Great question. In terms of acquisition channels, I think many people give up on a channel too early without fully vetting it. Consider your target acquisition cost – say for instance you want to acquire customers for $500 each to make sense for your unit economics. You might have to spend 10-20x that before you can actually determine that the channel isn’t working. It’s kind of like flipping a coin… if you only flip 5 times, it’s quite possible that all 5 times, you land on heads. But over time, the number of times that you land of each side of the coin begins to even out. The same is true for your ad spend when you test a new channel. Don’t give up too early.
Next, when you have a channel working, continue expanding your focus/budget on that channel, but dedicate 10-20% of your resources to continually testing new channels. Over the last few years, we’ve developed a few different channels that compete with each other for lowest acquisition cost, but it is an iterative process.