Week 4 - Ascend your Start-Up

Still on your journey to be a founder?  The climb is still going even though you have endured some road blocks and difficult times, but you pushed on. Yuu decided on the market of your product and now you will need to focus on taking it to camp.  This is a critical step in the journey.  You need to make sure your product fits in the market.

Focus on your distribution channel. Does your product satisfy the market? Mapping out your potential buyer is important.  Do your buyers use an online market, resellers or direct buyers?  Once you figure out the map of your buyer you understand their engagement. 

Tracking data utilizing metrics is helpful. You can utilize lifetime value of customer (LTV), cost of acquiring customer (CAC) and payback period.  LTV is the gross profit of each customer over the customer lifetime. CAC refers to the marketing and sales cost to get that customer. And Payback period refers to th time it takes for a customer to pay back acquisition costs. 

Determining price of the product to match the value of the product is ideal.  This also includes supply and demand of the product and determining if the price is competitive. Along the way you will still face challenges but when you reach this point you are well on your way up the mountain.