Most startups focus on making small improvements to their product before they believe itโs ready for the market. โ ๏ธ
This is a dangerous strategy because the more time you spend refining the product without customer feedback, the further you fall behind, reducing your chances of success.
โ
A better approach is to launch your imperfect product, clearly communicate to customers what improvements are planned, and gather valuable feedback on their experience.
This helps:
๐ข Avoid costly investments in unnecessary enhancements ๐ธ
๐ข Focus on what customers truly need to keep buying ๐
๐ข Speed up the process of building a successful product ๐
Key Focus Areas for Success
๐น To create a strong business model, startups should focus on:
๐น Identifying the best customer segment ๐ฏ
๐น Choosing the most suitable delivery & service channels ๐ฆ
๐น Optimizing the supply chain โ๏ธ
๐น Implementing a cost-effective promotion strategy ๐ข
๐น Determining the right price point ๐ฐ
The core strategy should be to learn as quickly as possible if something wonโt work. โณ In other words, if failure is inevitable, let it happen earlyโat the pilot stage. ๐ฆ
๐ก Understanding what doesnโt work is often more valuable than knowing what does!