This book looks like a car manual where you will see step by step how to build your car in The Startup Owner’s Manual you will see the step to build a good company. The book is divided into several sections and the authors recommend that you read them all to consume as much of the book’s content as possible.
The authors talk about launching and how the old product launch process doesn’t work for startups, why this process is only useful when you know your target audience and the market perfectly, something very rare for startups. Customer development is something super important for a startup to succeed to achieve this development at certain stages that you can go through.
1) Customer Discovery: At this stage of customer development, your goal is to find out as much as you can about your potential customers, ideally before you even start developing a product.
2) Customer Validation: In the Customer Validation phase there may be a change in the direction of the company with adjustments, in its target customer, business model or product positioning, but keeping all other aspects of the same
3) Customer creation
4) Construction of the company
All these steps can be followed, but sometimes changes in strategies are necessary.
Let’s now follow the steps
First of all you need to understand the customer and not make assumptions, remember customers do not live where you work and you will rest at night. For that, we strongly recommend that you leave your comfort zone and go interact with your possible customers to discover more and more what they need.
Remember these acronyms MVP translated to Minimo Viable Product, the statups must have the objective of creating an MVP for a small target market. MVP makes developers focus on the important features, not the details.
Business Model Canvas (featured in Alexander Osterwalder’s Business Model Generation) the authors recommend this tool to help companies plan to make money
There are several ways to see the market, let’s mention a few below
- Cabinet Analysis
- Cabinet analysis is performed with data that is actively collected
- Market research
- Evaluate the consumer market
- Evaluate competitors
- Take suppliers into consideration
- Study market projections
- data collectors
- social analyzers
There are also 3 more ways to see the market, which are:
Total Addressable Market (TAM): the universe where your product resides
Serviced Available Market (SAM): the people who can be reached through your sales channel
Target market: those who are your most likely customers
Remember to check the size of the market you are thinking of entering and if it is profitable in the short to long term, take some time and do several researches about this market.
Customer Problem Test: The more you know about your customer, the better your customer’s friend will become a company he will recommend to the world.
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