Startup Professionals Musings

JULY 22, 2013

It''s a line from an old movie "Field of Dreams" which is still leading to the demise of too many startups, led by entrepreneurs who really started their business to build an exciting new product or service. Most struggle with the idea and practice of marketing and sales, and see these as a necessary evil, if even required.

Sales 105

Sales Startup Metrics Customer 105

Startup Professionals Musings

JUNE 23, 2021

For example, I commonly see metrics to keep track of revenue per employee, overtime, and absenteeism, but I don’t often see measures of overall customer satisfaction with individual employees. Incentives should be a combination of metrics and recognition to highlight results. Incent and reward employees who delight customers.

Customer 147

Customer Custom Technical Review Metrics 147

Both Sides of the Table

SEPTEMBER 10, 2021

On the other hand, the biggest winners will turn out to be much larger than the prices people paid for them and this will happen faster than at any time in human history. However, to be a great VC you have to hold two conflicting ideas in your head at the same time. dot-com bonanza. just to name a few!

Venture Capital 471

Venture Capital Writing Invest Pricing 471

Startup Professionals Musings

MARCH 10, 2023

Entrepreneurs need to document a process of responding to a market need, sizing opportunity, assigning a specific business model, and planning for marketing, sales, and customer satisfaction. For progress and success assessment, each of these needs some metrics defined, a training plan, and responsibility assignments within your team.

Outsource Development 115

Outsource Development Startup Competition Ideas 115

Startup Professionals Musings

JUNE 20, 2022

For example, if it’s getting harder to charge a price premium for the product you’re marketing, or others are offering your subscription service for free, it may be time to start thinking in a new box. Another example is seeing substitute versions of a product, like eBooks, for a low price displacing hardcover books.

eBook 111

eBook Metrics Examples Startup 111

Startup Professionals Musings

MARCH 6, 2021

I’m sure all you accountants will agree that fixing the mistakes listed here does not require rocket science, but I’ve seen them so often that to be forewarned is to be forearmed: Failing to factor in fixed costs when pricing. Always use a break-even analysis to measure what volume and price are required to offset total costs.

Technical Review 151

Technical Review Startup Summary Pricing 151

Startup Professionals Musings

JUNE 18, 2023

You need a good cook, good marketing, and first-class service. Have you set the right price for your entree, and correctly included all costs? Have you projected sales and marketing costs, cash flow, and capital requirements? If you can’t identify customer interest, it doesn’t matter how good your product is. Don’t stand still.

Startup 112

Startup Coach Metrics Marketing 112

Startup Professionals Musings

APRIL 7, 2021

If you have had to pivot from the consumer market to enterprise customers, that requires new pricing models and new sales channels. Re-evaluate processes as they are today and set metrics to better represent the new sales, operational, and service needs. Communicate, communicate, communicate.

Social Media 143

Social Media Startup Framework Course 143

Startup Professionals Musings

OCTOBER 17, 2018

According to most investors I know, traction is some clear evidence that the “dogs are eating the dog food” – usually meaning that you have at least one customer paying full price for your solution. If your phone app or service is free, then the number of users or downloads better be impressive and growing exponentially.

Tips 79

Tips Metrics Technical Review Customer 79

Startup Professionals Musings

JANUARY 6, 2021

Your focus for momentum could be sales, profitability, or number of customers, but trying to keep all possible parameters growing is simply not practical. It’s important to define your growth strategy, document it, communicate it to your team, and align metrics and employee rewards to target goals.

Technical Review 160

Technical Review Technical Advisors Startup Mentor 160

Startup Professionals Musings

SEPTEMBER 1, 2019

Early-stage entrepreneurs rightly keep their focus on creating an innovative product or service. Switch your attention from product development to sales. Second-stage growth usually requires a formal sales model, an experienced and disciplined sales team, and a well-defined process to meet your new goals and demands.

Startup 97

Startup Sales Metrics Guide 97

Startup Professionals Musings

JUNE 5, 2019

Too many business owners still think of “ customer support ” as an after-sale process to rectify customer problems with completed transactions. With the advent of instant communication and social media, customer service starts at the first hint of interest by you, and never ends for repeat customers. The world has changed.

Customer 84

Customer Custom Company Companies 84

Startup Professionals Musings

JUNE 7, 2020

Entrepreneurs need to document a process of responding to a market need, sizing opportunity, assigning a specific business model, and planning for marketing, sales, and customer satisfaction. For progress and success assessment, each of these needs some metrics defined, a training plan, and responsibility assignments within your team.

