Unsuccessful startups often think customers will come if they build them a solution they should want. This is backwards.
Startup success can often be boiled down to one thing. Successful startups know why their customers will buy their product and develop their offering and marketing plans armed with this knowledge.
Once you know why people buy, you are able to accomplish three things.
1. You can build your product to meet your customers true needs
By developing the right product and proper pricing that accounts for the total cost of ownership of your product, your business can be profitable sooner.
2. You can describe and sell your product in a way that resonates with your prospects
It’s a beautiful thing when the positioning of your product matches what your prospects want to hear.
3. You can identify the best channels to sell your products
If you know why customers buy, you should know enough about them to create a customer mind map and know what the day in their life holds to better target marketing channels in which they will buy your product.
These three things set startups up for success. The customer is always right, so companies need to be vigilant about getting their team out there to listen to them. Get out there, get to know your customers and understand why they buy.
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