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Most technical entrepreneurs focus hard on building an innovative product, but forget that an elegant solution doesn’t automatically translate into a successful business. Businesses require an equally elegant business model, with the right price, messaging and delivery channel to the right target customers to keep the dream alive and growing.
For the rest of us, we need a business plan, as well as a product plan. Some of you may be convinced that your product specification communicates the product message even better than a business plan, so why be redundant? Quantify the market opportunity in business terms. You need both to survive.
Every one of you business owners I know periodically introduces new products and services to sustain growth, fight off competitors, or take advantage of new technologies. The cost of any new product these days must include education and rollout marketing, perhaps equal or greater than the development costs.
So you’ve just had a lightbulb moment and stumbled across the perfect business idea, one that is going to revolutionise the world and disrupt the market. Before rushing to build your concept to push out to consumers, it’s important to first undertake product discovery. Why is product discovery important? It’s genius!
Knowingly or unknowingly email has become a big part of our lives and that is why when it comes to marketing, email is the king. Email marketing is all about informing, influencing, and gaining the loyalty of a contact base that’s interested in your product or services. Email marketing works wonders when it is personalised.
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Don’t forget to market yourself before, during, and after your initial idea, through social media, websites, and events. Products that can be easily produced and sold via multiple channels, including the Internet, are more easily scaled world-wide. Develop a product line and add alternate channels.
Many passionate entrepreneurs fight to add more features into their new products and services, assuming that more function will make the solution more appealing to more customers. In reality, more features will more likely make the product confusing and less usable to all. Broad product offerings require too much infrastructure.
In these days of global competition via multiple channels, you need continuous marketing to find more customers. Influencers are recognized experts and pseudo celebrities who can pick favorite products or start new trends. Produce marketing events to get visibility and attention. They won’t find you.
In the interests of helping you work smarter and last longer, I would like to offer my top ten list of key resource drains to avoid in early businesses and startups, based on my years of advising entrepreneurs and my own business experience: Expanding your product line too quickly for scaling. Ineffective and expensive marketing campaigns.
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Viral marketing costs real money, and your support staff and hosting systems cost even more. There is no substitute for market research to confirm that your passion matches a real need in the market. Finish the product before marketing begins. Marketing should start before product development.
The old approaches of controlling distribution channels, saturating retail, and methodically scaling your brand awareness don’t protect you anymore. As a simple example, the Wal-Mart website now shows shoppers more products that they may like, based on previous purchases.
Every entrepreneur with a new technology tells me that his innovation will be industry-disrupting, meaning that it will render the existing technology obsolete, and create a new market. Entrepreneurs tend to look for big changes and big markets when seeking disruptive opportunities, when the opposite may be more effective.
The Senior Living Marketing Boom and How to Get Smart(er) with Your Strategy written by John Jantsch read more at Duct Tape Marketing The Duct Tape Marketing Podcast with Debbie Howard In this episode of the Duct Tape Marketing Podcast , I interviewed Debbie Howard.
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Here investors are looking for feature problems or quality issues on the current product. A hard look will be taken at the technology maturity, the current development progress, and customer satisfaction with early product shipments. Status of the solution. In addition, manufacturing and inventory levels will be reviewed.
For example, my dictate that entrepreneurs need to find a “ painful ” problem to solve (such as high cost, low productivity) to attract customers, doesn’t really account for many successful startup businesses today, including top social media platforms, dating sites, and new fashions. I see this even extending into business-to-business.
Explain that they may be called, and use the opportunity to check their satisfaction with your company and your product. Validation of product. If the product is in customer hands, expect some customers to be interviewed. If the product is in customer hands, expect some customers to be interviewed. Size of the market.
I see more and more entrepreneurs who seem to have everything going for them – vision, motivation, passion, even a good business plan, product, and money, and yet they can’t close customers. Success demands testing the solution early and quickly in the market, then iterating to get it right. Nail the go-to-market strategy.
Start by building just enough of your product to get early CAC and CLV signals (they won’t be perfect). Look at different customer acquisition channels, how they are converting, and the expected lifetime value of customers acquired through those channels. Apply costs to each channel. Don’t worry about scaling just yet.
