Key to Startup Success: Customer Discovery [Infographic]

Customer Discovery

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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Customer Discovery

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.

  1. Customer discovery is crucial to step one – Ideation.
    This is when the product or service is validated by the potential market (as stated above).
  2. Next, Competitive Environment puts the product or service into a comprehensive market perspective in step two.
    During step two, you’re establishing what makes the product unique from fellow competitors; thereby improving chances of success.
  3. During step three, Organization, you will begin processing all the legal paperwork.
    Within the organization process, businesses will determine where they will incorporate, establish formal agreements, and become a legal company.
  4. Branding & Marketing occur in step four, when you begin giving a “face” to your idea and business.
    Branding will stay with the product for years to come, so carefully consider how you want the consumer to perceive your company.
  5. Finally, in step five, entrepreneurs begin their Pitch for funding.
    Funding will helps take businesses to the next level. Developing a thorough, interesting, and dynamic pitch with the previous four steps will increase your chances of startup success!

Rebecca Cox

Rebecca Cox is a seasoned international traveler and Digital Marketing Specialist at Intellithought. She executes social media and marketing strategies for Funding Sage, which provides valuable information, tools, and resources to entrepreneurs seeking to start, grow and fund a business.