“Where are you on traction,” is one sure question you will be asked if you are talking about your start-up project to someone. What is traction? Unfortunately, there is no real objective measure. Traction can simply mean showing that you’re making progress with customers, product development, channel partners, initial revenue as a proof point, attracting… Continue reading WTF is traction?
This blog article is based on the 3 Things This Week’s edition dated 30th August 2018. The theme of this edition is “customer development”. Today when you can get any data about your customers—from which websites they spend the most time on to whether they use Android or Apple—picking up the phone or traveling to… Continue reading Customer Developement
Imagine you start a B2B business, get to Product-Market fit within the first 3 months, and like an Instagram, a WhatsApp or a Pinterest, business growth explodes in just 12 months. Sounds good? In B2B businesses, it takes time to interview customers, build a MVP, validate a need and get to Product-Market fit. And usually,… Continue reading How much time do you need to get to Product-Market Fit in B2B?
Acquiring a new customer is anywhere from 5 to 25 times more expensive than retaining an existing one as per a research done by Frederick Reichheld of Bain & Company. Why there is such a big difference between the two costs? It is so, because, the barrier to entry is much higher in the sales funnel.… Continue reading Is it cheaper to sign a new customer or to keep an existing customer?