0:00
[MUSIC PLAYING] SALMA VISRAM: Module 5, what's next? Finding a product that is a winner is rare. So once you've found it, double down on it. As mentioned earlier, you'll know when you find a winner when you're noticing that your organic growth is increasing, people are hearing about you through their friends or their family or through someone they know, the reviews are good, your repeat customer rate is high, your CAC is low, you're able to be profitable on most or if you're very lucky all purchases and your LTV exceeds your CAC.
0:31
Finding a winner could mean that you're on your way to building a very successful company or brand. So now it's time to go all in. If you found a product that's a winner, you can easily create an add-on for it. For example, when we launched our tote and our mini, our customers loved it. So we're now in the process of creating a tote insert that offers organization to the current tote.
0:55
This is again entirely based on customer feedback. Our mini is a product that is used by people all over the world every day. So recently we added a loop to it, so it can now be used as a belt bag too. Then we heard feedback that some customers wanted to add a little clip to their mini so they could hang it on their zipper or on their keys. When we spoke to other customers, we heard they loved our tote but wish there was a pocket that just stored their keys.
1:24
After going back and forth with some customers for a bit we decided to add on a key leash that could hang inside or outside the bag and then went back and change our tote design entirely accordingly. This is a good example of constantly evolving even your current products. Just because you found product market fit once doesn't mean you'll always have it. Keep wondering how to improve your product so you can always stay relevant to the market and your customers.
1:51
Again, focus on the market and how your product fits in there. You can also launch new colors. New colors are great because they keep customers excited but they take almost zero inception time, and because you already know the product is a winner, it's very likely that this particular color will be something that your customers will welcome to. [MUSIC PLAYING]
