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 rather small market.
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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...
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 ...
"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...
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:
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 ...
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.
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 talki...
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.
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.
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