Tactical & Practical How To Diversify Into New Product Categories with Sean Frank
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Dec 27, 2024 
Sean Frank, CEO of The Ridge, discusses his company’s evolution from a wallet maker to a diverse brand offering luggage, rings, knives, and watches. He shares the importance of conviction in decision-making while navigating skeptics. Sean dives into strategies for balancing customer acquisition cost with lifetime value, emphasizing market positioning. He also reveals the challenges of understanding consumer demand and highlights the significance of maintaining a strong core business before expanding product lines, alongside the financial benchmarks necessary for growth.
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From Wallets to Accessories
- The Ridge started as a wallet company but strategically expanded into other product categories.
- This expansion aimed to overcome the limitations of the wallet market and build a broader accessories brand.
New Product Strategy
- When launching a new product, consider if it serves as a customer acquisition tool or boosts customer lifetime value (LTV).
- Assess market size and customer intent to determine the product's role.
Watch Strategy
- The Ridge initially tried to position its watches for customer acquisition with quartz movements and gimmicks.
- This strategy failed, leading them to create a high-value titanium watch for LTV.