Business Strategy · Startups

When to expand your product into multiple markets?

Shehryar CSM Development Manager at AT&T Mobility

December 1st, 2015

A couple weeks ago we launched a beta version of our site www.connectdeep.com. The original idea of the site is to have a listing of all local sports events e.g. tennis, bodybuilding, racing, etc. We want to provide one easy place for people to login and see the details of different sports events in their area (there are different filtering options such as location). We started with local sports since National Sports such as NFL are already being covered on many different site.

The site also provide option for the players to check-in and see other players who they are competing against (this in our opinion is a good idea but of no value until we have large number of audience).

We decide with one sport, we picked "bodybuilding events" and then add other markets/sports.

MY QUESTION IS: Some of us think we should stick to the original plan and add additional sports. However, others on the team think we should wait to get more traffic on the site before adding additional sports. They think for now we should build additional features such as workout videos, articles.

What is FD community suggestion? Should we expand into other sports or continue to build features to attract fitness/bodybuilding people before expanding into other sports?

Note: We are currently seeking advisers and team members (technical & business). If the idea is something that you are passionate about, please send me a note and we will talk further.
You don’t need thousands of dollars to acquire new customers and move them through the funnel. In this course, you’ll learn lean marketing strategies that work with budgets as small as $20, giving you the tools to optimize your budget, test and adjust campaigns, and increase ROI.

Anonymous

December 1st, 2015

Always focus fist on your initial market. Use it as a test bed. Validate your product, pricing, messaging everything. Don't be afraid to experiment and rub your users the wrong way, they are your beta users. Once you figured out what makes people love your product and keeps them engaged, only then branch out to other markets

Tony Joseph ' Building technology around processes, rather than building processes around technology '

December 1st, 2015

Would have loved to have more information before I posted my comment, but nevertheless, my strategy would depend on the business model i.e if you would generate your revenue from subscription fee off the users or advertisements within the platform. If it is the latter then I would look to target as many sports as possible to nurture a diverse set of traffic to the website. On the other hand if my revenue would come from user subscription fee then I would concentrate on building unique set of features for the specific group before taking in another sport.

Thanks,
Tony

Georgia Reash Growth and Improvement Consultant, Sustainable Community Developer, Artist and Minister

December 1st, 2015

Mr. Kahn,

It is my belief that quality saturation is what matters.  If you have the financing means, do it ALL but do it well.   Personally, I believe there are major corporations in every sports sector that would have keen interest in being sponsors, investors and excellent "platform" partners that would enable the distribution of your product for you.   

Your board members and shareholders should be open to some degree of risk, but using the power of partnership, risk can be mitigated.

Then again, I'm a go for the gusto kind of gal.

Best wishes!

Anonymous

December 1st, 2015

Exhaust your niche, then expand. 

Shehryar CSM Development Manager at AT&T Mobility

December 1st, 2015

Thank you all, it is valuable to hear other people opinions. Sure, Dennis I would like to hear more about your product. Please ping me a bit more information. You can send me email at skhan@connectdeep.com or a personal note on FD.

Dennis Bernstein Business and Organizational Development

December 1st, 2015

Please see attached Mr. Khan. We are currently test marketing this through a few chiropractors, physical therapists and trainers. Your audience might be very interested in learning about their adreno cortex profile, it can help them eat at the right time, work out when it is most optimal etc...We have other products that can look at their entire profile as well but that requires a blood test. We won't be introducing until the end of 2016. If you are interested I can walk you through the economics. Thank you, Dennis

Dennis Bernstein Business and Organizational Development

December 1st, 2015

Mr, Khan, as a matter of practice it is better to go "deep" before you go "wide". Build the brand around the core product, ie bodybuilding fitness etc. and offer more services, information etc to that market to build your audience. The traffic and audience can be monetized more effectively when those "eyeballs" are engaged with the site. There are so many other fitness related items that can be drawn upon before you go down the road to building other sports audiences. I am involved with a start up that is marketing a product that could easily be distributed through your website which could create an additional revenue stream. I welcome the opportunity to talk further on my dime if you like. In good health and spirit, Dennis Bernstein REFERRAL NETWORK RESOURCES, LLC DENNIS BERNSTEIN Managing Partner T 818.429.0642 @denbernstein DISCLAIMER: Sender is NOT a United States Securities Dealer or Broker. Sender is a Consultant and makes no warranties or representations as to the Buyer, Seller or Transaction. All due diligence is the responsibility of the Buyer and Seller. This E-mail letter and the attached related documents are never to be considered a solicitation for any purpose in any form or content. Upon receipt of these documents, the Recipient hereby acknowledges this Disclaimer. If you are not the intended recipient, you are strictly prohibited from disclosing, copying, distributing or using any of this information. If you received this communication in error, please contact the sender immediately and destroy the material in its entirety, whether electronic or hard copy. The entire attachment to this e-mail transmission and the contents hereof may be privileged and/or confidential information intended only for the personal and confidential use of the individual or entity identified above. This electronic communication is covered by the Electronic Communications Privacy Act of 1986, Codified at 18 U.S.C. §§ 1367, 2510-2521, 2701-2710, 3121-3126.Also, see: http://www.ftc.gov/privacy/glbact/glbsub1.htm -Gramm-Leach-Bliley Act 15 USC, Subchapter I, Sec. 6801-6809

David Austin Relentless problem solver and innovator.

December 9th, 2015

Focus your marketing efforts.  You will not get traction unless you can rise above the din ... and that means a narrow niche ... one's conquered branch out.