Diversification and Pricing Strategy for New Services

52sec Snip

00:00

Play full episode

Summary

Transcript

Episode notes

Diversifying services such as Uber drivers also delivering goods and working as assistants can lead to greater efficiency and utilization of resources. It is crucial to view these opportunities as complementary rather than competitive. When developing new services, focus on creating a minimum viable product that adequately solves the problem and price it competitively. Instead of targeting a broad base of customers, it is recommended to price the product to attract the top 20% initially to ensure profitability from the beginning.

This Week in Startups is brought to you by…

Lemon.io - Hire pre-vetted remote developers, get 15% off your first 4 weeks of developer time at https://Lemon.io/twist

Vanta. Compliance and security shouldn't be a deal-breaker for startups to win new business. Vanta makes it easy for companies to get a SOC 2 report fast. TWiST listeners can get $1,000 off for a limited time at http://www.vanta.com/twist

LinkedIn Ads. To redeem a $100 LinkedIn ad credit and launch your first campaign, go to http://www.linkedin.com/thisweekinstartups

Todays show:

Jason kicks off Ask Jason live! Six live guests ask questions on key topics like career paths in fintech (1:14), startup challenges (8:48), pivoting strategies (34:23), fundraising (46:54), and customer engagement strategies (52:30).

Timestamps:

(0:00) Jason kicks off another Ask Jason!

(1:14) Tommy asks about getting a degree in fintech in order to join startups

(7:44) Lemon.io - Get 15% off your first 4 weeks of developer time at https://Lemon.io/twist

(8:48) Sam asks about common mistakes for first time founders

(16:40) Vanta - Get $1000 off your SOC 2 at http://www.vanta.com/twist

(17:32) Clint asks about startups surviving the period before VC investments

(33:12) LinkedIn Ads - Get a $100 LinkedIn ad credit at http://www.linkedin.com/thisweekinstartups

(34:23) Daniel asks about startups pivoting in the wrong direction

(46:54) Greg asks about raising funds before product-market fit

(52:30) Oliver wants to know if it is better to go deep with a few customers or gain entry to multiple customers with a more lightweight solution

Apply to the LAUNCH Accelerator here: https://launchaccelerator.co/