If 50% of customers return your call, you have found the monetizable pain and a potential beachhead for your product.
If it is less than 50%, the low response rate may mean that you just haven't found the right customer niche or the right words to describe the pain to the customer. By talking to the customers who do respond, you can find clues about where to find the real monetizable pain.
MORE IDEAS ON THIS
Partner with your customers, usually through a pilot program, to take your solution through a final round of iteration to refine it into the solution customers want. At this point, your customers should be willing to begin paying for the product. You should begin closing paid pilots or be selling...
The goal is to understand the process by which customers find out about and decide to purchase our product and to use our findings to develop a repeatable sales model and optimize our marketing and sales strategy. We should be continuing to explore and validate price points while closing paid pil...
When it comes to the image you create as a startup, once you start selling, go big or stay home within the niche you have targeted. This doesn’t mean you have to burn all your capital, but you do want to communicate that you are established and reliable when you start trying to capture the early ...
Sunk cost leads to irrational decision-making. when entrepreneurs stake their hopes and dreams on a startup, the resulting motivation can make it all but impossible for them to learn in an intellectually honest way - overconfidence trap: research shows experienced individuals tend to be overconfi...
"Since only one in every five to ten ideas works out, the strategy of limiting the time we have to prove that an idea works allows us to try out more ideas, increasing our odds of success."
Recognize our weaknesses and blind spots. We tend to try and reuse ideas from other settings that may not be appropriate. For example, A CEO with a marketing background may see the world through the lens of the "go big" marketing blitz strategy.
The customer buying process is the map of your customers' activities from the moment they find out about your product through the purchase and use to the ultimate disposal of your product.
It is defined by the job your customer is trying to get done and all the relevant activities that sur...
Established markets are markets where products exist and where you intend to compete by offering a product that serves a niche within the existing market or is a complement to an existing product.
Consider attacking the low end of the market first. Customers at the top of the market aren't ...
Write down a MFS Hypothesis
The minimum feature set represents the smallest, most focused set of features that will drive a customer purchase. There are a few tests that can be conducted:
In this stage, you cultivate a minimum feature set that you develop iteratively while validating with customers.
As you iterate, in addition to refining the solution based on customer feedback, you should be improving your understanding of the market and defining the best segment for an ini...
The goal of this phase is to clearly define and understand the customer pain and determine whether the customer pain is a market opportunity.
The test of nailing the pain is whether customers return your cold calls. In this first step, we want to answer the question "Is this a pain worth so...
New markets are created by a disruptive technology that serves new customers or an opportunity that was previously unnoticed or underserved. Whether or not it is a new market doesn't necessarily depend on your technology or product, but rather how the technology or product is applied. For example...
Look for leverage points within the buying process at which you can influence customers' purchase decisions.
Example: Apple didn't just revolutionalize the sale of MP3 players by making a better MP3 player. They also reinvented the entire buying process for digital music, which before i...
The very process of growing will change your company in fundamental ways that will make what you did in the early days obsolete in the later days.
The process of "nailing it" is recursive.
As startups grow, the nature of how they operate begins to change. As a company grows, a shift o...
"Make something people want."
It is the ability to recognize new information and then change the way you view the world. It can help you be more agile and beat out your competitors who are stuck in the old way of doing business.
Close and launch paid pilot-customer relationships and utilize them to refine the product, go-to-market strategy, and serve as references.
If you properly nurture reference customers, at the end of the pilot you will have a robust solution, a deep understanding of your go-to-market strategy...
Many investors and entrepreneurs will admit that most successful companies faced a crisis before they succeeded.
The value of a good crisis is that it forces you to focus and renew your commitment to make the time to really nail the product and reshape the company.
Once you've validated a customer pain, it's time to ask yourself "how big is the pain I'm trying to solve and is it worth it?"
Many entrepreneurs we have talked to discover a customer pain, build a solution for the pain and then realize after the fact that they are actually tackling a rathe...
Detach yourself from your biases, get on the customer's side of the table, look at the problem from their perspective, and make them feel that you truly want to learn how they feel about this problem and potential solutions
Do you have this problem? Does this solution solve your problem? Wh...
The price your customers are willing to pay is the measure of the degree to which you have nailed the solution.
I’ll sleep when I am dead.
This book will teach you how to create your own startup, nail the problem it solves, and scale it.
More like this
Describe your own behavior in detail, and search for clues you might have missed before. Find your trigger.
If you have a habit of making coffee, it might be triggered by entering the kitchen. Some people eat in response to boredom or buy stuff in response to their desires.
Handle email and communication to stay productive:
If you find yourself wanting to check your phone when you can’t think of anything better to do, tell yourself it’s fine to give in, but not right now: you have to wait just ten minutes.
It helps you deal with all sorts of potential distractions, like googling something rather than working o...
Explore the World’s
Take Your Ideas
Just press play and we take care of the words.
No Internet access? No problem. Within the mobile app, all your ideas are available, even when offline.
2 Million Stashers
This app is LOADED with RELEVANT, HELPFUL, AND EDUCATIONAL material. It is creatively intellectual, yet minimal enough to not overstimulate and create a learning block. I am exceptionally impressed with this app!
Best app ever! You heard it right. This app has helped me get back on my quest to get things done while equipping myself with knowledge everyday.
Don’t look further if you love learning new things. A refreshing concept that provides quick ideas for busy thought leaders.
Great interesting short snippets of informative articles. Highly recommended to anyone who loves information and lacks patience.
Great for quick bits of information and interesting ideas around whatever topics you are interested in. Visually, it looks great as well.
I have only been using it for a few days now, but I have found answers to questions I had never consciously formulated, or to problems I face everyday at work or at home. I wish I had found this earlier, highly recommended!
Brilliant. It feels fresh and encouraging. So many interesting pieces of information that are just enough to absorb and apply. So happy I found this.
Even five minutes a day will improve your thinking. I've come across new ideas and learnt to improve existing ways to become more motivated, confident and happier.
Read & Learn
Access to 200,000+ ideas
Access to the mobile app
Unlimited idea saving & library
Unlimited listening to ideas
Downloading & offline access
Supercharge your mind with one idea per day
Enter your email and spend 1 minute every day to learn something new.
I agree to receive email updates