Handling Negative Customer Feedback (Greg)
- QBIn - Great site for getting feedback (Maurice)
- No company has ever been destroyed by one furious customer (Cindy A)
- You may only have 1000 customers at some time and that may be sub-optimal. You may consider even pivoting to get to 100k customers
When is it a pivot vs. a new product? (Maurice)
- Changing product you're likely changing to find an opportunity (Hiten S.)
- Fundamentally changes your business model and not your product
- Kissmetrics has had 2 pivots - changed to target different customer types (Hiten S.)
- "Note to all, never target everyone" Cindy A.
- There are a number of different kinds of pivots... you're grounded in what you did
- "Pivot is the adjustments you make along the way to find the optimal solution" (Lydia S.)
How do you decide when to pivot? (BJ)
- "I don't think there's a specific formula" (Hiten S.)
- Kissmetrics did not want to build a sales force or give their product away and that served as their key guidance as they moved forward
- "If working harder isn't going to get you there, you may need to pivot" (Cindy A.)
- "Scalability and ability to charge otherwise you find yourself in a .org kind of situation" (Tommy P.)
- "Pivoting without customer feedback is flip-flopping" (Tommy P.)
- "If you have your metrics and can't get to at least 40% satisfaction, you may need to pivot" (Hiten S.)
- "It almost doesn't matter what you do, if you can achieve that PMF and scale it, you likely have a business" (Ranvir S.)
- "Having revenue on the table early seems to make it easier to measure your progress and traction" (Ranvir S.)
- "Whether you charge or not may have little to do with PMF, if you are getting indicators that people are willing to pay" (Hiten S.)
- "Value of not charging is you get more feedback and can learn more about these customers" (Hiten S.)
- "There are lots of ways to make cost of acquiring go down and revenue go up - those are levers, however, PMF is a much harder challenge" (Hiten S.)
How do you know your customer acquisition cost? (Tommy P)
- Can test by changing pricing dynamically
- Or take a credit card and not charge it
- Show different price points but charge the lowest price point
How do you figure out what feedback to pay attention to? (Tommy P)
- Free users aren't always the best ones to listen to (Tommy P.)
- "Free is a path to pay" - (Hiten S.)
- Figuring out what should be free is really hard
- "If you can get your free user's costs down to pennies, that's a great place to be" (Hiten S.)
- "Only your early people would have faith to pay for an early product" (Cindy A.)
- "Some early majority will need free to get in the door" (Cindy A.)
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