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Most technical entrepreneurs focus hard on building an innovative product, but forget that an elegant solution doesn’t automatically translate into a successful business. Businesses require an equally elegant business model, with the right price, messaging and delivery channel to the right target customers to keep the dream alive and growing.
Disruption today is more than just changes in technology, or channel, or competitors – it’s all of them, all at once. If they were a commercial company, they figured out product/market fit; or if a government organization, it focused on solution/mission fit. Process Versus Product.
Whether you’re managing a digital business or a brick-and-mortar storefront, marketing is a practical necessity. Marketing is the way to raise visibility and awareness of your brand, and the only reliable path toward multiplying your audience overall. Marketing Difficulty Is Growing. What makes marketing difficult or easy?
At TechEmpower, we frequently talk to startup founders, CEOs, product leaders, and other innovators about their next big tech initiative. Background Questions Let’s start with some background questions about the business and product. How will you be taking this to market? What channels will you use (e.g.,
Reading the NY Times article “ Jeffrey Katzenberg Raises $1 Billion for Short-Form Video Venture, ” I realized it was time for a new startup heuristic: the amount of customer discovery and product-market fit you need to find is inversely proportional to the amount and availability of risk capital. ” Fire, Ready, Aim.
For example, early adopters may be easily sold, but new technology product success really hinges on adoption by certain demographics, perhaps more influenced by celebrities or mommy bloggers. The last thing you need in a startup is a false start, where you can’t deliver on a product change deadline, or a new marketingchannel.
In reality, based on my experience as a startup advisor and investor, these constraints lead the best entrepreneurs to the most innovative solutions and new markets otherwise overlooked by their peers and competitors. In fact, that feeling of autonomy makes everyone more productive, more loyal, and feel valued.
Here investors are looking for feature problems or quality issues on the current product. A hard look will be taken at the technology maturity, the current development progress, and customer satisfaction with early product shipments. Status of the solution. In addition, manufacturing and inventory levels will be reviewed.
Until we start giving grades for resiliency, curiosity, agility, resourcefulness, pattern recognition, tenacity and having a passion for products and customers, great grades and successful entrepreneurs have at best a zero correlation (and anecdotal evidence suggests that the correlation may actually be negative.). Lessons Learned.
Yet I find, as a mentor and outside consultant, that many of you focus only on working conditions and compensation as the key factors determining team engagement , health, and productivity. In my experience, a healthy team is a prerequisite for a thriving business, innovation to meet market needs, and high customer loyalty.
Many passionate entrepreneurs fight to add more features into their new products and services, assuming that more function will make the solution more appealing to more customers. In reality, more features will more likely make the product confusing and less usable to all. Broad product offerings require too much infrastructure.
Viral marketing costs real money, and your support staff and hosting systems cost even more. There is no substitute for market research to confirm that your passion matches a real need in the market. Finish the product before marketing begins. Marketing should start before product development.
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After paying R&D costs, product development, packaging, staff costs, and more, start-ups often look for ways to market and scale on a relatively tight budget. Below are five effective marketing tips to help launch your new business: 1. Influencers fall into a similar category, but they are often more of a niche market.
Every day, I channel my enthusiasm into creating exciting and engaging math lessons, leveraging my wealth of experience to motivate my students. Product descriptions and listings require tedious editing to make them engaging - especially after the fortieth one. Are you a founder or CEO or head of product?
In fact, the last few weeks have been particularly devastating for the market. Plus, according to the Harvard Business Review, working from home increases productivity by at least 4.4% The opportunity here is in improving communication channels through the plethora of tools that technology and the internet offer.
They have become a by-product of innovation rather than the cause of it: Conglomerates grew from industrialization, not innovation. Many countries have learned to make products cheaper and better. Having only a large capital base and distribution channels, with no innovation, is not a sustainable business model.
As an investor in startups, I most often see entrepreneurs who are technologists, or at least have a real passion for a specific product. They rarely highlight their marketing and relationship skills , even though, in my experience, these are more often the key to success in business than product skills.
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