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You need to give us more information. What kind of product is it: consumer or business-to-business (enterprise)? Chances are, if your retention is nearly perfec
by jeffinpdx 9y ago
You need to give us more information. What kind of product is it: consumer or business-to-business (enterprise)? Chances are, if your retention is nearly perfect and you've converted nearly all cold leads into customers, you're not charging customers enough money. Second, throwing money at ads -- when you have hardly any money -- is a typical mistake. Always try to earn attention before paying for it. Send some emails to bloggers about your pleased customers, ask your customers if they'll mention your product in their networks, write about your customers' success on your site (in your blog, etc.). When people don't want to freely talk about you anymore, then throw some money at ads to boost the old conversations.
- founder_advice 9y agoThanks for your reply and for the ideas. I'm absolutely going to begin to write bloggers about some of our success stories. I've also updated my post to include that it's B2B and our customers are mostly startups. One follow-up question. On probably not charging enough money, we're charging what our big-box competitors charge. Is this a bad strategy for pricing?
- jeffinpdx 9y agoWhat do you mean by big-box competitors? Can you give me one name so I can see how you define "big box?" I'm assuming you have a more innovative approach than your big-company competitors, so you could theoretically charge more. Particularly if it's b-to-b. Also, personally, I'd try to secure some medium to large company clients as soon as possible. Small businesses, while wonderful (your offering is one, after all), often don't have the size budgets you'll need, nor the influence, to take you to the next level. However, try to avoid or de-prioritize the "whales" (e.g., Fortune 500) in the first year, as they'll often consume a lot of your time/resources "kicking tires."