I have created a minimum viable product that I'd like to turn into a business. I have used pay per click advertising to get:
- 10ish free subscribers
- Then 2 paid subscribers
It is a monthly subscription and I spent 6 months of subscription costs to get each of my 2 paid subscribers. So I will need to retain them for at least 6 months to break even on advertising costs. I feel this number is pretty high and that my conversion costs could come down a lot.
Also, my product is quite minimum so I feel my retention on these subscribers may suck. Frankly, I am almost a little embarrassed of where the product stands right now (Sounds like this is common for MVP though).
I feel I have a number of assumption I need to test. But I'm not sure it what order to tackle them.
- I can profitably get new customers
- I can build a product that customers would find a valuable service
- I am building the right product for my customers
Possible next actions:
- Try to drive conversion costs down into an acceptable range
- Build out feature set of product
- Try to get potential customers to fill out survey and/or answer questions 'Customer Development' style so I can see if my product is on target.
What should I be focusing on?