Getting Started: Build Right Product for Right Customers

Ask anyone, and they will tell you that the only three important factors that can drive a significant portion of business success are:

1) Making your product so interesting that you can sell
2) Making your product create significant customer interest so that customer can buy
3) Making your product so compelling that your customer is willing to pay

Start identifying your customers, their demographics, and the pain points you wish to address through your solutions. Your aim should be to also visualize whether the customer you have identified is a decision maker, buyer, influencer, user or a recommender.

Resources:

To scale efficiently and effectively, expansion stage companies need to focus their efforts not on a broad universe of potential customers, but rather on a specific subset of customers who are most similar to their best current customers. The key to doing so is through customer segmentation. The OpenView article Customer Segmentation: A Guide explains why customer segmentation is important.

Action: Identify Customer Segments

approach customer segmentation exercise with the aim to discover potential customers who are most most likely connect with the problem you aim to solve through your ideas

  • Identify the broad level under which you will categorise the customer. For example, undergraduate students, any family with income up to 50000 per month, etc.
  • Classify the customer demographic such as age, gender, income, nationality, etc
  • Define the pain point that you are solving for the customer segment
  • Name the customer if you can imagine anyone in your surrounding or reference
  • Answer the question why you feel the named person is your ideal customer and how you will reach out to them to validate your hypothesis.

Make a copy using Google Docs-> File->Make a copy option.

Additional Tips:

  • Be as realistic as possible.
  • If you are not sure about the real customer, search the internet for the exact buyers of the similar product or services. You can consult your friends for help
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