This follows on from ‘Listening to Your Customers’ – If you listen you can hear how you are doing. If customers want something else or they want you you to do something differently then PIVOT.
A founder’s skill is knowing how to recognize new patterns and to pivot on a dime. At times the pattern is noise, and the vision turns out to be a hallucination. Knowing how to sort between vision and hallucination can avoid chaos inside your startup.
Yuri, one of my ex students started a big-data analytics company last year. He turned his PhD thesis into a killer product, got it funded and now was CEO of a company of 30. It was great to watch him embrace the spirit and practice of customer development. He was constantly in front of customers, listening, selling, installing and learning.
And that’s where the problem was.
I got to spend time inside his company while I was using their software to analyze early-stage ventures. What I saw reminded me of some of the best and worst things I did as a founder.
A Pivot a Week
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Great stuff on listening to your customers. We should all have a good think about this one. Do we listen? Do we really listen? I have heard the following a hundred times or more: “We must be doing well because our business is growing.” It could be short lived. It could be that your market has a small time frame and the trending is only valid for a few months. In which case you need to grow at a much higher rate to ‘make hay whilst the sun shines’. By listening to our customers we can address issues as they arise and change our approach dynamically – Listen and Act…
With a business having such a great product capable of fulfilling multiple consumer needs, it can become easy to listen to the hype. However, we listen to our customers and their opinions on whether those needs are actually being met. As they say, the proof is in the pudding!
As a result we would like you to meet a couple of our customers who have bought hotbott.
First, meet Molly. Molly loves to play bowls yet after suffering from Raynaud’s Syndrome, a condition affecting circulation in your hands and fingers, was faced with the decision to potentially quit the sport she loved. Lucky for Molly, hotbott came to the rescue.
In the past few years I have suffered from Raynaud’s Syndrome which affects the circulation to my hands and fingers. Living in a hot country would be ideal, but as a pensioner in Scotland, living with the condition brings its…
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