Product is the top of the funnel
The digital technology transformation is happening and even big companies are adopting to it. Just looking at the rapid growth of companies and products, without spending a penny. It’s been a lot. Facebook to Pokemon go and Prisma now. What is that they do differently?
They are product focussed
Till you win, you’re a loser. So these companies who win are not lucky to have them. They planted their seeds and worked hard for it. The main thing is that they’re more focused on their product than anything else.
The mistake all entrepreneurs do, especially people coming from a corporate culture is same. They want the perfect product to release. They want the product bug free and ready to use. This does not go well for most of the startups or maybe all of them.
The startup culture is disruptive just because of these quick decisions you have to take. The quick iterations and pivots that make a product better. For doing this you have to be product focussed than that of the technology within.
For a service sector company, this doesn’t matter because they make money using the technology. Though the product which is market fit, may or may not have the technology. But if it’s passing the customer lovable value(I defined this term) it’s valuable. Analyzing what Whatsapp and Uber did last decade was something like this. Valuing the product more than anything. Rest comes with it.
They are customer centric
Wonder why investment firms pour money into the products with huge traction but no revenue? They have a customer base. Once you have a customer base, you’ll have n paths to redefine your revenue model. It’ll be a revenue model based on volume and vibrancy of your customers.
To build this you should be a customer centric company. Maintaining the transparency level and trust of the company at optimum. The buffer on doing this is exceptionally succeeding. Their business model is based on customers and those around them.
Startups will always have a tendency to pitch perfect. For those who’re not really well aware of the facts will purge the money and build a complex product. Whereas what you should be doing is iterating. Co-founder of Inbound, Dharmesh Shah believes in this. Release early and then release frequently.