80% of Startups fail.
They build something nobody wants
Then they run out of cash and disappear
Change the odds with these 5 lessons:
They build something nobody wants
Then they run out of cash and disappear
Change the odds with these 5 lessons:
1->Identify your customers
2->Listen. Don't talk
3->Deliver a clear offer
4->Identify your competition
5->Differentiate nice-to-haves from must-haves
2->Listen. Don't talk
3->Deliver a clear offer
4->Identify your competition
5->Differentiate nice-to-haves from must-haves
1.- Your Customers
They are not your relatives and friends. Those who say only good things about your product- but don't buy it.
A common mistake is identifying customers as Industries, Buildings, and Organizations.
But Buildings don't buy, people do.
They are not your relatives and friends. Those who say only good things about your product- but don't buy it.
A common mistake is identifying customers as Industries, Buildings, and Organizations.
But Buildings don't buy, people do.
Understand the role your customer play inside the organization and what are they trying to do.
Your customer is the one who would 'suffer' if they don't have your product or service.
Your customer is the one who loves and recommends your product.
How can you find them?
Your customer is the one who would 'suffer' if they don't have your product or service.
Your customer is the one who loves and recommends your product.
How can you find them?
Talk to them.
They are either already buying a solution from another company
Or they don't even know you exist.
This leads us to the 2nd lesson
They are either already buying a solution from another company
Or they don't even know you exist.
This leads us to the 2nd lesson
2->Listening vs Talking
Founders are so focused on delivering a product or service that they only talk about the wonders of their product.
Talking doesn't allow you to discover anything new. Listening does.
Ask open-ended questions and let your customers tell you everything.
Founders are so focused on delivering a product or service that they only talk about the wonders of their product.
Talking doesn't allow you to discover anything new. Listening does.
Ask open-ended questions and let your customers tell you everything.
Look for pains, challenges, and frustrations
Nobody likes talking about what's not working and the challenges we experience.
But that's where the real opportunity is.
Listen to understand the size of a problem.
Listen to learn how much they care and why.
Nobody likes talking about what's not working and the challenges we experience.
But that's where the real opportunity is.
Listen to understand the size of a problem.
Listen to learn how much they care and why.
3.- Deliver a clear offer
Founders, especially those with a Technical background, tend to focus on the features of their product.
And why not, that's why their product is better, cheaper, and easier, right?
But, that means nothing to the customer.
Founders, especially those with a Technical background, tend to focus on the features of their product.
And why not, that's why their product is better, cheaper, and easier, right?
But, that means nothing to the customer.
Customers care about what your product can do for them.
They care about how your product will solve their needs.
They want something that will achieve their dreams faster, easier, and with less effort.
If your product can't do any of that, customers won't buy.
They care about how your product will solve their needs.
They want something that will achieve their dreams faster, easier, and with less effort.
If your product can't do any of that, customers won't buy.
Focus instead on what specifically your customer achieves with your product.
Quantify the value and the benefits your customers will get.
Communicate why you are the best choice and how you can alleviate your customer's frustrations, and fears.
Quantify the value and the benefits your customers will get.
Communicate why you are the best choice and how you can alleviate your customer's frustrations, and fears.
4->Identify your competition
You are competing against the products and services that your customers choose.
Saying that you have no competition only shows that you haven't done enough research.
Identify the category where you are competing and its leaders
You are competing against the products and services that your customers choose.
Saying that you have no competition only shows that you haven't done enough research.
Identify the category where you are competing and its leaders
Find the specific benefits that your customers get from other products.
Find the gaps, frustrations, and unmet needs from the current solutions.
There's always a gap and an opportunity for you to take over, even if it is a small portion at first.
But you can build from there
Find the gaps, frustrations, and unmet needs from the current solutions.
There's always a gap and an opportunity for you to take over, even if it is a small portion at first.
But you can build from there
5->Differentiate nice-to-haves from must-haves
A quick story:
When I was about to close a deal with a customer, he told me he had other priorities and the project got canceled.
After so much work and meetings and adjustments to the product, my hands were empty.
A quick story:
When I was about to close a deal with a customer, he told me he had other priorities and the project got canceled.
After so much work and meetings and adjustments to the product, my hands were empty.
I was in shock, exhausted, and confused.
But I learned my lesson and changed the Strategy.
I started asking about Goals, priorities, and the decision-making process.
This change allowed me to identify customers with a higher sense of urgency.
You can learn this for free.
But I learned my lesson and changed the Strategy.
I started asking about Goals, priorities, and the decision-making process.
This change allowed me to identify customers with a higher sense of urgency.
You can learn this for free.
As Startups, we make a lot of mistakes.
But you can learn from others to increase the odds of success for you.
Follow me @IAmPatyRubio for more of these and
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But you can learn from others to increase the odds of success for you.
Follow me @IAmPatyRubio for more of these and
RT the tweet below to share this thread with your audience
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