Creating Your Second Product: Tips for Success

When should you create your second product and what are tips for doing it well? The worst time to actually go out and try to build a second product is at a time of desperation that you have no other choice but to kind of build a second product because the first product is dying or someone else is taking over the kind of broader category. There are a vanishingly small number of companies that get to breakthrough scale with exactly one product. So here are some tips. Know why you're doing it. Number 2, try to figure out what points of leverage you're going to get. What do you have today that can help you increase the odds of success of product number 2, whether it's your market domain expertise, Code, whatever it might be. Number 3, don't be too patient in terms of how fast you expect that product to grow. When you launch your first product, it was likely hard to get going. When you launch product 2, it should be easier because you've kind of leveraged some of the things that already exist. If you feel like it's as hard, if not harder, then chances are you haven't found enough points of leverage.