A Quote by William Mougayar
My advice to many ICOs is to start reading about startups and focus on the product, customer, and market as soon as the sale is over. And don't get distracted by post-ICO euphoria and the price of ETH or BTC.
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All the businesses from the beginning of history have struggled with product development (assuming there is a market, doing the market testing and so on). But now they start with customer development. Get the customer who says, "Yes. I want that. I need it. I wanna use it. I'll pay for it." And then you go back and work with your engineers. It is changing the world!
Traditional sales and marketing involves increasing market shares, which means selling as much of your product as you can to as many customers as possible. One-to-one marketing involves driving for a share of customer, which means ensuring that each individual customer who buys your product buys more product, buys only your brand, and is happy using your product instead of another to solve his problem. The true, current value of any one customer is a function of the customer's future purchases, across all the product lines, brands, and services offered by you.
The most common way customer financing is done is you sell the customer on the product before you've built it or before you've finished it. The customer puts up the money to build the product or finish the product and becomes your first customer. Usually the customer simply wants the product and nothing more.
There's a real danger when people get distracted by peripheral issues. They get distracted by democracy building. They get distracted about military conflicts. We need to focus on defeating jihadism.
We need to reengineer companies to focus on figuring out who the customer is, what's the market and what kind of product you should build.
So, always start with a product, always start with a customer, always start with a service and how this product or service will dramatically improve the quality of the life or the work of the customer.
Really good customer service will deliver sales. You are training salesmen to give the best possible advice and then to achieve the sale. People actually like you to ask for a sale because it shows you value their business.
Business is all about the customer: what the customer wants and what they get. Generally, every customer wants a product or service that solves their problem, worth their money, and is delivered with amazing customer service.
A producer is bound to market his product with innovative gimmicks and quirky selling techniques, but distributors and exhibitors should not fall prey to it. Don't buy a film for exorbitant price and crib about losses post the film's release.
There needs to be some standards around launching an ICO and investing in ICOs in the space, and I caution all to tread carefully until those standards emerge.
Startups have finite time and resources to find product/market fit before they run out of money. Therefore startups trade off certainty for speed, adopting 'good enough decision making' and iterating and pivoting as they fail, learn, and discover their business model.
Trying to move the volume of products we're talking about from place to place to get it ultimately into the customer's hands, to price these items, to market these items, I think the retail business is incredibly complex. But if you get it right, it's a beautiful thing.
The most important thing in startups is getting a product to market, as imperfect as it may be, and then iterating on it and continually making it better. A first rev of a site that has a few typos may not be perfect, but it was the start of something that I deeply believed in.
I'm a sucker for a sale. I don't understand why anyone wants to pay full price for anything because everything goes on sale. I love sale websites. In fact - this is almost kind of embarrassing - I'm coming from an Isabel Marant sample sale.
In my view, product/market fit is the most important thing to get right as a startup entrepreneur. There's a variety of ways to do it, but without solving some pain point that the customer gets so excited about they tell their friends, it's really hard in the modern age to get any liftoff.
Your business should be defined, not in terms of the product or service you offer, but in terms of what customer need your product or service fulfills. While products come and go, basic needs and customer groups stay around, i.e., the need for communication, the need for transportation, etc. What market need do you supply?
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