stakes are much higher. As revenue is a lagging sales success indication- it must be prioritized likewise. Here are some crucial lessons a start-up must learn –
Build a product that can sell itself
There are products in the market that are so tenuous that even a slight improvement is a noticeable change. This is one of the reasons why initial revenue can be a false indicator of scalable success.
Entrepreneurs find enough investment to get the starting million- which leads them to believe that their product is fine. And then they start pursuing more revenue rather than investing in a product-based growth. The sales numbers show growth, until they don’t- and when the stakes are high- there is a need for heavy product/sales/team upgrades.
Market/ customer discovery must be the top priority
Talking about the product and customers is not enough, start-ups must understand the market really well. How are the customers right now? Is there urgency around a specific problem area? It is important that start-ups understand the market dynamics to deliver a useful product/service that creates value.
Focus on customer engagement and satisfaction
Customer satisfaction is a simple thing. It comes from the perception that the customer gets value from the purchase. It is less about how much they pay, but if it was worth it. It’s always cheaper for you to keep the existing customer satisfied than acquiring a new one. So make sure that even in these early days you keep your existing customers happy and make them your advocates.