[Right Customer at the Right Time]
When building your first product and releasing it to the world, it’s not actually ideal for you to engage with all type of customers. As early customers will shape your product direction and your team’s focus, founders need to be conscious about picking the right customer to focus on in the early stage, three major characteristics to consider are:
- The willingness of the customer
At the beginning you need customers who are willing to give your product more tries as it grows and willing to share feedback. Quality of these customers are more important than quantity. Your task at this stage is to really get to know them and have direct conversation with them, as they are the ones to provide clues and signals on product direction and validate your assumptions.
- The Forgiveness of the customer
As you launch with a minimum viable product which is rough around the edges, you can now expand beyond the small cohort of willingness customers on to those that are forgiving. They might not give you as many chances but as long as they can withstand some bugs and hiccups, they are your ideal second stage customers, they provide a much more realistic feedback and shed the first light on ways to unlock growth.
- The Valuable customer:
Once you have grown your user base, now your task is to identify the customer that experience the most value from your product and service, usually indicated by LTV (Lifetime value) or frequency of use. Making a persona from high value customers further helps you understand “what is it your are selling” and “who this appears to”. These are fundamental insights that founders need to extract before increasing resources on marketing, sales, and growth drivers.
Not all customers are created equal, picking the right type of customer to focus on at the right stage not only yield better return for your time, they can also help you unlock the insight needed to get to the next cohort of customers. If you are a founder starting out and need help with your startup, AppWorks Accelerator is now accepting applications for its next AI/blockchain only batch (AW#20). Final round deadline is 12/16 >>>http://bit.ly/2CA7Xpm
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by Jack An
Analyst, AppWorks
*Photo from Unsplash
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