A startup's success hinges on three things: - your ability to identify a good market - your ability to create something they'll pay for - your ability to attract those customers consistently
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The customer's "desire + ability to pay" also encapsulates things like LTV, churn, CAC, etc. If folks have the desire + ability to pay, they'll: - keep paying for a long time - pay prices that create margin - be reasonably affordable to acquire + keep
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Keep in mind, it's not just features that pull people to buy. Sometimes people buy just because they like your brand more (even if your product is only marginally better).
Heinz Ketchup > No Name Ketchup
Branding can be a big moat.Pokaż ten wątek -
3. Attracts customers consistently The market should move towards your product naturally. It shouldn't take too much pulling from you. (If anything, you're just gently nudging folks toward your product)
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When deal-flow is slow or inconsistent it's really hard to build a business (especially in SaaS).https://twitter.com/smgrieser/status/1326999312480358400 …Pokaż ten wątek -
Your product needs a consistent way that customers find you.
Referrals: "Have you heard about Shure's new MV7 mic? It sounds really good"
Search: "alternative to bootstrap css"
Reviews: "Wirecutter thinks this is the best humidifier you can buy"Pokaż ten wątek -
(Note that I didn't say "a consistent way for you to find customers.") I believe customers should already be searching for a solution. There should be some form of existing momentum. People want something; you're giving it to them.
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The vacuum salesperson goes door to door, desperately looking for customers. But people seek out Dyson. Customers come to them. They're already in motion.
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Usually, the question isn't: "Where do I find customers?" It's: "Why aren't customers finding me?"
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high-quality webcam: there's still a huge opportunity for a 4k, high-bandwidth camera, that syncs with pro mics.