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.
This is when the product or service is validated by the potential market (as stated above).
- 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.
- 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.
- 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.
- 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!