Gothenburg · Wednesday, July 22
Jan Bosch

Jan Bosch

Accelerating the adoption of digital — software, data and AI — technologies in industry and society.
reflection

How to pull the trigger?

In one of the companies that I am involved in, we have reached this tricky point where we move from seeking for product market fit to having (sufficient) market fit. Traditional wisdom says to be frugal while seeking to extend your runway as long as you can and then putting the pedal to the metal when you hit product market fit. Of course, nothing is ever as crystal clear as this and also here the CEO sees lots of weaknesses with the product and is not ready to pull the trigger and go full hog on marketing spending, even if our conversion numbers show that it would make sense. Instead, we agreed to double our marketing budget every month as long as the numbers of free trial and paying users follow the same conversion percentages. It allows us to slowly press the accelerator while managing risk in case the conversion would suddenly drop. In many situations, I have seen people struggle with what in their mind is a binary decision and they get stuck in analysis paralysis or the planning stage and never pull the trigger. Instead of going binary, almost every situation allows for a gradual change in increasing risk and investment. So, as a daily reflection, where are you stuck and would you benefit from a gradual change?

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