.
Now creators are getting paid—which is core to our mission—and our success is directly aligned with theirs.
Now creators are getting paid—which is core to our mission—and our success is directly aligned with theirs.
Benefits from Telling Your Story
Having an overlap between the audience that cares about your story and your customers is a key advantage.
With @ConvertKit I can talk about how we are growing the company and it will also fuel growth.
Win-Win.
Having an overlap between the audience that cares about your story and your customers is a key advantage.
With @ConvertKit I can talk about how we are growing the company and it will also fuel growth.
Win-Win.
A Billboard Effect
More customers using your product should result in a billboard for new leads to discover.
This could be from ‘powered by’ links or other built-in branding.
ConvertKit's customers have large audiences–they naturally tell thousands of their friends about us.
More customers using your product should result in a billboard for new leads to discover.
This could be from ‘powered by’ links or other built-in branding.
ConvertKit's customers have large audiences–they naturally tell thousands of their friends about us.
Recurring or Repeat Purchases
You don’t always need to chase new customers.
If your product is a recurring subscription or a consumable then your best customers will keep buying year after year.
You don’t always need to chase new customers.
If your product is a recurring subscription or a consumable then your best customers will keep buying year after year.
Low Churn
Your product should be something that people stick with for a long time.
Ideally not seasonal.
It should be well integrated into your customers workflow.
Your product should be something that people stick with for a long time.
Ideally not seasonal.
It should be well integrated into your customers workflow.
Selling to People Who Have Money
This may seem obvious, but if you were to make a product targeted at high school students it’s going to be hard to get them to pay.
By focusing on products marketed to people with sufficient income or wealth, you can drive more scale and margin.
This may seem obvious, but if you were to make a product targeted at high school students it’s going to be hard to get them to pay.
By focusing on products marketed to people with sufficient income or wealth, you can drive more scale and margin.
Something That Makes Money
Plenty of great brands are built on nice-to-haves or are selling luxury goods, but I much prefer to sell something that makes money to people who have money.
The value is clear and you make a huge impact in your customer’s lives.
Plenty of great brands are built on nice-to-haves or are selling luxury goods, but I much prefer to sell something that makes money to people who have money.
The value is clear and you make a huge impact in your customer’s lives.
Those are 9 things to look for before launching a new product.
What are some of your favorites that I am missing?
If you found this thread valuable, follow me for threads on entrepreneurship and the creator economy → @NathanBarry
What are some of your favorites that I am missing?
If you found this thread valuable, follow me for threads on entrepreneurship and the creator economy → @NathanBarry
