What data points should we look for to decide whether to double down on our current product or move on to a new market?”
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What data points should we look for to decide whether to double down on our current product or move on to a new market?”
When deciding to shift gears in the market, keep an eye on how saturated it is and how much it's growing. If you notice that your costs to acquire customers are going up while the lifetime value of those customers stays the same or decreases, it might be time to consider a change. Also, watch out foRead more
When deciding to shift gears in the market, keep an eye on how saturated it is and how much it’s growing. If you notice that your costs to acquire customers are going up while the lifetime value of those customers stays the same or decreases, it might be time to consider a change. Also, watch out for signs like reduced engagement and slower referrals, which could mean people are getting tired of the market. If competitors are slashing prices so much that there’s no profit left, or if your main customers are dwindling in spite of heavy marketing, the market is probably mature. On the other hand, if you find out that a related market segment is more in demand and easier to tap into, it might be a good idea to switch your focus.
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