Secure your customers before expanding your product offerings.
Many companies launch a lot of products in the beginning, without focusing on building a customer base.
However, if you look around, any successful company invests in building trust and loyalty among customers first, based on a core product.
WeWork, the leading co-working space, has become an entire ecosystem.
They have launched micro-apartments, acquired a coding academy and opened a fitness studio.
However, initially, WeWork solely focused on serving members with high-quality co-working services.
Once they won trust and loyalty of their members, WeWork started expanding and launched new products which were heartily accepted.
People pay what WeWork desires to charge because they trust the company’s intentions and work approach.
What’s the tip?
Instead of focusing on selling more kinds of products, companies and startups should strive to build sustainable customer relationships in the initial period.
When you make loyal customers, you can literally sell them anything in this world.
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