finding potential customers
Post on 14-Apr-2017
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"It's universally true for all
entrepreneurs, no matter how good
we are: When we put our business plan
together, if true north is a perfect plan,
all of us are off at least 10 degrees,"
Elon Musk says.
"As a startup, our job is to close that
gap as soon as possible."
Target Customers
How did you find your initial
customers?
How well do you know them?
What do they tell about the
problem and what do you listen?
How “off” are you from what they
want to what you have?
30 Minute Exercise
Phase 1 Business Model Hypothesis
Phase 2 Test the Problem
Phase 3 Test the Solution
Phase 4 Verify or Pivot
Having a thoughtful customer acquisition &
retention strategy is an indispensable element
for predictable growth of a business.
Create a Customer Profile
Are they likely to achieve
success with the product?
Consider integration across
already used and popular
platforms.
Where can you reach such
users?Think about choosing the right
platforms for better reach.
Where do they spend most of
their time?
Consider average time spent
on various platforms in similar
demographics
What’s the message you want
to convey?
Think about differentiated
value proposition, competing
alternatives, etc.
What influences their
adoption? Consider impact of free trials,
word-of-mouth marketing, etc.
Tell Your Story
Focus on benefits rather than features
Content marketing is crucial – website,
blogs and SEO are non-negotiable!
Generate creative content that invokes
engagement and promote it on social
media.
Embrace video if it best conveys the
message.
Run promotional campaigns, giveaways
and contests.
Outreach
Invite writers and guest bloggers to use and
review the product.
Identify key influencers in the market,
understand how you can best reach them and
get them to listen to your story.
Build media relationships. Follow and engage
key media outlets, writers, bloggers on social
networks.
Establish partnerships with complimentary
businesses.
Win over brand ambassadors early. Word-of-
mouth marketing is huge for small businesses.
Why Customer Loyalty is Important
Loyal
Customer
Refers more
people
Willing to try other
products from same
supplier
Less likely to switch
to another
competitor product
Spends moreHigher customer
lifetime value
Tends to forgive
mistakes and is a
strong advocate
Cost of acquiring a
new customer is 5X
more than retaining
Key Factors in Building Customer Loyalty
Great customer service every single time
Measure customer retention and
satisfaction reasons
Build a mechanism to predict customer
churn and mitigate it proactively
Reach out to the customers who have
defected to win them back
Design programs to make them feel
important when associated with your
brand or product
The best customer acquisition
and retention plans have
measurement strategies and
plans established in advance
Measure Your Performance
Identify your goals
Define what metrics will drive insights
towards the goal performance
Be specific with the timeline
Track performance against desired
within the stipulated time
Find bottlenecks in your metrics
Build a plan for expansion
Ahrefs
Alexa
Clicktale
Google Analytics
HubSpot
Sprout Social
Tools
Target Customer
30
Minute
Exercise
Key
Partnerships
Key Activities Value
Propositions
Customer
Relationships
Customer
Segments
Key Resources Channels
Cost Structures Revenue Streams
Fill in “Customer Relationships”
and “Customer Segments” on
the following Business Model
Canvas
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