Customer development
Curated from: seths.blog
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Growing a customer base
Organisations grow when they develop a base of customers.
Businesses profits and political ideas become movements because they built and shaped a group of people by what they do. This is the most important thing an organisation does and the only part you can't outsource.
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Failure moves projects forward
It's doubtful that the first product or service you develop will be precisely what potential customers want. Failure fuels new projects. It is a way to figure out what customers don't want.
Most of the time, the innovations an organisation brings to the market is not immediately adopted. Of course, you will have early adopters, but most customers prefer to wait.
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The smallest viable audience
The paradox: Organisations need to be agile and willing to pivot as they engage with an invisible or sceptical market. But, at the same time, ideas don't spread through a market at once.
That is why it is important to identify your smallest viable audience. By seeing them and serving them, you can refine your product while establishing conditions for growth.
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Growth comes from two places
- Your core audience starts to spread to word. You've built the network effect into your offering so that it works better when people tell their friends and colleagues. For example, Twitter and the ice bucket challenge.
- Your success at serving this small but viable audience gives you the team, cash flow, and social proof to find a different set of customers.
The hard work of customer development is finding a reason for your customers to bring new customers.
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