Startup environments are demanding -- the visionary zeal, the excitement, the culture, the brilliant personalities, the long hours of "sweat equity." So how is it possible for a startup team in such a high energy environment to stay focused and grounded?
Success for a startup is grounded in how well it knows its audience. Researched facts about the audience must be fresh in the thinking of all key team members all the time. Our ExecStats dashboard allows entrepreneurs to dynamically interact with the data and get answers when they are needed.
This grounding in real-world market evidence...
- Focuses the team on the exact target audience -- a miss here is disastrous
- Tracks changes and fine tunes the subtleties of the market
- Eliminates time wasting debates and wrong allocation of resources about what features and benefits customers want
- Provides the ground for building the right product at the right time
- For all the above reasons, it shortens the time-to-market
In addition, audience understanding...
- Identifies the marketing message based on what customers value
- Establishes what value (price) customers are willing to pay
- Provides a ground to lessen the impact of turnover and expansion
- Fosters a "best practices" methodology for developing future products
- Gives investors confidence that the product is meeting real market needs
Bottom line: Consistent ongoing quality third-party audience research steadies the startup ship like a gyro and directs it toward the correct port of entry. It affects the entire enterprise, from worker to CEO to investor. Finally it prepares the team to be able to follow Act 1 with a solid follow-up Act 2.
Startups we have provided grounding research for: Data Robotics (Silicon Valley), SunRun (San Francisco), Yellowstonepark.com (Landers, Wyoming), Embedded Market Forecasters (Ashton, Mass).