The backbone of most successful companies is a customer base that wants to pay for the product the company is offering. It’s pretty simple, if you don’t generate revenue from your customers, you won’t have the resources available to push products or services out for very long. You have to focus on an MVP – a minimum viable product that allows you to provide a product to your customer and get the most feedback about them. When a business is not sure who exactly their customers are or what they want or are willing to pay for, the company will most likely fail. So take the time to explore the MVP. Here are a few tips that are helpful when navigating a prosperous relationship with your customers.
First thing you should ask yourself is: what problem does my product solve? Will my customer pay for my product? How much will they pay? What will my customers gain from my business or product? What values will they earn as a benefit to my services? What features about my business are of greatest importance to my customers? All of these questions are equally important and should connect with one another to create a cohesive customer acquisition plan.
People say that no one knows you better than yourself. And the same logic can be used with you and your customers. No one should know your customers better than you. So how do you figure out who your customers are and what values are important to their spending habits? Create an MVP and ask them what they want.
Another tip: draft a model customer on paper. What does he or she look like, what demographics does he or she fit into, what is his or her most valued aspect to product purchasing? Once you start hashing out these details with your team, you’ll be better equipped to create a marketing plan that will reach customers that fit your “ideal” model customer.
Last but not least, your marketing plan should be direct and easy to manage. Likewise, your MVP analysis should consistently provide you the feedback to know what your customers want. Don’t be afraid to ask them. Once you start reaching out, create a system of monitoring and evaluation. You should be able to measure what’s working and what’s not so your resources aren’t going to waste by shooting out ads to places and people who want nothing to do with your product. Try and encourage customer satisfaction surveys so you can get a good grasp of who’s happy and willing to continue using your product or service.
Startups aren’t easy. Keep trying to improve your product or service so that your customers want to continue to use and pay for it. Knowing what your customers want should be number one on your priority list, and if you can manage that, you’ll already be way ahead in securing success for your startup.
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Derek Rundell, is a successful business leader, operator, and serial entrepreneur. Derek has founded, managed and sold businesses in the technology, media and finance industries. He sits on several boards and serves as an advisor/investor to numerous established businesses and startups. Startups are Derek’s real passion, and in addition to building his own portfolio of technology, media and financial ventures, he invests in and mentors startups and entrepreneurs. He is passionate about sharing his knowledge and helping other businesses succeed.