This episode of the Insane Growth podcast is a bit shorter than most of the others so far—and with good reason.
See, this episode is all about staying focused.
More specifically, it’s about why you should focus on developing a single product or service to solve your customers’ needs and help them achieve their goals (as opposed to developing multiple products aimed at doing so).
The thing is, I see a lot of companies nowadays that simply offer way too many products or services for their current size. Usually, the idea in doing so is to use multiple products to “cast a wide net,” and then focus on the one that generates the most traction.
The problem with this approach, though, is that the company’s focus is spread throughout each product. In other words, none of the products truly get the “attention” needed to make them stand out above the competition. In turn, the company is left with a number of mediocre-at-best products that fail to take off as the team had hoped.
On the other hand, I’ve also seen what happens when a company goes “all-in” on developing one single product.
(Hint: It’s exactly what the title says happens.)
Now, this isn’t to say that your company should only ever focus on one product. The point of this podcast is to explain why you should focus on perfecting your first product, and move on to the next one only after experiencing massive success with the first.
Throughout this episode, I once again bring you back to my experience in founding and running Interspire and its software suite.
Yes, I said “software suite.” Yes, this goes against literally everything I just said.
I know I’ve talked about some of the lessons I’ve learned over the years before. But if there’s one thing I could go back and tell myself in 2004 or so, it would be to focus on one tool at a time.
Back then, though, we were pretty darn happy with how all of our products were performing. Sure, we noticed that our Shopping Cart platform (which would eventually become BigCommerce) was outperforming the others, but the thought never crossed our mind to just ditch the lower-performing tools altogether.
Until it did.
And, as you’ve probably figured out based off the title of this episode, it was the best decision we ever made for our company.
Of course, there’s a bit more to the systematic process of how we pared away at our offerings in order to focus on the one that brought in the most revenue. Check out the episode to dig a bit deeper.
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