Entrepreneur 131

Entrepreneur Outsource Development Startup Competition 131

Startup Professionals Musings

SEPTEMBER 21, 2020

You need a good cook, good marketing, and first-class service. Have you set the right price for your entree, and correctly included all costs? Have you projected sales and marketing costs, cash flow, and capital requirements? If you can’t identify customer interest, it doesn’t matter how good your product is. Don’t stand still.

Startup 156

Startup Coach Metrics Marketing 156

Startup Professionals Musings

DECEMBER 27, 2019

For example, when delivery costs and delays were still a major online sales hurdle, Amazon Prime membership was invented to offer free next day shipping. Incorporate AI-powered data and metrics systems. Their pricing algorithm crawls the Web daily, and adjusts prices to always match the lowest price found anywhere, offline or online.

Marketing 123

Marketing Technical Review Customer Custom 123

InfoChachkie

NOVEMBER 5, 2012

And then they said one thing that most marketers go their whole career never hearing, 'Listen Steve, price is irrelevant, it is speed that matters.' We had been pricing our graphics cards to be a low-cost provider. The first thing I did was raise our prices.". the VP of Sales the richest person in the company.

Marketing 271

Marketing Startup Sales Customer 271

Startup Professionals Musings

APRIL 28, 2021

I recommend a trial run with an experiment or MVP (minimum viable product), at full price and cost, before the big bang launch, risking your investment money and a major time commitment. Culture and environmental changes come quickly, or take longer than anticipated, as the number of markets you must service increases.

Technical Review 131

Technical Review Case Study Mentor Software Review 131

Startup Professionals Musings

SEPTEMBER 20, 2019

For example, if it’s getting harder to charge a price premium for the product you’re marketing, or others are offering your subscription service for free, it may be time to start thinking in a new box. Another example is seeing substitute versions of a product, like eBooks, for a low price displacing hardcover books.

Entrepreneur 93

Entrepreneur eBook Metrics Examples 93

Startup Professionals Musings

JUNE 2, 2021

Features, availability, and brand are just the price of entry. Customers today quickly get beyond these, and put a competitive priority on the experience of others, reflected in reviews and social media, and their own total experience with your sales process, delivery, returns, and support on their schedule.

Competition 142

Competition Software Review Social Media Customer 142

Startup Professionals Musings

FEBRUARY 5, 2020

Each of these can go astray as follows: Your product or service hits unexpected snags. Funding is depleted before customer sales ramp up. Smarter entrepreneurs don’t wait for a crisis to drive change, by defining key milestones and metrics for tracking progress. Marketing and sales take more time and effort than anticipated.

Startup 131

Startup Entrepreneur Examples Customer 131

Startup Professionals Musings

FEBRUARY 4, 2015

Early-stage entrepreneurs rightly keep their focus on creating an innovative product or service. Switch your attention from product development to sales. Second-stage growth usually requires a formal sales model, an experienced and disciplined sales team, and a well-defined process to meet your new goals and demands.

Startup 108

Startup Sales Metrics Entrepreneur 108

Both Sides of the Table

OCTOBER 10, 2011

Netflix as a service has always prided itself on movie recommendations that are tailored specifically to you plus user ratings on the quality of films. The big price increase : 5 out of 5 stars. Some customer segments value the DVD business and these may be more price sensitive. Netflix increased price increased price by 60%.

Netflix 287

Netflix Customer Custom Pricing 287

Both Sides of the Table

NOVEMBER 14, 2017

How profitable is my product or service? What sized team can I afford in order to sell, market & provide service to these customers? presented pricing challenges when compared to a whole new set of offline competitors we didn’t know well. How long does it take me to pay back my original customer acquisition costs?

Startup 286

Startup Technical Review Customer Custom 286

Both Sides of the Table

MAY 2, 2015

It freed up Ophir to grow out our sales organization, to work more closely with agencies, to innovate on product and to raise capital. They can help you with pricing. The last thing you want the CEO (or heads of sales, marketing, product) doing is sinking 3 days every month into preparing board packs. Timing of cash payments.

Outsource Development 150

Outsource Development Metrics Startup Sales 150

Startup Professionals Musings

SEPTEMBER 13, 2017

Early-stage entrepreneurs rightly keep their focus on creating an innovative product or service. Switch your attention from product development to sales. Second-stage growth usually requires a formal sales model, an experienced and disciplined sales team, and a well-defined process to meet your new goals and demands.

