What's the biggest RISK you have taken for your product and how did it pay off?

Question

Oswald Soto · Accepted Answer

The biggest gamble I have made with my product was switching from a paid membership service to a freemium one. This choice was difficult since it forced us to reevaluate our whole approach to generating income. In the end, though, it was well worth it because we were able to expand our user base, delight our existing customers, and boost our conversion rates. Our company's income and reputation both skyrocketed once we took a chance.

Answer

I took a major chance with our product when I decided to implement AI-powered features, despite our team's lack of expertise in the field. We spent a lot of money on R&D, which put a pressure on the company's finances. Our bet paid off since the AI-enhancements not only made our product stand out from the crowd, but also made it more enjoyable to use. This paid off in increased market share and consumer loyalty, therefore it was a calculated risk worth taking.

What's the biggest RISK you have taken for your product and how did it pay off?

Replies