What is at stake?
Why is it important?
The early stages of a project are often when customers are the least numerous. This is the perfect calm before the storm! Studies have shown that many startup failures could have been prevented if founders had been more attentive to the market rather than to single-mindedly pursuing their own ideas.
One of the most powerful ways to significantly increase your chances of success when launching a project is to maintain regular and constant contact with potential customers or users to receive their feedback in a virtuous learning loop, the feedback loop.
Three key steps to take
1️⃣ Familiarize yourself with the concept of "MVP" in Lean Startup
- The MVP is entirely based on establishing a relationship with future consumers to determine if the product MUST be built, rather than focusing on if it CAN be built, which would be the case with a prototype.
2️⃣ Commit to talking to 10 new potential users or customers every week to build your product/service with them
- Be careful to distinguish between what people say when contacted and their actual underlying needs, to avoid being led towards an unconvincing compromise.
3️⃣ Incorporate ways to maintain ongoing contact with customers and users of the future product
- For instance, implement a chat system, a phone number, or even a panel of "Super Fans" who are willing to be regularly approached regularly for feedback on the product.
- Instruct the customer relationship teams to send a monthly newsletter to the entire team, highlighting customer insights from the month (a method adopted by Loop, named "fastest growing tech company" in Belgium by Deloitte).
📚 Resources and further reading
📖 What is an MVP? par Eric Ries
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