Startup 56

Startup Sales Metrics Guide 56

Startup Professionals Musings

NOVEMBER 3, 2013

Early-stage entrepreneurs rightly keep their focus on creating an innovative product or service. Switch your attention from product development to sales. Second-stage growth usually requires a formal sales model, an experienced and disciplined sales team, and a well-defined process to meet your new goals and demands.

Sales 96

Sales Metrics Startup Entrepreneur 96

Startup Professionals Musings

SEPTEMBER 28, 2015

Long-term value propositions to society, or paradigm shifts in technology, generate interest but don’t close sales in the time frame your startup needs to survive and prosper. As an entrepreneur, make sure you understand your direct and indirect costs, staffing requirements, margins and metrics to make sure these elements are in place.

Pricing 100

Pricing Technical Review Entrepreneur Startup 100

Startup Professionals Musings

MARCH 18, 2015

For example, if it’s getting harder to charge a price premium for the product you’re marketing, or others are offering your subscription service for free, it may be time to start thinking in a new box. Another example is seeing substitute versions of a product, like eBooks, for a low price displacing hardcover books.

Entrepreneur 106

Entrepreneur eBook Metrics Startup 106

Startup Professionals Musings

NOVEMBER 4, 2019

I recommend a ten-slide pitch to start, reviewed by friends and advisors, to be expanded to a ten-to-twenty-page business plan with opportunity sizing, cost and price details, competitors, marketing and sales strategy, financial projections, and resources required. Make the product or service come alive.

Ideas 94

Ideas Slides Technical Review Patents 94

Startup Professionals Musings

AUGUST 7, 2015

Customers may be attracted to your marketing message, but investors look harder at the startup team, seeking superior expertise in the key areas of growing a business, product domain, financial, marketing and sales. Specific elements of your marketing and sales plans. Projected revenues and expenses over the strategic period.

Product 103

Product Slides Customer Custom 103

Both Sides of the Table

MARCH 21, 2010

A “warrant&# is a right, but not an obligation for a company to buy stock in your company at a future date and at a pre-agreed price. If you simply to a revenue number (say hitting $1 million in sales) and they hit it in year 1 then you’ve lost your carrot for year 2. million in sales. million in sales (e.g.

Startup 298

Startup Sales Slides Metrics 298

Startup Professionals Musings

DECEMBER 8, 2018

You need a good cook, good marketing, and first-class service. Have you set the right price for your entrée, and correctly included all costs? Have you projected sales and marketing costs, cash flow, and capital requirements? If you can’t identify customer interest, it doesn’t matter how good your product is. Don’t stand still.

Startup 81

Startup Coach Metrics Marketing 81

Startup Professionals Musings

FEBRUARY 26, 2013

Traction is evidence that your product or service has started that “hockey- stick” adoption rate which implies a large market, a valid business model, and sustainable growth. As an investor, I would like to see one month of sales, and see how that compares to your projections. First of all, a definition.

Startup 106

Startup Metrics Customer Custom 106

Startup Professionals Musings

MAY 24, 2015

Entrepreneurs need to document a process of responding to a market need, sizing opportunity, assigning a specific business model, and planning for marketing, sales, and customer satisfaction. For progress and success assessment, each of these needs some metrics defined, a training plan, and responsibility assignments within your team.

Outsource Development 99

Outsource Development Startup Competition Ideas 99

Startup Professionals Musings

OCTOBER 8, 2017

For example, if it’s getting harder to charge a price premium for the product you’re marketing, or others are offering your subscription service for free, it may be time to start thinking in a new box. Another example is seeing substitute versions of a product, like eBooks, for a low price displacing hardcover books.

eBook 52

eBook Metrics Examples Startup 52

Startup Professionals Musings

DECEMBER 15, 2013

For example, if it’s getting harder to charge a price premium for the product you’re marketing, or others are offering your subscription service for free, it may be time to start thinking in a new box. Another example is seeing substitute versions of a product, like eBooks, for a low price displacing hardcover books.

eBook 95

eBook Metrics Startup Examples 95

Startup Professionals Musings

AUGUST 8, 2016

By profit, I simply mean offering a product or service to customers for a price that exceeds the total costs associated with the solution, thus providing some basis for recovering sunk costs and generating a return for stakeholders. Investors look for sales at full price, to people you don’t know, to validate demand, price, and margin.

Entrepreneur 58

Entrepreneur Ideas Pricing Customer 58