In this episode, I sat down with Cody Candee at the beautiful HERE Collective (that’s us in the pic above 👨👦👦 with his co-founder). We have a detailed conversation about how he tested and launched Bounce, the next generation of bag and luggage storage. Cody gave us the scoop on the following:
- 🚅 rapid prototyping
- 🧪 testing demand for your product
- 🎯 assumption testing
- ⚒ working through operational challenges
- and much more 🦋
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Rapid Prototyping – this is a method of testing interfaces and customer experiences before you invest the time into building them. Click this link to learn the different types of prototyping and other best practices.
Customer Acquisition Cost (CAC) (17:50) & Churn (19:35) – Having a deep understanding of how much it costs to acquire new customers is critical to building your financial model. Another important piece is understanding how you retain users, or lose them (churn). Knowing your retention curves can help you understand the lifetime value of each customer, at which point you’ll know exactly how much you can pay to acquire each new customer profitably. Bill Gurley wrote an excellent article that provides the key terms and math behind calculating your customer LTV.