“Failure is a crucial part of both personal and professional growth,” says Jake Falcon. Talking about one of his failures in business, Falcon brings up an anti-dating mobile app that he created in 2015. Datedasher was created as a fun way to get out of an awkward dating situation along with people who are facing the same problem as you. People could get out of bad or boring dates by “tossing a pineapple” that would signal others on the app that someone needed rescue. If you matched with someone, you could start texting them and eventually go on a much better date.
Although this idea was highly innovative, it was unsuccessful due to some shortcomings in the business model that Falcon later realized. He says that it was his first legitimate business, and he had put in significant time, money, and resources to help it grow and become famous. So what made Datedasher fail to gain traction in the market?
Despite being a relatively exciting idea with many potentials to make it in the world of software applications, Datedasher lacked the necessary marketing strategies. Unfortunately, Falcon overlooked the very significant part of building a business model called brand awareness. The attention and amount of investment are required to take off was not sufficiently made available, because of which the app went bust.
This incident made Falcon understand the importance of integrating marketing as an essential component of building your business model. According to him, it enables you to have the acquisition component in the front of your mind throughout your product development. Learning from his past experiences, every business venture that Falcon now traverses into involves him having the sales acquisition strategy for his products in mind. This approach to business allows him to avoid any hurdles when it comes to generating business once everything is launched and ready to be sold to consumers.