Customer Discovery is not a static, one time operation. It is a continuous flow. The more you know about who will use your product, the greater the likelihood of success.
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Piecing the Puzzle Together
In conclusion, understanding the customer is an essential component of a much larger equation. Too often, fresh ideas from innovative minds never make it to market, or fail within the first 5 years. Entrepreneurs tend to forget to step back, analyze the bigger picture, and piece together all the components to achieve success.
We’ve broken down the 5 steps to turn your idea into a business.
- Customer discovery is crucial to step one – Ideation.
- Next, Competitive Environment puts the product or service into a comprehensive market perspective in step two.
- During step three, Organization, you will begin processing all the legal paperwork.
- Branding & Marketing occur in step four when you begin giving a “face” to your idea and business.
- Finally, in step five, entrepreneurs begin their Pitch for funding.
Infographic edited by Rebecca Cox