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Market & Customer Research

Talk To Your Customers To Eliminate Startup Risk

By July 22, 2021March 2nd, 2022No Comments

Don’t play the guessing game when it comes to what your customer wants.

“I was up all night tossing and turning.”

Does this sound at all familiar?

So many founders feel this way (I have, too!) because starting a business is…a HUGE RISK.

Yet sometimes we confuse guessing, not knowing, and being unprepared for the “risk” we’re supposed to feel as business owners.

Here’s my advice for you: Eliminate the guesswork.

Much of the time you’re up all night tossing and turning about what to do next? You’re guessing when you could just…

Talk to your customers. Have real conversations with them. Ask them questions and most importantly, LISTEN to what they need and want.

If you catch yourself saying “this is really risky”, take a step back and pinpoint the unknowns you need to uncover.

TLDR: Starting a business is inherently risky, sure. But if you’re guessing about what your startup customers want or need, you’re creating unnecessary risk and stress. That’s why it’s so important to talk to your customers to eliminate the risk factor.

When we think about the top ten reasons startups fail…

  1. No market need
  2. Ran out of cash
  3. Not the right team
  4. Get outcompeted
  5. Pricing & cost issues
  6. User un-friendly product
  7. Need/lack business model
  8. Poor marketing
  9. Ignore customers
  10. Product mis-timed

…it all boils down to lacking crucial information about your customer.

How do you get that information? Well, you talk to them.

You eliminate the guesswork (and the inherent risk) if you spend more time in the problem/customer stage of Product-Market Fit… before diving head first into the solution.

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