A social networking platform centered around video profiles; a cross between LinkedIn and youtube
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VIRAL Level 6: Getting the Product To Customers
You’ve got an awesome product and you’re getting ready to scale up.
What investors at this stage are likely to like about your business:
- Customer base:
You’ve crossed the hurdle to move beyond earlier adopters to your broader target market. People are delighted by your product, continuing to use it, and referring it to others.
- Sales traction and unit economics:
You’re seeing your sales start to map to projections and you can show that you’re bringing down your costs of customer acquisition ( how much it costs you to sell to that one additional customer) as you grow. You can show and investor your unit economics and while you likely aren’t yet at at unit profitability, you have a credible story – backed by real numbers – on how you’re going to get there, and when.
You have likely already identified potential acquirers or have an alternative strategy in mind on how you’ll provide your investors with a return.
What investors at this stage are likely to ask questions about:
You’re getting to the point where you’re going to need to C Suite better than the founding team. Are these people on your team already, and if not, what are you doing NOW to get those people on your team? Do you have specific people in mind you’re aiming to bring on your team?
You’ve been focused on your unit economics in one market, but what’s your expansion plan to other markets (customer segments, geographies, industries) and what work have you done on understanding what it’ll take to sell profitably into that market?
What’s your marketing strategy to move toward increased inbound sales?