This was just too good not to share. In a nutshell, start by talking to customers. Come up with a minimum viable product and test product market fit. Avoid building junk that users aren’t asking for. Did you find something that is repeatable and scalable in your tests? now it’s time to find a business model that captures the value for the product or service you are providing to customers. Use the business model canvas to test different business models and test what works. Found a way to make money? time to test again and find your archetype customer.
Once you have a type of customer you are trying to service, pull them in (acquire them), keep them (retention) and SELL, sell, sell your product and measure everything based on data. It’s also time to test the price point. If you couldn’t prove your hypothesis (customers don’t buy, don’t come back, or business model doesn’t work), it’s time to PIVOT (there’s many kinds of pivot you can do). If you get all of this from the diagram below, you don’t have to read the “Four Steps to the Epiphany” (the ‘bible’ of customer development).
Originally posted here.
Latest posts by Eze Vidra (see all)
- Thank you Israel for welcoming our British startup (Guest post) - December 11, 2013
- Media, Education and Context in 2020 - November 28, 2013
- UK and Israel – Growth through Partnership (Guest Post) - November 28, 2013
Subscribe to VC Cafe via email
VC Cafe Categories